If you are a landlord and are frustrated by the continuous rise in interest rates when all you want to do is start or expand your property portfolio, taking out an interest-only mortgage could be the answer. Many seasoned landlords choose this option when investing in property, even during the good times when mortgage interest rates were ultra-low.

Demand is incredibly strong
A survey conducted by paragon of 700 buy-to-let landlords found that 67% reported tenant demand over the first three months of 2023, up from 65% for quarter four of 2022.* Rents are increasing all the time, and one of the main reasons for this is rising interest rates. As a landlord, this will most likely be your biggest expense.

What is an interest-only mortgage?
Just as the title suggests, you only pay the interest and not the capital on an interest-only mortgage. At the end of the agreed-upon term, you must pay off the entire balance owed. Because you are only paying interest, your payments will be much cheaper compared with a capital repayment mortgage. Some landlords choose to sell their property to repay the outstanding balance.

So why choose an interest-only mortgage?

• Increased profit: if your payments are lower, there is far greater scope to make a profit from your buy-to-let business. This also gives you stability and lowers the price of your overheads, which could be less than half of that when repaying a capital and interest mortgage.
• Overpaying: while it’s possible to make overpayments on an interest-only mortgage, this will typically only reduce the amount of interest outstanding on the mortgage. If you choose to do this, your profit will increase further, giving you more options to expand your portfolio.
• Your property’s value: in the long term, property increases in value. It’s not an absolute guarantee, but if you look into the past, despite short-term rises and falls, property values have significantly increased. This is not expected to change in the future. Therefore, it is reasonable to assume that at the end of the term of your mortgage (or if you sell up half or part way through your investment), there will be a profit between the capital outstanding balance on the amount you owe your lender and the selling price of your property.
• You can develop and improve the property: with more profit to plough back into your property, you can develop it. This will add to its value, ultimately increasing how much rent you can charge. And when it’s time to sell up and move on to bigger and better things, you will achieve a greater return on investment. The greener you make your property, the more rent it could fetch while future-proofing your investment.
• Security: preparing for the unexpected is a sure way to protect your investment. And by choosing an interest-only mortgage with fewer outgoings, you are already in a better position should the unexpected occur.
• You can always change mortgages in the future: as you become more seasoned as a landlord, you may devise a strategy so that you own your buy-to-let property outright. There is nothing stopping you from changing your mortgage type after a few years. And in the meantime, use the profit you make with an interest-only mortgage to use as a deposit, reducing the cost of a capital and interest mortgage.

Browse our properties and create the buy-to-let portfolio you have always wanted.

Paragon*

Heathfield’s famous Anglo/French market is taking place on August Bank Holiday Monday...

 

Open-plan living is not for everyone, but with a touch of creativity, you can transform your living spaces into something truly amazing, making your home a delightful place to live. So, if you are unsure which to choose in your property search, here are some ideas that may open your mind.

What is open-plan living?
Open-plan living adds lots of light to your living space and creates a seamless flow between different areas of the house, such as the living room, dining area, and kitchen. This layout creates a sense of spaciousness, makes it easier to interact with others, and can be ideal for families with young children, allowing parents to keep an eye on them while cooking or working.

What is broken-plan living?
Broken-plan living aims to retain openness while also creating a level of definition and division between your living spaces. This is achieved in many ways, from partial walls to furniture arrangements. It provides a balance between open-plan and traditional separate rooms, offering both a sense of connectivity and some degree of privacy.

Do you really have to choose?
It’s all about subtly; there are so many things you can do to take advantage of open-plan living while still creating defined areas that are cosy, private, and full of differing atmospheres as you move to each area of your home.

Add a window
Retain light and create a space within your floor space by adding an internal window. You could do this for the purposes of any function you like, from a play area to a reading space near a fire. This will allow you to have privacy while still being connected to the rest of your living areas.

Create a study
Adding some steps to an elevated study so you can take in the rest of the house while working, reading, or enjoying a hobby is another way to define this space. Use glass, metal, wood, bricks, or plants to create your perfect workspace.

Half-walls
Breakfast bars are nothing unusual, and adding half walls is a blast from the past but still works. Using very small, right-angled half walls made from any material you desire and decorated in interesting colours can have a big impact. Or if you prefer curves or flowing lines, then create those to help divide the areas you feel work. It could be perfect for the kitchen or a great place to watch a movie.

Add a chimney breast
This is a clever way to create cosiness and a classical sitting-by-the-fire feeling while creating privacy. Tall, small, walk-around, or floating fires are brilliant for creating the perfect place to relax while satisfying your desire for more space.

Be creative and be yourself
There is so much you can do to make your broken-plan living space your own. Furniture, whether modern or antique, to trees, sculpture, or a walled wine rack if that’s your thing. Make it your own and experiment. Find inspiration everywhere and own it.

