Everything Else

This includes everything else I discuss on Pounds and Sense, including Health, Holidays, Relationships, and so on.

August 2, 2022

My Investments Update – August 2022

Nick Investing, Everything Else events, reviews, property 4 Comments

Here is my latest monthly update about my investments. You can read my July 2022 Investments Update here if you like

I’ll begin as usual with my Nutmeg Stocks and Shares ISA. This is the largest investment I hold other than my Bestinvest SIPP (personal pension).

As the screenshot below of performance last month shows, my main portfolio is currently valued at £20,407. Last month it stood at £19,357 so that is a (very welcome) rise of £1,050.

Apart from my main portfolio, I also have a second, smaller pot using Nutmeg’s Smart Alpha option. This is now worth £3,108 compared with £2,942 a month ago, a rise of £166

Here is a screen capture showing performance since January 2022. As you may be able to see, I have topped up this account several times this year.

The rises in July are obviously encouraging. In particular, it is nice that my Smart Alpha portfolio (which I haven’t had as long) is worth more than I put into it once again!

Nonetheless, this month’s rises still don’t quite cancel out the falls of last month. And the total value of my Nutmeg portfoiio is still around 8% less than it was at the start of 2022.

As I’ve noted previously on PAS, you do have to expect ups and downs with equity-based investments. And this year there has been no lack of volatility in world markets, caused by rising inflation, the war in Ukraine and the aftermath of the pandemic (among other things).

Even so, since I started investing with Nutmeg in 2016 – and despite everything that has happened this year – I have still made a total net return on capital of 42.56% (or 61.15% time-weighted) on my main portfolio.

I should say as well that I selected quite a high risk level for both my Nutmeg accounts (9/10 for the main one and 5/5 for Smart Alpha). This has served me well generally, but I’m sure investors who selected lower risk levels will have seen smaller falls over the last few months. If you also have a Nutmeg portfolio and plan to withdraw from it soon, there may well be a case for switching to a lower risk level now.

You can read my full Nutmeg review here (including a special offer at the end for PAS readers). If you are looking for a home for your annual ISA allowance, based on my experience over the last six years, they are certainly worth considering.

If you haven’t yet seen it, check out also my blog post in which I looked at the performance of Nutmeg fully managed portfolios at every risk level from 1 to 10 (as mentioned, my main port is level 9). I was actually pretty amazed by the difference the risk level you choose makes. If you are investing for the long term (and you almost certainly should be) opting for a hyper-cautious low-risk strategy may not be the smartest thing to do.

I talked about the performance of my Assetz Exchange investment in my July update and also in this recent blog post about ethical investment options. I don’t therefore intend to provide an in-depth report about it on this occasion. I will just say that AE continues to provide steady returns for me, with a lot less ‘excitement’ than my equity-based investments. And as mentioned in my recent post, I like the fact that my money is being used ethically as well (e.g. to provide accommodation for people with learning difficulties or physical disabilities). You can read my full review of Assetz Exchange here. You can also sign up for an account on Assetz Exchange directly via this link [affiliate].

Another property platform I have investments with is Kuflink. They continue to do well, with new projects launching almost every day. I currently have around £2,200 invested with them in 14 different projects. To date I have never lost any money with Kuflink, though some loan terms have been extended once or twice. On the plus side, when this happens additional interest is paid for the period in question. At present all my Kuflink loans are performing to schedule, though two are showing as ‘pending status update’, which may translate to a delay in repayment.

My loans with Kuflink pay annual interest rates of 6 to 7.5 percent. These days I invest no more than £200 per loan (and often less). That is not because of any issues with Kuflink but more to do with losses of larger amounts on other P2P property platforms in the past. My days of putting four-figure sums into any single property investment are behind me now!

Nowadays I mainly opt to reinvest the monthly repayments I receive from Kuflink, which has the effect of boosting the percentage rate of return on the projects in question

Obviously a possible drawback with Kuflink and similar platforms is that your money is tied up in bricks and mortar, so not as easily accessible as cash savings or even (to some extent) shares. They do, however, have a secondary market on which you can offer any loan part for sale (as long as the loan in question is performing and not in arrears). Clearly that does depend on someone else wanting to buy it, but my experience has been that any loan parts offered are typically snapped up very quickly. So if an urgent need arises, withdrawing your money (or part of it) is unlikely to be an issue.

You can read my full Kuflink review here. They offer a variety of investment options, including a tax-free IFISA paying up to 7% interest per year with built-in automatic diversification. Alternatively you can now build your own IFISA, with most loans on the platform (including the one shown above) being IFISA-eligible.

My investment in European crowdlending platform Nibble continues to perform as advertised. My latest investment was in their Legal Strategy. These are loans that are in default and facing legal action. Nibble buy these loans at a heavily discounted rate and then seek to recover as much as possible of the money owed. The minimum investment is 10 euros and the minimum period is six months. I invested 100 euros for 12 months initially at a target annual interest rate of 12.5%.

The Legal Strategy comes with a deposit-back guarantee. This is a guarantee to return the full investment amount at the end of the investment period and a minimum yield of 9% per year. The actual yield depends on how successful recovery efforts prove, so in practice you may end up with a return of anywhere between 9% and 14.5%. All has gone to plan so far, but I will obviously continue to report on this in the months ahead.

