REAL ESTATE
Residential, Commercial, Interiors
LANDSCAPE
Landmarks, Cityscape, Urban, Architectural
FOOD
Hotels, Restaurants, Advertising, Editorial
PORTRAIT
Traditional, Glamour, Lifestyle, Candid
PRODUCT
Studio, Lifestyle, Grouping
EVENT
Conference, Exhibition, Corporate
FASHION
Portrait, Catalog, Editorial, Street
TRAVEL
Landscape, Cityscape, Documentary
SPORT
Basketball, Football, Golf
CONCERT
STILL
STREET
If you’ve got some money put aside, and are looking to invest in your future, why not ask yourself the question: should I overpay my mortgage?
While paying off a mortgage as early as possible is a goal for many homeowners, especially those fortunate enough to have the savings to do so, overpaying a mortgage does have both pros and cons to consider. We’ve got expert advice that spells out everything you need to know when considering overpaying on your mortgage agreement.
If you’re lucky enough to have savings, and with the best mortgage rates ever right now, overpaying your mortgage might be a good choice. You usually have the option of making a one-off lump sum payment towards your mortgage or increasing the amount you pay back monthly.
Even if you’re only in a position to reduce the size of your mortgage, a one-off repayment or regular extra repayments is still well worth it.
Image credit: Future PLC/ Alison Hammond
However, check with your mortgage provider to see what it allows. This is particularly important if your current mortgage offer – a fixed or discounted rate for a set term, for example – still has time to run.
Many providers only allow overpayments of 10 per cent of the remaining balance during this term. By contrast, if your deal has finished and you’re now paying your provider’s standard variable rate there shouldn’t be any limits on the amount you can pay.
Both options will lower your total interest payments, but the former will result in a bigger saving. Also, a lower overall balance on your mortgage could be a benefit when remortgaging and may open up better deals to you.
If you can pay off your mortgage in full, you’ll no longer have to make monthly repayments. Plus, the total cost of the loan will be lower than expected, because you’ll be paying interest for a shorter period than you originally anticipated.
This comes down to a personal decision based on your circumstances. Currently, the returns available from a savings account are poor, so reducing or paying off your mortgage is likely to be more financially valuable. Check on how the costs involved, including early repayment fees, might change that calculation.
It’s also important to consider if you will need your savings anytime soon. If there’s a chance you will, you may prefer to have the cash in an account that you can access when you want to. Some mortgage providers do allow underpayments as well as overpayments. This means you may be able to pay extra now, to reduce your mortgage interest, and then take back some of the cash later, by underpaying for a period.
Image credit: Future PLC/ Colin Poole
If you have any other debts which you’re paying interest on, these should take priority over repaying your mortgage. This is because, in most cases, this debt will be more expensive.
For example, if you’re paying interest on a credit card or loan, the rate is likely to be more than the interest rate of your mortgage.
If you have debt you are managing which doesn’t charge you any interest – an interest-free loan on a home improvement, say – this falls into a different category. Unless you choose to, there’s no need to clear this debt as long as you’re comfortable paying it off. Ensure there’s no danger of you having to pay interest on it in the future.
Before you ask the question, ‘should I overpay my mortgage?’ look at your savings situation first. Everyone should have an emergency savings pot stored in a savings account. Choose one you can access if you need to and make sure it earns interest. You should aim to have between three and six months of your regular income in this account.
This savings pot is for unforeseen emergencies – anything from a broken-down car or a faulty boiler to a period out of work. It’s for the things you can’t predict; having this money set aside will mean you don’t have to reach for a costly loan or credit to tide you over.
With savings rates at rock bottom, thanks to a prolonged period of low interest rate from the Bank of England, putting any extra money you have into your mortgage instead could be a good option. You’re almost certainly paying a higher rate on your mortgage than you could earn on savings cash.
It’s important to check with your provider before making a payment. Some charge penalty fees for doing this. The amount you’ll pay depends on the balance of your mortgage, and how close you are to clearing it completely.
Image credit: Future PLC
Overpaying your mortgage is one option for your savings but there are many other places you could put the money.