Do you feel inspired? Contact us today to find an amazing home

 

Everybody's house dreams are different. You might just be dreaming of buying a humble terrace house as your first property. On the other hand, maybe you are an experienced property investor and are thinking about something a little more grand. Whether you are renting and want a view of the sea from your perfect cottage or want a large Victorian townhouse, there are many ways to live the dream today. But often, it’s a whole set of reasons that make your dream home just that.

Architecture
Classical design and features found in a Victorian townhouse are always going to be very different from a contemporary design full of light and glazed walls. Perhaps you want to create a perfectly self-sufficient home that can source all its own energy using solar panels and wind power. That said, these days, you can have both. Taking a classical, older home and transforming it into something special with modern design while paying respect to its original features means you can enjoy the best of both worlds.

Location
A view of the mountains or a sun-kissed cityscape? Maybe you prefer the sea? If you are raising a family, then your proximity to great schools will be at the top of your priority list.

Many home buyers love the idea of living in a quiet English village with the perfect pub within walking distance. Perhaps you want all these things within driving distance of your perfect property?

Interior design
It all depends on your personal taste, but there is no shortage of inspiration and help, from furniture suppliers to interior designers, to inspire you and help you find your niche. If money is not an obstacle, marble is always beautiful and timeless. Real wood can create sophistication, but it is also a safe choice when it is time to sell.

Bedrooms
Whichever you choose—a ten-bedroom country home or a two-bedroom terraced house—it's your dream. When it comes to creating the perfect bedrooms, you will want each of them to be unique. And just because you buy a three-bedroom home does not mean it has to stop you from converting one of the bedrooms into a walk-in wardrobe. Perhaps you want the ultimate in comfort by buying a property with a master bedroom complete with an ensuite bathroom.

Bathrooms
Whether you want a wet room or a jacuzzi, the infinite number of colour schemes and designs to choose from will keep you busy if you decide to start from scratch. Or you simply love the idea of incorporating some technology into an already stunning bathroom. Sometimes, when you view your perfect home, you instantly know that your personal items and some plants are enough for you to be really happy.

Outdoor spaces
For many home buyers, having a large garden is an integral part of owning their dream property. And if you have enough space, there is very little you can’t do. From adding a gazebo, work-from-home space, and a hot tub to the little things like nice lighting, they all add up to make your dream home something magical.

Personal touches
Your dream home is not yet fully yours until you add your own personality and interests to it. Whether that is a fine art collection, a wine cellar, a gym, or simply nice flowers, plants, and pictures, it’s only when you have added these elements that you have truly moved in.

Contact us to find your dream home today

The organisers of Local & Live are excited to announce that it will be back again for 2023. The free music festival will return to Calverley Grounds over the August bank holiday...

Now in its eighth year, this is the first of the food and drink festivals planned for 2023. Try, taste and buy from more than 60 stall holders selling delicious range of food and drink.

 

 

There is always a wonderful reason to move. Property is beautiful, from the details of a feature fireplace to a view of the sunset over your garden. The right home is an investment and a place to make memories and profound emotional connections. You may have your heart set on the perfect kitchen or an idyllic outdoor space, but the numbers need to be right.

Lower asking price
Asking prices have decreased in recent months, however this should not be viewed as a bad thing. The rapid acceleration in the value of property has been hasty, and world events have somewhat exaggerated things. The fact that the property market is readjusting to a more normal market is healthy, especially considering the steady gradual release of value. It is important to remember that borrowing less overall to buy your home is a good thing, as it reduces other associated costs.

Earnings
Many people are buying together, whether with a partner or a group of friends. This is a quick route to buying your home and gathering a deposit. Nobody can deny that the cost of living has increased, but the good news is that wages are rising. According to the Office for National Statistics, growth in regular pay (excluding bonuses) was 7.2% from February to April 2023.*

Equity
How long have you lived in your home? It’s more likely the longer that time is, the more equity you’ll have. That equity has accelerated rapidly in recent years. There is probably quite a big cushion to fall back on if prices fall a bit more. First-time buyers' homes are in good demand, meaning even if you bought within the last few years, you will have gained a lot of equity, giving you the chance to move into something bigger.

Communicate with your agent
There are no hard-and-fast rules when it comes to property. All homes are unique, as are the different areas in your region. Your needs as a home mover are different from your neighbour's. And today, agents have the means to connect you with buyers and sellers like never before. State-of-the-art tech, in the form of databases and marketing tools, alongside good old-fashioned experience and local market knowledge make it all the more important to get in touch with a reputable estate agent. Ultimately, this means that your estate agent is pivotal in finding a way for you to get the keys to the home you want.

Find your dream property, get in touch to make it a reality

Office for National Statistics*
Moneyfacts*

 

Nothing is quite as simple as it used to be, and whether you are renting your home or letting it, the guidance of a seasoned letting agent is a must-have. There is new legislation, such as the Renters Reform Bill, and the complexities of a competitive market. Add to these greater, greener government demands and simply finding a great place to rent that is maintained properly, and you realise the importance of a good letting agent.

