Last minute ideas seem to be how everyone works nowadays.

Research from national building Society’s Payday Saveday marketing campaign shows that procrastination is costing humans about £449 every 12 months. Almost £30,000 (£29,200) during their lifetime. The country wide ballot of 2,000 adults within the United Kingdom suggests that 57% were hit financially by putting off things to the last minute. Almost 2 in 3 (63%) self-perceive themselves as procrastinators. Adults have paid the price – literally – usually by leaving it to the last minute.  To get presents(50%), not putting cash into a financial savings account (38%) and last minute holiday planning (30%).

Last minute ideas

Technology has a large influence on our habit of us putting things off until later.  Checking phones (24%), looking at the TV (22%) and surfing social media (20%) are the top things humans do to procrastinate. On the other hand, deadlines coming up (36%) and encouragement from other people (26%) snapped people out of procrastinating.

We get wiser as we get older with Last minute ideas!

Better news is that we get wiser as we become old with regards to making plans. 2 in 5 (40%) of those aged fifty five or older describe themselves as procrastinators.  Compared to 87 per cent of 16-24s and 78% of 25-34 year olds. But only 32% adults of fifty five and older say they have been caught out leaving matters too late.  Compared to 71% of 25 to 34-yr olds. Men are worst at leaving matters to the last minute, which costs them, on average, £571 a year, compared to only £325 pa for women.

The research also discovered that saving money was top of the list of habits that people would really like to discover (35%). Before having a healthy diet (33%), taking exercise (32%) and getting up earlier(32%). nearly half (48%) of people aged 25-34 wanted to discover ways to save cash regularly – the most of any age group.

Nationwide’s studies many felt guilty about delaying activities. Over 1 in 3 people (36%) regret delaying exercising. Next was saving money (29%) and eating a healthy diet (29%).

For more information go to Brighton Mortgage Broker – The Finance House
For the FCA go to Register Home Page (fca.org.uk)

Moving Home can be costly and stressful.

Moving Home

Summer is normally the most common time of year for moving home. Research uncovers the real expense of moving home over the UK, revealing glaring differences between towns. Research from Barclays Mortgages indicates the typical upfront cost of moving home in the UK, including estate agent, conveyancing and surveyor fees, land registry, EPC and SDLT, is £7,641, plus the buying price. On top of that, the average unforeseen costs can total £1,690, home movers are paying up £9,331 in costs.

The most frequent unexpected costs consist of purchasing new furniture that wasn’t the right size for the new home (43%), decorating (34%) and takeaways for the first few weeks after moving when the kitchen isn’t working correctly. (26%). The research also revealed that almost half (47 per cent) of homebuyers admitted to not being prepared for moving financially, underestimating the overall costs involved. This has resulted in 54 per cent admitting to needing to lean on family members for financial support to deal with the unexpected costs of moving – putting additional strain on a family.

Actual cost of moving home

Actual cost of moving home can be quite large here are some things we forget.

You have the keys, time to have spares cut.

Liverpool buyers will pay only £2,787 to move home, but £22,417 in London.

Estate agent fees as expected are the most of course, a seller in Oxford pays £5,783 but £1,780 in Glasgow.

HMRC removed stamp duty for 1st-time buyers on the first £300,000 of a purchase up to £500,000, this can actually make it cheaper for buyers looking for a lower priced property.

Stamp duty can equally cause a financial headache for those looking to move. In London, where the average house price is currently £482,200, housebuyers will pay an average of £14,110 in stamp duty.

Those looking to buy in the north, say in Liverpool, where the average house price is £123,000, may avoid the fee completely, with most properties below the current threshold of £125,000.

Also home insurance costs can be about £107 and a recommended survey, could be another £550. You can find a RICS surveyor in your area here

An EPC is a legal requirement which adds another £90 on average.

On top of these expenses, many home buyers are hit with other fees, like childcare, self-storage, decorating and pet-sitting fees.

Don’t forget to take into account

Van removals service, Transport between properties, fitting costs for new technology (eg Wi-Fi, TV etc), Costs for changing utility providers, furniture, bedding, kitchen utensils, Cleaning costs for rented properties, storage space, Post redirection costs, Childcare on the day you move, Parking costs, Decorators, Pet-sitting, Council tax costs.

If you require a mortgage for your new home, we are independent, free and whole of market. For more information click here

Want to use the HM Land Registry’s digital ‘Sign your mortgage deed’ service.

Soon you might not have to send your Mortgage deed back to the lender with an original signature.

Digital Sign your mortgage deed

This new digital service is available to eligible re-mortgage customers only, who can sign their mortgage deed whenever and wherever they are.

It removes the need for an original signature and witnesses to be present when the documents are signed, making it quicker and more straightforward, as follows:

1. Verify your identity
   

If you already have a GOV.UK Verify account, you can use this same account to sign your mortgage deed.

If you have not used GOV.UK Verify before, you must create an account, which takes only about 15 minutes.

After you have verified your identity, a code will be sent to your mobile phone. Use this code to sign in and view your mortgage deed.

1. Digital Sign your mortgage deed  
   

Check all the details on the mortgage deed. Once you are happy that everything is correct and want to sign your mortgage deed, tap on the ‘Send my code’ button to request a second code that will be sent to your mobile phone.

By entering this second code, you will be electronically signing your mortgage deed.

If there is more than one person signing the mortgage deed, the second person will also need to sign the mortgage deed in the same way. They should follow the original link sent by the conveyancer or lender.

