The Energy Grants Edition: Hardship Grants September

Reading Time: 8 mins

Energy Grants. With the long hot summer over and the nights drawing in, many people’s main concern will be how to get help with heating their homes and any financial assistance they can get with the cost of living. 

Here are some key ways you can get this kind of help across the UK this September. 

• Sense cost of living fund
• £400 Energy Discount
• Household Support Fund
• Council Tax Rebate
• Warm Home Discount
• Fuel Vouchers
• Winter Fuel Payment
• Cold Weather Payment 
• Energy Debt Grants
• Local Energy Grants
• And Don’t Forget 

 

 

SENSE COST OF LIVING FUND 

Sense and Turn2Us have joined forces to create a new fund to help disabled households in the midst of the Cost of Living crisis. 

Click here to access the Sense Cost of Living Support Fund – which has been set up to award a one-off emergency grant of £500 to 1000 disabled households already using Sense services.  

The fund benefits disabled children and adults with complex disabilities who co-habit with their families, are on a low income or battling to pay for essentials. Sense has teamed up with anti-poverty charity Turn2Us and between them, they have provided half of the available grants. 

 

£400 ENERGY DISCOUNT 

The government will give every household £400 off their electricity bill. This is called the Energy Bills Support Scheme. 

You don’t need to do anything to get the money and you won’t have to pay it back.  

You’ll get the £400 in 6 instalments starting from October 2022. You’ll get: 

• £66 in October and November 
• £67 in December, January, February and March 

You’ll get the discount monthly, even if you pay for your energy quarterly or use a payment card. 

How you get the discount will depend on how you pay for energy. 

 

HOUSEHOLD SUPPORT FUND 

 

£421 million has been made available to County Councils and Unitary Authorities in England to support those most in need to help with significantly rising living costs. This funding covers the period 01 April 2022 to 30 September 2022 inclusive.   

Local Authorities have discretion on exactly how this funding is used: primarily be to support households with children, and pensioners who have energy bills, food and water bills. In exceptional cases of genuine emergency, this fund can be used to support housing costs where existing housing support schemes do not meet this exceptional need. 

 

COUNCIL TAX REBATE 

You can get £150 back from the council to help pay your energy bills – this is called a ‘rebate’.  

You’ll get the rebate if you pay council tax and your home is in council tax bands A to D. You can find your band on your council tax bill or check your council tax band on GOV.UK 

You’ll only get the rebate if you’re the person who has to pay council tax for your household. Only one person per household will get the rebate. 

You’ll get the rebate even if you: 

• get a Council Tax Reduction, including a full reduction, and your home is in bands A to D  
• get the Disabled Band Reduction discount and your home is in bands A to E 

• are subject to immigration control and your biometric residence permit says “no recourse to public funds” 

If you get benefits, the rebate won’t affect them. 

If you can’t get the rebate, the council might still offer you financial help. For example, they might help you if you’re in council tax bands E to H and you get certain benefits. Contact your local council to see if they can help you – find your local council on GOV.UK. 

How to get it…

If you set up a direct debit to pay your council tax before the end of March 2022, your council should pay you automatically. Local councils will start to make the payments directly into bank accounts in April 2022. 

If you don’t pay by direct debit or didn’t set up a direct debit before the end of March 2022, you should still get a rebate. 

Your local council will contact you – they’ll probably ask you to complete an online form. 

After you’ve given the council your details, they’ll make the payment as soon as possible.  

If you don’t hear from your council, contact them to check how you can claim the rebate. You should contact them before 30 September 2022 when the scheme closes.  

 

WARM HOME DISCOUNT SCHEME 

 

If you get benefits, you might be able to get £150 off your electricity bill or £150 added to your prepayment meter. You don’t need to apply for the scheme – payments are automatic. 

Check which energy supplier you were with on 21 August 2022. You can only get the discount if your supplier is in the scheme. The following suppliers are part of the scheme: 

• Affect Energy  
• Boost 
• British Gas 
• Bulb Energy 
• Co-op Energy  
• E (Gas and Electricity) 
• E.ON 
• E.ON Next 
• Ebico 
• Ecotricity  
• EDF Energy 
• Good Energy 
• Green Energy UK (GEUK) 
• London Power 
• M&S Energy 
• Octopus Energy 
• Outfox the Market  
• OVO 
• Rebel Energy  
• Sainsbury’s Energy  
• ScottishPower 
• Shell Energy Retail 
• So Energy 
• SSE 
• Utilita 
• Utility Warehouse 

If you or your partner get the Guarantee Credit element of Pension Credit, you should get the Warm Home Discount. 