The Renters Reform Bill

What is the Renters Reform Bill? The Renters Reform Bill was introduced to Parliament for its first reading on May 17, 2023. Its aim is to improve life for 11 million renters and 2.3 million landlords in the UK, and it is based on five years of research conducted with landlord and tenant groups.* Here are some of its proposals:

Has the Renters Reform Bill been passed?
Not yet. It’s at a very early stage of a long journey through parliament. The earliest date it may be passed is probably the first quarter of 2024. Then it will take at least 6 months before it comes into force for new tenancies, and 18 months for existing tenancies.

What does it mean for tenants?
Tenants can feel more secure with the proposed abolishment of Section 21. Protecting tenants from unfair evictions creates a more homely feeling and gives tenants real peace of mind. Renters will also be able to challenge landlords when it comes to providing good-quality homes. It's good news for your pets too, who will also have more rights than ever before.

What does it mean for landlords?
Section 8 will be strengthened, which allows landlords to end tenancy agreements early if they have good reason to do so. Despite the fears some have expressed about abolishing Section 21 - ‘no fault’ evictions, the reality is that it will make it easier for landlords to evict tenants for anti-social behaviour and repeated missed rent payments. While blanket bans on pets have also been proposed, with the new legislation in place, landlords can insist on their tenants' pets having pet insurance, certificates, and, in the case of dogs, being microchipped. Landlords will be able to increase rents, but the notice period to do so will be doubled.

Maintaining your property
Whether you are a landlord or a tenant, it pays to opt for a fully managed service. If there are any repairs needed to the property, they will be taken care of. That allows both parties to enjoy a good night’s sleep, whatever happens!

Keeping it legal
Estate agents make it their business to keep one step ahead of the game when it comes to legislation and paperwork. That keeps the property in question compliant for all. Failure to do so can lead to fines for landlords. If you are a tenant and want your reference or deposit taken care of, then this is just as much in the interests of the landlord.

It's about working together
Letting agents are the bridge between the ever-more complex landlord-tenant relationship. And it’s comforting for both parties to have an expert on your side that you can call at any time.

Contact us today for a better renting or letting service

GOV.UK*

 

 

The days are getting shorter and darker, and as autumn leaves begin to fall and the temperature starts to drop, it's time to prepare your home for the cooler months ahead. You want to be snug and cosy without worrying about the costs of energy bills before the cold of winter bites. Then you can relax and enjoy your home in the colder seasons of the year.

Book a checkup for your boiler
Before the cold weather sets in, it’s always wise to book a boiler checkup. A certified technician can ensure that your heating system is in good working condition, identify any potential issues, and perform necessary maintenance. This not only helps your system run efficiently but also extends its lifespan, saving you money in the long run.

A change is as good as a rest!
It's important not to block radiators where possible, so consider rearranging your furniture as the cold seasons begin. And your new arrangement might leave more space for seasonal decorations or a stash of logs! If you have a radiator heating system, it's essential to bleed them regularly. Trapped air can prevent them from working efficiently, leading to uneven heating. Bleeding your radiators will ensure they operate at their best.

Get a smart thermostat
Instead of heating your home too early or too late, flick the heat on as you leave for home. So, you don’t have to waste energy setting your thermostat to come on at the same time each day. All that waste can be costly. It’s a game-changer when it comes to heating your home efficiently. This is because it allows you to control your heating remotely. Many smart thermostats also learn your preferences and adjust the temperature accordingly, optimising energy usage.

Only heat the rooms you need
There's no point in heating a room you don’t use! Perhaps turn off the radiator in the kitchen if you are cooking; the heat from your oven will warm it sufficiently to dry your tea towels! Heating specific areas of your home instead of the whole house is an energy-efficient way to keep warm. You could also use portable heaters or adjustable radiator valves, so you can focus warmth where you need it most, such as the living room or bedroom, while keeping other areas cooler.

Insulate your home
Proper insulation is crucial for maintaining a comfortable indoor temperature while reducing heating costs. Check for gaps and drafts around windows and doors, and seal them using weatherstripping or caulk. You may also consider adding extra insulation to your attic and walls for better heat retention.

Dress your windows
Maybe it’s time to buy some new curtains; they may freshen up your rooms. If the answer is no to this suggestion, keep them closed during the evenings and at night to reduce heat loss. During sunny days, open them to let natural sunlight warm your rooms, saving energy.

Solar panels that pay for themselves!
Solar panels are becoming more affordable and are available on finance from big energy suppliers. You may have the option to sell your electricity back to your local supplier which means your solar panels could pay for themselves. Consider a heat pump. Both of these technologies harness natural resources to provide heating and can be both cost-effective and environmentally friendly in the long term. They will also add value to your home and make your home more desirable.

Are you interested in buying a more energy-efficient home?