04 January 2017

Posted by Discount Insurance on Wednesday, January 04, 2017
Share this on

From mortgages and savings to tax returns and insurance, here are our top tips on saving money in the 2017.


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!