LIFESTYLE MAGAZINE
PROPERTY NEWS
mortgages
NOVEMBER 2020
THE BEST HOME EXTENSIONS A GUIDE TO INCREASING SPACE AND VALUE TO YOUR HOME ADVENT CALENDARS UNIQUE CALENDARS FOR THE WHOLE FAMILY
CHRISTMAS DECORATIONS TIPS TO MAKE EVERYBODY ENVIOUS OF YOUR TREE
SNOOKER CHAMPIONSHIP THE UK TOURNAMENT STARTS THIS MONTH
BLACK FRIDAY FEVER ARE WE TO EXPECT BIGGER REDUCTIONS THIS YEAR?
CONTENTS COVER STORY
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Finding more space Our guide to the best, most beneficial extensions to consider for your home
PROPERTY
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News Our latest mortgage news. Plus meet the team!
FOOD
8
Winter Warmer Soups Warm up this winter with some fresh and hearty homemade soups
LIFESTYLE
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Preparing for Christmas Rekindling the atmosphere of those quaint mid-20th century yuletides
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Unique advent calendars A variety of advent calendars to suit all the family
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Treating your tree How to make everybody envious of your tree this year
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The return of The Crown The multi-award-winning drama is back on our screens on the 15th of November
Black Friday fever Top tech tips for Black Friday bargains
SPORT
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Snooker UK Championship One of snooker’s most prestigious Triple Crown events starts this month
WELCOME TO THE NOVEMBER ISSUE!
T
he property market is still thriving, and with the Stamp Duty Holiday ending in March, and the average house sale taking longer than usual, there is no time like the present to finally move and take advantage. The clocks have changed and the nights are drawing in, which can only mean we’re on the countdown to Christmas! Inside, with the uncertainty over what Christmas will be like this year, we have an article about how to make it extra special this year alongside our guide to the best advent calendars available for all the family. However, it’s not all about Christmas, we have an informative
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PROPERTY NEWS
article about how best to extend your home as well as our top tech tips for Black Friday! Looking for cosy nights in? Check out pages 8 and 9 for our winter warmer soup recipes which you can relax with in front of The Crown when it returns check out our preview on page 12. And finally, we have a sports preview of the UK Snooker Championships on page 13. In these strange times, stay safe, enjoy your time with your family and look after yourselves. Jonathan Wheatley Editor
The country may still be in the grip of a pandemic, but there’s no reason we can’t avoid a bleak midwinter
M
ost people are thinking Christmas is likely to be a bit of a non-event this year. The continual struggle to combat the Covid-19 pandemic means an everchanging landscape of guidelines and restrictions, although the “rule of six” could be with us for some time. So, where does that leave the season of goodwill to all men in a facemask, the non-stop round of departmental parties which go on well past office hours, and those big family gatherings? Well, if you’re working from home the office party will be you, the cat, a mug of tea and slippers on before The One Show has started; the family get-together will be via Zoom; and social bubbles will be something more important than having the girls round for Prosecco. While Millennials may be tempted to shut up shop, do their best Scrooge impression and pretend Christmas has been cancelled, Baby Boomers and Generation X will be: “Hold our mince pies, we’ve got this”.
WILL WE KNOW IT’S CHRISTMAS? Because back in the Dark Ages - before the internet or even Channel 4 Christmases were localised, family-centric and far less commercialised with the countdown starting this month rather than early September when the tubs of biscuits and chocolates start appearing on supermarket shelves. So, how do you rekindle the atmosphere of those quaint mid-20th Century Yuletides? For a start, make your own Christmas cake instead of buying one. Set aside a Sunday afternoon and get baking, as early in November as possible because every consumer knows a good cake needs feeding regularly – as in a liberal dousing of brandy every week – before it is iced. And while you’re at it, get to work on your own Christmas pud (once again, nice and early to let it mature, more brandy etc) or a gingerbread house. The aroma alone will get you longing for Christmas Day. As for the not insignificant issue of decorating the house, leave it as late as
possible, do it together and make it an occasion not a chore with a “yeh, that’ll do” end product. Make it better by designing your own decorations… and cards. Set aside a good few hours, devise a festive playlist, and finish the day with hot chocolate or mulled wine. Or, as we are likely to be advised to spend more time at home, wind down with a night of Christmas films … and no, Die Hard doesn’t count. It’s not a proper Christmas film is it? As for the day itself, you can still FaceTime the relatives before settling in for games and quality time after lunch; admittedly, Exploding Kittens will never replace Kerplunk and Find Out Who is no Charades, but they’re still a lot of fun and will get you in the mood for a Morecambe and Wise Special on UK Gold. And if you still feel it’s the season for giving, donate to charity. After all, you could have saved a small fortune by not buying enough food and drink to feed a small army for a week.
How do you rekindle the atmosphere of those quaint mid-20th Century Yuletides?
LIFESTYLE MAGAZINE
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MOST UNIQUE AND PRESTIGIOUS ADVENT CALENDARS
FOR THE WHOLE FAMILY THIS CHRISTMAS Believe it or not, Christmas is coming, and it’s perhaps come around quicker than most Christmases before it… So it’s time to start thinking about advent calendars!
I
t’s true that we usually prefer to be eating chocolate each morning of December on the lead up to good ol’ Christmas, for it’s a time to indulge in the naughty stuff, indeed one of the few times of the year when it’s deemed completely socially acceptable. But if we’re purely talking about generating excitement and intrigue throughout the festive month, then there are some fantastic alternatives to advent calendars, ones without edible treats.
