If you’re wondering what to get the wonderful woman in your life this Mother’s Day, why not think outside the (chocolate) box? We all know how important ‘me time’ can be, and with Apple AirPods from John Lewis & Partners, you can make those moments feel extra special for every mum.

Whether she’s a fitness fan that doesn’t want to be tied down while listening to her body-pump playlist, an audiobook addict, loves a boxset at bedtime or is learning a language, she’ll appreciate the wire-free, world-class listening experience that Apple AirPods provide.

Here are five good reasons why it’s worth spoiling her with better sound…

Image credit: Apple

Five reasons to gift Apple AirPods this Mothers’ Day

1. They’ll enjoy true escapism with Spatial Audio

The first trick up the AirPods’ proverbial sleeve is their Spatial Audio technology. This uses dynamic head tracking to sense movement, then places sounds all around you to create a three-dimensional listening experience. For music, it’s like being at the gig, and for movies, you’ll think you’re in a cinema, not on the sofa.

2. Mum’s music… on a more personal note

On that, ahem, note, there’s also Adaptive EQ. This smart tech automatically tunes music to the shape of your ear. Inward-facing microphones detect what you’re hearing, then adjust the low- and mid-range frequencies to deliver the rich details in every song, customised for you in real time.

3. Calls are always loud and clear

Each AirPod contains an inset microphone, covered in a special acoustic mesh, which minimises wind noise when you’re on a call. So Mum can take calls wherever she is, and always hear and be heard.

Image credit: Apple

4. Working up a sweat? No worries

Both AirPods and their MagSafe Charging Case are rated IPX4 sweat and water resistant, so they’ll withstand anything from school runs in the rain to power walks around the park.

5. Wire-free listening, for up to six hours

Just one charge will give Mum up to six hours of listening – that’s more than enough for a movie or a few episodes of Killing Eve snuggled up in bed. And with the MagSafe Charging Case in tow, she can enjoy up to 30 hours of total listening time before reaching for the charger. When your to-do list is as long as your arm, that’s one less thing to remember.

Image credit: Apple

Buy now: 2021 Apple AirPods with MagSafe Charging Case (3rd Generation), £159, John Lewis & Partners

You can spread the cost of your gift with Interest Free Credit available on Apple AirPods*. And with our two-year guarantee, you can rest assured Mum will enjoy lasting listening pleasure. 

While Mum may be hesitant to splash out on Apple AirPods for herself, we know she’d love to receive them, making them the ultimate Mother’s Day buy.

*0% APR Representative. Subject to status. Terms and conditions apply.

The post Five reasons why Apple AirPods are the perfect Mother’s Day present appeared first on Ideal Home.

Looking for the best sofas? There are few pieces of furniture that are going to make quite as much impact on our homes as the sofa we choose, or that are likely to be quite as much of an investment, so picking the best sofa for you is an important decision.

A sofa is the place we sit down and relax in the evening, gather with friends and family, and spend a good chunk of our everyday lives, so obviously any design we invest in needs to be comfortable.

And, as one of the largest pieces of furniture in our living rooms – and an item we’re likely to look at every single day – it also needs to score big on style. Plus, of course, there’s budget to consider.

It’s clear that a sofa has to fulfil a lot of different requirements, and that’s where our best sofas round-up is here to help. We’ve pulled together the best sofas on the Ideal Homes radar and highlighted the key factors to consider before making a purchase.

Whether you want a spacious corner sofa with room for all of the family, a chaise sofa to kick back and relax on, a classic three-seater sofa, or a contemporary two-seater, we’ll help you to narrow down your search. And if you want your sofa to work a little harder, then make sure to check out our guide to the best sofa beds too.

Best sofas 2022: the Ideal Home edit

1. Sofa.com Holly 2 Seat Sofa

Best sofa for small homes: a compact and high-legged design that’s super comfortable

Dimensions: H87 x W155 x D90cm *other sizes available*
Seat height: 50cm
Seat depth: 54cm
Upholstery options: 70+
Matching furniture: Armchair, footstool
Does it come in grey: Yes! Over 20 different shades

If you’re looking for a sofa to fit into a small living room then the Holly is a great option to consider. Although the 155cm width two-seater sofa is the most compact seating size on offer, the model also comes in a wide choice of larger space-saving options including two-and-a-half, three and four-seater sofas, plus a variety of chaise and corner sofa sizes.

