Mairead Finlay

Eco-friendly upgrades to save money on your home

Wondering whether or not to make eco-friendly upgrades to your house, and whether it is worth the time and investment to do so? There are some common misconceptions regarding eco-friendly renovations, particularly relating to being so costly to build that it means that you will never be able to make a return on your investment. However, that is simply not the case.

It is possible to help not only the environment but also boost the eco-friendliness of your home whilst also saving money. But how exactly do you do achieve that? Octagon Capital takes a look at the best ways you can make your home more energy-efficient as well as cut down on costs:

• Filling wall cavities in your property
• Look at purchasing solar panels
• Purchase an eco-friendly air-source heat pump
• Use energy-saving bulbs
• Make the most of natural lighting
• Choose water-saving taps
• Be savvy with your window choice

Filling wall cavities in your property

Insulating your cavity walls can help you to save a significant amount on your heating bills each month. This is notably the case for houses built before the 1990s, where many homes built before this period do not tend to have cavity wall insulation already installed, and it is thought that around a third of all heat lost in a property that is uninsulated is lost via the walls. The costs of renovating your property so that cavity wall insulation has been installed costs an estimated £475. However, according to Which? an eco-friendly house that has cavity walls saves each year around £160 when it comes to heating bills, meaning that you will make a return on your investment in just three years.

Look at purchasing solar panels

Of course, one of the most popular ways people decide to make their homes more environmentally friendly is through purchasing solar panels. Some people can be put up by the initial upfront costs involved with installing solar panels (costs can vary between £5,000 up to £8,000) however, you could end up making considerable savings in the long run. According to the Energy Saving Trust, you can earn up to £260 a year if you have solar panels in your home due to government feed-in tariffs, as well as saving on average £60 yearly on electricity bills.

Purchase an eco-friendly air-source heat pump

Perhaps the idea of having solar panels installed on your property does not appeal to you, maybe due to the less than aesthetically pleasing nature of them. This is where having an air-source heat pump instead may come in handy.  But what exactly are they?

Air-source pumps help to keep you warm all through the winter months as they generate their heat from outside air (if the temperature is above -15 degrees). The technology that air-source pumps use also provide warm water for your home, as well as provide underfloor heating, meaning that having these installed in your property can have a number of different uses. Furthermore, not only will you reduce your overall carbon footprint, but you will also be reducing your fuel bills in the long-term, as you can expect to make fuel savings each year of up to £1,805.

If the idea of purchasing an air-source pump is of interest to you, you should take a look at the governments Renewable Heat Incentive scheme, created in order to encourage people to pursue more eco-friendly investments for their homes. So whilst installing such a system could cost around £7000 you could end up earning anything between £905 and £1,365 from the Renewable Heat Incentive scheme each year, with the exact amount you receive depends upon the current heating system you have.

Use energy-saving bulbs

Did you know that LED bulbs not only last twenty times longer than other types of bulbs available but that they also use 85 per cent less energy too? This makes energy-saving bulbs one of the cheapest, but also one of the most worthwhile investments you can make in order to have your home not only be more eco-friendly but also to reduce your running costs.

Make the most of natural lighting

We all want to reduce our electricity bills, and one of the easiest ways that you can do this, whilst also being more environmentally friendly is to make the most of natural light in your home. Here are some of the best ways you can do just that:

• Using glass in partitions, doors wherever possible in order to filter as much light between spaces as possible
• Consider having light-coloured floors, as this is another way that light can bounce naturally from the windows into the space
• It is also worth over-extending curtain poles. This means that as you will be able to pull curtains fully back you won't block natural light falling into that room

Choose water-saving taps

Another way you can reduce your bills and be more energy-efficient is by deciding to buy water-saving taps. There are a number of energy-saving taps available on the market that produce hot and cold water instantly, meaning you do not need to boil a kettle.

