Details: Published: 14 November 2022; Hits: 269

How to Save Money for a Deposit When Renting

Banking on a deposit, tips to save for your perfect pad!

Looking to buy your own place and move out of rented accommodation? What a great thing to be doing, to get on the property ladder is a wonderful sense of achievement and a milestone to be proud of.

So you’ve sat down and worked out you want to move, and you may even have found your ideal location in the area, perhaps even seen your dream pad. Four beds? Nice garden? Garage? Room to grow your plants or even grow your family? Brilliant.

Unfortunately, at this point, some people stop right there though when they realise they’ll have to put a deposit down, as they say, they’ll never be able to afford it.

But you’re not one of them! It sounds like you’re one of those who are up for a challenge, and know you want to save for that deposit and buy your perfect place.

There are a number of schemes available to help people, but a general rule of thumb is that you’ll need around a 15 per cent deposit.

That can mean a large sum of money saved in the bank before you even start to make an offer for your new home.

It can seem to be an uphill struggle, but if you’re prepared to work hard to save up for a deposit, that dream can become a reality.

So, what can you do?

7 Ways to Save Money for a Deposit

First off, speak to a professional mortgage advisor and work out how much you need to save and over what period. If you don’t know what you need, how will you know what to put to one side?
If you’re currently renting, can you move into a place where the rent is cheaper and put aside what you have saved into your deposit fund? Yes, it might mean not living exactly where you want, but it’s your dream to own a property after all.
Along similar lines, have you thought about moving back home with relatives? Sure, it may seem like you’re going backwards and could lead to tantrums and tears, but think of the money you will be saving!
If you’re paying for a car, do you really need it? Can you buy a smaller one or get rid of a car altogether? Yes, you’d have to think of other means or transport to get about for a while, but think of the bigger picture.
Switch your energy bills – this sounds small fry, but it’s advice from the Which?organisation and it shows how much you can be saving. Which?also says you should check your council tax bill – are you paying too much or should you have a discount? That money is better in your savings pot.
Are you spending too much on clothes? Cosmetics? An expensive gym? Eating out? Again, these may be lovely things, but you’re on a mission to save so cutting out or slimming down your day-to-day living expenses can make a huge difference. We bet you’ll soon see how frivolous a lot of your spending is!

Think about it. Say you’re paying £50 a month for a gym membership, can you workout at home instead using YouTube for example? That’s a £600 saving already. Put that in a savings account with the rest and it all adds up.

How much is a nice coffee, and how many times do you have one during the week? Sounds daft, but if you’re having a ‘double frothy chocolate top latte’ two or three times a week, you’re drinking your savings away. Treat yourself for sure, but keep an eye on the spending.

Top Tip: If you are using a bank with an app you can manage and monitor what you’re saving or spending. So, now you’ve started to save money – and put it away in your pot – you should think about earning a few extra pounds too.

3 Ways to Make Money for a Deposit

Have you thought about freelancing or tutoring in your spare time? If you have a skill or can offer help to someone, this can become a lucrative second income.
What about selling some of the things you’ve collected over the years and are sitting gathering dust on a shelf? There are so many apps you could be using to help you manage online sales of items such as books and clothes.
It’s cheeky, but don’t forget to ask your boss for a pay rise! If you don’t ask, you won’t know the answer. Think about how to broach the subject and make sure you explain why you think you deserve a raise. You should show your boss how your work and commitment will benefit the business rather than making it all about yourself!

The Bank of Mum and Dad!

If you’re saving and being careful but still not getting near your total, there is the potential to use the Bank of Mum and Dad. We know that this isn’t available to everyone, but it’s worth the chat to see if a relative can assist you. With this option though, check out the legal rights and responsibilities as it may not all be straightforward.

The team at Warren Powell-Richards are always available to offer advice so please don’t hesitate to call us or email us at This email address is being protected from spambots. You need JavaScript enabled to view it.. We will be delighted to offer our words of wisdom on all things property.

Details: Published: 14 November 2022; Hits: 225

Landlords: How To Keep Your Tenants Happy

As a landlord, you want stability, and you want to be confident in the knowledge that good tenants are going to stay and the rent will continue coming in.

Here, we look at how landlords can keep their tenants happy – and why it is so important.

Happy tenants = happy landlord

There are many reasons people become landlords. They might have some money to invest perhaps, or they might have inherited a property.

What’s true of every landlord though is that they want stability. They want to know that their investment is safe and that a paying tenant is staying put.

That’s what being a happy landlord is about.

If a tenant wants to move out, it causes hassle for the landlord.

They have to find a new tenant.
They have to get updated safety checks carried out.
Maintenance costs or cleaning costs may come in.
Time is needed to check on properties.

That’s why being a happy landlord is important, and it’s why keeping a tenant happy is crucial.

What’s a happy tenant?

That’s a good question. A happy tenant is someone who will want to stay in the rented accommodation long-term.