I recently updated my original review of Nibble, which you can read here if you wish. You can also sign up directly on the Nibble website if you like [affiliate link].

As mentioned last time, I recently set up an account with investment and trading platform eToro, using their popular ‘copy trader’ facility. I chose to invest $500 (about £412) copying an experienced eToro trader called Aukie. My investment initially dipped, but as the screen capture below (of the app page on my mobile phone) shows, I am now about $16 in profit. That’s an increase of over 3% in just over a month. Obviously if it continues to do as well as this, I shall be delighted 🙂

In any event I am looking on this as a long-term investment so won’t be judging it yet. I am also considering a further investment with eToro, possibly in one of their themed portfolios. You can read my full in-depth review of eToro here if you like.

Moving on, I had another article published on the always-excellent Mouthy Money website. This one is titled Is Car Leasing Right For You? I found this very interesting to research and it gave me food for thought about what I may do when the time comes to bid goodbye to my current vehicle.

Turning to non-financial matters. I hope you are enjoying the (mostly) fine summer weather and making the most of our greater freedoms as we (hopefully) leave the pandemic behind. I recently enjoyed a day out with my friend Jeff at the National Trust’s Snowshill Manor and Gardens in Gloucestershire (pictured in the cover photo).

It was my first visit and I found it a fascinating place. The manor was owned by Charles Wade, an eccentric ex-Army officer. He used it to house his extensive collection of objects of all kinds, from musical instruments to children’s toys, bicycles to Samurai armour (see my photo below). I will try to find time to write a proper review of my trip to Snowshill soon.

And on the subject of summer, can I also remind you about the collaborative Summer Giveaway I am sponsoring in association with other UK bloggers. It’s free to enter, and the lucky winner will receive not only an MSpa hot tub worth almost £1,000 but a range of other great prizes as well. The contest closes on 14 August 2022. Here’s a link to my blog post with details of how to enter.

That’s enough for today. As always, if you have any comments or queries, feel free to leave them below. I am always delighted to hear from PAS readers 🙂

Disclaimer: I am not a qualified financial adviser and nothing in this blog post should be construed as personal financial advice. Everyone should do their own ‘due diligence’ before investing and seek professional advice if in any doubt how best to proceed. All investing carries a risk of loss.

Note also that posts may include affiliate links. If you click through and perform a qualifying transaction, I may receive a commission for introducing you. This will not affect the product or service you receive or the terms you are offered, but it does help support me in publishing PAS and paying my bills. Thank you!

If you enjoyed this post, please link to it on your own blog or social media:

July 31, 2022

Summer Prize Giveaway from Top UK Bloggers!

Nick Everything Else families, events, competitions 2 Comments

Summer is here, so it’s high time for another exciting giveaway on Pounds and Sense 🙂

I have joined forces with some of my fellow UK bloggers to bring you the chance of winning a fantastic MSpa Hot Tub with £100 toward the running costs along with a range of other great prizes as well (details below).

After the last couple of years years we all need and deserve a treat, so here’s your chance to grab not just one but a selection for free!

This giveaway has been organized by my colleague Rowena from My Balancing Act, so I should like to thank her very much for this. More details provided by Rowena herself, along with instructions on how to enter, can be found below…

Summer Prize Giveaway

Over 50 top UK bloggers have come together to offer one lucky winner an amazing prize package to ensure your summer will be spectacular! We have an MSpa Hot Tub with £100 towards running cost as well as some other lovely prizes for one lucky winner…read on to find out more!

The Prizes

An MSpa Aurora Hot Tub with £100 to go towards running costs

Thanks to the incredibly generous folk at MSpa, our lucky winner will receive a stunning MSpa Hot Tub worth £949.99. The MSpa Aurora Urban Series U-AU061 features a striking black out-wall fabric with six colour light design. The transparent inner wall is printed with silver stripes, creating an elegant look even in the daytime. And at night, when the light is on, it will look incredible in your garden!

The MsSpa Auroa Urban Series U-AU61 comes with:

All-in-one control box and wired controller
Heat tech anti-icing system
Three levels of bubble speed
03 ozonator to kill odors and bacteria
Energy saving timer
Smart filtration
Child safety lock function
Antibacterial fabric
UVC sanitiser

Not only that, we will give you £100 towards the running costs of your hot tub!

https://www.youtube.com/watch?v=GXu2ogn-wNQ

Amazing Garden Toy Bundle from Jaques of London

Now for the kids. To keep them happy this summer our friends at Jaques of London are offering our winner the below prizes:

1 x swing
1 x skittles game
1 x rapid rocket
1 x gardening set

Jaques of London has been inventing and making toys and games since 1795. They care about our children’s future and create games that nurture children’s development and education. Not only that, but they also care about the environment. Their toys are sustainably and ethically sourced, with each order being replanted into new trees.

Citronella and Lemongrass Soy Candle and Room Spray insect repellent

Get rid of those pesky bugs with the help of a Citronella and lemongrass soy candle and spray from Lumiescents.

We love summer but we do not love the pesky insects that come with it! That’s why we are offering our winner this max strength blend of insect repelling essential oils Citronella & Lemongrass from Lumiescents. Our winner will receive this as a room and linen spray and as a beautiful soy wax candle. Perfect for those summer walks, or lazy back garden bbq’s.