Bank and building savings accounts are just the start, although they do have the benefit of offering you easy access to the money if you need it.
Putting money into your pension is another option. Plus, you’ll get an extra top up from the government for any money you put in, because tax relief is available on pension contributions. A pension calculator will show you how much you could claim.
Investing in the stock market is another choice. Everyone gets an allowance of £20,000 to put into an individual savings account each year. This money can be invested in a very wide range of assets, including cash savings, but also in shares and bonds. All returns – both income and profit – are then tax free.
The aim with stock market investment is to secure a better return over the longer term; say five years or more. That’s what’s happened in the past, with shares outperforming other types of investment over longer periods more often than not.
What’s vital is to recognise that there are no guarantees. Investments can fall in value as well as rise. You need to be prepared to lock up your money for the long term. Otherwise, the risk is that you need to access it at a time when it has fallen in value. Take a look at the Financial Conduct Authority (FCA) for more information about investing smart.
Sarah Coles, a spokesperson for Hargreaves Lansdown, explains: ‘The return you’re likely to get from investments over the long term is likely to be more than the money you save on your mortgage. But, this isn’t the only calculation you need to bear in mind.
If you have a long mortgage that takes you into retirement, you might be worried about repayments in future, so it might give you peace of mind to overpay. If you’re carrying a huge mortgage and you’re worried about how it would be affected if interest rates rose, you might choose to pay it down.’
‘If you have a manageable mortgage, and robust finances in general, meanwhile, you might prioritise the potential for extra returns from an investment,’ continues Sarah. ‘Alternatively, you might take the middle way and use some of the cash to pay down your mortgage and some of it to invest.’
The post Should I overpay my mortgage? The pros and cons appeared first on Ideal Home.
Hands up if you’ve got a kitchen wishlist. Now, hands up if you’ve got kitchen pantry ideas on there. Ok, that’s pretty much all of us. The pantry is having a serious trending moment right now – and for good reasons.
Not only do pantries happily satisfy our constant search for more kitchen storage ideas but, let’s face it, they look damn good doing it. The essence of all pantry designs is to showcase the very best of bespoke cabinetry packed with clever storage options – such as shallow shelves inside the door for herbs and spices, to deeper shelves for dry foods and neat baskets for organising fruit and vegetables. Plus, they come in shapes, sizes and styles to suit every scheme.
‘A truly great kitchen will include great storage for all your family food preparation, cooking and entertaining requirements,’ says Keith Myers, Director of The Myers Touch. ‘We love the re-emergence of the pantry; that tucked away place to arrange and carefully store food, from flour and potatoes to hams and jams. Away from the harm of underfloor heating and tempted pets, these well-ventilated rooms can be as simple as a dark cupboard or as elaborate as a glass-framed mini
kitchen.’
Explore our kitchen pantry ideas to find the perfect way to store goods and produce in your home.
Image credit: H Miller Bros
If you’re going the bespoke route for your kitchen pantry ideas, make sure to really consider what items you need to store. Once you have these in mind you can design the space to suit your needs exactly. For example, if you’re an avid spice lover, make sure to incorporate racks to fit your herb and spice jars.
Think about the non-food items, too. Appliances vary wildly in size, so measure up for your kitchen shelving ideas here accordingly – especially if you’re using this space as a prep area. Since you unfortunately can’t plan for everything, make sure to add in a pole so you can hang extra items as and when required.
Image credit: Tom Howley
‘If you don’t have large areas to play with incorporate slimmer, tall pantry cupboards around the room,’ advises Tom Howley, design director of Tom Howley Kitchens.
‘Position narrower designs in key areas of your kitchen, for example, frequently used appliances and ingredients in main prep zones and dishware or glasses close to social spaces.’
Image credit: LochAnna
Corners are a woefully under utilised area of most kitchens. Steer clear of this design mistake by working your pantry into this space with built in cabinetry.
Simple shelving works well here, but you could also have wider shelves on each level with turntables on top so you can easily access produce no matter where it’s stored.
