• 02Feb

    Mortgage market success – Tips from the experts

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    The current financial turmoil is making it difficult for first time buyers and mortgage holders to get on top of their finances. Unbiased.co.uk asked its expert panel of professional advisers for tips to make the mortgage market work for struggling Brits. 

    • David Penney from Invest Southwest says that securing a credit rating is a priority. To do so, consider taking out a couple of credit cards and use them for spending, making sure you clear them every month. “A good credit rating will not only help secure a loan, it will help secure the best mortgage deals.” 
    • Likewise, it is important to review your own credit rating. James Carter from Independent James advises to check that all credit you have is up to date and registered correctly via the credit reference agencies. 
    • Bob Riach from Riach Independent Financial advisers argued that having the required paperwork ready is also a good idea. In his opinion, there are certain documents that are essential such as Proof of ID, P60, last 3 months of payslips, last 3 months of Bank Statements, full documented details of any other income and full documented details of any loans & Credit Cards. 
    • For those who are already paying a mortgage, Jane King from Ash-Ridge Private Finance recommends having “the mortgage reviewed if you are currently on your lenders SVR.” According to King, with fixed and tracker rates at historic lows, it should be possible to pick up a much more competitive mortgage and consider offsetting if your savings are languishing in an account earning little or no interest. 
    • Getting financial advice is the top tip given by Paul Davison (J M Glendinning (Life & Pensions) Ltd). From his perspective, people should look to be realistic about affordability and look to budget before even starting to view properties. “Speaking to an independent adviser will help clients whether they are first time buyers or home movers to find an achievable budget and work out borrowing capacity”.

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  • 31Jan

    Ideas to reduce your fuel consumption

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    Petrol prices have almost doubled in only 11 years and the current costs are set to rise further. Paying less for petrol might be unavoidable, but spending less on fuel is perfectly achievable.

    A new survey published by Hastings Direct has found that one in three UK motorists have considered switching to a Hybrid or Electric as their next vehicle and one in five have even thought about simply not having a car anymore if petrol prices hit £2 per litre.

    Many Brits are using their car less and less, but if there are situations in which you have to use the car, there are ways to reduce your fuel consumption;

    Keep going – It takes much more fuel to get a vehicle moving initially than it does to keep it moving. Therefore, in certain situations such as traffic jams, try to move at a slow pace rather than speeding up and stopping again after a few metres.

    Air conditioner savvy – Using your A/C at lower speeds will make you increase your petrol consumption, whereas using it at higher speeds will actually be more energy efficient considering the wind resistance from open windows at fast speed. Next time you want to cool your car down, think about whether it is better to open the windows or turn the A/C on. It all depends on the speed…

    Tyre pressure – Again, your car conditions affect your fuel consumption. For instance, under-inflated tyres have more rolling resistance, and this means that the engine will need to burn more gas to keep the car moving. Buy a reliable tyre gauge and check your tyres once a month.

    Speed down – The faster you drive, the more fuel is burned. By decreasing your speed you will realise how your fuel economy increases exponentially.

    Dirty air filter – When your air filter is not clean enough, it may affect your overall car performance, increasing the fuel consumption. To check whether it is dirty, take it and hold it up to the sun. When you can’t see the sunlight coming through, it means it is time to change it.

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  • 27Jan

    Saving tips for young adults

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    Young Brits are increasingly viewing the “culture of debt” as a normal part of their student life. However, there are always good ways to save some money.

    Data released by money education charity Credit Action has published new figures regarding the financial status of today’s university students;

    • Almost two thirds (65%) of youngsters planning to apply to university said they were concerned about their ability to manage and cope with money and finances at university. 
    • Almost half of them (46%) admitted they have never had discussions with parents or relatives about personal finance and 27% had never received any form of financial education. 
    • Consequently, 27% of respondents mentioned financial issues something which was putting them off the idea of university and only 10% spontaneously cited “getting into debt” as a fear. 

    Saving money tips 

    Pay off your student loan ASAP; the interest that you will have to pay from your student loan (between 5 to 6% interest rate) will cost you more than whatever money you aim to save. Therefore, prioritise the repayment of your student loan and try to pay off big chunks of it if possible. That will represent fewer months of paying expensive interest payments. 

    Save one third of your income; although prices are rising and incomes are freezing, financial experts say that saving up to a third of your income is the ideal goal. Despite the fact that doing that will not always be possible, it is something you should aim for whenever you have a more stable financial life. 

    Don’t wait too long to invest in your future; waiting for a healthy economic situation is something that could take decades – there is always something that will make you spend extra money. Because of this, start investing in your future now by setting up a retirement account. You can start adding only 2% of your income and increase the amount in the future when you enjoy more financial freedom. 

    Tips to set up an emergency fund 

    Save money on food

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  • 25Jan

    Golden rules for reducing your debt in 2012

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    According to new research, 26% of Brits will turn to credit cards in 2012 and 9% will rely on them to make ends meet. Will it be possible to rid yourself of debt entirely this year though?