The insect repellent from Lumiescents are a summer must have.

Melomania 1+ True Wireless In-Ear Monitors (in white)

We have the Melomania 1+ wireless in-ear headphones in white for our winner, which feature custom-designed 5.8mm Graphene-enhanced drivers. You can listen to all your favourite tunes whilst out and about this summer.

The Bloggers

How to Enter

You can enter the Summer Giveaway by completing as many Rafflecopter widget entry options below as you like. All entries will be collected and one winner will be randomly chosen. Good luck!

a Rafflecopter giveaway

Terms and Conditions

UK entries only
The giveaway will run from 6pm 31 July 2022 to 11.59pm 14th August 2022.
The winners will be notified by email from rowena@mybalancingact.co.uk
The winner will have 7 days to respond, after which time we reserve the right to select an alternative winner.
This prize draw is in no way sponsored, endorsed or administered by, or associated with, Facebook, Instagram, Twitter, YouTube, BlogLovin, Pinterest or any other social network.
Prize open to over 18s only.
If any prizes are out of stock then we will do our best to find a suitable replacement but can not guarantee it.
Anyone who unfollows before the giveaway ends or doesn’t complete the required entry action will be disqualified.
The prize is non-transferable, non-refundable and cannot be exchanged for monetary value.
We may be using a parcel service or RoyalMail for some of the prizes and their standard compensation will apply in the event of loss or damage.
Some items may be sent directly by the supplier and we do not have responsibility if these go missing and we cannot replace these.
We will do our best to get the prizes to you as soon as possible but cannot guarantee a date and there may be some delays.
In the unlikely event one of the companies withdraws a prize we cannot offer an alternative.
The winner’s name will be stated on some the brands and bloggers websites and announced on twitter and other social media channels. By entering this prize draw you give your permission for this.

Good luck, and I really do hope a Pounds and Sense reader wins this amazing prize collection!

If you enjoyed this post, please link to it on your own blog or social media:

July 9, 2022

My Short Break in Criccieth

Nick Everything Else reviews, travel 4 Comments

I recently returned from a three-night break in Criccieth. This is a village on the Llyn (or Lleyn) Peninsula in NW Wales. It was the first time I had stayed in Criccieth, although I have visited a few times before.

The place I stayed was a self-contained, self-catering apartment facing the sea-front. I booked it using the website Booking.com. I’ll say more about the accommodation below.

Criccieth is by the coast, roughly half way between Porthmadog (home of the Ffestiniog Railway) and Pwllheli (famed for its Butlins camp, now run by Haven Holidays). Here is a map of the area from Google Maps.

Accommodation

As mentioned, I stayed in a self-catering apartment in Criccieth. This was on the second floor, with a view of the sea from the kitchen/lounge. The owners’ name for the apartment is Foel Wen.

The main Criccieth beach was ten minutes’ walk away, but I was happy where I was. It was quiet, there was plenty of free parking on the road outside, and while it wasn’t the most stunning length of beach, there was a small promenade which was pleasant to walk along in the morning or evening. You can see a photo of the beach opposite my apartment below.

You can read more about the accommodation on this page of the Booking.com website. It had a lounge/kitchen at the front, a small bedroom with bunk beds in the middle (which I didn’t use) and the main bedroom at the rear. The bathroom was next to the small bedroom; it was quite compact but fine for a short stay. There was a good-quality modern electric shower but no bath.

The kitchen area was well equipped with an electric cooker, microwave, fridge/freezer, dishwasher, toaster, sink, and so on. On my first and last nights I cooked for myself (Criccieth isn’t exactly crammed with eating places) and on the middle night I got fish, chips and peas from a local takeaway, Castle Fish and Chips, which was excellent 🙂

The apartment had free wifi which worked perfectly during my stay (not always the case in my experience). The location was quiet and peaceful, and I slept very well.

Financials

As Pounds and Sense is primarily a money blog, I should say a word about this.

I paid £355 for my three-night stay, which works out to around £118 per day. I thought that was very reasonable bearing in mind the high standard of the accommodation and the convenience of the location. Obviously as this was self-catering no meals were included, but there was more space and better facilities than you would get in a comparable hotel or B&B.

Things to Do

I won’t give you a blow-by-blow account of what I did while I was there, but here are a few highlights.

Portmeirion

This is about 15 minutes’ drive from Criccieth (or a short train journey to Minffordd and a ten-minute walk). I spent my first morning here.

Portmeirion is a beautiful Italianate village created by the architect Clough Williams Ellis. These days it is probably best known as the location for the 1960s cult TV series The Prisoner, starring Patrick McGoohan. It is a wonderful place to while away a few hours.

There is an admission fee to get into Portmeirion, At the time of writing (July 2022) this is as follows:

Adult £17.00
Concessions £13.50 (this applies to anyone aged 60+ or a student with a valid student ID)
Children £10.00 (5-15 years)
Children (under 5 years) Free

There are also discounted family tickets for various permutations of adults and children.

You can also get free admission (in the afternoon) by booking a minimum two-course lunch at Castell Deudraeth; this is part of the Portmeirion estate, a short walk from the village itself. Free admission to the village is also available if you book a spa treatment or afternoon cream tea there.

