Standard variable rate comparisons - how do different lenders' rates compare?
There's a big difference between the standard variable rates charged by different lenders. Make sure you're aware of this
A lender's standard variable rate is the mortgage rate you pay when you're not on a special deal. The standard variable rate - or SVR - varies between different mortgage lenders. It's worth being aware of if you're switching to a lender - say for a fixed rate or tracker deal - because you may end up on the SVR once the deal runs out. Smaller building societies tend to have higher standard variable rates than bigger banks.
You can earn up to £4,250 a year tax free using the 'rent-a-room' scheme and take in a lodger.
Find out what the rent-a-room scheme means for your tax, mortgage, insurance and council tax.
If you’re looking for a way of bringing in some extra money, you might consider renting out a spare room. Under the tax-saving rules, you can rent out a room and receive up to £4,250 a year in rent (or around £354 a month) without paying tax, but the disadvantage is that you can't offset expenses against tax. If you want to charge more than £354 a month, you can still use the rent-a-room scheme - you just have to pay tax on the excess income.
How does equity release work? Understanding the basics of equity release
What do you need to think about if you're taking out an equity release or lifetime mortgage?
Equity release has come in for some pretty bad press over the years, but for some older homeowners, it may be a better option than selling up or trying to survive on their pension. However, it’s an important financial step and you have to be aware of the disadvantages as well as the benefits.