Martin Lewis's top items to buy cheaper on holidays abroad
Speaking on his BBC Sounds podcast on Sunday's (11 May) episode, the Money Saving Expert founder revealed which common items holidaymakers can bring back for a much cheaper price than they are in the UK.
Lewis shared a submission from one of his listeners, who said they bought bottles of wine from Spain for almost £100 cheaper than they are sold for in a UK supermarket.
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Metro
7 hours ago
- Metro
Martin Lewis shares unexpected need-to-knows when applying for a mortgage
Even if you've run the numbers, checked your eligibility and saved up a healthy deposit, a lender can still reject your mortgage application — and they aren't always forthcoming about why. In the latest edition of his newsletter, Martin Lewis shared a video to demystify the criteria, detailing three 'big things' loan acceptance hinges on: affordability, property type and credit. While prospective homeowners should be au fait with these three key factors already, the Money Saving Expert founder included a few extra nuggets of wisdom you might not be aware of. So if you want to make it through the 'mortgage maze' and buy your dream home, this is what to keep in mind. Martin calls affordability the 'most important' part of a mortgage application decision. You can access completely fee-free mortgage advice with London & Country (L&C) Mortgages, a partner of Metro. Customers benefit from: – Award winning service from the UK's leading mortgage broker – Expert advisors on hand 7 days a week – Access to 1000s of mortgage deals from across the market Unlike many mortgage brokers, L&C won't charge you a fee for their advice. Find out how much you could borrow online Mortgage service provided by London & Country Mortgages (L&C), which is authorised and regulated by the Financial Conduct Authority (registered number: 143002). The FCA does not regulate most Buy to Let mortgages. Your home or property may be repossessed if you do not keep up repayments on your mortgage. Sounds obvious? That's because it is. But many people don't realise how this is worked out, expecting a statistical calculation like those used by credit cards and loan providers. When it comes to mortgages, the process is far more thorough, as the lender needs to 'stress test' to ensure you can make repayments even if interest rates go up — and that means your recent bank statements being rigorously analysed. Although the odd trip to Greggs is unlikely to stop you becoming a homeowner, if you're 'close to the brink', Martin says it's vital to be as frugal as possible in the run-up to applying (ideally at least three to six months). This extra wiggle room between your income and outgoings could make all the difference. Certain properties – which Martin described as 'counter-normal' – are considered too risky for some lenders, so it's worth doing your homework on what's problematic before you put an offer in. Alongside homes with short leases, potentially flammable cladding or specific restrictions in the title deed, studio flats can be difficult to get a mortgage on, 'particularly if they're less than 35 square metres or not in 'prime' location.' This is because smaller units may be harder to sell or rent out in future, with different lenders having different rules on what they consider an acceptable size. It's a similar story for high-rise homes; exact stipulations vary, but lenders can be reluctant about anything above the fourth storey or in a building without a lift. In some cases, you may end up needing a bigger upront deposit or a specialist mortgage. Perhaps the most surprising thing that could lead to a rejection is the home being above (or sometimes even just near) a commercial premises. 'Whether it's shops or restaurants or even an office, that can affect you getting a mortgage,' Martin explains, adding that his former colleague was refused because the property he was trying to buy had a Nando's downstairs — a location any chicken fan would think is perfect. While many believe this to be the main thing lenders look at, Martin claims creditworthiness is in fact the least important factor overall. More Trending The bank will likely focus on specific elements such as whether you've defaulted in the past or you have any county court judgements against you, meaning a 'really bad credit history' can stop you getting a mortgage. However, the financial guru says: 'If you've done well on the affordability score and it's a good property, this probably won't totally kibosh things.' So although he recommends looking at your credit file to see where you can make improvements before you put in a mortgage application, remember it's not the be all and end all you probably assumed. Do you have a story to share? Get in touch by emailing MetroLifestyleTeam@ View More » MORE: Unclaimed premium bond prizes reach £100,000,000 – have you won big? MORE: My girlfriend thinks I'm a humble teacher — I'm secretely loaded MORE: Martin Lewis explains what the car finance consultation means for you
The Independent
10 hours ago
- The Independent
Martin Lewis gives major update on car finance scandal with £950 payouts owed
Martin Lewis has issued a major update in the landmark car finance mis-selling case that could see millions of drivers paid substantial compensation. The Financial Conduct Authority (FCA) has confirmed it is launching a consultation on a compensation scheme which it says could cost finance lenders up to £18 billion. A Supreme Court ruling on Friday (1 August) found that lenders are not liable for hidden commission payments in car finance schemes, a decision which means most of the claims will not go ahead, but only the most serious claims will be eligible for compensation. But many cases in a separate strand of the car finance mis-selling case, which was not part of the Supreme Court ruling, are still likely to receive payouts. The FCA is now urging those who believe they may be affected and have not already complained to do so now. Mr Lewis has launched a tool through his Money Saving Expert service to help people do this. Both he and the financial regulator are also warning people against signing up to a claims management company to support their complaint at this stage. This is because the redress scheme will like be automatic and require lenders to get in touch with those affected directly. If an agreement has already been made with a claims firm when this happens, the individual may have to pay up to 30 per cent of their compensation to them, despite the firm not needing to do any work. Here's everything you need to know about the situation: Am I eligible for the car finance compensation scheme? Mr Lewis explains that there are 'two strands' of the car finance mis-selling case. Discretionary Commission Arrangements (DCAs), which Mr Lewis says will be the main form of compensation to come out of the consultation, were not involved in the Supreme Court case, he said. 