More information is available on the Portmeirion website. One thing you may need to know is that they don’t allow dogs (other than guide dogs) into the grounds.

Ffestiniog Railway

This heritage steam railway has two separate lines, both of which run from Porthmadog.

The Welsh Highland Railway takes you on a scenic two-and-a-quarter hour trip through the heart of Snowdonia to Caernarfon, while the original Ffestiniog Railway takes you on a one-hour trip to Blaenau Ffestiniog. On this occasion I took the shorter journey, but I have done the Welsh Highland Railway trip before and highly recommend it as well. You can get more info on both (and book in advance) via the Ffestiniog Railway website.

The harbour station in Porthmadog has a small car park which quickly gets full, but there is a free car park for people travelling on the railway at the back of the public car park opposite (Llyn Bach). I used that myself on this occasion. There were plenty of spaces when I arrived at around 10 a.m. but I noticed it was full later. So my top tip if going by car is to book a ticket on a morning train rather than leaving it until the afternoon!

You can also travel to Porthmadog via the mainline railway if you wish. This is on the beautiful Cambrian Coast line which runs from Pwllheli at one end to Aberdyfi (and beyond) at the other.

Criccieth Castle

My accommodation was literally five minutes walk from Criccieth Castle, so of course I had to pay it a visit.

The castle itself is a ruin but (as the photo shows) plenty of the walls are still standing. There is also a visitor centre where, as well as buying your ticket and guidebook, you can learn more about the history of the castle and see some relics that have been found there.

Arguably the best reason for visiting the castle, though, is the spectacular views. The photo below shows the main Criccieth beach. You can even see as far as Harlech Castle from here, although you might need binoculars!

Final Thoughts

As you may gather, I enjoyed my short break in Criccieth, and am happy to recommend both the village and the accommodation where I stayed for a short break.

Criccieth is a lovely place to relax and chill out. It has excellent road and rail connections, and – as mentioned above – there are also some high-quality tourist attractions nearby.

One thing I really enjoyed about this holiday was the number of casual conversations I struck up with other visitors, staff, locals and so on. This applied especially on my Ffestiniog Railway trip, where I ended up chatting with half the people in my carriage! I’d have to say it did help that only a small minority of people are nowadays wearing face-masks. That human contact is something I missed during the pandemic, and as a solo traveller especially it is great to be able to get back to chatting with strangers again 😀

As always, if you have any comments or questions about this post, please do leave them below.

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June 22, 2022

How to Get a Self-Employed Mortgage

Nick Everything Else property 7 Comments

As of April 2022 there were 4.21 million self-employed people in the UK (source: Statista). Being your own boss clearly has many attractions, but it can have drawbacks as well. And one of these is the potential for complications when the time comes to apply for a mortgage.

So today I am sharing some tips for freelancers and other self-employed people to make this process as painless as possible. I am indebted to my friends from Suffolk Building Society for their assistance with this.

I should start by clarifying that in this article I am not only addressing freelancers operating as sole traders but also people trading in partnerships or as limited companies. Mortgage lenders tend to group everyone in these categories together under a ‘self-employed’ banner.

Suffolk Building Society’s Head of Mortgages, Charlotte Grimshaw, says: “Nowadays, many more mortgage providers are inclined to lend to freelancers than perhaps they once were. Some providers offer specific self-employed mortgages, while others offer freelancers access to standard mortgage products, as long as they meet certain criteria. So if you don’t see any ‘freelance’ mortgage products it doesn’t necessarily mean the provider won’t lend to you.”

Suffolk Building Society has collated a list of useful points to help freelancers be better informed, should they need to apply for a mortgage.

Considerations For All Freelancers

Many people, but especially freelancers, gravitate to their bank to obtain a mortgage in the belief that their bank will understand their finances and will be more likely to lend. This is not necessarily the case, especially for freelancers whose finances may be more complex than an average mortgage applicant’s. Finding a specialist mortgage lender who can understand your business gives a much higher chance of a successful application.
Lenders will understand that different industries make payments in different ways i.e. a videographer may be paid at the end of a project, whereas a marketing consultant may invoice once a month. As long as the freelancer is being paid in what is considered a ‘normal’ way for that industry, lenders tend to take a favourable view.
There is generally no minimum age for freelancers to apply for a residential mortgage, whereas buy-to-let mortgages often have a minimum age of 21, 25, or even 30. If someone has a proven history and deposit, their age should not hold their application back.
Similarly, there is no legal maximum age limit for freelancers to apply for a mortgage, but lenders will set their own criteria.
If freelancing is a side hustle (as opposed to an individual’s main source of income) most lenders’ standard position is to use 50% of their freelancing work in affordability calculations and the individual should be prepared to provide tax returns as evidence that this income is sustainable.

For Freelancers Running a Limited Company

Two years of company accounts are usually required for freelancers running their own business – some lenders may consider less.
Make sure company accounts are filed on time – late filing could ring alarm bells with the lender.
Different lenders will have different affordability criteria and may base their mortgage offer on salary and dividend, net profit or retained profit. It is worth speaking to an accountant to properly understand the relevant figures before applying for a mortgage.
If a freelancer has switched their business model from sole trader to limited company but doesn’t have two years’ worth of accounts, the lender may take a favourable view if the individual is in a similar industry or sector.
Some lenders will take the average of two years’ accounts, others will base their lending decision on the worst year – whether that be year one or two. Freelancers who have had a particularly poor year (e.g. due to the impact of the Covid pandemic) but can explain why will still be considered for a mortgage.
Freelancers who are concerned about having a poor year before applying for a mortgage can ask their accountant for an estimated projections letter to support their case.