Its petite proportions are partly down to the slim armrests that lend the design a contemporary edge, and its ability to make a small room feel more spacious is largely thanks to those tall legs which allow the eye to travel under the sofa and reduce the frame’s bulk to give the impression of more spaciousness.

Clever tricks aside, this is also both a stylish and comfortable sofa at a great price point. There are 70+ upholstery options on offer, including some brilliant shades of velvet, and feather-wrapped foam seat cushions, feather back cushions, and a high-backed frame deliver just the right mix of squish and support.

It’s also a good option if you want to overhaul your entire living room suite, with a coordinating armchair and footstool available alongside the wealth of sofa sizes. What’s not to love?

Buy now: Holly 2 Seat Sofa, from £850, Sofa.com

2. MADE Luciano Chaise End Corner Sofa

Best chaise sofa: a spacious L-shaped sofa with plenty of bounce

Dimensions: H86 x W278 x D154cm
Seat height: 46cm
Seat depth: 60cm
Upholstery options: 7
Matching furniture: No
Does it come in grey: Yes! Fabric or leather

As long as you have the space, then you’re not likely to regret opting for a chaise or corner sofa – especially in a family living room. Perfect for stretching out and putting your feet up, an L-shaped chaise gives that bit more room for relaxing (although you could add a footstool instead if that offers more versatility). Although adding an extra few feet of legroom does mean you’re going to increase the cost of a sofa, which is why we think this affordable chaise sofa from MADE is a great value option.

Upholstery options are limited to just 7 choices, but there are some good fabric selections amongst those, including the versatile Mountain Grey (pictured), plus some attractive leathers if that’s more your style (although they will add on an extra £800 to the price tag).

Comfort-wise this chaise sofa doesn’t miss a beat either. We tested the leather version (which is likely to be a little firmer) and the seat cushions were pleasantly soft with a surprising amount of bounce, plus back cushions offered a good level of support.

Unlike some chaise sofas you can’t swap the chaise section around on this model, so just make sure you plan out your room layout before you buy, and lead times can be on the lengthy side, so you may need to be willing to wait to put your feet up. Otherwise, we think this is a great option to get comfortable on.

Buy now: Luciano Chaise Corner Sofa, from £1099, MADE

3. John Lewis & Partners Draper Large 3 Seater Sofa

Best high-back sofa: a supportive design that will work with almost any decor

Dimensions: H87 x W202 x D95cm *other sizes available*
Seat height: 43cm
Seat depth: 59cm
Upholstery options: 90+
Matching furniture: Armchair
Does it come in grey: Yes! Over 30 different shades

A modern sofa with a nod to the classic Chesterfield design in its buttoned cushion detail, this is a sofa that will blend easily into a broad range of interiors, helped by the 90+ upholstery options that are on offer.

Although, if you opt for the fabric pictured – a nice mid-tone grey with light wood legs – then this sofa can be delivered in as little as seven days (a rarity in the world of sofa shopping where lead times of 10-12 weeks are the norm).

Available in a good range of sizes, including a two, three, and four-seater, plus a chaise option, it’s also a good value option with prices starting from £1449 for the most compact design.

And – the important bit, of course – this a really comfortable sofa to sit on. The relatively high back cushions are soft but firm, helped by a high backrest which means you’re not just relying on the back cushions themselves for support as can often be the case.

It isn’t a super squishy sofa, but the seat cushions are still comfortable to sit on and offer enough room if you’re a sofa lounger who prefers to curl up rather than sit upright.

Overall, we think this is a great all-rounder that manages to tick a lot of boxes at a good price.