But tenants are all different, and so what makes one happy may not make another happy. As a landlord – all you can do is your utmost to ensure a good relationship between you and your tenant.

Here’s how to keep your tenant happy!

Be responsive

If a tenant has a problem, and they let you know about it, respond. Not just to their message, but to the actual issue itself.

If you say you’ll get round to a problem within a set time, ensure that you do. Solve the problem.

In doing so you’ll also be looking after your investment by sorting issues out before they become big problems.

Be flexible

Things happen.

So if a tenant comes to you and says they have a problem, perhaps with rent payments, be prepared to be flexible. Work out a solution that means payment is perhaps deferred or delayed.

Create a payment plan.
Offer a short rental holiday.
Agree timescales and get everything in writing.

Be respectful

There are rules for landlords when it comes to visiting properties and checking up on things.

But, we say as a general rule, a tenant’s house is their home and you should treat it as such. You should not simply arrive unannounced.

Your tenants want to get on with living their own lives with privacy and don’t want to worry about their landlord checking up on them all the time.

Be truthful

The tenancy agreement should be clear, particularly about rights and responsibilities. This sets things out on the right footing should anything happen during the tenancy.

If a tenant is unsure about the future of the property they live in, they may be nervous. Don’t go idly talking about selling up or increasing the rent, even if you are considering it. Be truthful about things.

Be friendly

We’re not talking about popping in for cups of tea or going out for a beer. But, check in on your tenant sporadically (and by appointment) to make sure all is OK. If you know someone has an issue of some kind, ask if they are all right. If a tenant thinks you are looking out for them, they are more likely to be happy, look after the property, and importantly stay – keeping you happy.

These are just a few pointers for you. We work with a number of landlords in the area and we will be more than happy to share our thoughts with you.

Call us on or email This email address is being protected from spambots. You need JavaScript enabled to view it..

Details: Published: 14 November 2022; Hits: 253

Landlords: How To Keep Your Tenants Happy

As a landlord, you want stability, and you want to be confident in the knowledge that good tenants are going to stay and the rent will continue coming in.

Here, we look at how landlords can keep their tenants happy – and why it is so important.

Happy tenants = happy landlord

There are many reasons people become landlords. They might have some money to invest perhaps, or they might have inherited a property.

What’s true of every landlord though is that they want stability. They want to know that their investment is safe and that a paying tenant is staying put.

That’s what being a happy landlord is about.

If a tenant wants to move out, it causes hassle for the landlord.

They have to find a new tenant.
They have to get updated safety checks carried out.
Maintenance costs or cleaning costs may come in.
Time is needed to check on properties.

That’s why being a happy landlord is important, and it’s why keeping a tenant happy is crucial.

What’s a happy tenant?

That’s a good question. A happy tenant is someone who will want to stay in the rented accommodation long-term.

But tenants are all different, and so what makes one happy may not make another happy. As a landlord – all you can do is your utmost to ensure a good relationship between you and your tenant.

Here’s how to keep your tenant happy!

Be responsive

If a tenant has a problem, and they let you know about it, respond. Not just to their message, but to the actual issue itself.

If you say you’ll get round to a problem within a set time, ensure that you do. Solve the problem.

In doing so you’ll also be looking after your investment by sorting issues out before they become big problems.

Be flexible

Things happen.

So if a tenant comes to you and says they have a problem, perhaps with rent payments, be prepared to be flexible. Work out a solution that means payment is perhaps deferred or delayed.

Create a payment plan.
Offer a short rental holiday.
Agree timescales and get everything in writing.

Be respectful

There are rules for landlords when it comes to visiting properties and checking up on things.

But, we say as a general rule, a tenant’s house is their home and you should treat it as such. You should not simply arrive unannounced.

Your tenants want to get on with living their own lives with privacy and don’t want to worry about their landlord checking up on them all the time.

Be truthful

The tenancy agreement should be clear, particularly about rights and responsibilities. This sets things out on the right footing should anything happen during the tenancy.

Be friendly

These are just a few pointers for you. We work with a number of landlords in the area and we will be more than happy to share our thoughts with you.

Call us on or email This email address is being protected from spambots. You need JavaScript enabled to view it..

Details: Published: 14 November 2022; Hits: 237

A First Time Buyer’s Guide To Gifted Deposits

What Happens If A Family Member Gives Me Money Towards A Deposit On A Home?

For first-time buyers, saving up for a deposit can be a significant obstacle when it comes to getting on the property ladder. However, that’s where a gifted deposit can come into play. More first-time homebuyers than ever before are turning to their parents for help so the team at Warren Powell-Richards has drawn up this first-time buyer’s guide to gifted deposits so that you can understand how it works.

What Are Gifted Deposits?

First things first – gifted deposits are financial gifts used to cover part or all of your mortgage deposit given by a family member in the form of a lump sum. It is not a loan, therefore, there is no legal requirement for the homebuyer to repay it and the person who is gifting the money must have absolutely no design on becoming the owner of any part of the home being purchased. The gifter holds no stake in the property and gets no mention on the deeds or mortgage application. Put simply, gifted deposits must genuinely be a gift, and there mustn’t be any expectation of any returns being received in exchange.

