The struggle to buy a first home is harder than ever. But now even those lucky enough to be on the first rung on the housing ladder are facing fresh frustrations as they try to move on to the next. New and growing families are fighting over a few properties with higher costs to bear. The Mail on Sunday explains why 'next-steppers' face such difficulties and how to overcome them.
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- We haggled £25k off the price of our new home - now our mortgage lender wants to raise our loan rate... ...and charge us £200 for the privilege!
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- If Super Thursday tells us interest rates need to rise we should welcome the news SIMON LAMBERT embraces rate rises.
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- Bank of England wary on raising rates as just one policymaker votes for a hike - despite upgrading UK growth forecast to 2.8%.
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BUSINESS, CITY & MARKETS
MIDAS SHARE TIPS: Allergic to pets? New cure will be the cats' whiskers as Benchmark Holdings lines up a vaccine
At 82½p, Benchmark shares offer real, long-term growth prospects. The company is ambitious, operates in a fast-growing market and counts star investor Neil Woodford as an 18 per cent shareholder. The group operates across four related markets: animal health; breeding and genetics; science and medical publishing; and consulting on sustainability - advising companies on how to produce food ethically and efficiently. Customers include leading food retailers such as Tesco and Marks & Spencer and numerous food processors supplying the major supermarkets.
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MONEY NEWS & ADVICE
Small companies will be able to raise funds by borrowing against unpaid invoices as Minister ends bans on invoice finance
The move marks the latest effort from Whitehall to crack Britain's late payments culture, in which big firms delay paying bills, so starving small suppliers of cash. It will enable companies to use invoice financing to get their hands on cash from unpaid bills they have issued. Businesses apply for lending using invoices for money owed to them as security.
What happens to the dividends of shares in a tracker fund - do they end up in the hands of investors?
What happens to the dividends of the shares in a tracker fund? I rely on my shares giving me dividends for further growth. I am not clear how trackers work in this respect. Adam Laird, an investing expert at Hargreaves Lansdown, explains how tracker fund investors benefit from the income they produce.
INVESTMENT EXTRA: Oil supply massively outstripping demand cripples returns and experts predict price could fall even further
Usually, if supply outstrips demand the Organisation of the Petroleum Export Countries will cut production levels to help shore up the price. But this time some countries have refused to reduce output. Some people have speculated that this move may be borne out of fear that quelling oil production would encourage users to move to shale gas instead.
Royal Mint issues second £100 silver coin after last one sold out in 11 days - but are they a good investment?
Royal Mint has released its second limited edition two ounce fine silver £100 coin after the roaring success of one it launched last year which sold out in just 11 days. The new coin launched this week, features Buckingham Palace - another infamous London landmark - and is made of 999 silver, the purest form, with 50,000 available to buy.
We haggled £25k off the price of our new home after agreeing the mortgage: now the lender wants to raise our loan rate - and charge us £200 for the privilege!
After the lender's survey, our mortgage application was accepted based on an asking price of £385k. But our survey revealed problems so we got £25k knocked off the price. Our lender now tells us we will have a higher rate of interest and as a result higher monthly payments. In addition, we're being charged £199 to make the change!
The best places to live in the UK: Harrogate residents are the happiest with their lot for third year in a row - but East Londoners are the most miserable
The report by website Rightmove, which asked people how they feel about where they live, put provincial towns in each of the top five slots, with Shrewsbury coming in second place, Ipswich in Suffolk third best, and York and Chester taking the fourth and fifth spots. Over 24,000 people were asked different questions regarding their homes and the area where they live.
Got some dates booked off work? Then bag a European break for £17 return with this online cheap flight finder, says LEE BOYCE - as long as you don't mind WHERE you go...
I love a city break, but for ages I've been bemoaning the fact I am willing to go anywhere, and want a search tool to show me where the cheapest flights can be obtained. However, I have discovered a new tool on Skyscanner which allows you to type in 'everywhere' - and it pulls up a list of places you can fly, in order of destination.
Get ready for Japan's comeback: Fund manager and 'lost decade' veteran Sarah Whitley's tips on growth investing in the Abenomics era
Sarah Whitley joined Baillie Gifford's Japanese investment team in 1982 - she was there for the bubble, the crash, the lost decades, and now what promises to be recovery. Investor interest in Japan is reigniting as the big turnaround project dubbed 'Abenomics' - after ambitious leader Shinzo Abe - starts showing signs of success. Whitley met with This is Money to discuss how she goes about her job, her investing strategy and tips, and what she thinks the future holds for Japan.