Buy now: Draper Large 3 Seater Sofa, from £1699, John Lewis & Partners 

4. Sofa.com Holly Corner Sofa

Best corner sofa: an affordable corner sofa with a great range of size options

Dimensions: H87 x W266 x D266cm *other sizes available*
Seat height: 50cm
Seat depth: 54cm
Upholstery options: 70+
Matching furniture: Armchair, footstool
Does it come in grey: Yes! Over 20 different shades

So good we included it twice, the Holly sofa from Sofa.com features again as our best corner sofa recommendation.

All that applies to the two-seater option applies here too, including comfortable seats, stylish upholstery options and great value starting prices.

What makes this design special as a corner sofa is the range of corner configurations available, from a super-compact Extra Small two-seater corner sofa, through Small and Medium to the Large six-seater design; all making it easier to tailor a corner solution to your individual space.

The tall-legged design also works well to eliminate the heavy bulk that can often come hand in hand with a corner sofa, making a corner solution an easier win in a small to medium-sized living room.

Buy now: Holly Corner Sofa, from £1715, Sofa.com

5. Furniture and Choice Enzo Leather Sofa

Best leather sofa: a contemporary leather sofa that doesn’t break the bank

Durable and easy to clean, there is a lot to be said for a leather sofa, but there’s no denying that leather seating tends to come with a very high price tag, and can sometimes err on the more bachelor pad side of the style equation.

However, if you’re looking for an affordable leather sofa, and one that is far more contemporary than classic, then the sleek lines of the Enzo sofa could well fit the bill.

It only comes in two colour options – dark grey or light grey – but both are versatile options that work perfectly in a modern home, and with its cushioned fold over arms and headrest combined with slim chrome stiletto legs, the clean-lined design blends minimalism with comfort.

There are options of two or three-seater sofa, plus if you are planning a complete living room overhaul then Furniture and Choice offer discounts on buying a set, with the two and three-seater package coming in far less than your average leather settee.

Buy now: Enzo Leather Sofa, from £749.99, Furniture and Choice

6. Habitat Evie 2 Seater Fabric Sofa in a Box

Most affordable sofa: a budget two-seater sofa-in-a-box

Dimensions: H82 x W143 x D83cm
Seat height: 42cm
Seat depth: 56cm
Upholstery options: 3
Matching furniture: Armchair
Does it come in grey: Yes! Light and dark grey

If your search for the best sofa is constrained by budget then you’ll be hard pushed to find a more affordable option than Habitat’s Evie two-seater. Compact and contemporary, you might sacrifice some comfort at this price point, but looks-wise it certainly nails the Scandi-modern vibe, and the sofa’s narrow width and high-legged design mean it works brilliantly in a smaller living room.

The sofa-in-a-box design is also a real plus point for those with tricky access, with the two boxes that it’s packaged in – one measuring H24 x W72 x D123cm and the second H17 x W52 x D128cm – able to fit through most doorways, stairwells, and even into most cars, with ease.

Upholstery options are a little limited with just three colourways on offer, but with a light grey, dark grey and navy to choose from there will be a shade to suit most homes. Plus, this nifty design is accompanied by a matching chair-in-a-box if you want to furnish a living room with coordinating furniture.

Buy now: Habitat Evie 2 Seater Sofa in a Box, £270, Argos

7. Swyft Model 03 Large 3 Seater Sofa

Best modular sofa: a versatile sectional sofa that allows multiple configurations

Dimensions: H71 x W254 x D92cm *other sizes available*
Seat height: 45cm
Seat depth: 69cm
Upholstery options: 5
Matching furniture: Additional seat modules, footstool
Does it come in grey: Yes! A linen and velvet option

A modular sofa can make for a really versatile seating solution, with independent sections able to be mixed and matched to create the configuration that best suits your room.

A sectional design also makes a good bet if you’re renting or planning on moving house in the near future, as it’s more likely you’ll be able to adapt the seating layout to suit a new home.

Swyft’s sofa-in-a-box design is also a boon for apartment dwellers or anyone with tricky access, as the individual sections are delivered in far more easily manoeuvrable boxes that mean you don’t need to contend with negotiating flights of stairs or narrow hallways with a ready-built full-size sofa.

The design is contemporary and that low back won’t be for everyone, but our testers found this a comfortable seat that’s perfect for those who prefer to lounge or lay rather than sit upright.