FOR GIRLS
FOR KIDS IN GENERAL This year will mark the 20th anniversary of the release of How the Grinch Stole Christmas. This advent calendar is one of the most thematic, solid celebrations of the film on the market. £12.99, with chocolates. https://tinyurl.com/y4r8r4x2 This calendar would prove perfect for any Despicable Me fan out there. It contains buildable Minion characters with interchangeable parts including goggles, arms, feet and holiday outfits. £36.15 https://tinyurl.com/y65abpxf
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PROPERTY NEWS
In 2013, Frozen graced the silver screen and captured the hearts of little girls everywhere, especially those with sisters. This epic Disney Frozen advent calendar contains 24 surprises with an abundance of jewellery, 22 charms and accessories. £16.98. https://tinyurl.com/y48yht76 Another great advent calendar for girls is the L.O.L. Surprise! advent calendar, which contains 24 Surprises with a bracelet, a necklace and 22 LOL charms and accessories including a Queen Bee and Unicorn. £16.98 https://tinyurl.com/y6e7lv4l
FOR BOYS This advent calendar features PlayMobil top agents who are working on various gadgets and weapons, and includes a powerful LED super weapon and two PlayMobil figures and accessories. Any boy who’s a fan would be head over heels for this at Christmas. £15.71
https://tinyurl.com/y5tlcek3 Your son can accelerate to Christmas day in style with the SINCO Hot Wheels advent calendar, perfect for any roadster. Boys love their toys, right? This calendar offers 24 surprise gifts with mini cars, bikes, toys and stickers. £14.69 https://tinyurl.com/y5syzvlx
FOR MUM AND DAD The Glittering Galaxy of Makeup Magic beauty advent calendar from Charlotte Tilbury contains 12 full size and travel size makeup and skincare icons, with two dazzling looks built into one show-stopping treasure trove of beauty marvels. £150 https://tinyurl.com/y585qcxg This other festive beauty from Charlotte Tilbury, Charlotte’s Bejewelled Chest of Beauty Treasures, contains full size and travel size magic makeup and supercharged skincare secrets. £150 https://tinyurl.com/y2t4h9bx
Meanwhile, Fortnum and Mason offer some incredible advent calendars, and not all of them are of a naughty price tag! Some of them are of a sweet fee, and absolute bargains if you ask us! Fortnum’s Truffle Selection Advent Calendar. £35 https://tinyurl.com/y3ruhr4s Fortnum’s Bawden Stag & Santa Advent Calendar. £99 https://tinyurl.com/yxsq33sg Fortnum’s Filled Wooden House Advent Calendar. £135 https://tinyurl.com/yxrpnl53 And for the ultimate, decadent advent calendar for any adult this Christmas… Fortnum’s Feasting Advent Calendar. £200 https://www.fortnumandmason.com/fortnumsfeasting-advent-calendar
LIFESTYLE MAGAZINE
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TREAT YOUR TREE
THIS CHRISTMAS Your Christmas tree is the centrepoint of your decorations so here is our guide to getting it right this year
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s the winter season approaches, attention will soon turn to adorning the house during the busy Christmas period. And there is no bigger opportunity to nail decoration than ensuring that the Christmas tree radiates splendour throughout the home. So here are some tips on how to make everybody envious of your tree, this year.
FAKE VS. REAL?
Every year, the question of a real or fake Christmas tree raises much debate through households. There are, indeed, pros and cons for both, making that key decision all the more difficult. Real trees provide an unmistakable, authentic Christmas feeling through their smell, as well as their individual shape and size. However, they do require extensive maintenance throughout the festive season, as well as the hassle of getting rid of them after it’s all over.
On the other hand, an artificial tree requires no regular maintenance, the proportions are all symmetrical, and they can be used for many years. Although, a study has shown that as a result of the carbon footprint caused from making artificial trees, a single tree would need to be used for ten Christmasses to keep the environmental impact lower than that of a real tree. But whatever your decision, it’s the decoration which is the most important thing.
Red goes well with gold and green and is a classic Christmas combination with warm white lights.
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PROPERTY NEWS
COLOUR SCHEMES
If you fancy changing up your tree theme this year, then here are a couple of ideas to brighten up your home. 1. Keep it Traditional If you’re someone who usually prefers to go bold with colour schemes, why not go back to the traditional colours of Christmas. A traditional Christmas tree makes a home feel extra festive and homely with a splash of red, so why not warm up the room this winter?
Red goes well with gold and green and is a classic Christmas combination with warm white lights. 2. Bring the Snow inside Even if the weather flatters to deceive, give the inside of your home the full winter experience and pick a white colour scheme to go with your tree. This stark colour compliments the lush green of the tree and also pairs perfectly with the blue or white of an artificial tree.
A traditional Christmas tree makes a home feel extra festive and homely
Snow spray is a great way to turn a boring tree into something more special. 3. Add Some Luxury If your home boasts darker tones to the walls and furniture continue in this vein with your tree and choose rich gold and black decorations. These colours work well with the dark green of a tree and really add a sense of class to proceedings.
Wooden tree decorations complete the scene with some natural material added to the luxury.
DIY DECORATION
Making Your Own Baubles If you can’t find the perfect coloured decorations for your chosen colour scheme then have a go at designing them yourself. This can be easily done by buying transparent baubles and then filling with whatever you like! You can combine glitters, confetti and stars, and after giving it a shake, you’ll have your very own custom bauble to complement the colours of your tree. Mason Jar Display Perhaps not one for the tree itself, but when decorating, if there are baubles or other trinkets left over, place them in mason jars and arrange on the mantelpiece in a pyramid shape, resembling a Christmas tree. This is a great way of adding vibrancy to every area of your home, whilst also ensuring that every ornament is on display. How to Complete your tree? We’ve already mentioned the importance of picking a colour
scheme and fully utilising all of your ornaments, but what else can be done to really make your tree the talk of the town? Less is More There’s nothing worse than a Christmas tree that looks disorganised. So ensure that the lights are evenly layered around the tree so that every branch is given a warm glow. Likewise, with other ornaments. It’s great to see an array of baubles and other trinkets adorning a tree, but don’t forget that the tree itself is a sight to behold, so don’t let your decoration become too busy. Add Different Textures Baubles are a staple of any Christmas tree, but that doesn’t mean that there can’t be more going on. If you’re looking for other items to spruce up your tree with, ribbons and bows can provide a neat and tidy alternative and if your tree is looking especially sparse, then dress your tree in tinsel, which can take it to a different dimension altogether, in terms of its boldness.