Family insurance bill 'to rise by £100': Firms say they'll pass on costs of a £8billion tax raid to households
Insurers have warned that an increase in a premium tax charged on all car, pet and buildings and contents policies could add almost £100 to a family's (file photo) annual insurance bill and described it as a 'stealth tax on people who do the right thing'. The increase, which is expected to raise £1.5billion a year for the Treasury, was announced with little fanfare by the Chancellor in the summer Budget. The Treasury has denied it amounts to a stealth tax on families.
Could I lose out on our dream property if the estate agent snubs me because I refused their financial services?
In the past month, I have been house hunting. Each estate agent branch I have entered has asked if I need financial advice. I feel that the implication was made that by turning this down, I am less likely to be a successful bidder. Should I take it to enhance my buying position?
The question of a generation: How will our children and grandchildren ever afford to own their own home?
There are 20 properties in the window of Connells estate agents in Watford - just one is available for a first-time buyer for less than £250,000. The town is no different to the 34 others in England identified by Shelter as having no affordable two-bed homes for families. Victoria Bischoff goes on the first-time buyer trail.
How can my HSBC pension pot plunge by £1k in just one month - right when I want to cash it in? TONY HAZELL investigates...
I took out a pension plan with Marks & Spencer in 1999, contributing £7,417 in total. It was transferred to HSBC in around 2011/2012. In 2013 it was £12,815; in 2014, £13,227; and in April this year, £15,164. When I rang HSBC to inquire about cashing in the pension, they said the total value at May 21, 2015, was £14,730. I rang them up again thinking they had got their numbers wrong and they told me it was now worth £14,571. The value seems to be going down day by day.
MORE BUSINESS, CITY AND ECONOMY NEWS
Greece heading for bigger economic contraction 'than any country suffered during the Great Depression'
The National Institute of Economic and Social Research said the country's output will fall another 3 per cent in 2015 and 2.3 per cent in 2016. By 2017 the Greek economy will be more than 30 per cent smaller than it was at its peak in 2007, and 7 per cent smaller than when it joined the euro in 2001.
'A £50 policy helped me pay off my mortgage when I got cancer': The real value of critical illness insurance cover revealed
When 30-year-old Ricky Lovelace was diagnosed with testicular cancer last summer, his first thought was of his young family. He and his wife Sarah, 28, had just bought a four-bedroom house. As the main breadwinner, Ricky feared the mortgage would go unpaid.
As investors flood into Absolute Return funds - are these 'low risk' funds everyone's suddenly buying as safe as they seem?
Cautious investors are being put into Absolute Return funds to beat interest on a cash savings account without taking risks with your money. The funds are designed to produce constant returns - whether the stock market rises or falls. Investors are rushing in, but is that wise?
I invested in property in India for a decade, but now want to sell and bring my money back to the UK. Must I pay tax to HMRC?
My wife and I have invested in property in India for a decade - the money was sent through a UK bank. Now I want to repatriate by selling the property in India and reinvest in the UK. How can I bring my money back? Will I have to pay capital gains tax as the money is being reinvested in the UK again.
YOUR MONEY ESSENTIALS
Would you buy a £40,000 Skoda? Car maker pushes for million in sales and goes after luxury market with launch of new Superb
The Superb is aimed at taking market share from Ford's Mondeo and Vauxhall's Insignia and the entry level price is £18,640. But the top-of-the-range Laurin & Klement, named after founders Vaclav Laurin and Vaclav Klement, has a starting price of £35,825 and added features can take this north of £40,000.
ASK TONY: Virgin Media is charging me £220 to buy myself out of a contract when I move house - what can I do?
I have a TV and broadband package with Virgin Media and am halfway through my contract. I am due to move house next month and Virgin doesn't offer services at the new address. They say I have to pay £220 to buy myself out of my contract, but this doesn't seem fair when I haven't made the decision to cancel it. Can you help?
'We were quoted £2,323 for superfast broadband': Suffolk family is asked to pay eye-watering sum just to upgrade their internet connection
The Watson family, from Lavenham in Suffolk, face the massive fee just to improve the speed and reliability of their internet connection. Zen, the business internet provider that gave the quote, said it was passing on the cost of connection quoted by Openreach - the BT service that connects customers' broadband and telephone lines.
Cost of cancer: What it's like to find out you're seriously ill - and how to deal with the financial fallout while undergoing treatment...