Just bear in mind you will probably need a large room to accommodate this sofa, as although you can add or subtract seating modules to tailor the width to your liking, we think the low-to-the-ground blocky shape tends to suit a large room best.

In fact, this design is perfect for an open-plan layout where you can use an L-shape or U-shaped configuration to zone a seating area within a larger space.

Buy now: Model 03 Large 3 Seater Sofa, £2385, Swyft

8. Sofa.com Bluebell Sofa

Best classic sofa: a traditional-style sofa that’s ideal for a period home

Dimensions: H91 x W218 x D106cm *other sizes available*
Seat height: 53cm
Seat depth: 60cm
Upholstery options: 70+
Matching furniture: Armchair, footstool
Does it come in grey: Yes! Over 20 different shades

If you have a period property, or want to add some character to a new build, then incorporating furniture with classic proportions can be an easy win, and the rolled arms, piped upholstery and turned wooden legs on castor feet means the Bluebell sofa delivers big on just that kind of traditional detail.

As one of Sofa.com’s bestselling designs, this sofa also comes with a <b>lot</b> of options. Firstly, there’s the 70+ upholstery fabrics which allow you to keep things classic or go more contemporary with a jot of colour. Then there’s the size options, including 2, 2.5, 3 and 4-seater plus chaise, corner sofa and sofa bed, complemented by the matching armchair and footstool. And lastly, for around £200 more you can opt for any of the straight-backed sofas to be delivered in 4 pieces and assembled in the room of your choice to make tricky access and awkward layouts one less thing to worry about. It makes for a sofa that solves a whole lot of the usual compromises regarding size, colour, fabric and fit.

Although… we found the model we tested wasn’t the most comfortable sofa we’ve sat on as the unplumped the seat cushions ended up feeling pretty firm. But, the backrest was soft yet supportive and considering its combination of classic good looks and price, we might well be tempted to add a few extra cushions to compensate for some lack of squish.

Buy now: Bluebell sofa, from £1115, Sofa.com

9. Habitat Chesterfield 3 Seater Sofa

Best Chesterfield sofa: a traditional design with a contemporary twist

Dimensions: H78 x W222 x D94cm
Seat height: 52cm
Seat depth: 56cm
Upholstery options: 6
Matching furniture:  Loveseat, armchair
Does it come in grey: Yes! Light and dark grey

Defined by its distinctive buttoned detailing and rolled arms, the Chesterfield sofa remains a timeless favourite that will lend a refined edge to your decor. Best upholstered in either leather or velvet to bounce the light around that sculptural pocket-detailing, Habitat’s Chesterfield offering delivers both, offering four shades of velvet finish fabric with two grey options, a rich navy blue, or dark forest green to choose from, and two shades of walnut or black top grain semi-aniline leather.

The velvet three-seater design is also a great price, coming in well under the £1000 mark, whilst the leather version just nudges over. And if you don’t have the space for the three-seater there is also a two-seater plus an armchair to consider.

Buy now: Habitat Chesterfield 3 Seater Velvet Sofa, £675, Argos

10. Sorrento 3 Seater Recliner Sofa

Best recliner sofa: get ready to kick back and relax

Dimensions: H100 x W216 x D92cm *other sizes available*
Seat height: 47cm
Seat depth: 53cm
Upholstery options: 10+
Matching furniture: reclining armchair
Does it come in grey: Yes! 6 different options

If you’re looking for the ultimate in living room comfort, then a recliner sofa could be the seating for you.

The deeply padded Sorrento three-seater sofa offers a high back with cushioned headrest for plenty of seated support, plus a two-stage recliner function to allow you to recline gently, or go full-on horizontal when nap-time strikes; simply pull on the handles on either side of the sofa frame to release the footrest, and then lean back to achieve your desired position.

The three-seater sofa offers independent recliners at each end of the sofa with a static middle section, or, if space is limited, there is also a more compact two-seater option on offer, alongside a recliner armchair that’s perfect for finishing the look.

And whilst there may only be eleven upholstery options available, there is a good selection of fabric choices amongst them, with six leather options and five neutral fabrics making for a versatile palette that will blend easily into most homes.