You might also be able to get the Warm Home Discount if you get a different benefit and the government decides you have ‘high energy costs’. They’ll work this out automatically – you don’t need to contact them. 

If you have high energy costs, you’ll get the Warm Home Discount if you get any of the following benefits: 

• Universal Credit 
• Pension Credit Savings Credit 
• Housing Benefit 
• income based Jobseeker’s Allowance 
• income related Employment and Support Allowance 
• Child Tax Credits and Working Tax Credits 
• Income Support 

FUEL VOUCHERS  

You might be able to get a voucher to help pay for your energy. You might be able to get a voucher to help pay for your energy if either: 

• you use a prepayment meter 
• you don’t use gas or electricity for your heating 

If you can’t afford to top up your prepayment meter 

You might be able to get a fuel voucher. This is a code given to you in a letter or in a text message or email. You can use it to add credit to your gas card or electricity key. If you don’t have one of these, contact your supplier to get one.  

Your local council might be able to help you get a fuel voucher – find your local council on GOV.UK. If you’re still not sure if you can get a voucher, get help from an adviser. 

You can use a fuel voucher at: 

• a shop signed up to PayPoint – find a shop near you on the PayPoint website 
• a Post Office or shop signed up to Payzone – find a Post Office or shop near you on the Payzone website 

To use your voucher you’ll need to take: 

• the code and instructions 
• some form of ID – for example, your passport or a bill with your name and address 

You must use your fuel voucher within 3 months after you get it. 

If you have problems using your voucher, contact the organisation that gave it to you – you should be able to find their contact information on the instructions. 

If you don’t use gas or electricity for your heating 

You might be able to get a fuel voucher if you: 

• rely on oil, liquefied petroleum gas (LPG), coal or wood as your main source of heating 
• aren’t on the gas grid  

You’ll need to show that you can’t heat your home because you can’t afford to buy fuel – or you might not be able to afford it soon.  

Talk to an adviser if you need a voucher. Your local Citizens Advice will need to apply for you. 

 

WINTER FUEL PAYMENT 

As opposed to an energy grant per se, The Winter Fuel Payment is an annual one-off payment to help you pay for heating during the winter. 

You can usually get a Winter Fuel Payment if you were born on or before 25 September 1956. 

You’ll automatically get an extra ‘pensioner cost of living payment’ with your usual Winter Fuel Payment in either November or December. 

You should start getting the Winter Fuel Payment automatically once you reach State Pension age, but sometimes you might need to apply. You can find out how to apply for the Winter Fuel Payment on GOV.UK. 

Check how much pensioner cost of living payment you’ll get 

You’ll get £300 if you live either: 

• on your own  
• with people who don’t qualify for a Winter Fuel Payment 

If you live with someone else who qualifies for the Winter Fuel Payment, the amount you’ll get depends on whether either of you get any of the following: 

• Pension Credit 
• income-related ESA 
• income-based JSA 

If either you or the person you live with gets one of these benefits, you’ll both get £300 – as long as you’re not partners. If you’re partners, you’ll only get one £300 payment. 

If neither of you get one of these benefits, you’ll both get £150. 

If you live in residential care and qualify for the Winter Fuel Payment, you’ll get £150 unless you get any of these benefits. If you get any of the benefits, you won’t get a pensioner cost of living payment. 

 

COLD WEATHER PAYMENTS 

Cold Weather Payments are one-off payments to help you pay for extra heating costs when it’s very cold. 

You’ll get a payment each time the temperature drops below a specific temperature for a set period of time. 

You’ll only be eligible for a Cold Weather Payment if you already get: 

• Pension Credit 
• Income Support 
• income-based Jobseeker’s Allowance 
• income-related Employment and Support Allowance 
• Universal Credit 
• support for mortgage interest 

If you’re eligible, you’ll get paid automatically. Find out more about Cold Weather Payments on GOV.UK. 

 

ENERGY DEBT GRANTS 

If you’re in debt to your energy supplier, you might be able to get a grant to help pay it off. 