Sorting out your personal finances can be difficult at the best of times. But what's it like when you're seriously ill? In the hope that this essay will help other people who face this problem, journalist Richard Browning explains the journey that a healthy holidaymaker must take when the worst kind of news breaks.
How much money do I need to save for my pension? A quick guide to retirement saving...
The amount you can save into a pension ultimately depends on what you can afford - but the longer you leave it the more you will need to save. We tend to put ambitious targets on our hoped-for income in retirement and then underestimate how much we will need to set aside to achieve that. So how much should you save?
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WHAT NEXT FOR YOUR MONEY?
50 ways to save money: Simple steps to cut what you spend that could clear your debts or seriously boost your savings
To clear the average national household debt of £13,000 at 6% interest with a monthly repayment of £100 will take around 17 years. There are, however, plenty of simple ways to make significant savings on your regular spending that could clear your debt - or boost your savings - in less than a year. This is Money's top 50 - updated - money-saving tips may appear light-hearted but are deadly serious.
Best paid UK jobs 2014: Compare your pay to the national average in the league table of salaries across 350 trades and professions
The influence of financial services on the economy is spelled out again as City brokers steal top spot in this year's official list of highest earners. According to the detailed 2014 annual salaries survey, brokers pocketed around 40 times more this year than those at the bottom of the list - the people responsible for keeping children safe on the way to school. Lollipop crossing patrols earned around £3,400.
Premium Bonds winners
Prize value | Winning bond No. | Area |
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£1,000,000 | 9FH577549 | Dorset |
£1,000,000 | 196LW907254 | Outer London |
£100,000 | 247CG456672 | London |
£100,000 | 239FJ527896 | Hertfordshire |
£100,000 | 176NJ778140 | Hampshire and Isle of Wight |
£100,000 | 141WH537262 | Stockport |
£100,000 | 134TV460124 | Leicestershire |
£50,000 | 46AN736045 | South West Wales |
£50,000 | 26NX238485 | Essex |
£50,000 | 245ZC702896 | Northern Ireland |
£50,000 | 22BY778725 | Buckinghamshire |
- 'Second steppers' caught in new home loans trap as moving can double their mortgage: Ten steps to make the...
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- Payday lenders boom again despite curbs as QuickQuid owner sees 20% rise in loan volumes in the UK
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- Tour operator Mark Warner fights to keep profit afloat as it takes a hit from uncertainty in Greece
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- What happens to the dividends of shares in a tracker fund - do they end up in the hands of investors?
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- Get a taste of investments that can put some fun in your funds: Wine and classic cars provide enjoyment as well as some sparkling returns
- Greece heading for bigger economic contraction 'than any country suffered during the Great Depression'
- We haggled £25k off the price of our new home after agreeing the mortgage: now the lender wants to raise our loan rate - and charge us £200 for the privilege!
- INVESTMENT EXTRA: Oil supply massively outstripping demand cripples returns and experts predict price could fall even further
- Finally, a boss puts his foot down and bans flip-flops from the office: New Barclays chief tells Canary Wharf staff to smarten up
- Don't score an own goal with your credit card or savings deal this season by being lured into paltry rates linked to football clubs
- Revealed: Best cars for reliability with Skoda topping the podium - but gadget-laden BMWs and Audis fare badly
- 'Second steppers' caught in new home loans trap as moving can double their mortgage: Ten steps to make the move happen
- Royal Mint issues second £100 silver coin after last one sold out in 11 days – but are they a good investment?
- America's TV switch off: Big broadcasters under threat from a revolutionary change in viewing habits, says ALEX BRUMMER
- The trick to DOUBLING your pension tax relief: Temporary loophole could save high earners £18,000
- MARKET REPORT: Sky dives just as Premiership football season kicks off amid pay-TV concerns
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MIDAS SHARE TIPS
- MIDAS SHARE TIPS: Everyone's a winner with Proactis Holdings and their e-auctions that cut costs
- MIDAS SHARE TIPS UPDATE: Enthusiastic fans boost Stadium Group shares
- MIDAS SHARE TIPS: Dog beer and gluten-free cat food fuel money-spinning sales at Pets at Home
- MIDAS SHARE TIPS UPDATE: The share prices has doubled but keep taking the medicine with Dechra
- MIDAS SHARE TIPS: OptiBiotix Health is developing snacks to help you LOSE weight and could pile on the pounds
- MIDAS SHARE TIPS UPDATE: Our electronics tip Alent proves a great Platform for investors after £1.35bn bid
- MIDAS SHARE TIPS: In tune for profits - from a 99p kazoo to costly pianos... Gear4music aims to turn up the volume
- MIDAS SHARE TIPS UPDATE: Success tastes sweet for investors in our sugar-free recommendation PureCircle
- MIDAS SHARE TIPS: Wake up at the wheel! Visionary firm Seeing Machines that's saving lives on the road
- MIDAS SHARE TIPS UPDATE: Speedy Hire declines, but can new boss take stock back up?