Be savvy with your window choice

Did you know that whilst uPVC windows actually generate as much as 43 per cent more wast than timber windows, with half the lifetime of them too? Though uPVC windows have been commonly seen as the more environmentally friendly option, it is not necessarily the case. If you are choosing new windows consider having wood windows. This is because overall, it has a lower environmental impact, as it is very thermally efficient as well as being a good insulator.

by Mairead Finlay

Mortgage guide for first-time buyers

Buying your first home can be both an exciting and slightly daunting process. There are many different stages when it comes to property buying, we have compiled the guide below to help make the mortgage preparation process easier.

Who is a first-time buyer?

A first-time buyers is anyone purchasing their first property. This person has not hitherto owned in a freehold or leasehold capacity a residential property in the UK or abroad.

The information mortgage lenders consider for first-time buyers

It is essential that you know before applying the criteria mortgage lenders will be assessing you against determine whether to accept or decline your application. Typical eligibility criteria considered by a lender includes the following:

• Credit score
• Salary
• Current employment status
• Their own mortgage policy rules
• Monthly outgoings
• Savings
• Mortgage amount
• Deposit size required

Saving for a deposit

As previously mentioned, one of the main things mortgage lenders consider is how much you have already saved for the deposit.

The more you have saved, the greater the range of mortgages you have to choose from, and at lower interest rates.

How much do I need to save?

Generally speaking, it is recommended to save at least 5% to 20% for a deposit on a home.

What other costs do I need to consider as a first-time buyer?

It isn't just the deposit that you need to factor in as a first-time buyer. There are other costs that you have to consider,  such as:

• Stamp duty: remember that first-time buyers are exempt from paying Stamp Duty on the first £300,000 and up to the value of £500,000
• Surveying costs
• Removal costs
• Buildings insurance
• Valuation fees
• Arrangement fees
• Furnishing costs
• Decorating costs
• Solicitor's fees

Are there home-buyer schemes?

Yes, there are a number of government backed-schemes aimed at helping people across the country to get onto the property ladder.

The main three are:

• Shared ownership scheme
• Help to Buy Scheme
• Affordable housing scheme

Preparing for your application

Checking your credit report

Checking your credit report is an important step to take when preparing for a mortgage application as a first-time buyer. We recommend that you check your credit file with all three credit reference agencies in the UK, these are Callcredit, Experian and Equifax as you can assess your average score because they all take into account slightly different criteria.

You can also verify that you do not have any inaccurate or out-of-date information on your file. This could affect your chances of being accepted for a mortgage. If you do find any, address these quickly by contacting the lender in question.

Spend time researching mortgages

There are a number of different mortgages products available on the market, therefore thoroughly research to see which will best suit your circumstances as a first-time buyer. You can do this by going online and looking at comparison websites. You could also speak to your broker or mortgage adviser who can provide guidance.

Look at your spending habits

Going through your spending habits over the last four months in order to see what exactly you are spending is definitely worth doing at least a year prior to making a mortgage application. This will enable you to see if there are ways you can save more.

Whilst addressing your spending habits, you should also try to prioritise putting aside money to settle any outstanding debt you have before applying for a mortgage.

Documents needed for a mortgage application

If you are ready to apply for a mortgage as a first-time buyer, the following documents you will need for the application are:

• Current account bank statements for at least the last 3 months
• P60 form from your employer
• Passport or driving licence
• If you are self-employed, a statement of accounts dating at least two years'
• Your last 3 months’ payslips
• Utility bills
• A SA302 tax return form if you are self-employed, or receive earnings from more than one source
• It is also common to be asked to provide council tax bills and insurance policy statement

by Mairead Finlay

How To Sell Your Property at Auction

Sure, we always talk about the role of auction finance and buying a property at auction, but what about selling? Here is our guide on everything you need to know about the process, should you decide to go ahead and put your home up for sale. We take a look at the reasons why you may choose to sell at auction, how it works, and the advantages of doing so.

What happens at an auction?