• The following energy suppliers offer grants to their customers: 
• British Gas Energy Support Fund – apply for a grant on the British Gas Energy Trust website 
• Scottish Power Hardship Fund – apply for a grant on the Scottish Power Hardship Fund website 
• Ovo Energy Fund – apply for a grant on the Ovo Energy Fund website 
• E.ON Energy Fund – apply for a grant on the E.ON Energy Fund website 
• E.ON Next Energy Fund – apply for a grant on the E.ON Next Energy Fund website 
• EDF Energy Customer Support Fund – sign up to the priority services register to apply for a grant on the EDF Energy website 
• Bulb Energy Fund – apply for a grant on the Bulb Energy Fund website 
• Octopus ‘Octo Assist Fund’ – apply for a grant on the Octopus website 

If you can’t get a grant from your supplier, you might be able to get a grant from the British Gas Energy Trust. These grants are available to anyone – you don’t have to be a British Gas customer. You’ll need to get debt advice before applying – get help from a debt adviser. 

If you’ve already spoken to a debt adviser – check if you can get a grant from the British Gas Energy Trust. 

When you apply for a grant, you’ll have to provide detailed information about your financial situation in your application. It could take a while to complete, and it might be worth getting help from a friend or family member. You can also talk to an adviser for help filling in forms. 

 

LOCAL ENERGY GRANTS 

You might be able to find grants or schemes run by your local council. Find your local council on GOV.UK. 

You might be able to get extra help and support from your energy supplier by signing up to the Priority Services Register. You can sign up if you’ve reached state pension age, you’re disabled or sick, or if your energy network considers you ‘vulnerable’. 

Your energy supplier can help you with things like: 

• reading your energy meter 
• moving your energy meter free of charge 
• getting your bills sent or copied to someone else – for example, a carer 

And don’t forget

If you’re struggling with money, there are things you can do to save on your regular living costs. Check what to do if you need help with living costs. 

If you’re finding it hard to pay your bills, you can get help. Find out more about getting help with your bills. 

You can also get help with debts. 

If you’re struggling to pay for food, find out how to get help from a food bank.

The post The Energy Grants Edition: Hardship Grants September appeared first on MoneyMagpie.

How can a Data Room Help You Sell more Real Estate

Reading Time: 4 mins

The global real estate sector is going through a mega transformation in the post-covid era. Due to social distancing, real estate businesses now need additional physical spaces to accommodate their workforce and clients. More space means more rent which is an additional expense. Moreover, a huge proportion of modern-day customers and investors prefer online channels for communication and deal management.

Due to the reasons mentioned above, real estate firms and companies are now shifting to digital channels like virtual data rooms. The use of virtual data room software in the real estate industry goes back to the pre-covid era, but now, data room software is a highly demanded solution for online real estate management.

Let’s learn more about data room real estate  software and how it helps realtors in generating more sales.

• what is a real estate data room?
• Importance of a virtual data room in real estate
• Final Words

 What is a Real Estate Data Room?

A real estate data room is a specifically designed virtual data room to facilitate and manage real estate transactions. Virtual or electronic data room software is a digital, cloud-based data storage solution used by businesses, government institutes, and professionals to store or manage business data safely.

A real estate data room allows the realtors or real estate firms to store, share, and manage their data with clients, stakeholders, potential investors, firm partners, and other concerned parties.

In addition to data management, a real estate data room is used for intra-organizational and external communication. Using virtual data room software, a firm can keep its internal communication safe in the VDR. It can collaborate with investors, stakeholders, advisors, and third parties within the data room.

Most importantly, the real estate data room is beneficial in managing real estate deals online from start to end, and this is what we are going to discuss in the next section.

Importance of a Virtual Data Room in Real Estate

Real estate data room mainly automates different processes involved in the real estate business. Here is how data room software can help.

1-     Faster Due Diligence

Due diligence can turn out to be a long and hectic process for buyers or investors. A real estate firm moderating/managing a real estate transaction needs to make sure that all real estate due diligence documents are readily available. These documents may include acquisition documents, litigation, financial records, zoning matters, surveys, feasibility reports, structural designs, lease matters, etc.

Real estate virtual data room software can be used to store and arrange documents in the VDR. All you need is to subscribe to any certified and trusted real estate data room vendors like DealRoom, Firmex, or iDeals, create a due diligence data room, upload documents, and organize them as per the due diligence checklist. Virtual data rooms like iDeals provide an auto-indexing feature that organizes documents based on index numbers and also provides a real estate due diligence checklist.

2-     Faster Deal Speed

Imagine this in a due diligence process; if your real estate company manages its documents in paper form, how will it deal with multiple potential buyers and investors at the same time? All the potential buyers and investors will have their project management teams visit the document repository one by one.