Image credit: Future PLC/Katie Jane Watson
Upcycling a bookcase to become one of the new kitchen pantry ideas is perfect for DIY lovers, as well as if you’re lacking on space. Since you’ll be tight on shelf space, make sure to consider how your items are displayed.
‘Why not decant dried goods into stylish containers?,’ says Tom Howley. ‘This is a great option if you have glass-fronted or open storage as it keeps everything looking beautiful as well as being easy to find. Storing items in containers allows you to throw out bulky packaging and free up some room.’
Image credit: Olive & Barr
Countertop, half-sized pantries are ideal for many sizes of kitchens, but you can go further with your space-saving. Instead of using standard doors on the cupboard, utilise bi-folds. Not only will there be more drama and style when you open it up, but you don’t risk hitting anyone with an open door or blocking another area of the kitchen.
This is especially useful if the pantry is used as a prep space or breakfast nook as you will want to keep the doors open for extended periods of time.
Image credit: Future PLC
Naturally the top side of shelves are the natural place to think about when searching for storage space, but you’re missing a trick by not looking beneath.
Add hooks to the bottom to hang utensils, mugs or teatowels. Attach metallic strips so you can hand metal-topped storage herb jars. Another way to use this space is by adding a rail beneath to store your kitchen roll or baking parchment.
Image credit: Tom Howley
One of the most classic pantry designs is, of course, the full-blown pantry room. But even with loads of space on offer, it’s important to learn how to organise kitchen cabinets and the rest of the area properly so you make the most of every inch – both in terms of storage as well as worktop breathing space for food prep.
‘Getting the shelf spacing right can maximise the room you have for storage,’ says Tom Howley. ‘Large, deep cupboards with integrated workspace are ideal for storing appliances you may not want on your kitchen work surface. The easy-to-reach middle section of your kitchen pantry is perfect for tins and jars. Use dividers or shorter spacing to keep foodstuffs separate so you can see everything you need at a glance. A handy storage basket at the bottom of your kitchen pantry is ideal for storing fresh bread or veg.’
Image credit: Future PLC/Colin Poole
‘If space is not an option, then don’t worry, there are pull-out storage solutions that are perfect to maximise small kitchen ideas,’ says Karl Andrews, design expert from Benchmarx Kitchens. ‘If you often find yourself awkwardly stretching to the back of your cupboards to reach items in hard-to-reach areas, for example, then a pull-out pantry offers the perfect solution.
Metal wired baskets and trays are the perfect shelf additions here. ‘This feature allows easy access to your ingredients with all round accessibility. Each basket provides clear visibility and an impressive capacity – making it the perfect pairing for even the busiest of kitchens.”’
Image credit: The Myers Touch
One size – or shape – most certainly does not fit all. Include a mixture of open and closed shelving or drawers for ultimate flexibility. You can get away with a bit more clutter in the tucked away portions, and keep the open sections styled to perfection, or at least until the usual chaotic breakfast rush. Minimise mess by keeping the most used items to hand and in sight.
‘Visibility of goods, and easy access are crucial, as is flexibility, allowing for those 3-for-one offers on extra-large boxes of cereals!’ says Keith Myers, Director of The Myers Touch. Even better if you can include a fair-sized worktop for storing plated buffet food when entertaining.’
Image credit: Future PLC/Lizzie Orme
If space doesn’t allow for spice racks or storage on the inside of your door, make the surface work harder in a different way. Attach a slimline blackboard or create one using blackboard paint. This is the ideal spot for shopping lists, as you can add to it as you discover that your favourite biscuits have someone disappeared (again).
Image credit: Future PLC/Darren Chung
You can still have the dream pantry without blowing the budget, simply go for freestanding kitchen ideas rather than built-in. Opting for a freestanding pantry solution will keep costs low, and provide flexibility on positioning. a freestanding unit is also ideal to take with you should you ever move. Win, win.
Image credit: Future PLC/Rachael Smith
Make your built-in pantry design a showstopper with a splash of colour and decorative detailing – think colour and materials. Try using contrasting shades on the interior and exterior for stylish impact. For a contemporary addition, incorporate on trend materials like fluted glass doors and brass fixtures and fittings.
