The household bills you'll pay as a homeowner

October means darker nights, Halloween and turning the heating on! If you’re anything like us we’ve been avoiding using the heating at home for as long as possible, but October 1st is also the first instalment of the Energy Bill Support Scheme. For the next 6 months, households will receive £400 off their energy bills to help families throughout the winter period. This non-repayable discount will no doubt come in handy to millions of households who have been concerned about their monthly bills.
With the cost of living increasing across the board, it’s important to understand each monthly bill that you have to run your home. When moving home you calculate your mortgage repayments but what about everything else? Let’s have a look at the other monthly outgoings that you should consider to ensure you can afford your home and lifestyle.

Council Tax – The amount you pay for council tax can differ greatly from house to house. Each home is classed into a different band by your local authority. You can find your band and council tax charge on your local authority’s website. Don’t forget, you can receive a discount for single occupancy.

Gas & Electric – We have all been scared to look at our energy bills recently but to help keep your bills as low as possible you should speak to your energy supplier to see their best tariff, give regular meter readings and try to lower your consumption by being more energy efficient throughout your home.

Water Rates – The average water bill increased to £419 a year in 2022. If you choose to calculate your water usage unmetered a set rate is decided by your home’s ‘rateable value’ based on your home’s size and location. The alternative method is metered where you are billed for the amount of water you actually use.

TV Licence – A TV licence covers you to watch or record on any channel via any TV service, you can watch live on streaming services and use the BBC iPlayer. The cost of a TV licence is currently £159 per year.

TV, Broadband & Phone – To lower your TV, broadband and phone bills decide which channels you really use and need. Shop around for the cheapest deals and look at packages to pay one total monthly bill.

House insurance – Whether you rent or own a property you’ll need insurance. When you own a home you will need to get buildings insurance to cover the cost of repairs or rebuilding the structure of your home. You will also need contents insurance to cover your possessions within the home.

Life Insurance – Life insurance is important as it protects your family and leaves them with a non-taxable amount at the time of death. The average cost of life insurance in the UK is approximately £8 per month for every £100,000 worth of coverage you need.

Looking at your household bills will set out how much it costs to run a home, ensuring you’re not paying more than you need, wasting hundreds of pounds every year. If you have questions about a new mortgage or are looking to remortgage you can contact our Mortgage Advisor, Kyle on 01633 870777.