Selling your house at auction has become increasingly popular in the UK, predominantly due to the advantage of being to potentially sell a house extremely quickly. Before getting to the reasons why you might decide to sell a property at auction, lets look over first as to what exactly happens in this process.

Generally speaking, the auction will usually take place in a conference room or hall, and very rarely will your home be the only one going under the gavel. However, the process is not entirely the same across the world: for example in Australia, it is much more common for the auction to take place at the property location, rather than anywhere else.

More often than not, it is usually the case in the UK that a company will hold the auction on the property owners behalf. If the house is then sold on the day of the auction, the auctioneer and seller will usually take a portion of the funds raised as a commission.

Why choose to sell a property at auction?

If a homeowner is looking to sell a house quickly, many will opt to choose to go to auction. However, there are also other reasons as to why homeowners may choose to sell their property at auction if:

• Get a quick sale
• The property is being repossessed by creditors due to payment defaults
• The house has been on the property market for a considerable amount of time without any offers
• The homeowner would like to avoid as much as possible the long-winded process of exchanging properties
• The fact that the deposit will need to be ready on the day of the auction should it sell. This will usually be around 10% deposit. The following fees have to be transferred to the owner within a month
• Homeowners can end up making more money at auction by deliberately setting an extremely low reserve price. This can end up generating more interest than usual, and so the price can rise exponentially as a result.
• The property has been repossessed as it is probate due to the owner has passed away. As a result, this means that the relatives or the debtor may be putting the house to auction as they intend to consolidate debts and raise money to improve overall finances

How much does it cost to sell a property at auction?

Do not get fooled into thinking that selling at auction is completely free. Whilst you may well find that your house sells at a much quicker rate, you will have to pay upfront costs in order to put it at auction in the first place.  Whilst there doesn't tend to be hidden costs, there are factors that you need to consider:

• Homeowners will have to pay the auctioneer a commission around 2.5% of the sale price.
• Depending on the company, you may have to pay advertising costs for the auction. Check this out before choosing an auction
• You will need to pay solicitor fees for selling a property at auction. This is to pay for the cost of a 'legal pack' which must be prepared by a solicitor. The pack is shown to potential buyers. This will cost up to £500 to produce.
• Conveyancing fees need to also be taken into consideration. This may cost up to £750 plus VAT. The cost will depend on things like the sale price of the property as well as whereabouts in the country the auction has taken place.

How do I choose an auction house?

Whilst an established auction house may be more expensive than less well-known ones, it is more likely that you will be able to benefit from their expertise on the property auction market - meaning you may make a quicker sale. Buyers are also more likely to approach established auction houses too, which also increases the likelihood of your house making a sale.

However, you may find that smaller auction houses are cheaper and more accommodating, so you will need to weigh up the advantages and disadvantages of both in order to determine which factors are the most important for you when it comes to selling a property at auction.

by Mairead Finlay

Tips for Moving House

We all know that moving house is a no-easy feat. It has rated consistently and-home/the-hassle-free-guide-to-moving-house-2196590.html">as one of the most stressful life experiences one can go through, ranking higher than even divorces! However, whilst it's not something many of us enjoy doing, it is something that is mostly unavoidable. In fact, about 11% of the population move each year! (iammoving.com) At some point or another, whether it be moving into your first home, moving house due to a growing family or a new job, we all need to pack our things up and make somewhere else our home. But what is the best way to go about moving home? Well, we've come to your rescue! We've collected all the very best top tips when it comes to moving home to make the experience less stressful and hopefully less expensive too!

Notify people early

Sure, it is quite likely you will want to tell your friends and family that you are intending to move in the next couple of months or so, but when we talk about notifying letting people know early we mean the following:

• Schools
• Your doctor's surgery
• Your bank
• Companies that you have any credit or store cards with
• Insurance companies
• Loan providers
• Council tax
• Phone companies
• Your internet provider
• Any other utility services, such as water and gas
• Pension and share providers
• Cable providers

Doing this as early as possible can help make the process of letting companies know less stressful. it is also extremely important as any bills that you end up not receiving could end up damaging your credit file in the future, it could also increase your chance of ID fraud. However, do consider using comparison sites when it comes to your internet provider and other utilities for your new home. Don't automatically choose your old one - you could end up getting a much better, less expensive deal elsewhere.