    Recent research commissioned by price comparison site Gocompare.com revealed that the majority of Brits will have debt problems this year, as well as difficulties with saving. In fact, 15% of UK families feel they may not be able to save at all.

    “It is clear from our research that a huge number of people are already expecting 2012 to be a ‘year of debt’ so it’s important that they take action now, rather than allowing interest to add to their financial burden,” said Jeremy Cryer, Gocompare.com’s Head of credit cards.

    The following three golden rules could help you to ditch your debt in 2012;

    Pay as soon as possible – the first rule to avoid debt is to pay your bills and statements as soon as they arrive. The earlier they are paid, the less interest will be added to your outstanding balance due to debt.

    Pay more than the minimum repayment – when you have to repay your credit card debt, aim to pay more than the minimum amount required. Card issuers add interest to any outstanding balance, which means that the longer you take to repay the debt, the more money you will owe.

    Interest free credit card – if you are relying on credit cards to pay for your everyday expenses, switch to a card with an extended interest free period on balance transfers. That will prevent you from paying too much interest. Otherwise, a low interest credit card will always be a good idea if you are unable to repay part of your debt on time.

    For more ideas on ways to save money and reduce your personal debt, take a look at the following;

    What to do when you are already in debt? 

    Ways to Reduce Your Personal Debt

    How to Keep Your Finances Secure

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  • 23Jan

    Tips for selling your home in the winter

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    Whether it is due to the lower temperatures or the shorter days, new figures demonstrate that winter is a low-point for property sales. How can you increase your chances of selling your home in winter?

    NAEA’s President, Wendy Evans Scott, sees the low winter sales as an opportunity, arguing that as well as there being fewer homes for sale in the winter, there are also fewer buyers “which means less competition for both parties.”

    “While the number of properties available remains reasonably stable, the winter months can provide an opportune moment for buyers to focus their property search.  For those willing to brave the chill, the winter market can also bring a greater sense of commitment from both sides to complete the sale,” said Scott.

    Here are some considerations that winter house sellers should keep in mind;

    Strive for a good first impression: the outside of your house will be the first thing potential buyers see. This is why it is essential to ensure that your property looks clean and appealing from the outside. Paint any weather-beaten walls and replace any frost-bitten plants to maintain a high standard of aesthetic appeal.

    Keep buyers warm: attract potential buyers by offering them warm refreshments when they enter the property. They are likely to respond well and immediately view the property as a warm, comfortable environment.

    Warm it up: winter is cold enough, so when people come to view your house it is a good idea to make sure it is both warm and comfortable. It will also demonstrate that the heating system works effectively, which is something most buyers will consider important. 

    Lights on: as well as keeping it warm, make sure your house is sufficiently lit up. Everybody loves a well lit home, so make sure all lights are working properly before a visit comes. If you can also demonstrate that you have some functioning security lights, this could be a real asset.

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  • 19Jan

    How to save money on tax

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    Filing an online return is a process which frustrates many Brits year after year as they look for ways to simplify the process and potentially save money.

    However, according to pension and investments provider NFU Mutual, numerous taxpayers could be losing out on pension tax relief.

    With the deadline for filing online tax returns fast approaching, now is definitely the right time to make the most of tax rules and ask for your tax return.

    Personal finance specialist at the Mutual, Sean McCann, has given some tips to Brits looking to save money on their taxes by making the most of current legislation.

    “Between now and the end of the tax year there are opportunities for people to get their finances in order and make the most of tax rules and legislation which could lead to some substantial savings,” said McCann.

    Pensions

    According to McCann, many higher rate and additional rate taxpayers are missing out on the full 40% or 50% tax relief on their personal pension because they don’t include it on their tax returns. His tip is to backdate your claim for tax relief on pension contributions made up to four years ago. “This is a simple way to claw back the tax owed to you.”

    Taking money out of an investment

    Tax implications involved in investments demand a “closer look at their finances to make sure they’re making the most of tax opportunities”. McCann reminds people that the impact of Capital Gains Tax can be minimised if families – particularly married couples – use their individual tax entitlements effectively.

    Giving money away

    Some gifts can be made without paying any tax at all. In fact, everyone is entitled to give away a total of £3,000 each tax year completely free from inheritance tax. Any unused aspect of last year’s entitlement can be carried forward too. Therefore, McCann advises you to combine both this year’s and last year’s entitlement to give away a more substantial sum.

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  • 17Jan

    Energy saving tips

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    Starting yesterday and lasting until the 21st of January, ‘The Big Energy Week’ aims to help people save money on their fuel bills.

    “We know that a lot of households are struggling to cope with rising energy costs. Many people could cut their gas and electricity bills by moving to a better deal with their existing supplier, switching to another supplier altogether, or by taking up home insulation offers,” said Energy and Climate Change Secretary, Chris Huhne.

    “But we need to make sure consumers are aware of this and make it easier for them to take action to save money. That is why I am backing Big Energy Week. We want to get the advice and information out to as many consumers across the country as possible,” Huhne added.

    How to make your energy bill cheaper?

