Feeling the financial pressures

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Financial Pressures Drive British Homeowners to Consider Downsizing

A new study by Halifax has found that three out of ten British homeowners have considered downsizing their home due to financial pressures. The study, which was conducted in November 2022, found that the rising cost of living was the biggest factor driving homeowners to consider downsizing.

The study found that the average homeowner could save £120,820 by moving to a home one bedroom smaller. This is due to the fact that the price per bedroom decreases as the size of the home decreases. For example, a five-bedroom home in London costs an average of £1.2 million, while a four-bedroom home in the same area costs an average of £830,000. This means that a homeowner could save £370,000 by moving from a five-bedroom to a four-bedroom home.

In addition to the financial savings, downsizing can also help homeowners to reduce their energy bills and maintenance costs. Smaller homes are generally more energy-efficient, and they require less maintenance.

However, there are also some drawbacks to downsizing. Moving costs can be expensive, and homeowners may have to give up some of their belongings. They may also have to move further away from their friends and family.

Overall, the decision of whether or not to downsize is a personal one. However, for homeowners who are struggling with financial pressures, downsizing can be a way to reduce their costs and improve their financial situation.

Here are some additional tips for homeowners who are considering downsizing:

  • Get an estimate of the financial savings you could expect from downsizing.
  • Consider the costs of moving, such as real estate agent fees, closing costs, and moving expenses.
  • Think about the impact downsizing will have on your lifestyle, such as the amount of space you need and the distance you are willing to move.
  • Talk to your family and friends about your decision.

If you are considering downsizing, it is important to weigh the pros and cons carefully. With careful planning, downsizing can be a way to improve your financial situation and reduce your stress levels.

If you are considering remortgaging, downsizing and want to discuss options to lower your mortgage costs in order to reduce financial pressures, for more information, hit the chat button on the right of the screen, or drop us an email on [email protected]

Source data:

[1] Research conducted by Halifax – rolling 12 months to July 2022 – 80% LTV, 5.5% – 25yr term, published 16 November 2022.

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At Yes Mortgage Services, we offer a comprehensive range of products from across the market.

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Buying your first home can feel a little daunting and maybe even a bit scary at times. ⁣

But we`re here to guide you every step of the way so you can feel comfortable and confident throughout the entire process 🙌⁣

Our free expert advice covers everything from saving for your deposit, getting your credit score healthy and your finances ready, right through to choosing the right building surveys and solicitors.⁣

We`ll cut through the jargon, talk through all of your questions (there`s no such thing as a silly question in our minds), and guide you through finding the most suitable mortgage for your circumstances 🏡⁣

The best bit is we don`t charge a broker fee! - send us a message or give us a call on 0800 612 5596.⁣

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Our amazing team of experts are always on hand to find the right mortgage solution for you and to answer any questions you might have. Send us a message, or call us on 0800 612 5596.⁣
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Our amazing team of experts are always on hand to find the right mortgage solution for you and to answer any questions you might have. Send us a message, or call us on 0800 612 5596.⁣

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Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

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More and more investors are buying properties within a Limited Company to keep things tax efficient. ⁣

But when it comes to refinancing or purchasing your new investment property, the process of getting a mortgage can feel challenging.⁣

Not anymore!⁣

Our Specialist Mortgage Advisors know which Mortgage Lenders are used to working with Limited Company Buy to Let portfolios. They`ll find you the most suitable deal and save you time and money by managing your mortgage application from start to finish. ⁣

Visit our website to learn more (🔗 in bio)⁣

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Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

Before pursuing Limited Company Buy To Let we recommend you seek advice from a tax expert⁣

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We believe in providing quality financial advice to everyone, regardless of their financial status. ⁣
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That's why we don't charge a broker fee 🤩⁣
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We'll look after you for the lifetime of your mortgage/home ownership, ensuring you never pay more than you should on your loan. Whether you're remortgaging, moving home, or making any subsequent property purchase, we've got you covered.⁣
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Visit our website (🔗 in bio) to learn more.⁣
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Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣
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We believe in providing quality financial advice to everyone, regardless of their financial status. ⁣