If time is not on your side, how about looking at sites such as www.iammoving.com? They let you change your address details and on your behalf help to notify up to 1,500 organisations and its all for free.

Redirect your post

Use the Royal Mail's Postal Redirection service if you don't know who will end up living in your old property. By signing up for this service, it means that any mail or bills sent to your old address will be able to still reach you. The post can be directed for up to twelve months but can be organised directly with Royal Mail if you find yourself still getting a considerable amount of post being sent to your old home.  It costs around £32 per surname.

Label all your boxes

One of the things a lot of people hate when it comes to moving is both packing away items and then once in their new property, trying to search through what feels like millions of boxes to find essential items. It is annoying and stressful. So, anticipate the potential problems and label all the boxes beforehand, with a description as to what is inside, as well as the room their final destination is supposed to be. Place these labels all around the boxes so you can still see clearly where they should be placed inside your home.

In addition, we would really recommend that you pack an 'essentials' box. Why? Well, unless you are superhuman (which congratulations, if you are) it is probably fairly unlikely you will be unable to unpack absolutely everything in the very same day you have packed up and left your old home. You will be likely to be totally exhausted. So, this essentials box intend to make that first night easier. Pack this box in the front of the car, with perhaps some of the following:

• Coffee
• Tea
• Kettle
• First-aid kit
• Toilet paper
• Plates
• Utensils
• Kitchen cloth
• Shower products
• Toothbrush
• Snacks, such as crisps, cereal bars and fruit
• Change of clothes, including pyjamas and clothes for the next day
• Chargers for laptops and phones

In addition, be savvy about the way in which you choose to pack. Pack as early as possible, as the process always end up taking much longer than you anticipate, in addition when loading the items into the removal van, remember to pack away the items that you need the least first. Don't make the unfortunate mistake of realising of realising too late that all your utensils and plates are at the very back of the van!

Compare removal costs

It is recommended that you try not to go for the very first removal company you find. Try and get at least three written quotes from well-known removal firms. Even better, try to contact relatives and friends to see if they have any removal firms they would personally recommend.   It is important that you check that they are members of one the following:

• The British Association of Removers (BAR)
• The National Guild of Removers and Storers (NGRS)

When comparing quotes, make sure they are like-for-like. Do they all include VAT? Do they include insurance on your possessions? Make sure you try to organise removals as early as possible, as you can often get a cheaper price too. It is also worth getting cancellation protection too, in case, for any reason you are unable to move on the designated day.

Have a clear-out

We tend to accumulate many items over a number of months and years, and it tends to be even more if you have been living in rented properties for a number of years.  However, it is really quite unlikely you need all these things, and that means you may well be taking a load of unnecessary junk into your new home.

Instead, why not take some time out to go through your belongings. Decide which things will go to the local charity shop, e-Bay or a boot sale, and then other items that aren't useful to you can go into the bin. You will probably feel a lot better for it too, and maybe earn some money at the same time. Not bad right?

At Octagon Capital, we are always trying to help our customers get the most information possible for working on a new or existing development project. We specialise in bridging finance, allowing you to get access to funding in a short space of time and purchase a property with a tight deadline. For more information, feel free to read our FAQs or our contact us page.

by Mairead Finlay

What is an Open House?

Open houses are still a fairly unfamiliar concept in the UK however in the United States this method of property selling is extremely popular. In fact, if you ever saw the film "I Love You, Man" it was how the two main characters met. The one guy liked to go to open houses for the free food and to network.

Nevertheless, open house methods are growing in popularity in the UK, with many estates agents across England starting to employ the technique, and you may very well find yourself attending one in the near future, should you be interested in buying a property in the near future.