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HOMEMADE WINTER WARMER SOUPS W ith the grey and dreary weather outside, now’s the time to warm up with some fresh and hearty homemade soups made from simple ingredients that are sure to heat your insides on a cold day.
2 tbsp olive oil 2 onions 2 garlic cloves ¼ tsp hot chilli powder 1 tbsp ras el hanout 1 butternut squash 100g red lentils 1l hot vegetable stock 1 small bunch of coriander Natural yoghurt, to serve
30g butter 2 onions 3 garlic cloves 100ml scrumpy cider 1 small potato 2 thyme sprigs 450ml chicken stock 50ml double cream ½ Granny Smith apple 2 slices of baguette 20g grated mature cheddar 10g dried apple 1 spring onion
SPICED LENTIL AND BUTTERNUT SQUASH SOUP This healthy and low-fat vegetarian soup is perfect for freezing to keep for a speedy supper another day. Heat the oil in a casserole dish or saucepan over a medium heat. Fry the onions with a pinch of salt. Add the garlic, chilli and ras el hanout and cook for a further minute. Stir in the squash and lentils. Pour over the stock and season to taste. Bring to the boil, then reduce the heat to simmer and cook, covered, for 25 minutes until the squash is soft. Blitz the soup with a hand blender until smooth and then season to taste. Serve with a dollop of natural yoghurt and coriander leaves.
CIDER & ONION SOUP WITH CHEESE & APPLE TOASTS Try this slightly different version of classic French onion soup to give your household a warming glow this winter. Heat the butter in a saucepan until foaming, then add the onions and cook for 10 mins until soft and golden. Add the garlic and cook for a further minute. Pour over the cider, then add the potato and thyme and simmer for another 2 mins. Stir in the stock cream, bring to the boil and simmer for 15 mins or until the potato is soft. Remove the thyme sprigs. Transfer the soup to a blender and blitz until smooth. Heat the grill high and toast the baguette on both sides. Mix the cheese, dried apple and spring onion together. Put the mixture, thickly, onto the toast and grill until melted and golden. Once ready, serve the soup and toasts together.
90g butter 2 medium onions 1 garlic clove 500g mushrooms, finely chopped 2 tbsp plain flour 1l hot chicken stock 1 bay leaf 4 tbsp single cream A small handful of flat-leaf parsley
MUSHROOM SOUP Try this comforting mushroom soup as a starter or on its own with crusty bread for a perfect winter’s evening. Heat the butter in a large saucepan and cook the onions and garlic until soft but not browned. Add the mushrooms and cook over a high heat for another 3 mins until soft. Sprinkle over the flour and stir to combine. Pour in the chicken stock, bring the mixture to the boil, then add the bay leaf and simmer for a further 10 mins. Remove and discard the bay leaf, then remove the mushroom mixture from the heat and blitz with a hand blender until smooth. (Now is the time to freeze the soup if you want to save any) When ready to serve, gently reheat and stir through the cream before pouring into bowls and scattering parsley over the tops.
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PROPERTY NEWS
Tantalise your tastebuds with these full-of-flavour winter warmer soup recipes as the weather gets colder
All recipes are from www.bbcgoodfood.com Images for illustrative purposes only
LIFESTYLE MAGAZINE
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THE BEST
EXTENSIONS FOR YOUR HOME Moving home isn’t always the solution to finding more space.Here’s our guide to the best, most beneficial extensions to consider for your home
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xtending your home can be one of the greatest things you can do as an owner of your home, potentially adding value to your property whilst also generating precious space, which is especially important if you’re a growing family. You may settle upon a two bedroom semi, for example, situated within a cul-de-sac position. It may not have the three bedrooms you required but given its location, you
The ground floor offers more options than upper floors, and if you require extra living space, an additional reception room, perhaps with an open plan layout to your kitchen
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PROPERTY NEWS
can’t resist snapping it up. The third bedroom extension gets sorted, and you now have your dream home. The flexibility of creative freedom extensions can offer new buyers and current owners should never be underestimated. Here is our guide to the most popular extension ideas.
CONSERVATORY
Although many properties already have conservatories attached, thus being inherited by the buyer, there
are some shrewd advantages to having a conservatory extension yourself. Having one installed yourselves affords you creative freedom over the style of it, the size of it, and the height, as well as its internal decoration and layout. Indeed, a buyer inheriting a conservatory might not like what’s already there, and it’s much more expensive, of course, to have a conservatory knocked down and a new one built, as opposed to just the latter.
ADDITIONAL RECEPTION ROOM
If you find you only have enough room within your plot for one extra reception room, you may decide to opt against a conservatory and go for a separate dining room, a playroom for the children, perhaps a large office space, or a games room accommodating enough space for a pool table. The ground floor offers more options than upper floors, and if you require extra living space, an additional reception room, perhaps with an open plan layout to your kitchen, can add flow and precious space for entertaining, dining or anything else. If you wanted to consider having patio or French doors installed to open out to the gardens, this will obviously also need to be accounted for financially. This prospective reception room might also offer versatility in the nature of a potential annex, with an en suite and/or dressing room complementing the self-contained accommodation.
ADDITIONAL BEDROOM
Many families decide to move homes entirely as the children get older, and/or if another child is in the making. But a simple extension can be enough to create that extra dwelling space, and is usually the most cost-effective solution too since it will also add value to your home. You could extend into your rear garden, reducing the amount of garden space but gaining that extra bedroom you need.
KITCHEN
Kitchens can be the absolute hub of your home, or it can be the place you escape into to exercise your gastronomical creative juices. Either way, having a big enough kitchen for your needs is pretty much essential. It may be you simply need a new cooker, and you’ve decided to change your induction hob cooker to a range style cooker, which would mean shifting the base unit cupboards over to create enough space for the larger appliance, thus extending the kitchen as a whole would really help with this process. Or perhaps you want the kitchen to incorporate an open plan family living area, with French doors opening out to the gardens. The potential available to a kitchen, in terms of creating extra space, is almost infinite, and can add some serious value to your home by doing so.