1. What happens next
   

Your conveyancer or lender will then continue to process your remortgage.

If you have any queries, you should contact your conveyancer, lender or broker.

When you’re signed in, they’ll be able to confirm your identity and then digitally sign their deed online.

You will need to talk to your conveyancer or broker to see if you’re eligible for this new service. If you aren’t, you’ll need to sign the paper mortgage deed instead.

Lenders currently able to use the Sign your mortgage deed service include:

• Atom Bank
• Clydesdale Yorkshire Banking Group
• Coventry Building Society
• Metro Bank
• Molo Finance
• Nationwide and The Mortgage Works
• Platform (a trading name of the Co-operative Bank)
• Principality Building Society
• RBS and NatWest
• Skipton Building Society
• Santander
• West Bromwich Building Society

For more information see a Brighton Mortgage Broker

Leasehold houses

The Government has announced several changes to leasehold houses in England, to address matters which have arisen with unfair conditions, rising ground rents and leasehold houses.

These include prohibiting new leases for houses meaning that new-build houses will have to be sold as freehold, apart from shared ownership properties, community-led development, National Trust land and excepted sites on Crown land.

Methods have been introduced to ensure residential freeholders have the same rights as leaseholders on private and mixed tenure estates, such as the right to challenge the fairness of estate rent charges.

Governments new measures.

The Government have proposed new measures to provide a more consistent process when leasehold properties are sold. For example, it should take no more than 15 days to provide leasehold information to a prospective buyer and there is now a maximum fee of £200 + VAT for producing a leasehold property enquiry pack (LPE1) to prospective buyers. Ground Rent should be reduced in future leases to £0 (‘peppercorn’), except for retirement properties, community-led developments and financial lease products such as equity release.

The changes on leasehold houses have been announced in order to prevent freeholder landlords from making a commercial profit from leaseholders. Any costs for the upkeep of a property are intended to be covered in the service charge. The Government proposes that there is no transition period for the banning of the sale of new leases for houses once the legislation is brought into force.

They also will give leaseholders the ability to apply to the First-tier Tribunal for a refund of any incorrectly paid ground rent, at any point. Freeholder landlords will also be subject to a civil penalty of £5,000 per property for illegally charged ground rents, and the Government has indicated they will potentially introduce higher charges for repeat offenders in the future.

For more information on Mortgages go to https://thefinancehouse.co.uk/ and https://www.gov.uk/leasehold-property for more information on leasehold houses.

Just as digital technology has allowed people to customise the way they listen to music or read the news, mobile banking and contactless use is now transforming the world of payments, as consumers take advantage of the ever-widening range of payment choices available to suit their needs and lifestyle.

The latest UK Payment Markets report found that almost half (48 per cent) of UK adults used mobile banking in 2018, up from 41 per cent the previous year. The number of bank payments made using online or mobile banking in 2018 grew to two billion, up from 1.6 billion in 2017, as consumers and businesses increasingly choose to bank using their phones, tablets or computers.

By the end of 2018, an estimated 8.5 million people were registered to buy goods and services using mobile payment services such as Google Pay, Apple Pay and Samsung Pay. This means that one in six (16 per cent) of the adult population are now registered for mobile payment services, up from just two per cent in 2016.

Debit cards or cash?

Having overtaken cash in 2017, debit cards remained the most frequently used payment method in 2018, accounting for nearly 40 per cent of all payments. Almost the entire adult UK population (98 per cent) now own a debit card and by 2024 debit cards are forecast to account for half of all payments in the country. The continued increase in debit card use has been in part driven by the growing popularity of contactless payments, which rose to 7.4 billion payments in 2018, an increase of 31 per cent on the previous year. The figures also show that older customers are increasingly embracing the convenience of this technology, with over three-fifths (61 per cent) of over-65s making contactless payments in 2018, up from 50 per cent in 2017. Overall 69 per cent of adults in the UK now use contactless payments, and no age group or region falls below 58 per cent usage.

Is cash still used?

Cash remains the second most frequently used payment method in the UK. It was used for 28 per cent of payments in 2018 and is forecast to still be used for one in ten payments in a decade’s time. However, the growth in contactless and mobile payments has meant consumers are choosing to pay less with cash, with overall cash payments falling by 16 per cent in 2018 and one in ten adults (5.4 million consumers) opting not to use cash at all. At the same time, many consumers value cash as a method of helping to manage their day-to-day finances, and this is expected to continue in future. UK Finance is working with the recently established Joint Authorities Cash Strategy Group (JACS) to help ensure cash continues to be available to those who need it.

Stephen Jones, Chief Executive of UK Finance, said:

“The same pick ‘n’ mix approach people now take when it comes to music, television or the news is expanding into payments, as consumers take advantage of new technologies to pay in a way that suits them.

Speed and convenience of mobile banking and contactless use.

More and more customers are now opting for the speed and convenience of paying with their contactless cards, or using mobile banking to check their balances and make transfers while on the move. This rapid rate of technological change is set to continue over the coming decade, as people embrace the ever-widening number of ways to pay and manage their finances, depending on their needs and lifestyle.

However, technology is not for everyone and cash remains a payment method that is valued and preferred by many, so maintaining access to cash will be vital to ensure no customer is left behind.

We are working with the Joint Authorities Cash Strategy Group (JACS) and wider stakeholders, to ensure all customers have a choice in how they pay for goods and services in future.”
The Finance House is an Independent, whole of market free Brighton Mortgage Broker. For more information on how we can obtain the best mortgage for you, go to The Finance House