Changing rooms

Interior design trends to expect in 2023

As we look ahead to 2023, a number of alternative interior design trends are emerging. One of the most popular trends that is expected to continue its rise this year is the use of natural materials in interior design schemes.

Wood, stone, marble, metal, rattan and bamboo are all becoming increasingly popular as they add texture and character to a space while also providing functionality and sustainability. Earthy tones such as muted shades of blues, greens, beiges and browns remain on trend too; these colours allow for a calming atmosphere in any room while still remaining stylish

 Another trend that is set to become even more popular is industrial-style decorating. This style combines elements from traditional industrial furnishing with modern materials and decor to create a unique, yet stylish look. With its focus on natural elements such as exposed brickwork, metal accents and industrial lighting, this style can be used to create a modern space with an urban edge.

Let’s take a look at what to expect from 2023

Workplace with flair

The workplace, whether at home or in an office, has been redefined. Yet only now do these spaces see highly individualised designs. The office may include elements that make work more comfortable.

From furniture design to layout to indoor turf, the workspace gets a happy makeover to increase its use and employee productivity. And if you’re working from home, this means setting up the interior to your precise needs.

Focus on wellness

In recent years, wellness has become an increasingly sizzling topic. Self-care is one of the keys to improving wellbeing. But an environment geared to facilitate healthy living can make a huge difference too. In fact, wellness design can set the tone for slowing down and practising mindfulness. In turn, we can function at our best. So, expect to see innovation foster beautifully healthy spaces in months to come.

Outdoor-inspired

As green design grows, interiors are moving away from colours that feel too artificial. Hues are becoming gentler and easier on the eye. As a result, interiors flow seamlessly from and to their outer surroundings. Interior design trends of 2023 and years to come will certainly see many more outdoor-indoor blends.

If you’re feeling adventurous, try incorporating eclectic furniture pieces or vintage-inspired finds for an edgy look. This gives you an opportunity to have fun with design while still remaining true to your overall style.

 Earthy palettes

 For some of us, we found ourselves ‘rewilded’ during the pandemic, discovering a newfound appreciation of nature. This appreciation could, in part, be what has led to the trend of relying heavily on earthy tones in design.

Think of the soothing greens of ocean, the duck-egg blue of summer skies, and the tan and wood of earth and trees. Rattan furniture, terracotta tiles, green velvet, dried grasses and natural wood with a pronounced grain – these are all set to be interior design trends that will impact the homes of many in 2023.

Plants upon plants

It’s safe to say that houseplants have been popular for a while now – since the 19th century, even. Homes filled with potted plants can be found in cities and rural areas alike, but in 2023, things are looking to only grow (quite literally!). We’re beginning to see the rise of the indoor tree – and not just small succulents or flowers. Lemon and olive trees will make statements in living rooms and conservatories.

Following on from those earthy tones, the introduction of more plants makes sense. But plant design will extend beyond the pots, with flowery wallpaper (think William Morris), huge dried flower bouquets and plant-inspired patterns hitting the scene.

Curves

Arcs and rounded shapes have been making their way into interiors for a while now. So we can expect more curvaceous interior design this year. While there’s plenty of room for clean, straight lines (like in the ever-popular Scandinavian design), curves are making a comeback. We’re talking about rounded corners on furniture and curved or flared backs on sofas and chairs.

As for the style of these pieces of furniture, we’re looking at designs that are both familiar and refreshing. Homes will be filled with a mix of 80s’ deco, Victorian elegance and mid-century statement pieces. Say hello to oblong mirrors, architectural details and mushroom lighting. Cabinets, sideboards and nightstands also have a curvier outlook for the future.

 Texture

When it comes to 2023 home decor trends, organic, handmade and local are best. What this means for aesthetics is more unique and inimitable pieces. That means more rough stone, more marble, more exposed rugged brick. It all comes back to nature, in essence!