INTEGRAL GARAGE
Parking is not an insignificant factor for any driver when looking for their new home, and perhaps the addition of a garage can not only provide much needed extra parking, but versatility too, having it be an occasional gym, storage area or workshop, especially if the vehicle in question is a motorcycle rather than a car. Having the garage attached means you’d be able to access the garage from inside, which would, again, increase the level of flow throughout the ground floor.
Extending your home can be one of the greatest things you can do as an owner of your home
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This period will also cover the marriage between Prince Charles and Princess Diana, with Emma Corrin playing the People’s Princess
THE CROWN RETURNS
The return of TV royalty this November
W
ith the number of scheduled TV shows that have been forced to be put on hold this year, it’s a good job that Netflix’s The Crown film their show in two seasons chunks, so that Series 4 of the hit show has been ready to go since the early part of this year. And it isn’t long until the multi-award-winning drama is back on our screens with the show returning on the 15th of November.
WHO’S IN SEASON 4?
As fans of the show will know, The Crown explores all of the major historical events which the Royal family and the corresponding governments have had to face since Queen Elizabeth II has been on the throne. The end of the third series concluded with the Queen celebrating her Silver Jubilee in 1977, so assuming that the fourth series picks up around this time, one can assume that Gillian Anderson (The X-Files, Sex Education), will be at the centre of the action, in her portrayal of Margaret Thatcher. This period will also cover the marriage between Prince Charles and Princess Diana, with Emma Corrin playing the People’s Princess. Otherwise, the core cast from the third series will return for the latest instalment including Olivia Colman as Queen Elizabeth, Tobias Menzies as Prince Phillip, and Helena Bonham-Carter, who will, once again, play Princess Margaret.
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PROPERTY NEWS
WHAT TO EXPECT FROM THE FOURTH SERIES? The fourth instalment will mainly cover the 1980s, which could mean that the series may kick off with Margaret Thatcher’s rise to Prime Minister in 1979. One of the other major storylines will be the wedding of Prince Charles and Princess Diana, as well as the birth of their sons, William and Harry.
Netflix has also hinted that an infamous incident, which took place in 1982, in which a man was able to break into Queen Elizabeth’s room will also be included. The Falklands War is also expected to play a key part of the latest series, as well as key events which took place towards the end of the decade, such as the Queen’s 1989 flight on Concorde. The series will be released on November 15th, and if previous series are anything to go by, all ten episodes will be released together, allowing viewers to binge to their heart’s content.
SNOOKER UK
CHAMPIONSHIP KICKS OFF THIS MONTH One of snooker’s most prestigious Triple Crown events, the UK Championship, starts at the end of November. It is the second-biggest ranking tournament after the World Championship. First held in 1977 in Blackpool, this year’s competition will take place at two venues to comply with Covid-19 social distancing guidelines. The qualifiers and first round will be staged at the Marshall Arena in Milton keynes before reverting back to its usual home at the York Barbican. The first round will begin on the 23rd-26th November, while the second round starts on the 28th November till the 6th December.
The UK Snooker Championship will see big-hitters Ronnie O’Sullivan and Mark Selby battling it out to take Ding Junhui’s crown
Ronnie O’Sullivan holds the record for the most wins in the tournament with seven titles, closely followed by Steve
Davis with six and Stephen Hendry – who has just announced his return to the sport – with five. Last year saw Ding Junhui beat Stephen Maguire in the final, 10-6. It was Ding Junhui’s third UK Championship title, and despite Covid-19 restrictions, he should be in York to defend his title. He is currently ranked 10th in the world, with Judd Trump number one. Famous names such as O’Sullivan, Selby, Allen, Higgins and Murphy complete the top 10 and should be in this year’s tournament.
This year’s tournament is sponsored by Betway and offers total prize money of £1,009,000 with £200,000 for the winner.
FIRST ROUND
23rd - 26th November – Marshall Arena, Milton Keynes
SECOND ROUND AND FINALS
28th November - 6th December – York Barbican
LIFESTYLE MAGAZINE
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THAT FRIDAY
FEELING It was once the term used to describe the day when American workers would call in sick so they could extend Thanksgiving into a long weekend, but it is now more associated with a global shopping phenomenon.
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Bargain hunters will be out in force towards the end of the month as Black Friday fever sweeps the retail market. But what’s it all about?
pandemic may see a drastic reduction in footfall, so expect the phrase ‘slow-moving traffic’ to relate to your broadband rather than the roads as bargain hunters let their fingers do the walking on the web to secure the best deals.
Black Friday, America’s high-octane version of our Boxing Day sales, will again explode on to the UK’s hardpressed retail sector on November 27, although in reality the first shots in the discount price war may be fired somewhat earlier and continue well past Cyber Monday, reputedly the busiest online shopping day of the year.
This year analysts are expecting bigger reductions than normal as retailers try to make the best of what has been a pretty dismal year; certainly the notion that Black Friday was coined to describe the day shopkeepers tried to get back “into the black” will certainly have a harsh element of truth to it.
However, restrictions imposed following the second wave of the Covid-19
Traditionally, tech, electricals and gadgets are the big winners over the
PROPERTY NEWS
period – certainly online giants Amazon and high-profile retailers such as Currys PC World and Argos shifted huge numbers last year – although all-rounders such as John Lewis and Very have flexed their muscles and brought clothing, furniture and other lines into the picture – the latter reporting more than 92.5million online visits in 2019. Last year, toys and games consoles, particularly the Nintendo Switch, proved popular and this year is not likely to deviate from that trend as the PS5 and Xbox Series X come on to the market, with their predecessors expected to come almost gift-wrapped in bargain bundles.
