Webinar: Managing the cost of housing

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Jason Butler, Salary Finance’s Head of Financial Education, and personal finance columnist for the Financial Times, held another 45-minute webinar on managing increasing housing costs.

Jason shared insights and ideas on how to cope with higher cost mortgages and rent in the current financial climate and answered attendees’ burning money questions.

Catch up on the session now by heading here.


Below you can read a selection of some of the questions we were asked at our webinar on managing housing costs. 

Please note our answers are generic in nature and not to be construed as personal financial advice. Salary Finance does not provide financial advice.

If you are in any doubt about your own financial needs or situation, you should consult with a regulated independent financial adviser.

Buying out my ex from my home

Q: Can you signpost me to anyone that could give me tips on how to afford to buy my ex-partner out of the mortgage on our family home as a result of divorce?

A: A regulated mortgage adviser would be a good source of advice on how best to achieve this. Check out these free adviser directories: Unbiased or VouchedFor


Landlord criteria

Q: Why are landlords/agents sometimes biased towards two parties (eg. two couples) renting a property together?

A: We aren’t experts in property letting, but it might be due to their desire to minimise the potential for unpaid rent due to job loss or pregnancy that might arise for a single tenant. Landlords of Houses of Multiple Occupation (HMOs) that specifically provide single occupancy bedrooms with co-living space, might be a better bet if you are a single renter, because the landlord is not reliant on just one tenant keeping up with their rent.


Funding a self-build home

Q: How much deposit would I need to put down to qualify for a government funded self-build loan? Can you get a mortgage on this type of arrangement?

A: If you use the government help-to-build loan, you need a deposit of at least 5%. Further details are available here.


Should I buy a home now?

Q: Is it worth buying now with current interest rates or should I wait until the market settles?

A: We have no idea what will happen to the property market in the near future. As a general rule buying your home would be expected to be financially better over the long term, because it creates an enforced form of savings through repayment of the mortgage. 

Whether this is a good time to buy or not will depend on your priorities, financial circumstances, and desire to move from renting to owning. Take advice from a regulated mortgage adviser.


Renter worries

Q: My rent is taking up most of my salary, and I cannot move to a cheaper location. What should I do to support my family who is struggling?

A: High rent is a problem for many people. Contact your local council or housing association to see if you might qualify for social housing, as this is usually much more affordable than private renting.

Are you sure you can’t move to a cheaper location? You might need to compromise on a few aspects of a new area but if it lowers your housing costs the downsides might be worth it.

Check that you are getting all the financial help to which you are entitled by using this free online calculator. If you qualify for means tested state benefits then you might also qualify for something called Discretionary Housing Payment from your local authority. This tops up rent benefit when private rent is higher than the Local Housing Allowance rate.