Image credit: Neptune
As the new hero of the kitchen a pantry shouldn’t be hidden away, it should be celebrated in all its glory. Pink kitchen ideas are a dreamy place to begin. Soft pastel shades enhance the beauty of cabinetry and perfectly organised cupboards.
Image credit: The Main Company
Open up the look of a pantry cupboard by choosing glass doors. On-trend fluted glass is the most popular choice right now, helping to blur the lines by concealing more than plain glass panels. This stylish solution allows just enough insight into the pleasing pantry design behind the doors but the obstructive glass helps to keep it slightly more hidden.
Image credit: The Main Company
Create a kitchen pantry that caters for your dedicated needs. This hot drinks station is ideal for storing everything needed to prepare and serve the perfect blend of tea and barista-style coffees.
The high level shelving allows for storage without taking up valuable counter space, which is left free to act as a preparation station – where the coffee machine can live, hidden out of the way.
Image credit: Ardingly Cabinet by Neptune
Use a bold coloured wallpaper choice alongside your kitchen pantry ideas to make a style statement. Choose a base shade to match or contrast with a painted standalone pantry for ultimate impact.
‘Even in the smallest of kitchens, it is easy to insert a freestanding pantry, meaning you don’t have to commit to a total kitchen refresh if a pantry is what you’re after,’ says Nerine Vacher, Kitchen Designer at Neptune Fulham. ‘By including a single piece of furniture you can completely transform your kitchen.’ A freestanding coloured piece is also easy to change using painted dresser ideas, meaning the piece can evolve as your taste does.
Image credit: Future PLC/David Giles
Rather than fill a cupboard with a mishmash of bulky household items, like the vacuum and other miscellaneous items, use the space to dig out your own DIY pantry.
Clear out the space and start from scratch, adding carefully planned shelving to fit your appliances, cookbooks and food items.
Image credit: The Main Company
One of the – many – annoying things about badly planned kitchen pantry ideas is the lack of light. Save yourself from squinting at your jars with the addition of simple strip lights or spotlights. Consider adding lighting to each individual level of shelving if you’re in a space seriously lacking in natural light.
Remember to include task lighting if you plan on using the pantry as a mini prep kitchen too.
Image credit: Future PLC/David Parmiter
If you have the space, corner off a dedicated area. And we mean that literally! Create a circular pod with sliding doors to allow the area to feel less shut away, while keeping it very separate from the rest of the kitchen layout – as and when suits. Creating a walk-in space without the need for permanent structure. Painting everything in the same shade, from doors to walls and shelves, will help to unify the space. While also providing a canvas of colour for store cupboard goods to sit against.
Image credit: Future PLC/David Giles
Kitchen pantry ideas don’t need to be a walk-in wonder or even a whole cupboard, it simply has to be a space dedicated to the function of keeping store cupboard goods and essentials. Clever compact cabinet design allows for even the smallest space to be utilised, above wider storage for pots and pans.
Include smart storage in the doors and multiple shelves for dried goods, all in labelled jars to add to the scheme.
Image credit: Future PLC/David Still
No matter how small your kitchen you can still utilise any space to fit in pantry-style storage. Think vertically to allow for maximum shelving allowance, because most items for a pantry will be taller rather than bulky – think along the lines of storing bottles and jars. A slim cupboard won’t take up much dedicated kitchen space but if it scales from top to bottom it can provide plentiful space for all your pantry needs.
‘If you have space, include a rack for spices on the inside of the door – it’s convenient if you’re cooking and need to go straight to the ingredients you need,’ advises Tom Howley. ‘Think about the weight of the items you’re storing as well as height. Lighter racking is perfect for cereal and bread while sturdy oak shelving is a good option for holding the weight of jars and tins.’
Image credit: Future PLC/Robert Sanderson
When choosing a built-in bespoke design you can go to town with the elements. Work with every inch of space to pack in maximum storage potential in one space. in addition to door racks add rustic wicker baskets on rails, to store fresh fruit and veg.
However, if you’re not going for bespoke or built-in storage in your pantry, there are kitchen organisers out there that can play a key part in our lives. For categorising foods and keeping things looking neat and tidy in this room, whether that be ground coffee on your countertop or flour in your pantry.
