Banks want to lend you a bigger mortgage - but is that a good idea? This is Money podcast
Is this a welcome easing of the too tight rules to suit people's needs or the start of a recipe for financial disaster?
On this week's podcast, Georgie Frost, Lee Boyce and Simon Lambert dive into the world of mortgages and look at whether lenders are coming up with a solution or creating more problems.
Is this a repeat of the heady days before the financial crisis, have stress tests helped borrowers avoid the stress of rising rates, and would you even want a seven times income mortgage?
Plus, is the Bank of England about to aggressively cut interest rates in the wake of Donald Trump's tariff chaos.
Also on this episode, why our retirement expert Sir Steve Webb is loving his new solar panels and how to work out what kind of investor you are and how much risk you should take.
And finally, a definitive list of the 50 best British cars of all time has been released, do you agree with it?
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Daily Mirror
7 minutes ago
- Daily Mirror
'I moved to Dubai for luxury - the reality was very different'
Natalie Goodall, 32, was offered a golf coaching job in Dubai aged 18 after completing internships at a golf school there A British woman who relocated to Dubai has returned to the UK after years of gruelling 80-hour working weeks, claiming the glamorous city offers "no work-life balance" despite increasing numbers of Brits flocking there. Natalie Goodall, 32, was offered a golf coaching position in Dubai aged 18 after completing internships at a golf school there. She seized the opportunity - initially staying with a mate and then various relatives before securing her own flat in Damac Hills. She spent years living in the seemingly perfect and opulent city, which now houses celebrities including Amir Khan and The Beckhams. According to The Telegraph's figures, 30,000 Britons relocated to Dubai in 2021, climbing to 35,000 in 2022 and 40,000 in 2023. However, for Natalie, the Dubai way of life became overwhelming - as the city's "business model" didn't accommodate "work-life balance". Following years of enduring 80-hour, six-day working weeks, Natalie returned to the UK in 2019 and has now made her home in West Parley, Dorset. Whilst she adored Dubai and mentioned she'd return for breaks, she indicated she's doubtful about moving back permanently. As masses of Brits choose to emigrate there with lofty expectations of lavish living and non-stop entertainment, Natalie believes that Britons arriving with such high hopes "may be disappointed." Natalie, now a self-employed PGA professional, said: "I never saw myself leaving Dubai - I was working at one of the best golf schools in the world. And the city was absolutely stunning, on my day off I went down to the beach and when you let your hair down you could have a bloody good time. "But afterwards you'd look at your bank balance and think 'oh crap'. But the business model out there - there is no work-life balance. "I was coming home to my partner after 12-hour days, at 9pm, and I could barely hold a conversation because I'd be so tired. In my last year I told him 'I can't do this' - you know when your time is up. It's a very glamorous place and I can see moving there is a trend - but everywhere has its downfalls." Natalie initially travelled to Dubai at 18 for several work placements with a golf academy. At 21, she secured a permanent assistant coaching role there whilst studying for her PGA (Professional Golfers' Association) qualification to become a certified instructor. Initially, she shared accommodation with a mate from school before her mum and dad relocated there when her father, employed in the petroleum industry, received a job transfer - prompting her to move in with them. Following two years, she began renting her own flat with financial help from her parents, as she found it difficult to afford the deposit. She would spend her single weekly day off on Mondays either relaxing by the seaside or exploring Dubai's spectacular attractions to maximise her time in such magnificent surroundings. Natalie said: "It was amazing - the weather was like being in Spain even in winter. I got to see the Opera House, lots of concerts and stayed for my birthday in the Burj Al Arab hotel, which was so cool. The golf courses were unbelievable too and the food and service was amazing." At the time, she was earning the equivalent of roughly £25,000 to £30,000 annually - but Dubai's steep living costs meant she couldn't fully embrace the lavish lifestyle many people imagine. She explained: "It was not sustainable. I was just making money to survive - in the service industry you were worked very hard. I was working six days a week and I couldn't afford to reduce my hours." After meeting her fellow expat boyfriend Will Coan, 34, in 2017, the couple moved in together, but Natalie began to "spiral". She explained: "You can feel yourself, your work and time management aren't as good, your diet goes out the window. I never saw myself leaving Dubai, but it's not sustainable - as I got older, I started to think, how the bloody hell will I have a life here? It's not on an individual person - it's just the business model out there." In September 2019, she relocated from Dubai back to the UK and secured employment in Guernsey, after obtaining the necessary golf qualifications to become a coach. Nine months later, Will, who worked in a role in food manufacturing, completed his contract and returned to the UK as well. Now happily settled in West Parley, Natalie admits she'd only consider returning to Dubai, where her parents still reside, for a holiday. She insists it would take "a huge number" salary offer to tempt her back permanently. She suggests that the surge of Brits heading to Dubai for a better life might not be ready for the reality. She said: "I think there are people moving because they've been on holiday there and say 'screw it, I'll live here'. It's like a trend - in the same way Ellen DeGeneres moved to The Cotswolds. "In Dubai, it is a glamorous place, but it can be unglamorous in certain situations. You have to look at the opportunities and weigh up if it's right for you. If you go with high expectations, you might be disappointed."
Daily Mirror
an hour ago
- Daily Mirror
'Delicious' M&S afternoon tea shoppers can have delivered for £5 with deal stack
Foodies looking to mark Afternoon Tea Week, August 11-17, will be pleased to know that they can get the M&S Afternoon Tea Letterbox Gift for just £5 An afternoon tea is such a quintessential part of British culture that it even has its own appreciation week. And from today, Monday, August 11, until Sunday, August 17, finger food-fans can pick up an M&S Afternoon Tea letterbox gift for £5. While there's still much debate about whether the cream or jam should go first, there's one thing that's certain - you're unlikely to find an afternoon tea cheaper than this clever deal stack. While the box usually sets you back £20, including UK-wide delivery, savvy shoppers have discovered a way to get it even cheaper, courtesy of a money-saving website. This box of delights will be delivered straight to shoppers' homes and includes a selection of cakes, biscuits, and teabags. The sweet treats on offer include all-butter shortbread fingers, carrot and walnut cakes, Victoria sponge cake, and Millionaire shortbread bars. 'I'm trying to cut down my alcohol intake and this 99p low-calorie drink converted me' Harrods beauty advent calendar returns after fragrance one sold out in 48 hours TopCashback is offering a free £15 bonus to all new members when they sign up, plus a percentage back on all qualifying purchases from thousands of retailers, including M&S. This means that new Top Cashback members making their first purchase at Marks and Spencer will effectively bag the Afternoon Tea Letterbox Gift for a mere £4.67 after cashback. Meanwhile, existing M&S customers who are new TopCashback members can get the Afternoon Tea Letterbox Gift for just £4.83 after cashback, reports Wales Online. M&S is not the only retailer celebrating by offering shoppers a way to get the essentials at home to mark the occasion. Artisan baker Cutter and Squidge's afternoon tea home delivery range starts from £29.99 and includes a picnic-friendly tea perfect for taking out on a sunny day. Meanwhile, if you're more a fan of biscuits than cakes, luxury hamper brand Cartwright and Butler has unveiled a £20 afternoon tea selection packed with biscuits and in an eye-catching tin. Elsewhere, home bakers looking for new inspiration - or an unusual gift - can snag Wonderbly's newly launched illustrated personalised baking book, which is packed with recipes for delicious treats. But if you'd rather get out and about and let other people do the prep, Wowcher has up to 68% off thousands of afternoon teas up and down the country. M&S is not the only retailer celebrating by offering shoppers a way to get the essentials at home to mark the occasion. Artisan baker Cutter and Squidge's afternoon tea home delivery range starts from £29.99 and includes a picnic-friendly tea perfect for taking out on a sunny day. Meanwhile, if you're more a fan of biscuits than cakes, luxury hamper brand Cartwright and Butler has unveiled a £20 afternoon tea selection