For Freelancers Operating as a Sole Trader

Two years of operating as a sole trader is usually the minimum required to apply for a mortgage. Some lenders will prefer more and some will accept less but two years is a good rule of thumb.
Keep all paperwork related to freelance work – from contracts, to bank statements, invoices and remittance notes, as a lender may ask to see it.
It can be helpful, but not always essential, to have a separate bank account to keep track of business expenses and income away from personal finances. If not, be ready and able to clearly demonstrate the difference in personal and business funds.
Lenders may use a day rate calculation such as five times the value of daily contracts, multiplied by 46 or 48 weeks (to allow for some downtime/holiday etc). The S302 form will be used as a way to calculate previous earnings based on submission to HMRC, so this needs to be available.
If the applicant’s freelance work is in the same sector as their previous employed job, then an application can sometimes be supported by evidence of PAYE income in the form of P60 forms.

For Freelancers Operating Under an Umbrella Company

There are mortgage providers who will lend to freelancers who use an umbrella company but it is usually best to engage the services of a specialist mortgage broker for advice on this front, as the application can be more complex. Much of the guidance above still applies in terms of demonstrating clarity of earnings and stability of contracts.

Final Thoughts

Charlotte Grimshaw from Suffolk Building Society concludes: “Having been made redundant during the pandemic, many people turned to freelancing and in most cases, they haven’t looked back as they embrace the autonomy and freedom of being their own boss – but some may be a little concerned if they need to apply for a mortgage for the first time or remortgage their existing property. However, the barriers that freelancers once faced in getting a mortgage are coming down, as lenders embrace different, and often multiple, sources of income.

“There are plenty of mortgage products for freelancers out there but start by researching ‘self employed mortgages’ rather than ‘mortgages for freelancers’. Don’t get too bogged down in worrying about whether your business structure will be suitable for a specific lender as most are adept at understanding the different ways freelancers are paid – just make sure your finances are organised, comprehensive and up to date.”

Many thanks again to Charlotte and her colleagues at Suffolk Building Society for their help with this article. If you are self-employed and considering applying for a mortgage, I hope you will find it helpful. Naturally, SBS offer self-employed mortgages themselves. You can find out more on this page of their website if you wish.

You might also enjoy reading this article by my blogging colleague Lawyer on a Mission on How to save Money on Your Mortgage.

As always, if you have any comments or questions about this post, please do leave them below.

If you enjoyed this post, please link to it on your own blog or social media:

March 21, 2022

Can I Rent Out My House With Equity Release?

Nick Everything Else events, property, retirement 0 Comments

This is the third in a series of collaborative articles on the subject of equity release. This one looks at the important question of whether you can still rent out your house (or part of it) if you take equity release.

As the equity release industry expands, UK-based older homeowners are being offered more flexible retirement mortgage solutions to combat the problem of insufficient funds in retirement.

While equity release is a fantastic product, there are some terms and conditions that may put limitations on what you do with your property.

74% of UK-based retirees own homes, and many of those live in large family properties where the kids have moved out. With the chance to make up to £7,500 tax-free a year through the government’s Rent-a-Room scheme (including qualifying Airbnb lets), renting out a room or your whole property can be a great way for retirees to generate extra income.

But if equity release is something you’re considering, the big question is, can you rent out your house after taking equity release?

Equity release expert John Lawson of SovereignBoss explores this topic in the following report to help you understand all the equity release criteria to ensure you make a sound decision.

What is Equity Release?

Equity release is a financial product designed for older homeowners to unlock the cash in their property while still living there.

What’s great about these products is that repayments are completely voluntary and there is no risk of foreclosure. Instead, the loan and any compound interest are repaid when the last homeowner passes away or enters long-term care. Money taken through equity release is tax-free and can be used for any purpose.

Finally, equity release borrowers can opt to release their money in a lump sum, place it in a drawdown facility, or receive it as a monthly income.

Lodgers v. Tenants and Equity Release

One of the key components to an equity release loan is that you need to live in your home for at least six months a year and it must be considered your primary residence. Does this mean you can welcome lodgers or tenants?

There are some key differences between the two:

A Tenant – A tenant generally has more rights than a lodger due to a Tenancy Agreement. The landlord will need to get permission to enter the rented space and must conduct regular gas safety checks (if gas is connected). Once a contract is signed, a landlord can evict the tenant after six months, providing acceptable practices are followed. A landlord will also need to return the tenant’s deposit as per The Tenancy Deposit Scheme (TDS).
A Lodger – On the other hand, a lodger can be removed from the property at any time, given ‘sufficient’ notice. This is usually 28 days but can be less. A big difference between a tenant and a lodger is that a licence is signed instead of a lease agreement. The document will set out the terms and conditions of the agreement and the rules of the property.

