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As the year unfolds, the property market is continuing to surpass expectations. Instead of a great crash, we find ourselves in a bit of a sweet spot, as many home-movers stand to make a healthy profit on their current properties. But the even better news is that alongside this, you can enjoy reasonable pricing, opening the doors to a nicer home.
How much could you make?
According to Zoopla, 90% of homeowners who sold up in 2023 made a 25% profit, with the average seller of a £275,000 property making £74,000.*
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When diving deep into the world of property, it can sometimes feel hard to resurface. Constantly making payments month after month can become exhausting and may seem never-ending, but paying off your mortgage can truly be accomplished quicker than you assume.
We are here to shine a light on your mortgage this summer with simple tips on how you can accelerate your mortgage.
The benefits of accelerating your mortgage
Accelerating your mortgage may finally give you freedom from your monthly payments sooner than you expected. There are numerous benefits to accelerating your mortgage deal which could save you money in the long term.
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One of the joys of owning property is the doors of opportunity it can open. Even if you have no intention of renting out your property, there are lots of things you can do to make a bit of money from it. So here are a few ideas to inspire you.
Get a lodger
Taking in a lodger is a quick way to get some extra cash to pay those bills. The first £7,500 you make will be tax-free thanks to the government’s Rent a Room scheme. Interestingly, you do not have to be a homeowner to take advantage of this scheme, but the room must be furnished. It’s important to inform your home insurance provider, just in case. Doing this can work because it may offer a lot of flexibility for you and any potential lodgers.
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Navigating Your First Home Purchase: Expert Mortgage Advice for First-Time Buyers
Embarking on the journey of purchasing your first home is an exhilarating milestone. At Richard Kendall Estate Agents, we understand that it can also be a complex process filled with questions and decisions, especially when it comes to securing a mortgage. That's why we're dedicated to guiding you through every step, ensuring a smooth and successful transition into homeownership.
Understanding Mortgages: The Foundation of Your Home Purchase
A mortgage is more than just a loan; it's a commitment and an investment in your future. As first-time buyers, it's crucial to grasp the basics:
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The Bank of England (BoE) announced on the 21st March 2024 that interest rates will remain the same at 5.25% for the fifth consecutive time. However, the BoE did hint at interest rate cuts soon.
At its latest meeting, the Bank said it had discussed cutting rates, with inflation - the pace of price rises - set to fall quickly this year. Governor Andrew Bailey says it is "not yet" the time to cut interest rates, but says "things are moving in the right direction"
The Bank's Monetary Policy Committee voted 8-1 in favour of holding the rates - the first time since autumn 2021 that no member of the panel voted to increase rates.
The Impact of Interest Rates Dropping
The impact of dropping interest rates on the housing market can have significant effects on various aspects, including affordability, demand, and prices. Here's an overview of how a decrease in interest rates typically influences the housing market.