Big-ticket items such as 4K TVs with HDR support could see some promising discounts as 8K sets have started to work their way on to the shelves. As an indicator, one of the big sellers last year was a Philips Ambilight 75inch 4K Smart TV which had its price slashed by almost £600. And it’s no surprise that the likes of Apple launch new mobile phones in early autumn to offer a slight discount for Black Friday, although the iPhone 12 delay may just cloud the issue this year and could affect iPhone 11 deals. Ah well, there always good deals on fans’ favourites like AirPods. In short, if a new product has been launched, you’re likely to find older models carrying hefty discounts. And if the main online retailers are offering good deals, you can expect the shops to wade in with a competitive alternative. Elsewhere beauty products and non-electricals may continue to increase in popularity as more brands look to take advantage of passing interest from savvy shoppers who have
one eye on Christmas. But it would be a brave man who bets against technology-based items being the hot sellers.
be and can recognise if it’s a bargain. And that is also where you need to keep your options open. It’s best to keep in mind the features you want, rather than a specific model number which may not be discounted while an almost identical set with the spec you want, probably will be. However, don’t be fooled into thinking that something which looks like a five-star set-up is the same but cheaper – certain elements, often screen quality or image processing, might be inferior.
So, how do you get the best deals on Black Friday? Simple. Do your homework… and be flexible. Industry insiders say some retailers gradually increase prices from August through to October, so they can offer ‘amazing’ discounts towards the end of November, something which is particularly prevalent in expensive consumer electronics such as TVs or laptops. If you’ve been tracking a particular item, you’ll know what the maker’s recommended retail price will
As for snapping up a Black Friday bargain, your consumer rights should be the same as when shopping at any other time of the year, although it may pay to be aware of return policies and warranty periods. And also only shop with retailers you trust. If a deal seems too good to be true, you might just be on the wrong website.
LIFESTYLE MAGAZINE
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Autumn 2020
Mortgage & Protection news
mortgages
The newsletter from Xact Mortgages Limited
Even in a normal marketplace it makes sense to seek advice for your mortgage and protection needs - and this, of course, isn’t a normal marketplace.
»
For this reason, you may feel confused about identifying the best way forward. With our extensive knowledge of the overall marketplace, this is where we can help. You may also have concerns, for example, if you’ve been furloughed, are a first-time buyer, are self-employed, or have taken a mortgage payment holiday. Whilst we can’t resolve every issue, we’re fairly adept at finding solutions. Although, even in our shoes, it can be hard to keep up. With lenders withdrawing from certain markets, then returning; products that were available at 8am, then unavailable at 8.15am; and so on.
Housing mini-boom On the upside, the Chancellor recognised early on that the property sector can be the perfect engine to help the economy to recover. It’s partly for this reason that the Stamp Duty reduction was introduced (see box item), which could deliver a saving of up
Xact Mortgages Limited 6 The Square, First Floor Solihull B91 3RB Tel: 0121 712 6230 Email: sales@xactmortgages.co.uk Web: www.xactmortgages.co.uk
Lots to Consider to £15,000 until 1 April 2021, when the
previous rates will be reapplied. If you then add the pent-up demand from the lockdown period, along with a reassessment by many on how they want to live their lives, it helps to create a buoyant property marketplace. Figures from Rightmove endorse this. Homemovers have put more property on the market, and agreed more sales than in any other month since tracking this data for the last 10 years - worth a record £37bn! More recently, Nationwide’s house price figures set out a 3.7% UK-wide annual growth for August, and a monthly rise of 2%, equating to the highest monthly increase since February 2004. (Sources: Rightmove, August 2020; Nationwide, September 2020 release)
Continued on the next page
You may have to pay an early repayment charge to your existing lender if you remortgage.
STAMP DUTY Applicable to a residential property purchase in England and Northern Ireland. Up to £500,000 The next £425,000
0% 5%
(the portion from £500,001 to £925,000)
The next £575,000
10%
(the portion from £925,001 to £1.5m)
The remaining amount
12%
(the portion above £1.5m) ■ This is applicable on purchases up to 31 March 2021, and thereafter it reverts to the rates in place prior to 8 July 2020. ■ Add a 3% surcharge to the above for those buying an ‘additional’ property. (Source: GOV.UK, 8 July 2020)
HM Revenue & Customs practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen.
■ Xact Mortgages Limited is an appointed representative of PRIMIS Mortgage Network (PRIMIS), a trading name of First Complete Limited which is authorised and regulated by the Financial Conduct Authority. PRIMIS is only responsible for the service and quality of advice provided to you in relation to mortgages, protection insurance and general insurance products. Any other product or service offered by Xact Mortgages Limited may not be the responsibility of PRIMIS and may also not be subject to regulation by the Financial Conduct Authority. ■ This firm usually charges a fee for mortgage advice. The amount of the fee will depend upon your circumstances and will be discussed and agreed with you at the earliest opportunity. ■ Your property may be repossessed if you do not keep up
repayments on your mortgage.
Lots to Consider
(contd)
Continued from the previous page
What does it mean for you? The positive developments above need to be balanced by what may be ahead. We can’t lose sight that we’re in a recession, and there will be further job losses as the furlough scheme stops in October. Plus, as the mortgage payment holiday initiative nears an end, this too may bring problems. These events are likely to have an impact on the property marketplace. Also, no-one quite knows how COVID-19 will play out. However, it’s not as if the government and lenders aren’t aware of the issues and both are keen to deliver support. With regard to what’s on offer from lenders, there are still some excellent mortgage deals out there. The lower the percentage of loan that you need, the greater the likelihood that there will be a wider range
of products on offer, a decent rate and the possibility of being accepted for a loan. BUT - rates are starting to creep up.* AND - the strict rules applicable to ‘evidencing of income’ and ‘affordability’ still apply across the board. (Source: *Moneyfacts, 7 September 2020 release)
Other positive initiatives In addition to the colossal amount of money that the government has pumped in to help us through this crisis, there are additional initiatives that would also be of interest to existing and potential homeowners. The government intends to make the planning process easier for those that might want to add, for example, additional space above their current home, subject to
neighbour consultation. Additionally, it wants to deliver greater freedom to adapt the use of vacant buildings and land in town centres to create new residential properties. The smaller renovation projects may be easily covered from existing savings, or even money saved from not going on an overseas holiday! For the bigger projects, then talk to us about a mortgage or remortgage to help raise the funds needed. Finally, from the end of September, you can apply for government vouchers under the Green Homes Grant. Against certain criteria, this will provide £2 for every £1 homeowners and landlords spend to make their homes more energy efficient, up to £5,000 per household. Or, in the case of those on the lowest incomes - up to £10,000. It’s applicable in England - but similar schemes may exist elsewhere in the UK. Do get in touch to see how we can help. You may have to pay an early repayment charge to your existing lender if you remortgage. n Your property may be repossessed if you do not keep up repayments on your mortgage.