Very importantly, the general rule with equity release is that homeowners may have lodgers but not tenants. (1)

Can I Rent Out My Home with Equity Release While I’m on Holiday?

In short, no. As per the logic above, you may not rent out your home while you’re on holiday, even if you live in the property for only six months a year. That being said, these rules could differ from one lender to the next. Therefore, should you receive income from renting out your home for half a year while moving to your holiday home, it’s worth consulting your financial adviser to see if they can find an equity release plan that permits this.

Airbnb and the Rent-a-Room Scheme with Equity Release

The great news is that Airbnb and the Rent-a-Room scheme are both considered to be lodger agreements, so you can rent out one or more rooms in your home using one (or both) of these options. With the UK being a popular tourist destination, this is a great form of retirement income, and you have the opportunity to mingle with guests and entertain people from across the world.

Of course, some areas are more popular than others for this. But even if you don’t live in a tourist hot-spot, there may still be a demand for short-term accommodation for people attending business meetings, conferences, sporting events, concerts, and so on.

In Conclusion

Equity release is a great way to gain access to property wealth, but can limit your opportunities to make money through rentals. It’s therefore important to weigh up the pros and cons carefully.

Your best bet is to discuss your future plans and intentions with your financial adviser. In general, as stated above, you can’t rent out your home once you’ve unlocked equity. But you can usually make extra income by taking lodgers, and that can be a great way to keep you busy (and supplement your pension) during your retirement years.

This is a collaborative post.

If you enjoyed this post, please link to it on your own blog or social media:

March 15, 2022

Why Does the Equity Release Industry Look Set to Boom This Year?

Nick Everything Else events, property, pensions, retirement 0 Comments

Today I have the first in a series of three collaborative posts on the subject of equity release. This one examines the growing popularity of equity release and why it looks set to boom in the year ahead.

The equity release industry saw a massive expansion in 2021, with a record-breaking sum of over £4.8 billion being unlocked by retirees across the UK. This unprecedented growth has been welcomed amid a global pandemic, as the Equity Release Council helps regulate a retirement product that has given many retirees the means to a desperately needed income in these tough economic times.

Mark Patterson, the equity release expert from EveryInvestor, joins the ranks of fellow industry authorities in predicting that 2022 is set to be another record-breaking year. Let’s take a look at what’s expected and determine if unlocking equity is a good idea over the next few months.

What Is Equity Release?

Equity release is a widely popular financial product for UK-based homeowners older than 55. In a nutshell, it gives you the opportunity to use your property’s equity but still live at home. With a third of UK retirees having less than £10,000 in retirement savings, equity release offers a lifeline to many. What’s more, the money can be used for any purpose.

According to figures from the Equity Release Council (ERC), equity release clients borrowed a total of £4.8 billion last year, a 24% rise on 2020’s figure.

Why is the Equity Release Industry Growing Amid a Tough Economy?

While many industries have crumbled in the wake of Covid 19, the equity release sector has grown tremendously. This is for several reasons, including:

Equity release provides financial security in a tough economic time.
The Equity Release Council has made the industry safe and is shifting a historically bad reputation.
Interest rates hit an all-time low in March 2021, and homeowners have received the best deals yet, with fixed-for-life interest rates.
Finally, growth inspires growth. As the industry expands, lenders offer more flexible products with bonus features, such as a free valuation or no completion fee.

What’s Predicted for 2022?

The future of equity release looks bright in 2022, and 80% of experts predict growth, with some believing this will be vastly beyond regular inflation. There are some key industry features that are likely to impact the industry (1).

First, the Equity Release Council announced on 31 January 2022 that all equity release lenders must offer the opportunity for voluntary loan and interest repayments. This announcement is welcome for potential borrowers, as voluntary repayments can vastly reduce the cost of your loan, yet there’s no obligation or risk of foreclosure.

On a slightly less positive note, equity release interest rates will rise in 2022 and should continue to do so until 2024. However, this could actually mean further industry growth. Rates are set to rise only slightly, and homeowners applying now will likely begin their equity release plans before we see any further increases.

Should I Unlock Equity from My Home at This Time?

With the market as it stands, it is a good idea to unlock equity if you’ve been planning to do so. However, it’s more complicated than just looking at the state of the industry.

Whether or not you should unlock equity from your home will depend on your personal circumstances and stage of life. What’s great is that equity release is safe; it’s overseen by the Equity Release Council and regulated by the Financial Conduct Authority (FCA).

However, to determine if it’s a good idea to unlock equity from your home, you should speak to a financial adviser. After all, seeking advice is compulsory when opting for an equity release product. The team at EveryInvestor will always encourage a whole-market financial adviser as they have an overview of the whole equity release market.

In Conclusion

Between flexible plans, the opportunity for voluntary repayments, and interest rates still low, now is a great time to release your property value through equity release. With another record-breaking year ahead of us, the industry is booming, and many more retirees are set to sign up to an equity release plan. Could you be next?

This is a collaborative post.

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March 15, 2022

Guest Post: Lots of Ways to Get Free Stuff!

Nick Everything Else events, sponsored post 2 Comments

Today I have a sponsored guest post for you from my friends at Best Free Stuff. There are some great tips and ideas for getting things free, plus at the end is a link to a free competition where you can win a Lindt Chocolate Bunny just in time for Easter!