Buy now: Sorrento 3 Seater Recliner Sofa, from £799.99, Furniture and Choice

11. Swyft Model 04 Sofa Bed

Best sofa bed: a stylish yet practical sofa-bed-in-a-box

Dimensions: H86 x W208 x D94cm
Seat height: 45cm
Bed depth once extended: 135cm
Upholstery options: 7
Average lead time: Under a week
Matching furniture: No
Does it come in grey: Yes! A mid and a light grey

If you want seating that will work a little harder in your home, then opting for a sofa bed can mean you get an extra place to sit plus a versatile sleep solution for overnight guests.

However, finding a sofa bed that delivers as both a bed and a sofa – not to mention in terms of style, practicality and budget – can be tricky at best, yet the latest launch from sofa-in-a-box aficionados, Swyft, aims to do just that.

The contemporary 3-seater Model 04 sofa bed is certainly stylish, with it’s low profile that wouldn’t look out of place in swish city apartment, and the good news is that when we put it to the test it delivered in terms of practicality too.

There are 7 attractive upholstery options on offer, all designed to offer the kind of stain resistance that makes this sofa bed ideal for family living, and as this is a sofa bed where the seat and backrest become the UK double-sized sleeping surface, it gives extra piece of mind that even if you opt for a lighter colour, the sofa isn’t going to show any marks.

Even more upholstery protection is offered by the mattress topper which is included with integrated storage unit (a rarity as with most sofa beds you’ll need to buy your own). This also works to up the sleeping surfaces’ comfort levels a notch, as despite the 300 pocket-sprung foam the sleeping area does remain quite firm.

As long as you don’t mind sacrificing some squish, then we think this option certainly looks good enough to use as your everyday seating in the living room, but we think it really comes into its own as a versatile spare bedroom or home office guest solution – doing away with the need for a static guest bed and freeing up more of your for everyday enjoyment.

Buy now: Model 04 Sofa Bed, £1995, Swyft

12. French Connection at DFS Zinc 4 Seater Sofa

Best four-seater sofa: a spacious sofa with a super affordable price tag

Dimensions: H88 x W227 x D93cm *other sizes available*
Seat height: 48cm
Seat depth: 56cm
Upholstery options: 40+
Matching furniture: Cuddler, armchair, tub chair, footstool, storage footstool
Does it come in grey: Yes! Over 20 different shades

Designed by French Connection in collaboration with DFS, the Zinc sofa comes in a whole host of size options, from compact two-seater to more spacious chaise and corner sofa, and this option – somewhat of a rare breed – the straight-backed four-seater sofa.

The design is contemporary, with angled, lozenge-shaped arms that give the sofa a fun, modern feel and there are plenty of playful colours to match. Choose from blush pink, bright yellow, teal and plenty of versatile greys, whether in woven fabric, velvet or leather upholstery.

We can vouch for the Zinc’s comfort too. The seat cushions are firm but comfortable and keep their shape well. Whilst the back cushions are squishy which makes it good for lounging on.

Our one gripe is that because the back and side cushions aren’t fixed, they do need repositioning regularly, but overall this family-sized sofa is a winner.

And that’s before we’ve even talked about the price… From just £899 for a four-seater sofa? That’s definitely a price that’s hard to beat.

Buy now: Zinc 4 Seater Sofa, from £899, French Connection at DFS

How to choose the best sofa for your room

Size Firstly, how many people your sofa needs to seat? If you can, opt for one a little bit larger than the maximum capacity to make things less of a squeeze. However, it’s also important to keep your sofa in proportion to the room to stop things from feeling cramped or your sofa getting lost in a larger space. Measure out where the sofa will go in your room – including the sofa depth – to make sure there is plenty of space to walk around it. Check heights to make sure it fits under windowsills or existing wall furniture, and if it isn’t flat-packed then measure doors and awkward hallway angles carefully to ensure you will be able to get it into the room.