That`s why we don`t charge a broker fee 🤩⁣

We`ll look after you for the lifetime of your mortgage/home ownership, ensuring you never pay more than you should on your loan. Whether you`re remortgaging, moving home, or making any subsequent property purchase, we`ve got you covered.⁣

Visit our website (🔗 in bio) to learn more.⁣

...⁣


Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#mortgagetips #mortgageexpert #devonproperty #bournemouthbusiness #southcoastuk #mortgagebroker #mortgageuk #ringwood #hampshireuk #mortgageadviser
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We have access to a wide range of lenders and a deep understanding of what each one looks for when it comes to self-employed mortgages. Meaning we can find the most appropriate lender for your circumstances and needs!⁣

And the best bit? We don`t charge a broker fee 🤩⁣

If you`d like to chat with one of our advisors about self-employed mortgages give us a call on 0800 612 5596 or send us a DM⁣
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Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

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All of our mortgage advisors (Connor included) are ready to help you whether you're looking to remortgage, buy your first home, or upgrade to a new one. The best bit is we don't charge a broker fee! Get in touch on 0800 612 5596 or send us a DM⁣
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Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣
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When he`s not crunching numbers, you`ll find him whipping up some delicious dishes, hosting get-togethers with friends and family or enjoying the delights at his local cider farm🍺🌿⁣

All of our mortgage advisors (Connor included) are ready to help you whether you`re looking to remortgage, buy your first home, or upgrade to a new one. The best bit is we don`t charge a broker fee! Get in touch on 0800 612 5596 or send us a DM⁣


...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#ukmortgage #mortgagesuk #wellingtonsomerset #mortgageexperts #westcountry
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We`re flying the flag for Somerset! ⁣

With a team spread across the Southwest, we`re proudly celebrating #SomersetDay and sending a special shoutout to our amazing mortgage advisor, Connor, who`s lucky enough to live there.⁣

Let`s have a bit of fun - how many of these places can you name? Share your score in the comments 👇⁣


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#somersetlife #loveforsomerset #visitsomerset #somerset #somersetday
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So you've found your dream home and now it's time to apply for a mortgage. Here's what a lender will usually want to know:⁣
⁣
👉 Your income, including any pensions, investments or financial support you receive (e.g. child benefit)⁣
⁣
👉 Your other financial commitments like household bills, overdraft payments and whether you have any children.⁣
⁣
👉 Any potential lifestyle changes that might affect your ability to make repayments in the future, such as having a baby, taking redundancy, or returning to education.⁣
⁣
👉 To prove your incomings and outgoings, you'll need to provide payslips, tax forms, and details of any financial arrangements you have (e.g. car payments, paying off your student loan, pension contributions). You'll also need to show household bills, council tax bills, insurance paperwork, and any invoices for childcare.⁣
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Don't worry if this sounds overwhelming - our team of experts is here to guide you through the process. Give us a call at 0800 612 5596 or visit our website (🔗 in bio) to learn more.⁣
⁣
⁣
...⁣
⁣
Your property may be repossessed if you do not keep up repayments on your mortgage.  Yes Mortgage Services Limited do not charge a broker fee.⁣
⁣
...⁣
⁣
#firsttimebuyeruk #firstimehomebuyers #propertyladder #firsttimehomeowners #firsttimebuyertips

So you`ve found your dream home and now it`s time to apply for a mortgage. Here`s what a lender will usually want to know:⁣

👉 Your income, including any pensions, investments or financial support you receive (e.g. child benefit)⁣

👉 Your other financial commitments like household bills, overdraft payments and whether you have any children.⁣

👉 Any potential lifestyle changes that might affect your ability to make repayments in the future, such as having a baby, taking redundancy, or returning to education.⁣

👉 To prove your incomings and outgoings, you`ll need to provide payslips, tax forms, and details of any financial arrangements you have (e.g. car payments, paying off your student loan, pension contributions). You`ll also need to show household bills, council tax bills, insurance paperwork, and any invoices for childcare.⁣

Don`t worry if this sounds overwhelming - our team of experts is here to guide you through the process. Give us a call at 0800 612 5596 or visit our website (🔗 in bio) to learn more.⁣


...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#firsttimebuyeruk #firstimehomebuyers #propertyladder #firsttimehomeowners #firsttimebuyertips
...

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