There are lots of great ways to get free stuff. For many, this is like a treasure hunt. Once people get their deal, they tend to share the good news with others. So a free deal can go viral quickly. Here are some suggestions for how you can get loads of quality, free products.

Free samples are really popular. Manufacturers like to give them out because it is a very effective way to promote a product. When a product is launched, people may not buy it right away because they don’t know if they will like it. However, if they have a chance to try it for free, then they can buy it if they like it. You may have seen vendors giving out samples at a carnival or community festival. Companies know that no-one can resist a free product. So it’s a win-win for both companies and consumers with free samples.

You can also get freestuff when you search online. There are many websites that have a special focus on gathering information on all kinds of free offers. You can get skincare samples, snacks, cleaning products, movie rentals, and just about anything consumers would want. You just have to click on a link that is connected with the product and fill out some information. Do realize that the provider of the free item will probably add your contact information to their mailing list. So, if you request a lot of free things, you should get ready to receive a lot of email advertisements. You will get the option to unsubscribe, however. So there is little risk in signing up.

Sometimes you can get free trials on full-sized products, such as a software download or a subscription. Do beware of any free trials that require you to enter your credit card information, though. Sometimes it may not be that easy to cancel after the trial.

Don’t forget about classified ads too. Ordinary people are giving away good-quality things every day for various reasons. Perhaps their children have outgrown their toys. Maybe they are moving to a new home and don’t want to take their old furniture with them. A business that is closing offices may be liquidating office furniture and equipment. Craigslist is a popular online classified platform that lists thousands of free items every day, in all major cities around the world. You never know what will be listed each day. If you are looking for something in particular, just type in a search term under the ‘free’ category and see what comes up.

These are just some common ways you can get great free stuff. Free things get snapped up quickly, so if you want the best stuff, you need to be diligent and monitor places that list these giveaways. Sign up for email alerts and keep checking back. If you are in the right place at the right time, you can score a great deal.

If you like to enter competitions, then we found this great competition where you can win 1 of 300 Lindt Bunnies (see cover picture). Click this link to enter today!

This is a sponsored post.

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January 26, 2022

Five Affordable Ways to Get the Most Out of Your Tyres

Nick Saving Money, Everything Else sponsored post 4 Comments

Today I have a guest post for you from my friends at Broadway Autocentres. As specialists in this field, they know exactly what it takes to get the most out of your car tyres.

Over to the experts, then…

When it comes to driving your own car, all the costs seem to mount up. If you’re not saving for the next service, you’re putting money aside for the MOT. And just when that is out of the way, you realise that you don’t know how old your tyres are or when they will need to be replaced.

There is no way to have your car use less fuel or oil, and skipping services is a bad idea – but if you can reduce the wear and tear on the vehicle whenever possible, so much the better for your purse or wallet.

Tyres are one of the biggest expenses you will face, so let us look at five ways to get the most out of your tyres before you bow to fate and replace them!

Buy Them in Twos

Buying a set of four tyres can seem impossible with a tight budget, so why not replace your tyres in twos instead? Depending on whether your car is front or back wheel drive, either the front set or back set will take the most punishment. It is the most worn tyres that should be replaced, with the more lightly worn set moving to take their place and the new tyres going where they will receive less wear. This system may seem inconsistent, but it will ensure that you stay safe while on the road without needing to spend a lot of money all at once.

Drive Sensibly

Drive according to the Highway Code at all times and resist the temptation to put your car through its paces. Maintain a safe speed, avoid rough or unsurfaced roads, and increase and decrease speed slowly whenever possible. All of these will help to keep your tyres in good condition for longer, so you can keep saving for their eventual replacements.

Buy the Best

While it may seem counter-intuitive, buying the best quality tyre you can afford is often more economical when taken over time. Budget tyres are sometimes made with flaws that can weaken the tyres more quickly, or with inferior rubber that begins to crumble and break apart. Better quality tyres will last better – sometimes twice as long as budget tyres, thereby comparatively halving their cost to you. You can book your tyres in Buckinghamshire at Broadway Autocentres (01494 680914).

Regular Checks

Get into the habit of checking your tyres often, looking for early signs of damage or weakness. In many cases, prompt corrective action or a swift repair can keep the tyre in place for some time, giving you the chance to continue getting out and about without suddenly needing to spend money on a new set or pair of tyres.

Proper Inflation

Modern tyres – no matter whether budget or premium – are designed to be used within a narrow recommended range of pressure, and will often perform poorly outside of this range. Keep your tyres inflated to within the range recommended by the manufacturer (this can be found online, sometimes on the tyre itself, or inside the car owner’s handbook) to ensure that not only do your tyres last as long as possible, but you are safer on the roads during this time. Correctly inflated tyres also aid fuel economy, saving you money that way as well.

Thanks again to my friends at Broadway Autocentres for their expert advice. As always, if you have any comments of questions about this post, please do leave them below.

This is a sponsored post.

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January 17, 2022

Cuckoo – A New High Speed Broadband Service for Everyone!

Nick Saving Money, Everything Else reviews, sponsored post 4 Comments

Today I’m spotlighting a new UK high-speed broadband service called Cuckoo.