Image credit: Future PLC/Andrew Woods
No room or budget for one of the more traditional kitchen pantry ideas? Transform a regular cupboard into a DIY petite pantry. Chicken wire on the doors adds a rustic touch, while also visually separating the clutter from the rest of the kitchen.
Image credit: The Main Company
Leave the space open to interpretation. Let the structure determine how hidden away you want the pantry area to be, but having no doors allows the space to flow. Walk-in pantries are becoming super popular but not all homes have the space, so an open structure is a happy compromise.
Image credit: Future PLC/Rachael Smith
If you need a pantry that maximises your kitchen storage needs, choose to fill the space with more plentiful solutions such as crates. Stacked from top to bottom on door glides that allow for easy pull-out access they cater for all manner of food supplies. This pantry idea is less about show, more about smart storage to make the most of the space.
Image credit: Future PLC/Alistair Nicholls
When designing the layout it’s always important to consider how you use your kitchen while cooking. It makes more logical sense to keep your supplies of spices and dried goods near the stove, to make them easily accessible to grab as you prepare delicious dishes.
Image credit: Future PLC/Jody Stewart
Make the most of a narrow space with a walk-in pantry. Effortlessly create the effect with simple wall shelving stocked with tinned goods and jars of pasta and dried grains. Use the floor space beneath to house wicker baskets with kitchen essentials. On the opposite wall hang a rail to store kitchen linens, to prevent the main kitchen space from looking cluttered or untidy.
Image credit: Plain English
Make the most of every inch of space of your walk in kitchen pantry ideas by reaching right to the top. A library ladder and rail add a chic, classic touch, while also being an incredibly practical addition.
It means you can store more things up in your highest cupboards without dreading standing on a rickety kitchen chair to retrieve them.
‘Although there are differences between a larder and a pantry, we find that the words are often used interchangeably and tend to generally refer to a storage space designed for food and occasional crockery,’ says Karl Andrews, design expert at Benchmarx Kitchens. ‘Traditionally, a larder refers to a purpose-built, cool space for storing food that needs to be kept chilled, whereas a pantry tends to be a cupboard which can store anything from dried foods to beverages.’
Therefore, essentially a separate walk-in pantry combines food storage and prep area, keeping the main kitchen clear for cooking and entertaining. A larder is typically the same premise but at a lower temperature for keeping ingredients cooler, not refrigerated – just cooler.
A good size for a kitchen pantry is one that works within the space, no matter how generous or how small. A successful pantry is not just about the size. ‘Kitchen storage is personal,’ says Alex Main at The Main Company. ‘Every household will differ so it’s important to firstly consider what you will be storing before you design your larder or pantry.’
‘If you need space for wine, for example, think about integrating some dedicated wine shelving into your larder. Or if you would like to keep your small appliances out of sight, consider space for your toaster, kettle and coffee machine to be neatly tidied away.’
For kitchens slightly more limited on space, consider opting for a breakfast pantry which can be easily adapted to fit in most sizes of kitchens. ‘Smaller than a walk-in pantry, a breakfast pantry is a great place to hide all the everyday chaos,’ says Tom Howley. ‘Choosing doors with bi-folding action gives neater, more usable access to the contents of the cupboards without blocking other cabinets. The space inside is expansive, often with work surface space for smaller appliances such as your kettle and toaster. It’s also a great place to store your cereals, crockery, tea, coffee and cookbooks.’
With small kitchen layouts a slim, vertical pantry is best. This gives the freedom to slot a small pantry in beside the fridge or between supporting walls and cabinets. If you wish to create more of a larder feel choose a colder area of the kitchen. Consider a countertop design when space is tight. Or go for freestanding to allow for movement.
‘Even in the smallest of kitchens, it is easy to insert a freestanding piece, meaning you don’t have to commit to a total kitchen refresh if a pantry is what you’re after’ says Nerine Vacher, Kitchen Designer at Neptune.
The post 28 kitchen pantry ideas for the most stylish storage around appeared first on Ideal Home.