Layout A sofa can be a really useful zoning tool in an open-plan layout, helping to create designated areas for dining or relaxing within a larger space. Chaise sofas, corner sofas or modular sofas in an L-shaped or U-shaped layout can be particularly useful here, or – if you have the space – you might want to switch up the usual layout of the sofa facing the fire or TV, and have two similar-sized sofas facing each other to create a space that works better for socialising and entertaining. If you need some layout ideas then make sure to check out our living room and small living room ideas pages.

How to choose the most comfortable sofa:

Style To our mind, sofa sitters fall into two main camps; those who prefer to sit up straight with good back support – in which case you might prefer a shallower seat depth with a higher backrest that means you can keep feet planted on the floor and your back aligned – or, those who instantly curl up or recline to lounge – in which case deep squishy seats and plenty of seat depth to add cushions could suit you better. A chaise sofa can combine the best of both worlds and keep everyone happy, whilst a corner sofa can be a great option for family living.

Cushioning Most sofas either have foam-filled or feather cushions; foam cushions will bounce back into shape more quickly but generally provide a seat with more resistance, whilst feather cushions create a deeper cushion to sink into but will likely need plumping regularly, and when they’re not plumped the feathers can become compacted and feel quite hard. Many manufacturers have now combined the best of both worlds by wrapping resilient foam cushions in plumptious feather outers.

How to choose a sofa style you’ll love:

Upholstery Once you’ve chosen your favourite sofa shape, then it’s time to choose colour and fabric. Most sofa retailers offer models in a range of fabrics, generally including more affordable polyester and cotton mixes (which often have better stain resistance so are useful for homes with young families), and more expensive linens, velvets, and leathers. Take advantage of fabric samples to view colours and textures in your own home, as lighting can often look very different to that in showrooms or online representations, and bear in mind that the more luxurious fabrics are also likely to increase the sofa price quite considerably. As much as you might love pale colours, for family living a darker or marl shade is likely to prove more stress-free, helping to disguise any mishaps!

Legs A sofa’s legs can transform the look quite dramatically. Tall legs will lift the bulk of the sofa away from the floor and can be a good option for smaller rooms where being able to see more of the floor gives a feeling of spaciousness. A sofa that sits directly onto the floor can feel bulkier so is best for larger rooms – although this style also has the bonus of stopping dust-balls and toys from rolling under it! Shapely, curved legs add a classic touch, whereas straighter clean-lined legs give a more modern feel. Some sofa models may offer a choice of leg finish as well as upholstery – if you already have wooden furniture in your living room, try to tie in any wooden leg finishes to keep tones coordinating.

Lead time If you’re choosing from made-to-order upholstery options, then it’s important to bear in mind that there’s likely to be a lead time whilst your sofa is built. This can be anywhere from 6 – 14 weeks and will differ by retailer and the time of year you’re ordering. October and November are generally when sofa demand is highest ahead of the festive entertaining season, but you’ll find some top tips for shopping at this time of year in our guide to where to buy a sofa before Christmas.

Looking for sofa deals?

Nothing beats a bargain, especially when it comes to finding a great deal on a big-ticket item like a sofa or sofa bed. Make sure you’ve found the best prices on your dream living room seating by checking out our sofa deals page for all the latest sofa and seating sales.

The post 12 best sofas: affordable sofas that are big on style appeared first on Ideal Home.

Interest-only mortgages are not as prevalent today as they were before the credit crunch, and have been the subject of mis-selling scandals of the past. But for some borrowers on the hunt for the best mortgage rates, this kind of mortgage offers flexibility and the opportunity to better manage their money.

What is an interest-only mortgage?

As the name suggests, borrowers who take out an interest-only mortgage only pay the interest that accrues on the debt each month. They make no payment towards the actual debt itself.

As a result, at the end of your mortgage term you will not have repaid any of the debt. The balance you owe remains the same.

Once you reach the end of your mortgage term, you are then required to pay off the sum you initially borrowed.

Borrowers with a repayment remortgage pay towards both the interest and their outstanding debt each month. As a result, when they reach the end of their mortgage term, there is nothing left to pay; the debt will have been repaid in its entirety.

Image credit: Future PLC/ Polly Eltes

What are retirement interest-only (RIO) mortgages?

