WITH the rising cost of living and bills in the UK, some families are seeking cheaper arrangements.
One Northern dad shared how his family has relocated to Cyprus and they halved their living costs instantly.
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On his @northernfourontour account, he shared how nearly all the expenses for their family-of-four are £720 a month.
In a clip, he explained: “For those who don’t know, we are a British family who sold everything we own in the UK, and we swapped it for a life of travel.
“We’re currently staying in a place called Kapparis, which is on the outskirts of a city called Paralimni.
“It’s extremely popular with holiday goers in the summer, and there’s a massive expat community here as well.”
The dad – who says he works remotely – then helpfully broke down the costs of living in their new home in Cyprus.
He said: “I’m gonna get to the cost, but I wanna tell you what’s included first.
“So, all of our bills — so that’s electric, gas, water, internet — all included in the price. “There’s three swimming pools, one for the kids, a gym, tennis court, football court, parks… you name it, this resort has it!
“You also get the added bonus as well, obviously, that you get this glorious sunshine this time of year, beautiful clean streets, lovely houses, beautiful weather, lovely ocean.
“Cyprus has it all!
“And it’s cost us a whopping — oh — £720 a month.
“What do you think? Back in the UK, we were paying way over double that price, and our quality of life was nowhere near the same.
“I’ll let you decide, compared to the UK — is this better value for money or not?”
He shared how they have signed up for a three-month lease and are also saving for retirement during their stay.
The dad concluded: “It’s amazing!
“We will have to go to cheaper places during high season but there are some cracking deals between end of September to mid May if you look hard enough!”
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House costs
As of 2024, the average monthly rent for a three-bedroom property in the UK was estimated to be between £1,500 and £1,800, depending on location and property type.
Rental prices vary significantly across different regions.
In London, for example, the average rent for new lets was £2,121 per month as of April 2024.
The average house price in the UK was approximately £268,000 in 2024, reflecting a 5.4 per cent annual increase from the previous year.
How to get the best deal on your mortgage
IF you’re looking for a traditional type of mortgage, getting the best rates depends entirely on what’s available at any given time.
There are several ways to land the best deal.
Usually the larger the deposit you have the lower the rate you can get.
If you’re remortgaging and your loan-to-value ratio (LTV) has changed, you’ll get access to better rates than before.
Your LTV will go down if your outstanding mortgage is lower and/or your home’s value is higher.
A change to your credit score or a better salary could also help you access better rates.
And if you’re nearing the end of a fixed deal soon it’s worth looking for new deals now.
You can lock in current deals sometimes up to six months before your current deal ends.
Leaving a fixed deal early will usually come with an early exit fee, so you want to avoid this extra cost.
But depending on the cost and how much you could save by switching versus sticking, it could be worth paying to leave the deal – but compare the costs first.
To find the best deal use a mortgage comparison tool to see what’s available.
You can also go to a mortgage broker who can compare a much larger range of deals for you.
Some will charge an extra fee but there are plenty who give advice for free and get paid only on commission from the lender.
You’ll also need to factor in fees for the mortgage, though some have no fees at all.
You can add the fee – sometimes more than £1,000 – to the cost of the mortgage, but be aware that means you’ll pay interest on it and so will cost more in the long term.
You can use a mortgage calculator to see how much you could borrow.
Remember you’ll have to pass the lender’s strict eligibility criteria too, which will include affordability checks and looking at your credit file.
You may also need to provide documents such as utility bills, proof of benefits, your last three month’s payslips, passports and bank statements.