This year’s interior design is all about the sensory experience of a home, about movement and light. We’ll be getting cosy and luxurious with sherpa, velvets, pleats, fringes and more. While we’re not quite at the point of textured wallpaper and ceilings just yet – at least not in the traditional sense – we will see movement in many of the materials being used, both in building and decorating.

Ready to make your move?

We understand that modern day lives are increasingly complex. Our common sense approach to mortgage advice means that we are able to help guide you through your options. To discuss your mortgage requirements, please contact The Surrey Mortgage Broker – telephone 01252 759233– email richard@thesurreymortgagebroker.co.uk

Stamp Duty Land Tax

Autumn Statement 2022: cuts due to end in 2025

Two of the surviving measures introduced in last years Mini-Budget are set to stay until 31 March 2025. Chancellor of the Exchequer Jeremy Hunt confirmed in his Autumn Statement 2022 that the 0% threshold for Stamp Duty Land Tax (SDLT) will remain at £250,000. Potentially saving residential property purchasers in England and Wales £2,500.

He has also confirmed that the increase in First-Time Buyer Relief thresholds will remain until this time. In the Autumn Statement, delivered on 17 November 2022, Hunt said this decision resulted from the Office for Budget Responsibility's expectation that housing activity would slow over the next two years.

‘After that I will sunset the measure, creating an incentive to support the housing market and the jobs associated with it by boosting transactions during the period the economy most needs it,’ he added.

On 23 September, the former Chancellor, Kwasi Kwarteng, confirmed a SDLT cut in the Mini-Budget, effective from that date. The change doubled the threshold from which SDLT on the purchase of residential properties in England and Northern Ireland is payable from £125,000 to £250,000.

The threshold at which first-time buyers begin to pay SDLT was increased from £300,000 to £425,000, and the maximum value of a property on which First-Time Buyer Relief can be claimed was also increased from £500,000 to £625,000. This equates to a potential saving of up to £6,250.

What is Stamp Duty Land Tax (SDLT)?

 This is a tax levied by the UK government on certain land and property transactions. You must pay SDLT if you buy a property or land over a certain price in England and Northern Ireland. The tax is different if the property or land is in Scotland (pay Land and Buildings Transaction Tax) or in Wales (pay Land Transaction Tax if the sale was completed on or after 1 April 2018).

 It’s important to understand your obligations, as failure to pay SDLT can result in significant financial penalties so obtaining professional advice is beneficial. By understanding SDLT and how it applies, you’ll be able to make an informed decision when making an offer on a new home.

 The amount you pay can depend on the price of the property, the location of the property, whether you’re a first-time buyer or if you’re a UK resident. Buyers should always ensure they budget accordingly when purchasing a new home as it can be easy to overlook these additional costs.

 New SDLT rates in England and Northern Ireland

 The threshold at which SDLT is paid has now doubled from £125,000 to £250,000 with the following rates now applicable:

 £0 – £250,000 (£425,000 for first-time buyers) = 0%

£250,000 – £925,000 = 5%

£925,000 – £1,500,000 = 10%

£1,500,000+ = 12%

 For first-time buyers there is a discounted SDLT rate on properties costing £500,000 to £625,000, which means some first-time buyers won’t have to pay SDLT at all.

 In England and Northern Ireland you will have 14 days to pay SDLT, whereas in Scotland and Wales you will have 30 days to pay from the point of purchase.

Tax rates in Scotland

In Scotland, the system differs slightly from England with Land and Building Transaction Tax (LBTT) being used across the region. This came into force in 2015 as a replacement for SDLT. The current LBTT rates are:

£0 – £145,000 (£175,000 for first-time buyers) = 0%

£145,001 – £250,000 = 2%

£250,001 – £325,000 = 5%

£325,001 – £750,000 = 10%

£750,001+ = 12%

 Tax rates in Wales

Wales also replaced their tax rates in 2018 with Land Transaction Tax. Therefore, the current tax rates are as follows:

£0 – £180,000 = 0%

£180,001 – £250,000 = 3.5%

£250,001 – £400,000 = 5%

£400,001 – £750,000 = 7.5%

£750,001 – £1.5m = 10%

£1.5m + = 12%

Need a mortgage that works for you?