RIO mortgages are a relatively new form of interest-only mortgage, and as the name suggests, are aimed at older borrowers.

As you get older, it can prove tougher to get a standard mortgage. With some lenders insisting that the entire mortgage is paid off by the time you reach retirement. They are basically concerned that once you give up work, you won’t be able to make the necessary repayments.

However, there may be times when you still need to borrow as you approach retirement. In this instance a RIO mortgage could be the answer.

With a RIO mortgage, as with a regular interest-only mortgage, you make monthly payments which cover the interest being charged on the sum you have borrowed. Usually the capital is repaid when you sell the property, move into residential care, or die.

How do interest-only mortgages work?

Let’s say that you apply for an interest-only mortgage of £200,000, at an interest rate of 3%, over a 25 year term. Each month you will pay £500.

Then, at the end of the 25 year term, you will need to repay the £200,000 which you initially borrowed, and which is still outstanding.

Unlike a capital repayment mortgage, stretching the mortgage term does not lower your monthly payments.

For example, if you choose a 30 year mortgage term rather than a 25 year mortgage term, you’ll still have to pay £500 a month in interest. The longer term means you will have five more years before you must repay the initial £200,000 debt, but equally you will also be paying interest on that debt for an additional five years.

How do I get an interest-only mortgage?

Mortgage lenders do not offer separate products which are only available on an interest-only basis. Instead, when you apply for the home loan, you’ll be able to tell them that you want to take it out as an interest-only mortgage rather than a repayment mortgage.

However, it’s important to note that lenders employ different rules when assessing an interest-only mortgage application compared with a capital repayment mortgage. This can make it tougher to get one than a regular repayment mortgage. This may mean that it’s not suitable as a first time buyer mortgage.

For example, you are likely to need to put down a larger deposit ‒ often of at least 25% ‒ in order to secure an interest-only mortgage. By comparison, you can get a capital repayment mortgage with a deposit of as little as 5%.

Other examples of potentially tougher criteria on interest-only mortgages include:

• Age restriction at the end of your mortgage term, e.g. 70 years old
• A higher minimum of salary, sometimes of between £50,000 and £100,000
• Lower loans offered in relation to earnings

Perhaps the most crucial criteria though is the requirement to have a credible way of repaying that initial loan when you reach the end of your mortgage term, known as the ‘repayment vehicle’. Different lenders will accept different forms of repayment vehicle, such as the sale of a property, proceeds from investments, or a lump sum from your pension.

It is vital to have a repayment plan in place with an interest-only mortgage. If you do not have the means to repay the mortgage in one lump sum at the end of the term, the lender is within its rights to repossess your home to repay the debt.

Image credit: Future PLC/ Liam Clarke

Has it got harder to get an interest-only mortgage?

Before the global financial crisis in 2008, mortgage rules were much slacker.

Borrowers who might not ordinarily be able to afford a capital repayment mortgage were able to buy through interest-only mortgages, while lenders often did not ask what the repayment plan was.

If there was no plan, the borrower could simply state they would sell the property at the end of the mortgage term.

“Times have certainly changed,” says Colin Chapman, director of mortgage broker Genesis Financial Services. “Interest only is now the preserve of the wealthy who have lots of equity in their homes and high salaries. Only credible repayment plans such as the sale of investment properties, a pension pay out if your savings are big enough or bonuses if you have a job such as city trader will be accepted.”

Selling your home to repay the mortgage is still allowed, but lenders may stipulate you must have between £200,000 and £300,000 equity in your property before they grant the mortgage.

The thinking goes that by the time your mortgage term expires, your property will have risen in value enough to allow you to sell up, clear your mortgage debt and still have enough money left over to downsize.

Interest-only mortgages vs repayment mortgages

Before you decide whether to take out an interest-only mortgage or capital repayment mortgage, it’s useful to compare how much each of them costs to pay back overall.

A borrower who takes out a £200,000 mortgage over 25 years on a rate of 2.5%* would pay £897.23 a month for a capital repayment mortgage or £416.67 a month for an interest only mortgage

As you can see, on a monthly basis, the interest-only mortgage would mean much lower repayments. However, it’s important to bear in mind that as the debt isn’t going down over time, you will continue to be charged interest on the full amount, for the entire term of the mortgage.