- MIDAS SHARE TIPS UPDATE: Activist investor could add to the magic as property tip Grainger rises 16%
MOST READ MONEY
- The question of a generation: How will our children and grandchildren ever afford to own their own home? Victoria Bischoff goes on the first-time buyer trail.
- I invested in property in India for a decade, but now want to sell and bring my money back to the UK... Must I pay tax to HMRC?
- As investors flood into Absolute Return funds - are these 'low risk' funds everyone's suddenly buying as safe as they seem?
- Would you pay £715k for a studio flat in a London tower block? The Versace-designed flats that cost more than an eight-bed mansion in Devon...
- 'A £50 policy helped me pay off my mortgage when I got cancer' The real value of critical illness insurance cover revealed.
- Properties in Westminster cost 24 TIMES the average salary while homes in Blaenau Gwent are best value as UK's affordability gap grows
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How to avoid tenants from hell
The 14 questions every landlord should ask
Sponsored - Five of the best small cars They're cheap to buy and run, but how do the big name superminis stack up?
- Virgin Media is charging me £220 to buy myself out of a contract when I move house! - what can I do?
- 'We were quoted £2,323 for superfast broadband' Suffolk family is asked to pay eye-watering sum just to upgrade their internet connection.
- How to double or quadruple the value of Tesco Clubcard points The online voucher trick and 'boost' that could save money on shopping and days out.
- What it's like to find out you're seriously ill - and how to deal with the financial fallout while undergoing treatment... The cost of cancer, and tips for coping.
- Skoda goes for the business driver with new £40k Superb model Czech carmaker speeds to a million sales.
- Rise in whiplash claims pushes up average car insurance premiums to £367 a year Costs of cover now just shy of 2013 peak.
- Criticism of George Osborne's sale of RBS stake at £1bn loss is misplaced ALEX BRUMMER on the difficulty of good timing.
- Easy-access savings deals start to edge up as banks and building societies offer new accounts
- First-time buyers need to double their salary and more to borrow enough for an average starter home Property affordability crisis.
- House prices hit new record high in July But property inflation remains near lowest level in two years.
- Diesel is cheaper than unleaded for first time in 14 YEARS - and supermarkets could drive prices to a five year-low: RAC.
- How much money do I need to save for my pension? A quick guide to retirement saving...
- Living in a care home is depleting my dad's savings... Will he have to sell his house or is there financial support available?
- How to leave money to who YOU want - with a cast-iron will after landmark court ruling that overturned wishes.
- Bank of England split over interest rates? Officials to clash this week with some expected to call for an immediate rise.
- Value of prime London homes up a lowly 2% in last year Lags behind Bangkok, Delhi and Nairobi, upmarket estate agent says.
- Should I put my money into property and leave that to my children - or downsize and put money into my pension? Tax changes cause inheritance quandary
- JEFF PRESTRIDGE Why it is vital to have your say on pensions this summer
- MIDAS SHARE TIPS Everyone's a winner with Proactis Holdings and their e-auctions that cut costs
- A little light e-reading for the holidays that can save you pounds Tips to find the best book gadget deals
- TONY HETHERINGTON Lloyds comes up sparkling with the 'Elite' diamonds that weren't forever!
- 'Action Fraud is a joke. It should be called Inertia Fraud' Victim of land banking scam hits out at legal system
- SUNDAY NEWSPAPER SHARE TIPS Proactis Holdings and Aggreko
- HSBC offers new customers biggest sweetener yet with £240 gift for switching - but how does its Advance Account stack up?
- I planned to fund my retirement with buy-to-let properties: does the Budget tax relief cut scupper this? - and what are the alternatives?
- The 14 best income funds revealed New White List picks the top choices for dividend investors.