Whether you’re looking for a competitive mortgage rate or advice on what’s right for you, and a process you can follow step-by-step, we can help you find a mortgage that works for your unique needs. To discuss your options, contact The Surrey Mortgage Broker – telephone 01252 759233– email richard@thesurreymortgagebroker.co.uk

Signs It's Time to Make That Next Move

Should I stay, or should I go now? 

As much as you love your home, there may come a time when you start thinking whether or not you should sell. It can be a tough decision to make whether to sell your home or stay put.  

Typically, if you are considering a move it’s often the result of something prompting you, whether it’s due to a career change, family circumstances, money, retirement or simply for a change of scenery. By taking into account a few key factors, it could help make your decision easier.

Anticipate any major changes  

 What is your current financial situation? If you are comfortable with your current mortgage payments and don’t anticipate any major changes in the near future, then selling may not be the best option. On the other hand, if you are struggling to make ends meet each month or are expecting a significant change in income, then selling may be the best way to free up some extra cash. 

 Think about what your budget is and do your homework – you want to end up with a home to suit your needs and that sits within your price range. Think about the additional costs that are involved when you move and make sure you account for all of these factors. 

 Save money in the long run  

 Moving to another location could save you money in the long run. For instance, you could be moving closer to your job, so you will reduce transport costs, or moving closer to family, who may be able to help with childcare. It all depends on your current and predicted future financial situation. 

 Is your home in an area you like? Do you value things such as being near to a town, a good school, family and friends? When thinking about your next move, these are things you should be considering.   

Motivated to move[1]  

Moving home is considered the most stressful thing you can do, according to 57% of people. 

 ‘Needing more space’ was the most frequently cited (by 42% of people) reason for moving. 

 Almost one in two movers (47%) said they experienced increased stress levels due to moving. 

 Money worries are a big deal for buyers – 40% said what they dread most about moving is not having enough money to cover unexpected expenses. 

 More than one in four (27%) of people aged 18-24 said they would not consider moving again – the highest of any age group. 

Motivation to move 

 Think of the things you currently have, or would like, and see whether they are a motivation to move, or are you content with the area you already live in? If there’s an area you’ve always dreamt of living in, hunt for properties in that area and see whether it’s possible for you. 

 Think about your lifestyle and how it would be affected by selling your home? If you love your neighbourhood and have developed strong ties to the community, then staying put may be the best option. However, if you’re feeling restless and are ready for a change of scenery, then selling your home and moving to a new neighbourhood may be the right choice. 

 Outgrown your current home 

 Does your current property give you the space you need? If it does, then appreciate it, use it wisely and think about what you could potentially risk if you do move. However, if you have outgrown your current home, then moving could be the answer.  

 If space is an issue but you really don’t want to move, you could consider other options. You could try getting rid of any unnecessary room accessories or, if appropriate, think about adding a loft conversion or extension. 

 Consider your future plans 

 Finally, consider your future plans and how they would be affected by selling your home. If you’re planning on starting a family or retiring soon, then staying in your current home may make the most sense. However, if you're considering moving to a new city or downsizing once your children have grown up, then selling your home may be the best way to make that happen. 

 Whichever decision you make, be sure to weigh all of your options carefully before making a final decision. Selling your home is a big decision and should not be taken lightly. However, if you take the time to consider all of the factors involved, you can make the best decision for your situation. 

Trying to figure out whether to sell or stay put?  

 Whether you’re moving on or staying put, when it comes to finding competitive rates and a mortgage deal that’s right for you, talk to us about your requirements – please contact The Surrey Mortgage Broker– telephone 01252 759233 – email richard@thesurreymortgagebroker.co.uk

Source date:  

[1] https://www.legalandgeneral.com/insurance/life-insurance/moving-house-stress-signs/#:~:text=We%20discovered%3A,moving%20%E2%80%93%2042%25%20of%20respondents

Boost Your Home's Value

What home improvements should you consider? 