packed with biscuits and in an eye-catching tin. Elsewhere, home bakers looking for new inspiration - or an unusual gift - can snag Wonderbly's newly launched illustrated personalised baking book, which is packed with recipes for delicious treats. But if you'd rather get out and about and let other people do the prep, Wowcher has up to 68% off thousands of afternoon teas up and down the country. If all of that seems rather demanding though, M&S' Afternoon Tea Letterbox Gift arrives directly to your doorstep and has received glowing feedback from shoppers, boasting a satisfaction rating of 4.8 from over 5,000 reviews. One delighted customer praised it as the 'perfect gift'. They continued: "All the cakes and biscuits were fresh and tasty. I thoroughly enjoyed it. The box arrived on time-although the box was slightly squashed, nothing was damaged." Another shopper complimented the present but highlighted a worry about how long the cakes would last: "Bought for a gift, looked lovely, nicely packaged. The only drawback is the dates on the cake. When it arrived, the dates were that we only had a week to use it." A separate customer commented: "Bought as a present for my sister, she was very pleased with the contents, which arrived in good condition and had a good selection of cakes with plenty of time on the use-by dates. Very happy with this purchase." Yet another shopper shared their lovely experience: "I ordered the afternoon tea letterbox to be sent to my daughter on a specified date. The box arrived on the date, and I was kept informed regarding the delivery time. It was well received, and the contents were delicious. The recipient was delighted." The Afternoon Tea Letterbox Gift Contents:. Victoria Sandwich Cake (75g) x 2 Millionaires Shortbread Bar (50g) x 2 Carrot Cake with Walnuts (75g) x 2 All Butter Shortbread Fingers (84g) All Butter Milk Viennese Chocolate Dipped Fingers (135g) Luxury Gold Tea Bags (16 Bags) Victoria Sandwich All Butter Milk Viennese Chocolate Dipped Fingers Millionaires Shortbread Carrot Cake Walnuts All Butter Shortbread Fingers How to get an M&S afternoon tea for £5 with TopCashback: Sign up as a new member at TopCashback for free via this link. Search for M&S on the site, click through and buy the item normally. Get £15 cashback when you spend £15 or more. The cashback will appear on the TopCashback 'Earnings page' within seven days of purchase.
Daily Mirror
2 hours ago
- Daily Mirror
Money decisions to make now for a better 2026 - from inflation to savings and spending
It may seem too early to be thinking about next year, but when it comes to your finances, the decisions you make today could set the tone for the rest of your life. From grasping the concept of inflation to mastering your savings strategy, financial share six essential steps for a more prosperous 2026. It might feel premature to consider next year, but in the realm of personal finance, today's choices could shape your financial future. For those aiming to replenish their savings, delve into investments, or simply understand the financial forecast for the coming year, the consensus among experts is clear: taking action now can have significant benefits. In other news, state pension warning for millions of Brits who are between two specific ages. Here are six proactive measures you can take to ensure a financially brighter 2026. READ MORE: 'I switched my perfume to a cheaper alternative - and I've never had so many compliments' Clarify your financial goals Managing money without clear objectives is like navigating without a map. Determining your financial intentions is a crucial step in 2025. "Write down your own financial priorities in life – whether it is being debt free, helping your children, or having enough money to retire – and allocate a specific amount of your disposable income to these priorities," advises Iain McLeod, head of private clients at St. James's Place. McLeod suggests seeking professional advice if you're uncertain: "Seek financial advice to ensure that these savings are working harder for you – from a taxation and investment perspective." "The worst move is to do nothing," he warns, "the second worst move is to follow a flow chart – everyone's circumstances are as unique as their fingerprint," he explains. Deciding whether to save, invest, or spend It can be tricky with inflation still above the Bank of England's target and interest rates at 4.25% and it might feel like a dilemma between hoarding cash and splurging on big-ticket items before prices climb further. However, trying to time the market or predict interest rate moves is not the key. "The best approach is to focus on what you can