    • Compare tariffs in the different energy providers and shop around for the best deal – switching websites could help you on this. By switching suppliers, you could save up to £200 off your annual bill.
    • Check that you are not paying too much for your current tariff – if you haven’t switched providers for a while, it is likely that you ARE paying too much.
    • Find ways of reducing the costs: paying via a monthly direct debt could reduce costs. Additionally, check that you are not missing out on any benefits or tax credits that could increase your income, the Citizens Advice Bureau could help you with this.
    • By insulating your home, you could save up to £120 per year on heating. Ask your supplier if you are eligible for a discount.
    • Turn the temperature down. Certain habits such as turning your thermostat down 1°C or switching lights/appliances off at the wall when not in use could also help to save energy.

    Related articles:

    Save over £1,000 on energy bills 

    Keep your house warm this winter

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  • 13Jan

    5 tips to improve your credit score

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    With the number of Brits applying for credit rising every day, improving your credit score is the first thing you should aim for in order to ensure your pay loan request is successful.

    “Each lender applies their own criteria when processing an application, and it is almost impossible to second guess when applying. Consumers need to be savvy and understand what they can do to minimise the risk of being rejected,” said Tim Moss, head of loans and debt at MoneySupermarket.com.

    “If you know your credit score is less than perfect, or you don’t have much of a credit history, there are steps you can take to improve your rating and increase your chances of getting a loan.”

    Check your credit report - It is important to check what your credit report shows and correct any mistakes that could decrease your credit score. Statutory credit reports can be purchased for just £2, check the top credit reference agencies -Experian, Equifax and Call Credit- to make sure the information is the same.

    Always pay on time – Missing or late payments will leave a black mark on your credit score. Make sure you pay on time by using direct debit or a standing order.

    Close unused cards – Financial companies pay more attention to the total amount of credit available to individuals, rather than to the amount they owe. Therefore, to have a clear credit score it is essential to close down those accounts that are not in use.

    Stick to your credit limit – Exceeding or staying close to your credit limit could be taken as a sign of financial stress, so keep always below the boundary is possible.

    Register to vote – Many companies use the Electoral Roll to fight identity fraud so make sure you’re registered on the Electoral Roll at your current address, or your application will be declined even if your credit record is clean. You can register online.

  • 11Jan

    Tips to set up an emergency fund

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    The majority of British people think that ‘failing to save enough’ was their biggest financial mistake in 2011, replacing the previous year’s biggest regret of ‘not paying off more debts’.

    New research by savings bank first direct revealed that a failure to save enough money is now what frustrates Britons more than anything else.

    • However, British customers can improve their saving skills by following these pieces of advice:
    • Analyse your financial habits including where your excess money goes and where you can make savings. Set a realistic weekly budget to follow every week. Once you know how much you have to spend, stick to that.
    • “As a general rule it is advisable to have 3 month’s salary set aside in accessible savings for a rainy day,” said Bruno Genovese, Head of Savings at first direct.
    • When looking for savings accounts, shop around for competitive rates to make sure you are making the most of your money.
    • To avoid being tempted to spend money as soon as you get paid, set up a monthly standing order into your savings account. By doing so, you will get into the savings habit and won’t skip a month in savings.
    • In addition to a long-term savings account, open an easy-access account. It will let you access it in case of emergency.
    • If you have an extra expense due to leave your account in the future such as a holiday or a specific fee, set aside a small sum each month into a separate savings account. Do the same for special treats and avoid using your emergency fund in such cases.
    • Payday loans UK could also help to obtain extra cash for some of these expenses.
  • 09Jan

    Economic predictions for 2012 paint a bleak picture

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    The Centre for Economics and Business Research has published its top ten financial predictions for the year ahead.

    As the New Year arrives, Douglas McWilliams – Chief Executive at Centre for Economics and Business Research – revealed their top ten predictions for 2012;

    • The euro will begin to break up. “It is not a done deal yet – we are only forecasting a 60% probability – but our forecast is that by the end of the year at least one country (and probably more) will leave,” said McWilliams.  
    • Depending on how effectively the Euro is managed, McWilliams suggests that “European GDP will decline by between 0.6% and 2%, leading to a modest to severe recession in the West possibly excluding the US.”
    • McWilliams feels that “the strength of profitability and the applications of technology” will drive US growth in 2012. 
    • “It is going to be another tough year for UK households, with the squeeze in 2012 being likely to come from reduced income growth. A number of families will turn to payday loans,” suggests McWilliams.
    • Inflation will fall sharply; McWilliams says that the CEBR “expect lower commodity prices, affecting especially food and petrol.”
    • “I would expect to see most of the French and German banking systems bailed out to compensate for the downs on their sovereign debts,” states McWilliams.
    • “We (the CEBR) predict that Chinese growth will slow to a bit over 7% – which for them is a recession and India to 6%,” says McWilliams.

    “On our actual top 10 for 2011, we got it right on most (issues). The predicted euro zone crisis emerged as expected; economic growth slowed down worldwide and in the UK; but Germany was not the Western economic superstar – though it did better than some,” McWilliams said.

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