 If you want to work your way up the property ladder to your dream home, you need to know how to boost the value of where you live now. So what renovations or extensions will add value to your property?  

 There is no one-size-fits-all answer to this question. The amount of value that a particular renovation or extension will add to your property will depend on a number of factors, including the location of your property, the current condition of your property, and the specific nature of the renovation or extension itself.  

 However, there are some general areas to consider to help boost your home’s value. 

 1. Focus on improving key future selling points 

 When carrying out renovations or extensions, it is important to focus on those areas of your property that are most likely to appeal to future prospective buyers. For example, if your property is located in an area with good schools, then investing in a home office or extra bedroom could make it more attractive to families with children. Similarly, if your property is located in a popular tourist destination, then adding features that would appeal to holidaymakers, such as a swimming pool or a self-contained annexe, could help to increase its value. 

 2. Don’t over-improve for the neighbourhood 

 Avoid carrying out renovations or extensions that would result in your property becoming significantly more valuable than those of your neighbours. This is because potential buyers are likely to be put off by the idea of living in a property that is much more expensive than those around it, and this could lead to your property taking longer to sell, or selling for less than you had hoped. 

 3. Get expert professional advice 

 When planning any major renovations or extensions, it is always a good idea to seek professional advice from an experienced architect or surveyor. They will be able to advise you on the best way to maximise the value of your property, taking into account its specific location and condition. 

 4. Use high-quality materials 

 Using high-quality materials for your renovation or extension project will not only make your property more attractive to prospective buyers, but it will also add to its long-term value. This is because properties built with inferior materials are more likely to experience problems such as dampness and structural defects, which can reduce their value and make them difficult to sell. 

 5. Add extra living space 

 Adding extra living space to your property is a proven way to add value, as it gives prospective buyers more options in terms of how they could use the property. For example, an extra bedroom could be used as a nursery, guest room or home office, while an extension to the kitchen or living room could create additional dining or relaxing space. 

 6. Improve energy efficiency 

 Making your property more energy efficient is another great way to add value, as it will make it more attractive to environmentally-conscious buyers and could help to reduce running costs. There are a number of ways to improve the energy efficiency of your property, including installing double-glazed windows, insulating walls and ceilings, and fitting low-energy lighting. 

 7. Create more outdoor space 

 If your property doesn’t have much outdoor space, then creating additional garden or patio area can be an effective way to add value. This is because buyers are often attracted to properties that offer the potential for outdoor living, and extra outside space can also be used to create additional parking or storage space. 

 8. Make cosmetic improvements 

 Making cosmetic improvements to your property, such as redecorating, refitting the kitchen or bathroom, or landscaping the garden, can also help to add value and make your property more attractive to prospective buyers and easier to sell. 

 9. Obtain planning permission before starting work 

 If you are planning to carry out any major renovations or extensions, you’ll need to obtain planning permission from your local authority before starting work. 

 10. Hire a professional contractor 

 When carrying out any major renovations or extensions, it is always best to hire a professional contractor to carry out the work. This is because they will have the experience and expertise necessary to ensure that the work is carried out to a high standard and that your property is not damaged during the process. 

Ready to apply for a remortgage? 

People generally remortgage when their current mortgage deal ends to save money, but you may want to remortgage to fund improving your home, which could add thousands to its value. To find out more about your options – speak to The Surrey Mortgage Broker – telephone 01252 759233 – email richard@thesurreymortgagebroker.co.uk

What Should I do if I'm Struggling to Pay My Mortgage?

Rising interest rates are bringing mortgage worries to the fore 

As the cost-of-living crisis continues to bite, household finances are being stretched with many struggling to meet the increased costs of essentials and having little or no savings to fall back on. This can lead to some families having problems making monthly mortgage repayments.   

 It is essential for households that find themselves in this situation to have access to the right advice and information. Rising interest rates are bringing mortgage worries to the fore for many homeowners, but the key thing to remember is you are not alone. 