UPDATE... Furloughed Workers n In total, around 9.6m jobs were furloughed. By September, this number had reduced to around 4m. (Sources: GOV.UK, August 2020, Office for National Statistics, September 2020)
n From 1st July, furloughed workers were able to return to work part-time, with the employer paying for the days worked, and the furlough scheme covering the rest. That said, until the end of October - the furloughed worker could receive 80% of their wages up to the capped monthly figure of £2,500, if furloughed 100% of the time. n From August, employers were asked to pay NI and employer pension contributions.
n In September the level of contribution changed. HMRC reduced its payment to 70% of wages for the hours the employee does not work (with employers contributing the 10% difference). n In October, this scenario will reduce to 60% of wages, with employers paying 20%. n After the planned ending of the scheme in October, the government has created a Job Retention Bonus to help ensure as many furloughed workers as possible return to (and remain in) the workplace. This will provide a one-off bonus of £1,000 for the business. It would apply to each furloughed employee (who’s paid over £520/month) that’s still employed as of 31 January 2021.
FUTURE MORTGAGE ISSUES n For those that have been on furlough, different lenders have set different criteria with regard to assessing income and affordability. n Some may want the employer to top up the salary to qualify, or may restrict the loan-to-value offered to around 85%. n Others may want to see a fixed ‘return to work’ date.
In short, it’s a complex situation, but options may well exist with lenders who are happy that you meet their criteria.
So do talk to us and let us do the legwork for you.
Screen Time! We can provide advice on both your mortgage and insurance requirements in a way that best meets your needs - by phone, email, videoconferencing or possibly a socially-distanced meeting.
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One key piece of advice - unless there are mitigating circumstances - is not to sit on your lender’s Standard Variable Rate (SVR) once you come to the end of your deal period. As the chart below shows, you’ll be paying around twice as much in interest! Average Fixed Rates vs. Standard Variable Rate (SVR) 7 September 2020 2-year fixed rate
2.24%
5-year fixed rate
2.50%
SVR
4.44%
what we’ve established with regard to your financial position and particular needs. Also, we’d endeavour to help reduce the hassle of filling out forms. Plus hold your hand throughout the process, and liaise with the various parties along the way. So, irrespective of whether you’re new to property buying, or an old hand, we have experience of dealing with all types of clients, enabling us to work towards identifying a suitable product for you.
What if life goes wrong?
(Source: Moneyfacts, 7 September 2020)
Naturally, there are fees to pay with a new deal, so you need to do the maths. Our discussions would also cover issues such as the merits of a fixed vs. tracker mortgage, and the length of the mortgage deal, such as the 2 or 5-year plans above.
The process Of course, you can undertake this yourself. However, you don’t want to make too many unnecessary applications, which may have a negative impact on your credit rating. That’s why it makes sense to ask us to assess the wider marketplace in light of
The current challenging times may well have focused your thoughts on having some protection insurance in place. This could be life cover to deliver a lump sum to your family, if the insured person dies. Or insuring yourself against suffering a critical illness, or being off work long-term due to illness or injury.
Already have cover in place? Even here it’s worth having a conversation (if it’s not a policy that we’ve recently set up), as there’s been so much innovation over the last few years. With many policies
now fully recognising mental health issues, plus lots of value-added benefits, such as medical advice and fitness support. Also, as a consequence of the current crisis, you may even be thinking about saving money and cancelling a policy. This could then prove to be more expensive, with more caveats, and an age weighting, should you return to start a new one with the same insurer. The insurers are mindful of this and some will allow you to stop paying premiums for an agreed period, with certain rules. As with all insurance policies, terms, conditions and exclusions will apply. You may have to pay an early repayment charge to your existing lender if you remortgage. n Your property may be repossessed if you do not keep up repayments on your mortgage.
UPDATE...
Mortgage Payment Holidays n Around 2m mortgage customers (including buy-to-let borrowers) have taken a mortgage payment holiday*, and for those that haven’t, they may be able to apply for one up to the 31 October 2020. n However, whilst it shouldn’t affect your credit rating, do consider if it’s the most suitable route forward for you: (i) As it’s not so much a ‘holiday’, but more a mortgage payment ‘deferment’. (ii) You need to agree this with your mortgage lender, so you can’t just stop making payments. (iii) Lenders may ask if you participated and may factor that into future loan applications.
THE FUTURE n Whilst over 70%* of participants have
A record 98.3% of all PROTECTION CLAIMS are met - equating to a sizeable £15.8m a day in payouts, and how that plays out for the key sectors are as follows: LIFE COVER n 99.6% of all Life claims n Average payout of:
£77,535 (term) £3,465 (whole of life)
CRITICAL ILLNESS n 91.6%
of all Critical Illness claims n Average payout of £67,573
INCOME PROTECTION n
87.2% of all Income Protection claims n Average payout of £17,729
(Source: Association of British Insurers, 2019 data, May 2020 release)
returned to making full mortgage payments, the Financial Conduct Authority recognises that some may require further help and has asked lenders to deliver structured payment plans. n However, this support will come at a price, including being flagged on your credit file. (Source: *UK Finance, August 2020)
Finding a Way... In a recession, lender’s enthusiasm to lend to First-Time Buyers tends to wane. The upside for the first-time buyer is that property prices generally drop - yet the opposite is occurring at the moment!