They are aiming to shake up the world of broadband internet with great-value prices, first-rate customer service, and a social conscience too 🙂

Cuckoo currently have three different customer offers based on speed. Briefly they are as follows:

Eggceptional (1 Gb) – £54.99 a month

Really Fast (115 Mb) – £39.99 a month

Fast (80 Mb) – £29.99 a month

You can see more detailed information from the Cuckoo website in the screen capture below.

Signing up is straightforward via the website and takes just a couple of minutes. Your router will then arrive in the post with full instructions for setting it up. If an engineer is needed (usually it isn’t) Cuckoo will arrange a convenient time for them to come. This is summed up in the graphic from the company website below.

As mentioned, Cuckoo is also a company with a social conscience. They take 1% of each bill and use it to help bring the Internet to places where it’s needed most. That includes conflict zones, natural disaster sites and developing communities. Customers get to choose which project they wish to to support under the Cuckoo Compass scheme.

Finally, Cuckoo aims to deliver top-notch customer service from their team of UK-based customer-support ‘Eggsperts’. Cuckoo have an impressive Trustpilot average rating of 4.6 (‘Excellent’), with 76% of people at the time of writing giving them a full five stars.

For much more information, please check out the Cuckoo website. And of course, if you have any comments or questions about this post, please feel free to leave them below as usual.

Disclosure: This sponsored post includes affiliate links. If you click through and end up making a purchase, I may receive a commission for introducing you. This will not affect the price you pay or the product or service you receive.

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November 29, 2021

Win a Hotel Chocolat Velvetiser in the UK Bloggers Christmas Giveaway!

Nick Everything Else events, food, competitions 0 Comments

Hot chocolate must be the ultimate cold weather comfort drink – and what with everything in the news just now, we all need a bit of that at the moment!

So I have joined forces with some of my fellow UK bloggers to bring you the chance of winning a fantastic Hotel Chocolat Velvetiser, worth around £100.

On the Hotel Chocolat website they say:

When you need a morning boost or a flavanol-rich post-gym pick me up, you’re just 2.5 minutes away from barista-grade hot chocolate. Or curl up on the couch with a velvety and indulgent cup in the evening. Whatever your lifestyle, the Velvetiser delivers.

Just choose your flavour. Add our flakes of real chocolate to your choice of dairy, plant milk or water. Then press the button and let the patented velvetising process deliver luxurious cloud-like chocolate velvet.

Your Velvetiser takes up the same space as a kettle and adjusts easily for a left and right hand pour. It might not be suitable for dishwashers but as it’s so quick and easy to clean, why wait? Just pop out the whisk and rinse the non-stick coating with water and you’re ready for the next cup.

The classic copper clad Velvetiser is chic, stylish and on-trend, with looks good enough to grace any kitchen countertop. And we even supply a pair of podcups that just fit into the palm of your hand. So you can cradle that chocolate goodness as you savour every sip. Rich, creamy and decadent, why not indulge yourself with the ultimate in hot chocolate?

In these challenging times we all need and deserve a treat, so here’s your chance to win one of these amazing machines just in time for Christmas!

This giveaway has been organized by my blogging colleague Emma Drew (with a small amount of help from myself), so I should like to thank her very much for this. More details provided by Emma herself, along with instructions on how to enter, can be found below.

The Bloggers Taking Part

This giveaway couldn’t happen without the bloggers below taking part and contributing towards the prize. Please take a moment to visit them and show your support.

The Prize

This prize is a copper Hotel Chocolat Velvetiser with 2 x Everything + Milky Pouch + Classic Pouch + 500ml Chocolate Cream Liqueur.

Terms and Conditions

1. There is one top prize of the Hotel Chocolat velvetiser and 2 x Everything + Milky Pouch + Classic Pouch + 500ml Chocolate Cream Liqueur.
2. There are no runner up prizes.
3. Open to UK residents aged 18 and over, excluding all bloggers involved with running the giveaway
4. Closing date for entries is midnight on 12.12.2021
5. The same Rafflecopter widget appears on all the blogs involved, but you only need to enter on one blog
6. Entrants must log in to the Rafflecopter widget, and complete one or more of the tasks – each completed task earns one entry in the prize draw
7. Tweeting about the giveaway via the Rafflecopter widget will earn five bonus entries into the prize draw.
8. One winner will be chosen at random.
9. The winner will be informed by email within 7 days of the closing date and will need to respond within 28 days with their delivery address, or a replacement winner will be chosen.
10. The winners’ names will be published in the Rafflecopter widget (unless the winner objects to this).
11. The prizes will be dispatched within 14 days of the winner confirming their details.
12. The promoter is Drew Media LTD t/a www.MakeMoneyWithoutAJob.com
13. By participating in this prize draw, entrants confirm they have read, understood and agree to be bound by these terms and conditions

ENTER NOW

Simply complete any or all of the Rafflecopter entry widget options below to be entered. You can also tweet about the giveaway daily to earn bonus entries.
a Rafflecopter giveaway

One final small point is that if a winning entry comes from following someone on social media, the organizer (Emma Drew) will check before awarding the prize that the winner is still following the account in question. If they aren’t, they will be disqualified and a new winner drawn. So, please, don’t follow and immediately unfollow, as your entry won’t then count.

Good luck, and here’s hoping we can all look forward to better and brighter times soon 🙂

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