So, with that in mind, what is involved with the open house method for both buyers and sellers alike? What are the advantages and disadvantages involved in the process? We take a look at all the main aspects of the selling method so that you can consider whether or not it is the right choice for you

What is an open house?

Open house involves visiting a property, however, it is important that you organise visiting it beforehand by contacting the agent in question who is sorting it out.  For the people selling the property, they should make this a prerequisite wherever possible, specifying with their estate agents prior to holding an open house viewing. This means that you lessen the likelihood of some nosey neighbours with no interest in buying your property turning up as they just fancy having a look at your home and comparing kitchens. Opting for registration also means that you can get feedback from prospective buyers who visit too, which can be taken note of through the estate agents.

The way an open house might be used in these circumstances is for auction finance. Prior to attending the auction, the sellers may offer an open house so you can scope out the place and decide whether it is a worthy investment. This is a popular method in Australia, where viewers will have the opportunity to see the property for a few hours and this will be followed by an auction on site. Handing over the keys, there and then.

What are the benefits of an open house?

For buyers and sellers alike, there exist different benefits, including:

• That open houses provide an excellent opportunity to generate interest in your property and a great way of spreading the word that your home is on sale.
• Potential buyers also have the option to look at a property in a calm environment, without the pressure that some may feel is involved if having to organise an individual viewing with an estate agent, this may mean you incur more interest in your property overall, making it a win-win for both potential buyers and sellers.
• Generally speaking, open houses are much more convenient for sellers. As sellers can attest to, getting a home ready for individual viewings can be time-consuming, especially when it comes to the time it takes to clean. With open houses, you have the option of getting on with your day-to-day tasks whilst viewers peruse the property.
• As a seller, you may end up getting a better price for your home than if you had not chosen to hold an open house. Why? A sense of urgency can be created if there is a limited window as to when potential buyers can view a property, such as only for a two hour period, on a Saturday. This could create better competition as other buyers will be able to gauge the level of interest in the house.

Any disadvantages to open houses?

Open houses do not always work for more niche properties. However, if you have a house that is likely to have more of a mass appeal (family home, two or three bedroom house) then it could very well be the case that open house viewings could be for you.

Things to consider if you are holding an open house

Be absent

If you can possibly help it, try not to be present at an open house viewing. In fact, estate agents recommend for you not to be. Why? It tends to gauge more interest, as people feel they can view your house for longer and more openly, with more chance of them choosing to explore. If you are worried about questions not being answered do not worry, your estate agent will be on hand to help with any queries potential viewers may have.

Make your house feel like a home

It goes without saying that the house you are selling should be in its very best condition when it comes to holding an open house. Make sure it is tidy and clutter free, but it is also important to make sure that the property feels homely for prospective buyers too. First impressions really do matter, and if buyers can imagine themselves being able to live in the property they are more likely to make an offer. Things that could help include having fresh flowers around the house, photos, or even baking bread.

Consider strategies with your estate agent

Having a strategy as to how you want to hold the open house more often than not, tends to work better, and you are more likely to get what you want out of the viewing

Things to consider if you are deciding to view an open house

• Be polite - whilst it is important to see as much of the house as you can to get a feel for the place but...is rooting around the sellers' drawers and every cupboard there is completely necessary in order for you to make a final decision as to whether you want to buy the property? We thought not. It may be an open house, but there is no need for manners to go flying out the window.
• Bringing a tape measure could be worth doing if you are considering doing renovations to the house you are viewing.
• To avoid any potential accidents, try and avoid if possible, bringing children to the open house. You shouldn't let them climb on any furniture.
• Try to prepare questions prior to going to an open house that you would like to have answered by the estate agent. It will take the pressure off when you are at the house, meaning you can fully take into consideration whether or not it will be the right property for you.
• However, do keep in mind that you are not the only one who will be viewing the house during this time, and therefore take into consideration that it probably isn't that fair to monopolise all of the estate agents time.

by Mairead Finlay