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That said, the government recognises that the first-time buyer is an important cog in helping to keep the property market moving. To assist this process there are various government schemes across the UK that are designed to help get the first-time buyer onto the property ladder. When you consider that the average monthly rental price for a new tenancy in the UK stands at £985, this may motivate many to want to buy a property and possibly pay less per month in the process. (Source: HomeLet Rental Index, August 2020)
Getting the Deposit together So, what’s stopping all renters jumping on board? Some will prefer the flexibility renting provides, others will be worried about the stringent controls that are now in place for mortgage lending. But possibly the biggest stumbling block is getting together the deposit. According to Moneyfacts, the average deposit for those buying their first home has risen to £47,059, equating to around a fifth of the average UK house price. Of course, there are mortgage deals available that require a
SHARED OWNERSHIP ■ A new Affordable Homes scheme announced in
September, will also deliver a new model for Shared Ownership for purchasing new homes, and will: - reduce the minimum initial share you can buy in a property from 25% to 10%. - allow people to buy additional shares in their home in 1% instalments, with heavily reduced fees. - introduce a 10-year period for new shared owners where the landlord will cover the cost of any repairs and maintenance. This scheme is applicable to England only, other parts of the UK will deliver different support.
smaller deposit, but this is where the lender’s enthusiasm has waned. Back in March (the month when lockdown started) there were 1,184 mortgage products requiring a 10% deposit, or less. By September, this had reduced to 76!! Rates have also increased. Back in March the average interest rate for a two-year fixed rate mortgage with a 10% deposit was 2.57% it’s now 3.54%. (Source: Moneyfacts, 7 September 2020) However, if you consider that the average first-time buyer loan is around £176,000*, then a 3.54% rate would equate to a repayment mortgage of about £800 per month. Unlike the £985 rental payment figure mentioned earlier, this lower amount would include paying off part of the capital borrowed, as well as the interest owing. (Source: *UK Finance, January-June 2020)
Look at alternative funding options If you’re lucky enough, then there is the Bank of Mum & Dad to help get some, or all, of that deposit together. In fact, nearly one in four housing transactions (175,0000) will be backed by the Bank of Mum & Dad in 2020, equating to an average of around £20,000 each to help those borrowers with their deposits, and possibly gain access to better interest rates. (Source: Legal & General, September 2020) Alternatively, there are Guarantor Mortgages, which might be a more suitable route for family support. Or consider Shared Ownership, in which case you buy a percentage of the property now, and can purchase more into the future (see box item).
Talk to us With so much to consider, do have a conversation with us as early as possible in the decision-making process. We are working with these issues day-in/day-out, and fully understand the options on offer. And, as part of our offering, we would endeavour to help navigate you through the affordability, evidencing of income and credit rating hoops. ■ Your property may be repossessed if you do not keep up repayments on your mortgage.
Mortgages for the
Self-Employed Self-Employed workers have been hit hard by the onset of Coronavirus. In addition to the likely loss of business income, many would have fallen through the net with regard to obtaining government funding to help see them through. (see box item below)
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The upshot of this is that we’ve seen a record quarterly drop of 238,000 in the number of workers that are self-employed - an amount that now stands at 4.76m. (Source: Office for National Statistics, Labour market overview, August 2020)
That said, it’s quite likely that many self-employed workers would have been fairly adept at swiftly restructuring their offering to ensure revenue continued to flow in. And, following lockdown, may be reassessing how and where they live, and looking to fund renovations, or seek a new property.
Stricter lending requirements However, even prior to COVID-19, the self-employed - which still represents almost 15% of the total workforce - had sizeable hoops to jump through to secure a loan.
Self-Employment Income Support Scheme ■ You may have been one of the 2.7m Self-Employed
workers that benefited from the First Grant. (Source: GOV.UK, 17 August 2020)
■ Either way, you can claim for the Second and Final
Grant up until 19 October 2020. ■ Eligible individuals can claim a taxable grant worth
70% of their average monthly trading profits, paid out in a single instalment covering three months’ worth of profit, and capped at £6,570 in total. To check if you qualify, please go to: www.gov.uk/guidance/claim-a-grant-through-the-selfemployment-income-support-scheme
The issue with lenders is that unlike assessing a payslip, the income stream of the self-employed is not as clear cut. This is compounded by the way some self-employed organise their payments to ensure they’re tax-efficient (such as more income via dividends than salary). This could work against them when wanting to demonstrate to a lender they have the ability to fund the loan they wish to take out. The term ‘self-employed’ can also present a problem for lenders, as it pulls together a whole host of different individuals. This could mean that a myriad of workers with differing income streams and earning potential are lumped together, resulting in the computer possibly saying: ‘no’.
Impact of COVID-19 Beyond this, the economic impact of the pandemic means that even more information is now required, such as: ■ wanting to know if the client has experienced a reduction in their self-employed income due to COVID-19. ■ is in receipt of the government Self-Employment Income Support Scheme, or a Bounce Back Loan. ■ were any of their staff furloughed (if applicable). ■ more recent bank statements, as the latest accounts would probably apply to the period prior to COVID-19. In short, mortgage providers are looking for proof the business is viable, and to understand how the pandemic has affected the work and income of the applicant.
How we can help We are already dealing with other self-employed workers, and know our way through this particular mortgage maze, and would approach the lenders that we know are more sympathetic to your particular situation. ■ Your property may be repossessed if you do not keep up repayments on your mortgage.
LANDLORDS have proved to be a fairly resilient group, and may have built up a greater resolve than most to face the current recession.