How much time will it take for one potential investor to complete the due diligence process? Will you keep other buyers/investors waiting for their turn? What if you stick to one potential buyer and the due diligence process yields negative outcomes?

Virtual data room software can help you tackle all these problems. For instance, if you want to deal with multiple bidders or investors at a time, you can create numerous data rooms or groups for everyone. Just upload all the due diligence documents from your main account and then share them in different groups or data rooms.

Your representatives can communicate will all the bidders/buyers simultaneously with the help of data rooms. They can answer queries in real-time, arrange online meetings with them, and share any document whenever needed. Most importantly, buyers can access due diligence documents whenever required.

3-     Visual Tours to Real Estate Properties

Whether it is a domestic or commercial real estate transaction, buyers usually don’t make a decision without a visual experience. Buyers from different geographic locations may find it difficult to travel to other cities or states due to their hectic routines; the same goes for investors.

Online data room software’s communication tools can be used to create HD visual tours of concerned properties. The latest virtual data rooms have built-in video calling or conferencing tools that can be used for live calling. A real estate firm can take multiple buyers in online conferencing and give a live property tour. Depending on their permissions, users can record live video transmission and use it later for further analysis.

4-     Online Completion of Paperwork

Another good thing about data room technology is that it allows real estate firms to complete the paperwork within the data room. That said, if you are a realtor, you can prepare contracts and agreements in the data room and get them signed by concerned parties with the help of the electronic signature feature.

 In short, the contract signing process that may take days can be easily completed in a matter of a few minutes. The best part is that not a single document leaves the data room, ensuring maximum data security.

Final Words

Real estate data room software facilitates real estate transactions in multiple ways. For example, it simplifies and automates due diligence, allows communication with multiple buyers simultaneously, and helps complete the paperwork without leaving the platform.

Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence 

 

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Buying A Multi-Family Property With FHA Loans – A Complete Guide

Reading Time: 2 mins

FHA loans are mortgages insured by the Federal Housing Administration (FHA) and issued by FHA-approved lenders. Multi-family or multi-unit homes are properties that can house more than one family.

 

They include apartment buildings, condominiums, duplexes, and mixed-use properties. It is a well-known fact that you can use an FHA loan to buy a single-family property.

 

The confusion is whether you can use an FHA loan to buy a multi-family property. The following is a complete guide to buying a multi-family property with FHA loans:

 

FHA Home Loan Limits on Multi-Unit Homes

Loan rules set by the FHA allow individuals to apply for a loan that they can use to buy multi-family homes. However, the loan limit for such loans is four living units.

 

However, you will have to check with the mortgage lender to determine how many multi-family properties the lender is willing to let you buy with a single-family loan. Moreover, there are restrictions on property use when you buy a multi-unit home using an FHA loan.

 

The homes have to be occupied by the owners. The FHA prohibits using the properties for operations where renters stay for less than 30 days, for example, an Airbnb, bed and breakfast, or any similar rental processes. 

 

FHA Loan Rules for Rental Income

If you take out an FHA loan to buy a multi-family property, you should find out if you can convince the mortgage lender to consider rental income from the properties as part of your debt-to-income ratio.

 

The FHA technically permits it, but there are various qualifying criteria you have to meet. It will largely depend on whether you have enough experience as a landlord or receive rental income from a property. You will need to quickly estimate your monthly payments using an FHA loan payment calculator and establish whether the rental income will be sufficient. 

 

FHA Credit Score And Debt-To-Income Ratio

 

The minimum credit score you need to qualify for an FHA loan is 500, but most lenders have higher standards because of risky borrowers. Some lenders require a minimum credit score of 580, while others may go as high as 640. 

 

When acquiring an FHA loan, the lender will also look at your debt-to-income ratio, which is the amount of debt you have compared to your gross income. Therefore, if you make $10,000 a month but have debt obligations, including your house payment, of $3500 a month, your debt to income ratio is 35%. 

 

FHA’s official debt-to-income ratio requirements are 31% for the house payment and 43% for total debts. If buying multi-unit homes, the ratio requirement may be lower because you are expected to earn a steady income from the properties. However, if you have excellent negotiation skills, you can convince an FHA-approved lender to give you a loan with a higher debt-to-income ratio. 

 

Property Appraisal 

Like any other property you can purchase with an FHA loan, a multi-unit property must also meet FHA minimum standards and pass an FHA appraisal. An appraisal is a way to establish the property value and is in no way a guarantee. An appraisal is not a home inspection, so it does not mean the house is free of defects or habitable. 

Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence 

The post Buying A Multi-Family Property With FHA Loans – A Complete Guide appeared first on MoneyMagpie.

Breakdown of Financial Support This Winter

Reading Time: 4 mins

Financial Support this winter. The government have pledged to help households with their cost of living and energy bills, as the latter are expected to soar to £3,420 in October with a predicted rise to £3,850 in January. Utilities consultant BFY have released the figures revealing a 74 per cent increase to the energy price cap, which already went up by 54 per cent to £1,971 in April 2020. 

 The price cap was previously set at £1,227, with a jump to £3,420 meaning and some families are choosing heating over eating or vice versa. Ofgem has also said that the price cap will change every three months rather than six. 

SUPPORT SCHEMES 

With that in mind, the government has introduced a series of support schemes to help struggling households. 

£650 cost of living payment 

This is paid in two instalments to all households on means-tested benefits, including those receiving: 

• Universal credit 
• Income-based jobseeker’s allowance 
• Income-related employment and support allowance 

• Income support 
• Working tax credit 
• Child tax credit 
• Pension credit 

The first instalment of £326 should have appeared in your bank account in July, with the second half of £324 coming this autumn. 

Exceptions: 

People receiving child tax credit and working tax credit will have to wait until autumn for the first instalment, and winter for the second: this is to avoid any duplicate payments. The grant is tax-free and does not affect the benefit cap or benefit awards, and there is no need to apply for the grant: payments appear in their bank accounts automatically, with the code “DWP C O L” or similar. 

 £400 energy grant 

 This winter financial support is being made to every household in the country, without means testing. It begins in October and be paid out to consumers in instalments over six months via energy suppliers: and it does not have to be paid back. 

If customers have a domestic electricity meter point and pay via payment cards, standard credit, or direct debit, they will get an automatic deduction on bills, while those who use prepayment meters and top up their credit before using energy will get discount vouchers sent by text message, email or post in the first week of the month. 

Tenants who have their energy bills included in their rent will have their money paid to their landlord, who should then pass the rebate on to you. People who live in caravans may not receive the payment if they pay an energy fee to the owner of the park instead of directly. For people living in boats, electricity use is usually tied up with the docking fee, so no rebate will occur. 

£300 winter fuel payment 

 Most pensioners get a winter fuel payment every year but in 2020 the government is adding an extra £300 bost to over eight million pensioner households – for those born on or before 25 September 1956, and living in the UK for at least one day during the week of 19-25 September 2022. 

You don’t necessarily have to apply for the winter fuel payment as you should receive the money automatically, but if you have not had the payment before, you should claim if any of the following apply: 

• You are not on benefits or a state pension 
• You only get housing benefit, council tax reduction, child benefit or universal credit 

• You get benefits or a state pension but reside in Switzerland or an EEA country. 

Claims will be accepted until 31 March 2023 HERE, and should be with pensioners by autumn 2022, who will be given an estimated payment date: 13 January 2023 at the very latest. 

£150 disability payment 

People on disability benefits could get a £150 cost of living payment if they receive: 

• Attendance allowance 
• Constant attendance allowance 
• Disability living allowance for adults 
• Disability living allowance for children 

• Personal independence payment (PIP) 
• Adult disability payment (in Scotland) 
• Child disability payment (in Scotland) 
• Armed Forces independence payment 
• War pension mobility supplement 

You must have had at least one of these qualifying benefits for 25 May 2022. 

Eligible people will be paid from September and it should be paid to you automatically: again, it’s tax free and doesn’t count towards the benefits cap or affect any existing benefits you currently claim. 

Turn2Us and Sense have also announced a fund to help disabled people here.

Household Support Fund increase 

 This provides households with payments to help with things like food, utilities and clothing and is distributed through local councils, so amounts vary but tend to be around £200 and for those 16 or over 18. It’s also worth noting that councils may reject your application if you have savings. 

A third of the money has to go on households with children, a third “will be dedicated to pensioners” and a third to everyone else. If you get rejected for an application you will be given seven days to appeal, and you apply directly through your local council.  

You will need your national insurance number to apply, as well as details of your household (earnings and expenses.) You’ll have to provide evidence showing why you need the support. 

A final note on this: if you already get an energy payment under the previous support fund roll-out, you don’t to apply, and the payments should have started being made in July. 

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