As a result, over 25 years, the total interest payable would be £69,169 on a capital repayment mortgage. But £125,000 on an interest-only mortgage. In other words, an interest-only mortgage will mean paying almost twice as much in interest overall, in return for those smaller monthly repayments.

Are interest-only mortgages the same as endowment mortgages?

You may have heard of endowment mortgages, which were a type of interest-only mortgage that was popular in the 1980s and 1990s.

Banks and building societies sold interest-only mortgages alongside policies called endowments. These were a mixture of an investment plan and a life insurance policy. Your monthly mortgage payment was made up of part interest on your loan and part premium for your endowment.

The mortgage company invested the premium on your behalf with the aim of building up a pot of money that was at least the size of your mortgage debt so you could clear the balance at the end of the term. There was also the promise of spare cash left over.

In many cases, however, the investments failed to deliver, leaving homeowners with a shortfall that they had to pay themselves.

Endowment mortgages are no longer available, but borrowers can take out their own investment plan to repay the debt at the end of the term.

Pros and cons of an interest-only mortgage

There are some potentially powerful pros to opting for an interest-only mortgage when buying a house.

These include:

• Lower monthly payments, which can make budgeting easier
• Money saved by not repaying the debt every month could be put into an investment which has the potential to increase in value higher than your mortgage debt.

However, there are some important downsides to an interest-only mortgage, when compared with a capital repayment mortgage.

These include:

• You will pay back more interest over the term of the mortgage
• You’ll need to have a larger deposit
• There is a risk that your repayment plan will not deliver enough cash to clear your mortgage at the end of the term which means you’ll have to sell the house, find another mortgage or face repossession.

Are interest-only mortgages a good idea?

Ultimately whether an interest-only mortgage is a good idea for you will come down to your own circumstances. Make sure you speak to your mortgage provider or a mortgage broker.

You need to be disciplined to make an interest-only mortgage work. While you have lower monthly mortgage payments, you will need to put money aside in other ways to help cover the cost of repaying that capital at the end of your mortgage term.

It also pays to be flexible. You might start out with an interest-only mortgage, intending to pay off the debt at the end of the term with the proceeds from investments in another asset, like stocks and shares.

But if those investments struggle, and are not worth enough to pay off the mortgage debt, then you will need to consider other options, which may include selling the property.

It’s worth remembering that while your monthly repayment with an interest-only mortgage solely covers the interest on your debt, you will be able to make additional payments towards repaying the actual capital debt too. This could be on a one-off basis, if you’re feeling particularly flush one month, or on a regular basis. This means that when you reach the end of your mortgage term, there is less debt still left to pay off.

With thanks to John Fitzsimons for his contributions to this article

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Looking for the best chair beds? If space is tight, then a single sofa bed or futon for one makes a great solution for putting up the occasional overnight guest, and the best designs will also double up as a stylish accent chair the rest of the time.

Just like the best sofa beds, chair beds come in two main designs; pull-out models where a mattress is pulled out from under the chair’s seat cushions to form the sleeping surface, and click-clack models where the backrest and chair seat fold down into a flat surface that becomes the sleeping area. A futon by contrast tends to be formed of simple cushions that fold flat to offer a padded surface to sleep on, although often terminology is used interchangeably.

Pull-out chair beds tend to be the more expensive option, although often come with greater choice of upholstery and matching furniture, and tend to offer guests a higher sleeping surface, whilst click-clack and futon models tend to be lower to the ground, but offer affordability and – more often – shorter lead times if time is of the essence.

Most chair beds will only offer a single mattress’ worth of sleeping space, but their small footprint makes them a great addition to a small living room, a home office, playroom, children’s room, or teenager’s bedroom as an easy sleepover solution. If you have a little more space to play with then a loveseat chair bed can squeeze in a little extra sleeping space to make room for two.

We’ve rounded up the best chair beds, single sofa beds, and futons on the Ideal Home team’s radar below, with options for all budgets, room sizes, and decor styles.

Best chair beds and single sofa beds

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