FUND AND TRUST IDEAS
- TELLSONS ENDEAVOUR: Charles Dickens meets Captain Cook in the fund with a simple story to tell
- FARNBOROUGH EQUITY: The tiny £3m fund that has been given a five-star rating by experts
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- THE MERCANTILE INVESTMENT TRUST: Funds weigh up their resilience to the meltdown in Greece
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- BROOKS MACDONALD DEFENSIVE CAPITAL: We're pension-friendly for the new freedoms, says fund boss
- SUSTAINABLE PIONEER FUND: Making money from green investments can be a breeze
- BARING INDIA: Reformer Modi helps make India a 'compelling' case for investors
- CAVENDISH AIM FUND: A lot of the firms on Aim are awful, admits manager, so I hunt out the gems
- STRATEGIC EQUITY CAPITAL: The Mayfair 'minnows' specialist that caught Lord Rothschild's eye
Latest: Mortgages & home
- 'Second steppers' caught in new home loans trap as moving can double their mortgage: Ten steps to make the move happen
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- What next for mortgage rates? Fixed rates tumble to as low as 1.05% as homeowners get golden opportunity to lock in
- Properties in Westminster cost 24 TIMES the average salary while homes in Blaenau Gwent are best value as UK's affordability gap grows
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- Brussels law threatens cheap home loans for millions of households, experts warn
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Latest from Saving & banking
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- Household savings rise 300% since 1975 thanks to pensions - but we're putting less and less into bank accounts
- Leeds BS launches 'flexible' five-year fixed savings account that you can break into early – but is it worth taking?
- With the new term just a month away banks battle to offer best student current accounts with range of perks and overdrafts – how do they compare?
- Switch accounts to protect your fixed-rate savings before lower £75k protection kicks in from October
- Banks and building societies slash 300 rates in just 31 days in latest blow for savers
- Banks braced for £825m bill over mis-sold current accounts as 200 complaints a day now pour into ombudsman
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ANSWERS FROM THE Experts
- We haggled £25k off the price of our new home after agreeing the mortgage: now the lender wants to raise our loan rate - and charge us £200 for the privilege!
- Could I lose out on our dream property if the estate agent snubs me because I haven't used their financial services?
- I invested in property in India for a decade, but now want to sell and bring my money back to the UK. Must I pay tax to HMRC?
- Living in a care home is depleting my dad's savings. Will he have to sell his house or is there financial support available?
- I planned to fund my retirement with buy-to-let properties: does the Budget tax relief cut scupper this and what are the alternatives?
- I want to hire a car on holiday in Spain, but have penalty points on my licence. Will the rental firm pick this up and stop me from hiring?
- 'We put £5k into a one-year bond from Highgrove Osprey offering 8.25% but 18 months on we're still awaiting our money back...'
- TONY HETHERINGTON: Cold-called and tempted with shares in an Oklahoma oil well - you were right to avoid this slick salesman
- We're getting divorced and I think my partner is hiding money from me - what can I do to find out?
- I pay £17 a month for a landline that doesn't work - and Virgin's incompetence has forced me to spend £120 fixing it myself!
Currency | Rate | Buy now |
---|---|---|
Updated 09 Aug 2015. | ||
Euro | 1.3895 | Buy Now |
US Dollar | 1.5206 | Buy Now |
Australian Dollar | 2.0251 | Buy Now |
Canadian Dollar | 1.9679 | Buy Now |
Chinese Yuan | 9.1463 | Buy Now |
Croatian Kuna | 10.258 | Buy Now |
Czech Koruna | 36.85 | Buy Now |
Danish Krone | 10.166 | Buy Now |
Egyptian Pound | 10.453 | Buy Now |
Hong Kong Dollar | 11.572 | Buy Now |
Hungarian Forint | 420.6 | Buy Now |
Israeli New Shekel | 5.5703 | Buy Now |
Japanese Yen | 187.42 | Buy Now |
Malaysian Ringgit | 5.7783 | Buy Now |
New Zealand Dollar | 2.283 | Buy Now |
Norwegian Krone | 12.315 | Buy Now |
Polish Zloty | 5.6748 | Buy Now |
Singapore Dollar | 2.0713 | Buy Now |
South African Rand | 19.004 | Buy Now |
Sterling | 1.0 | Buy Now |
Swedish Krona | 12.988 | Buy Now |
Swiss Franc | 1.47 | Buy Now |
Thai Baht | 51.995 | Buy Now |
UAE Dirham | 5.4919 | Buy Now |
Latest from Holidays
- Looking for a smooth getaway? Check the passport is valid NOW and ask for the 'code' you'll need to hire a car
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LATEST ON HOUSEHOLD Bills
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Latest: money and Cars
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TOP CALCULATORS
- This is Money's calculators and tools All our calculators in one place. See how they could help you
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