THE Martin Lewis Money Show returns to our screens tonight with more expert advice for all your saving needs.
This week, the UK's resident MoneySavingExpert is set to provide struggling Brits with everything they need to know about saving on mortgages and rent.
Taking to Twitter ahead of tonight's offering, Martin Lewis said the episode will focus on "What'll happen to house prices, interest rates, rents – Mortgage rates – time to fix or stick on trackers"and renters' rights.
This comes as the cost of living crisis continues to affect Brits, with interest rates soaring in the last week.
The Martin Lewis Money Show returns tonight at 8pm on ITV1.
Read our Cost of Living blog for the latest news and updates…
- Henry Moore
How to reduce your petrol usage and save money
Insurance experts A-Plan are encouraging drivers to develop a smooth driving technique which could reduce their petrol usage and save them more money.
They said: “Developing a smooth driving technique is a great way to save on fuel.
“If you’re approaching traffic lights, for example, slow down early so that they may have changed by the time you reach them, meaning you might not need to stop at all.
“Anticipate the road in front of you and ease off the throttle and maintain momentum rather than braking hard and then accelerating again.
“Change up and down multiple gears at a time and change to the highest suitable gear as soon as you can to avoid over-revving.”
- Henry Moore
Different mortgage calculators to help you make savings
MoneySuperMarket.com
MoneySuperMarket's calculator requires you to input how many people are purchasing the house, your income and any guaranteed bonuses.
Based on your circumstances, it will tell you how much you should receive and the maximum you're likely to be offered.
Which?
Which?'s calculator asks how many people are applying and how much their incomes are.
The calculator provides an estimate of what you can afford and gives you a figure to show what your monthly repayments might be.
Barclay's quick affordability calculator
Barclay's calculator asks for the number of applicants, income, regular expenditure, the reason you want a mortgage and the size of your deposit.
It tells you how much you can get and gives you an overall rough property budget.
- Henry Moore
How much can I borrow for my mortgage?
Most mortgage calculators calculate how much you can expect to borrow from the bank.
However, these are just an estimate, the actual amount will depend on the lender and circumstances.
Bear in mind that while house prices have dropped for several consecutive months, lenders are short and interest rates have increased.
Rising rates and the cost of living crisis have meant fewer people are looking to buy a home or move home – badly impacting the housing market.
- Henry Moore
What is child benefit?
If you’re a parent living in the UK and you’re responsible for a child who’s under 16, you can claim child benefit.
This benefit is aimed to help you with the costs that come with raising children.
With it, you also get National Insurance Credits that count towards your state pension.
Parents claim £21.80 a week for their first child and then £14.45 is added for any extra child they’ll have.
Payments are usually made every four weeks.
Find more information on child benefit here.
- Henry Moore
Brits to be hit with massive water cost increase this Spring
Brits are facing ANOTHER bill hike this Spring, as the price of water soars.
Water UK said the 7.5% increase would see customers pay around £1.23 per day on average, from April in England and Wales bringing average total costs to £448.
This is an increase of 8p per day, or an average of £31 more than last year’s charges.
Water UK director of policy Stuart Colville said: “With an average increase of around 60p a week, most customers will again see a below-inflation increase in their water bill.
"However, we know that any increase is unwelcome, particularly at the moment."
Find out more here.
- Henry Moore
Rent to buy scheme could save you money
The Rent to Buy scheme is where tenants can pay up to 20% below market rent in order to save for a deposit.
The scheme is only available in England and is there to support those looking to get on the property ladder.
To be eligible, you must:
- have a job
- be a first-time buyer
- be able to pay rent and save for a deposit simultaneously
However, you can only apply for properties in the scheme – which excludes anywhere in London.
You can view these properties on different letting agent websites or simply call them up for more information.
The initial tenancy agreement will last for two years, but it may be possible to extend it.
You’ll be able to buy your home as soon as you have enough to secure a mortgage.
How to get cheap veg as prices soar
Supermarket Lidl offers shoppers the chance to bag themselves a five kilo box of fruit or veg for just £1.50.
The discount supermarket sells bundles of imperfect produce due to be chucked out through its Waste Not scheme.
The contents of your bargain box will vary each time as each bundle is put together on the day by Lidl’s in-store "freshness specialists".
The boxes aren’t available all day, so you'll have to keep your eyes peeled.
When in stock, the goods will be up for grabs from opening until midday.
After 12pm, the remaining boxes are given to local charities through Lidl’s surplus food programme, Feed it Back.
How long does it take to claim child benefit?
It can take up to 16 weeks to process a new child benefit claim.
It may be even longer if you're new to the UK though.
Child benefit can be backdated for up to three months.
When will Brits receive first chunk of £900 cost of living payment?
From spring this year, the first chunk of the £900 cost of living payment will be paid directly into claimants’ accounts.
Unlike last year’s help, this cost of living payment will be paid in three, not two, instalments.
More than eight million people will get the help directly to their bank accounts, and the £900 help will be paid over the financial year.
This is so hard-up households will get a “consistent support offering throughout the year,” the DWP said.
- Henry Moore
How to claim £500 in FREE supermarket vouchers with this government scheme
Luton residents can get their hands on up to £500 in electronic supermarket vouchers as part of the government's Household Support Fund.
To be eligible for the cash residents must:
- Have savings of less than £6,000 AND
- Are in receipt of certain eligible benefits OR
- Have a household income of less than £34,100
And those eligible benefits are:
- Jobseeker’s allowance (including those not on Universal Credit)
- Employment and support allowance (including those not on Universal Credit)
- Income support
- Pension Credit
- Tax credits (child and working tax credit)
- Council tax reduction
- Universal Credit
- Housing benefit only
- Carers allowance
Find out more here.
Bedford Borough residents can get £85 in bill help this winter
As part of the government's Household Support Fund, councils across the country are offering free cash and bill help to struggling Brits.
Bedford Borough Council is giving out £85 free cash to spend on energy and water bills as well as food.
More than 50% of the funding will go to families with children who qualify for free school meals – though many more will qualify.
Those receiving the following benefits can also apply for the cash:
- Pension Credits
- Universal Credit
- Child Tax Credits
- Working Tax Credits
- Income Support
- Income Related Employment and Support Allowance
- Income Based Jobseeker's Allowance.
However, you will want to be quick, the deadline to apply is February 28.
Free debt advice
If you’re in debt there are plenty of services you can take advantage of and they offer free advice on how to manage debt.
Most of them can offer you free guidance and help in person, over the telephone or online.
- Money Helper – 0800 138 7777
- Citizens Advice – 0808 800 9060
- StepChange – 0800 138 1111
- National Debtline – 0808 808 4000
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