Can Anyone Gift A Mortgage Deposit?

Although in theory, anybody can gift a mortgage deposit, in practice most are given to grandchildren or children by grandparents or parents. Although a friend or other relation may gift a deposit, most lenders will require more checks to be carried out, and gifters face a more rigorous burden of proof which can slow the home-purchasing process down significantly.

Are There Limits Of Gifted Deposits?

Some lenders may stipulate limits, but in many cases, there isn’t any upper limit on gifted deposits. Nevertheless, a larger sum could be subject to inheritance tax. Everybody is entitled to give away up to £3000 every year. This amount may also be carried over from the last year. Therefore, if both of your parents are still living, as much as £12,000 is able to be given as a gift with no worries about inheritance tax so long as no other financial gift has been given elsewhere in that 2-year period.

What Type of Proof Is Needed For A Gifted Deposit?

The person who is giving the gift will be asked to provide some documents. They may include:

A gifted deposit letter.
Proof of identification – a photographic form and two different address ID forms.
Proof of available funds, for example, bank statements.

Do I Have To Pay Back A Gifted Deposit?

Just like loans aren’t considered to be gifts, gifted deposits can’t be loans, so a gifted deposit does not have to be paid back.

For more information about deposits, mortgages, and purchasing your first home, get in touch with the Warren Powell-Richards team now or at This email address is being protected from spambots. You need JavaScript enabled to view it. to get the advice you need.

Details: Published: 26 September 2022; Hits: 305

What is ‘Rent-to-Rent’ and How Does it Work?

Rent to rent is not that widely known, but it could be a way for you to make an income without having to buy a property.

Like many things, rent to rent comes with positives and it comes with negatives – the best thing to do is to weigh up the pros and the cons and come to a decision on whether you are willing to take the risk.

Rent to rent can certainly be another way for you to build a property income portfolio if you don’t have the cash reserves to buy.

You’ll see why we say “build a property income portfolio” in a moment because we’ll explain what rent to rent actually is and why it could be an option for you.

Don’t forget, we are more than happy to help explain things further so give our office a call on 01483478200 and we will run through it with you.

What is “rent to rent”?

As the name implies, rent to rent is where you rent a property from the owner, and you then rent it to a third party.

You rent somewhere to then rent it out further. Sounds simple really, doesn’t it?

The trick of course is to make money by renting it out for more than you yourself are renting it for in the first place.

You can see why some people do it, particularly if they don’t have capital to invest.

Is rent to rent a good option?

Well, in many ways, yes. As we have said, you don’t need the big cash outlay, and you don’t need to arrange a mortgage. You sign the contracts with the owner and then go about getting a tenant who pays you more than the rent you are paying. You look after the property and get the financial reward.

The owner sees the benefit of a regular income without having to do very much, particularly as it is up to you to ensure he or she gets paid.

So it’s all good then?

Well, here’s the thing. There are things to think about. In effect, you take on the responsibilities of the owner. Maintenance costs will be yours, the condition checks and certificates are likely to be your responsibility. Insurance too.

If you were the owner of the property, you’d have all these costs too – but at least you would be the owner.

What happens if rent isn’t paid to you on time? As the person who rents from the owner, you’ll still have to pay the rent to them, whether you get yours or not.

If a tenant leaves for some reason, you are the one who will have to find a new tenant and go through all the processes associated with that.

Will you make money if the property goes up in value? You’re the renter so not the owner – so no, you won’t benefit from the property going up in price, although you might benefit if the area has gone more upmarket, meaning you can charge a higher rent.

Remember though, right at the start of the agreement, you will need to set a fixed rental price with the owner. If you don’t do this, they could put their rent up and you won’t see any benefit at all.

Is it legal?

The big question! You will have probably heard that sub-letting is not always legal. This is true but only if you don’t have the owners permission. Rent to rent is a perfectly legal way to operate. It does take a lot of understanding, and it is fair to say that not everyone thinks it is a bona fide system. But, it’s actually a system that works well in the commercial property sector.

Think of all the car parks and buildings that are managed by an organisation that is not the owner. Think of the social media companies or web-based businesses where you rent a room or get a lift somewhere. They make money from the service, but do not own the property or the car.

What’s the trick to getting it right?

You can earn an income from rent to rent, but everyone has to understand it. You also need to find a property where you can add value to it. Imagine if you rented an unkempt house, perhaps a two up, two down, for a low rent, then made it good, sparklingly clean and updated and then charged a much higher rent from your tenant.

That’s how best to make the best of rent to rent.

This is of course just a short summary with a few of the pros and cons of rent to rent, and we hope it gives you food for thought. If you want to know a little more, we can help you.

Warren Powell-Richards are your local property experts for the area. Call us or email This email address is being protected from spambots. You need JavaScript enabled to view it. to chat with a member of our friendly and experienced team.