From
mortgages and savings to tax returns and insurance, here are our top tips on
saving money in the 2017.
Mortgages
2016 was a
pretty good year for many people taking out a mortgage, with record low
fixed-rate home loans on offer. Last
month however, HSBC withdrew its very competitive 0.99% two-year fixed.
Mortgage
rates will almost certainly rise in the coming months according to financial
experts, and mortgage-holders should consult their advisers now about fixing
their rates before increases occur.
The best-buy
two-year fixes include Norwich & Peterborough building society’s 1.39% deal
(maximum loan-to-value of 65%) and Yorkshire building society’s 1.44% rate
(maximum LTV of 85%), according to Moneyfacts.co.uk.
For
five-year fixes, rates start at 1.99% from Leeds building society. If you have
a 10%-plus deposit you can fix for five years at 2.99% courtesy of West
Bromwich building society.
Energy bills
Two-thirds of
UK households are estimated to be on their energy supplier’s ‘standard’ gas and
electricity tariff and could therefore be overpaying by £200 year – more if you
live in a large house.
Our advice
would be to switch to a fixed-price tariff – it can take as little as five
minutes to switch.
Co-Op Energy
is currently offering an £850-a-year fixed price tariff that runs until
February 2018, Moneysupermarket also has an exclusive deal with Flow Energy
which is a fixed tariff until the end of March 2018 and costs an average of
£877 a year.
Direct debits
Check your
monthly direct debits! Are you still paying for something you thought you had a
cancelled?
It’s
surprising how much this catches people out. Are you still paying for an old
gym or AA membership you no longer use? Check all of your monthly direct debits
and standing orders and cancel any you no longer require!
Tax Returns
Last year
890,000 people were fined £100 for completing their tax return late, plus the
addition of punitive interest on the money owed.
If you still
haven’t filled it three months after the 31 January deadline then the fines can
add up even more, with daily penalties of £10 per day, up to a maximum of £900
added.
Don’t throw
your money away – get it in on time!
Home Insurance
Renewing
year after year with the same insurer can lead to you paying through the nose
for your home insurance when compared to the prices elsewhere on the
market.
Before you
renew with your current insurer, get a quick quote on your home insurance from Discount Insurance and we’ll try
and save you money on your existing premium!
