Part exchange, interest rates and Christmas is coming

THIS week we take a long hard look at part exchange, which can be a hassle-free alternative when selling your own home to buy a newly-built, energy-efficient one.

The key, as ever when buying new, is location and finding a good developer.

You also need to look at the part-ex deal on offer, as we explain above. Yes, you will almost certainly get less for the property you are selling than if you stuck it out on the open market and waited for the right offer, but there are many compensations and also savings to be had, not to mention incentives in a market where would-be buyer numbers have declined due to higher interest rates.

On that subject, there is a better news as mortgage interest rates have come down a fraction and, as mortgage expert Andrew Milnes, head of the Mortgage Advice Bureau in Bingley, explains, this week the Halifax has dropped interest rates to 4.41 per cent from 4.53 per cent on a five-year fixed rate at a 60 per cent loan to value with a £999 fee.

So, if you also factor in that a borrower opting for a two-year fix could face fees each time they take out a new deal, the five-year fix is starting to look a little more attractive again.

Also in this issue, we mark the fact that it is officially Christmas time with a feature on decorating your home for the festive season.

It doesn’t have to cost a fortune and, if you are anything like me, you will have a stash of decorations from Christmases past that you can resurrect and re-use.

Having said that, I usually treat myself to something new and it’s usually lights and the odd tree decoration. So far I have aquired an illuminated, light-up snowflake from Harrogate-based Lights4Fun and a handmade wood figure with specs, antlers and a knitted cap. Weird, but wonderful.

On that note, do try and support Yorkshire makers. It brings great joy to you and them and you’ll get something original while also supporting the local economy.