control," advises McLeod. He explains: "Once you have balanced how much you would like to spend and how much you can afford to save, you are in a stronger position to commit savings to longer-term investments. This provides the foundation of a longer-term plan, which can be resilient against shorter-term shocks in the markets." Or as James Ballinger, a financial planner at TrinityBridge, succinctly puts it: "2025 is no different from any other time [...] Generally, if you are younger in age or still haven't reached financial independence, you should be looking to maximise savings and investments – whilst still enjoying life!". Start with what you already have For those just starting out with investing, it's important not to be swayed by market fluctuations or the allure of quick profits. Instead, consider what financial arrangements you already have. "The best area to start is always with cash," suggests McLeod. "How much do you need readily available at the bank for emergencies such as house repairs, large expenditures such as holidays, or simply an amount that gives peace of mind?". Long-term objectives should guide your financial strategy. "Start with the end in mind – how much do you realistically need to save in order to meet your retirement goals?" he advises. He also emphasises that "diversification should be a core principle [...] it is generally the safest way to achieve longer-term investment goals". Ballinger concurs that saving mechanisms can be straightforward. "ISAs and pensions are both tax-efficient ways to save for the future," he notes, adding that "more basic than that, having a separate bank account that you earmark for saving, can help to avoid overspend." Rebuilding your savings without feeling skint Replenishing your savings doesn't have to entail giving up all life's pleasures if you've recently tapped into them. "A lot of planners will talk about 'paying yourself first'," Ballinger mentions, referring to the practice of automatically transferring money into savings as soon as you receive your pay. "This creates discipline and forces you to adapt to your remaining budget through the rest of the month." Budgeting tools can be beneficial. Ebony Cropper, a money-saving expert at Money Wellness, recommends using banking apps or online resources to monitor your spending habits. "People are often surprised to find they're spending hundreds a month on things they don't actually need, like forgotten subscriptions, daily coffees or impulse buys. Just cutting £5 a day could save over £1,800 a year," he says. Don't overlook the upcoming changes set for 2025 and beyond The financial landscape is ever-evolving, with tax thresholds and pension rules among the areas subject to change – and not always to your advantage. "The 2024 autumn Budget introduced a number of changes that could impact savers in the future," McLeod points out. He highlights that Capital Gains Tax has increased, and from April 2025, the Stamp Duty threshold in England and Northern Ireland will be reduced from £250,000 to £125,000. "First-time buyers will also be impacted, with their stamp duty threshold dropping significantly from £425,000 to £300,000." McLeod further warns that "unused pension funds and death benefits will be included in the value of a person's estate for Inheritance Tax from 6 April 2027." He advises those affected to consult a financial adviser without delay. Ballinger anticipates another government Budget this autumn and suggests, "we may see further changes to tax then". Take advantage of existing schemes and benefits However, it's important not to panic about future changes. There are still many government schemes and benefits that remain underutilised. Cropper reveals that "Over £23bn in benefits goes unclaimed every year," She explains that even higher earners might be eligible for support based on factors like childcare or housing costs. "Someone earning £30,000 with two kids and high childcare costs could be entitled to hundreds of pounds in support." She also encourages people to explore cashback schemes and to verify their tax code, cautioning that "errors can cost you hundreds". For individuals with limited resources, she advocates the Help to Save scheme as a smart choice: "Save £50 a month and you'll get £600 in bonus payments over two years – and £1,200 if you keep it going for four. That's a 50% return, completely risk-free." The financial habits you establish today – from more intelligent budgeting to savvy use of tax wrappers – will yield dividends not just in 2026, but for many years to come. As McLeod puts it: "The best time to plant a tree was 20 years ago. The second best time is now."