'The one most people have complained about wasn't involved in the Supreme Court decision, although it was on hold just in case anything in that decision caused a wobbler for DCAs,' Mr Lewis added. DCAs were banned in January 2021, so anyone with a personal contract purchase (PCP) or Hire Purchase (HP) deals before then, is likely to have unknowingly agreed to one. 'It is when you went to a car broker or dealer and it increased the amount of interest that you were charged to increase the amount of commission without telling you,' Mr Lewis explained. Those who had PCP or HP deals are 'likely to get compensation under this scheme'. But Mr Lewis notes that those who had 0 per cent interest, or whose commission was very small, are unlikely to receive compensation. But he says that for most people, the compensation will be in the hundreds of pounds. The other strand of the mis-selling case is the one element of the Supreme Court case which was upheld by the court - with the other two being dismissed. This refers to commissions which were 'manifestly unfair', Mr Lewis explained, adding that it is harder to define because it was done on a case-by-case basis. Factors in the payout may even include how vulnerable you are - and whether it is therefore seen as more unfair for the commission to have been so high. As this is done case-by-case and it is not a blanket issue like the DCA cases, it is unclear how the compensation scheme will work for these, Mr Lewis said. How much could I be compensated? The FCA estimates that most individuals making claims will receive 'less than £950 in compensation per agreement'. The final cost of a compensation scheme will depend on the final design which it takes, the FCA added in its statement earlier today. The first payments are forecast to be made in 2026. For DCA cases, the maximum you could receive is all of the commission you paid, Mr Lewis said. It is more likely you will be paid the higher interest rate you were charged minus the standard interest rate. A simple interest - meaning the interest is calculated on the original amount of the loan - of roughly 3 per cent per year will be added on top of the payout, Mr Lewis added. 'The very high likelihood is that many people who had a discretionary commission arrangement where they were charged more interest than they should have been will get back a chunk of that in the hundreds of pounds at some point in 2026,' he said. But the expert warned that the industry could 'fight this hard', before he urged industry members to accept the 'fair compromise'.
Daily Mirror
a day ago
- Daily Mirror
Pensioners warned 'act within month' to avoid winter fuel payment 'tax headache'
Pensioners who earn more than £35,000 of taxable income face being paid the cash sum - which is £200 or £300 - but will have to pay it back State pensioners have been warned they could be hit with a 'tax headache' with some discovering the only escape route is ditching their winter fuel payment altogether. Pensioners earning above £35,000 in taxable income are set to receive the cash boost - worth either £200 or £300 - but will be forced to hand it straight back to the taxman. Most people of state pension age automatically pocket between £100 and £300 towards their heating bills, yet HMRC will claw it back if your income exceeds £35,000. A tax expert has revealed people can dodge this awkward "tax headache" by simply opting out of the winter fuel payment, according to a top tax advisory firm. HMRC will either adjust your tax code for the 2026-27 tax year or slap the amount onto your 2025-26 self assessment tax return, reports the Express. But there's a catch - you must opt out by 15 September to sidestep this mess. John Havard, a consultant at Blick Rothenberg, explained: "The default is that any age qualified individual will receive the winter fuel payment." He warned that "wealthier" individuals earning over £35,000 will face a tax clawback, meaning they'll have to return their winter fuel payment to the Government. Given the complexity of this process - where just £1 above the £35,000 threshold triggers the clawback - those wanting a hassle-free life need to opt out before the deadline hits. "The default is that any age qualified individual will receive the winter fuel payment." How can you opt out of the payment? You can opt out of the payment on the website. You must live in England, Wales or Northern Ireland to do so. You can also contact the Winter Fuel Payment Centre via the telephone or post to opt out. You'll need to provide your name, address, national insurance number and date of birth. "But a "wealthier" individual with an income over £35,000 will be subject to a tax clawback, where the WFP they receive is required to be returned to the government. Given this will be a complex process, and just £1 of income above the £35,000 limit is enough to trigger a clawback, those in favour of a simple life will need to opt out of WFP before the deadline." However, there's a cut-off at £35,000 - anyone earning more won't receive the winter fuel payment. Mr Lewis explained that this relates to taxable income - and although savings are exempt, any interest earned on savings is not. For basic rate taxpayers earning under £50,270, there is a savings allowance of £1,000 tax-free - which means you could have £20,000 in a 5 per cent savings account and it would be tax-free. Anything above that counts towards your income, and one listener to Mr Lewis' BBC Podcast was concerned this would push her over the limit meaning she won't get the winter fuel payment. Caller Elaine, a state pensioner who also works part-time, reckoned she earns just under £35,000 but also receives savings interest and interest from her cash ISAs. She asked: "Will that be included in the total amount of income because if it does then it puts me over the £35,000 and I won't get it. Martin responded: "The first thing to say is the means test will be based on your taxable income for the current year that is 2025-6. It is all of your earnings that are subject to income tax. So that is any private pension income, any state pension income, any employment income, any savings interest outside of an ISA. The interest you get inside of an ISA doesn't count, the interest outside of an ISA does count. "We don't yet know if Premium Bond wins count or not. I'm almost certain they don't count because they're not taxable income but I'm waiting to get that confirmed. "While the Personal Savings Allowance is an amount you are allowed to earn of savings interest tax free - as a basic rate taxpayer you can earn £1,000 of interest outside an ISA tax-free - that interest still counts towards your tax-free earnings for winter fuel payment. "So let me just do a really simple example: you earn £1,000 of interest inside an ISA. Doesn't count. You earn £500 of interest within your Personal Savings Allowance so you don't pay tax on it. That £500 does count towards the £35,000 a year threshold."