 If you find yourself in this unfortunate position and can’t pay your mortgage, or think you might struggle to make your payments in the coming months, despite what some people believe, telling your lender you are having problems paying your mortgage does not mean they will start to repossess your home.  

 Lenders are very sensitive to the rising number of people facing a squeezed household budget, and if they know there is a problem they will do everything possible to help. The earlier your lender knows that you are facing financial difficulties, the greater the chance that you will be able to find a solution.  

 Options to help you through a difficult time 

 If you’re finding you can no longer afford your mortgage repayments, there are options that could help you through this difficult time. We’ve provided answers to some typical questions you may have. 

 Q: What should I do if I think I might miss a mortgage payment? 

 A: If you’re worried about missing a mortgage payment, the first thing you should do is contact your lender as soon as possible. They will try to work with you if you are experiencing financial difficulties and offer you help and support. Remember, you’re likely to have more options if you contact your lender before you’ve missed a payment. 

 Q: Will I lose my home? 

 A: Repossession is always a last resort. Your lender doesn’t want to evict you and will only take this step if there really is no other option – in fact, there are rules in place that mean lenders must attempt every other option available to them before they take legal action. 

 Instead, they will work with you to try to find a way to make your mortgage repayments affordable. 

 Q: What are my options if I can’t pay my mortgage? 

 A: There are three main options if you’re struggling to pay your mortgage and the best option for you will depend on your individual circumstances. 

 1: Extend the length of your mortgage term 

 If you’re experiencing financial difficulties, you may be able to extend the length of your mortgage term. Doing so will lower your monthly payments and give you more time to repay your mortgage. You should speak to your lender about this option as soon as possible. 

 Extending your mortgage term will increase the total amount of interest you pay over the life of your loan, so you should only consider this option if you’re certain you can’t afford your current monthly payments.  

 2: Change to an interest-only mortgage 

 Changing to an interest-only mortgage can be another way to reduce your monthly payments and give you some breathing room financially. However, there are some things you should keep in mind if you’re considering this option.  

 While an interest-only mortgage will lower your monthly payments, it will also mean that you’ll owe more money when the loan term is up. You’ll need to have a plan in place for how you intend to pay off the remaining balance. 

 Switching to an interest-only mortgage may impact your ability to refinance or sell your home in the future. If interest rates rise or property values fall, you could end up owing more than your home is worth. 

 Before making the switch to an interest-only mortgage, bear in mind that this is a big decision that shouldn’t be taken lightly. But if you’re confident that it’s the right move for you, an interest-only mortgage may give you some much-needed financial relief in the short term. 

 3: Request a payment holiday 

 If you’re experiencing financial difficulty, lenders will look to see if they are able to offer you a payment holiday, typically up to three months. This will hopefully give you some breathing space to get your finances back on track. 

 If you’re considering taking a mortgage payment holiday, speak to your lender first. They’ll be able to advise you on the best way to proceed, and will also be able to tell you if there are any fees or charges associated with taking a payment holiday. 

 It’s also worth bearing in mind that taking a mortgage payment holiday will extend the term of your mortgage, and so you’ll ultimately end up paying more interest over the life of the loan. However, if you’re in a difficult financial situation, a mortgage payment holiday may be the best option for you. 

 Q: Will it impact my credit score? 

 A: Taking out a mortgage payment holiday may impact your credit score. But it will depend on a number of factors, including the lender you are with and how they report missed payments to the credit agencies.  

 However, in general, taking a payment holiday is not likely to have a significant impact on your credit score as long as you make up the missed payments as soon as possible. If you do not make up the missed payments, or if you miss multiple payments, then your credit score could be negatively affected. 

 This may make it harder to borrow money over the short term. But there are steps you can take to improve your credit score once you get your finances back on track.  

It’s good to talk 

 If you are struggling financially you should not bury your head in the sand, you should contact your lender as soon as possible to discuss the options available to you. For further assistance, speak to The Surrey Mortgage Broker – telephone 01252 759233 – email richard@thesurreymortgagebroker.co.uk