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As it stands, in this strange property market, the average monthly rental income across the UK is still holding up at £985, up 1.5% year on year. In fact, 11 of the 12 regions all showed an increase, with the exception of Greater London - albeit the average rental value there was £1,653 - 100% higher than the figure for the rest of the UK (£825). (Source: HomeLet Rental Index, August 2020)
Financial stability of tenants The main concern for landlords into the near future will be hoping those rental payments continue to come through, as there’s the likelihood that some tenants will fall on hard times as the furlough scheme comes to an end, raising the possibility of void periods. However, it’s not just a case of ‘sit and wait’, as there are a number of initiatives landlords could undertake to help recessionproof their business.
Time to remortgage? Buy-to-Let mortgage rates remain low although - as with the residential sector - rates are starting to creep up. So, if you haven’t already assessed what’s on offer, perhaps it’s time to take stock. Dependent on the deal you’re on, there may be savings to be made. (Source: Moneyfacts, 8 September 2020)
Alternatively, you may want to consider pooling together your properties into one mortgage, but do be aware there are benefits and disadvantages of this course of action. The same can be said about considering a Limited Company structure to help mitigate the tax changes. As well as talking to your accountant about these issues, do get in touch with us, as we can look at your particular situation and help identify what may work best for you.
Make new investments, and/or restructure Landlords will also benefit from the short-term reduction in Stamp Duty fees. As was the case previously, the 3% surcharge still needs to added, but the current charges could deliver a substantial saving on a property purchase ahead of 1 April 2021.
With regard to purchasing additional properties, the normal disciplines apply, such as: - don’t buy a property that you’d like to live in yourself. You need to love the deal, not the property. - research the area and understand market conditions. - decide on the type of renter you want. Properties that can be let, for example, to multiple tenants, such as Houses in Multiple Occupation (HMOs) could help to spread the risk of any rental voids, as you’ll receive an income from various people. - shying away from student rents, in the current climate, and possibly being drawn to a slightly different form of renting holiday lets. The rise of the ‘staycation’ will increase the demand for this type of property. But again, talk to us, as this is a different form of borrowing compared to the normal buy-to-let loan process. There is no guarantee that it will be possible to arrange continuous letting of the property, nor that the rental income will be sufficient to meet the costs of the mortgage. The value of your Buy-to-Let property and income from it can go down as well as up. You may also require advice on the legal and tax issues. The Financial Conduct Authority does not regulate legal and taxation advice, and most Buy-to-Let mortgages. HM Revenue & Customs practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen. You may have to pay an early repayment charge to your existing lender if you remortgage. ■ Your property may be repossessed if you do not keep up repayments on your mortgage.
Tel: 0121 712 6230 Email: sales@xactmortgages.co.uk
Steve Froggatt HOW LONG HAVE YOU BEEN WITH XACT? Been with Xact for 5 years WHAT DO YOU LOVE MOST ABOUT YOUR JOB? Helping people find the best deal in as simple a way as possible SOMETHING ABOUT YOU THAT PEOPLE WOULD BE SURPRISED TO KNOW? I met Nelson Mandela on an Aston Villa club tour in 1994 FAVOURITE FOOD? Italian FAVOURTIE TYPE OF HOLIDAY? Whale watching and shark cage diving in South Africa
Conor Brown HOW LONG HAVE YOU BEEN WITH XACT? 18 Months WHAT DO YOU LOVE MOST ABOUT YOUR JOB? Helping people get the best deal for their mortgage but also love making sure that everyone is fully protected SOMETHING ABOUT YOU THAT PEOPLE WOULD BE SURPRISED TO KNOW? I lived in America for 18 months FAVOURITE FOOD? Sunday Roast – so many flavours on one plate FAVOURTIE TYPE OF HOLIDAY? Disney Land as it is a real family holiday. I can’t wait to take my family there. However, I have always dreamt of going to Bora Bora
Colin Jones HOW LONG HAVE YOU BEEN WITH XACT? 5 years WHAT DO YOU LOVE MOST ABOUT YOUR JOB? Speaking to clients on a daily basis and giving them the peace of mind that should the worst happen they will be financially secure. SOMETHING ABOUT YOU THAT PEOPLE WOULD BE SURPRISED TO KNOW? I am a qualified Golf Instructor FAVOURITE FOOD? Italian FAVOURTIE TYPE OF HOLIDAY? Hawaii
Web: www.xactmortgages.co.uk
Meet our Advisors Lee Heycock HOW LONG HAVE YOU BEEN WITH XACT? Since December 2017 WHAT DO YOU LOVE MOST ABOUT YOUR JOB? Solving problems for people who are looking to move but don’t think its achievable SOMETHING ABOUT YOU THAT PEOPLE WOULD BE SURPRISED TO KNOW? Prior to Xact I served in the Infantry as a LCpl in the Royal Anglian Regiment where we toured Afghanistan, Nigeria and Kenya FAVOURITE FOOD? Sushi, looking forward to the new Japanese restaurant opening in Solihull! FAVOURTIE TYPE OF HOLIDAY? A cruise around Italy and the Greek Islands
Mike Hodgkinson HOW LONG HAVE YOU BEEN WITH XACT? 19 September 2001…Day one WHAT DO YOU LOVE MOST ABOUT YOUR JOB? I love putting smiles on our customers faces SOMETHING ABOUT YOU THAT PEOPLE WOULD BE SURPRISED TO KNOW? I have a gold medal for ballroom dancing watch out strictly here I come FAVOURITE FOOD? Sunday Roast FAVOURTIE TYPE OF HOLIDAY? Cornwall, have been lucky enough to travel most of the world, Cornwall is still the best
Dane McCarthy HOW LONG HAVE YOU BEEN WITH XACT? Since January 2018 WHAT DO YOU LOVE MOST ABOUT YOUR JOB? I enjoy interacting with all types of people on a daily basis FAVOURITE FOOD? Steak FAVOURTIE TYPE OF HOLIDAY? Anywhere in Scotland
The information contained herein is of a general nature and should not be relied upon as legal or financial advice and is not intended as a substitute for the same. You should seek professional advice tailored to your needs and circumstances before making any decisions. The contents of this newsletter are believed to be correct at the date of publication (November 2020).
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