Should I use a pension pot to pay off my mortgage? Steve Webb replies

Former Pensions Minister Steve Webb is This Is Money's Agony Uncle. He is ready to answer your questions, whether you are still saving, in the process of stopping work, or juggling your finances in retirement. This week, he replies to a reader thinking of tapping a pension pot to pay off his mortgage.

The price of the average UK home dropped by just over £2,000 in the month to July to £214,678, reversing a 1.5 per cent increase in June, Halifax said.

Six of the best modern classic cars picked by an expert

Identifying which cars will become modern classics sky-rocketing in value is something of an art form but, as the owner of this French hot hatch (left) will tell you, it pays off when you get it right. To make life a little easier, we asked an expert in the field of classic cars to hand pick his six future classic predictions, including (top to bottom) the Lotus Elise, Audi TT and Porsche 924.

Former pensions minister Baroness Altmann said the Bank of England's decision to cut rates 'is another blow for UK pensions' and warned that deficits are heading towards the £1trillion mark.

In an effort to shore up the economy against a probable recession following the Brexit vote, the Bank wants businesses to keep borrowing, investing and hiring people.

The UK could, for instance, cut National Insurance rates (encouraging the hiring of workers) for two years, and pay the bill for lost revenues by turning on the printing presses.

The gamble appears to have paid off with the pound falling around 1.5 per cent against the dollar and the euro yesterday after the Bank unveiled a package of measures to shore up the economy.

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Footsie holds firm after post-rate cut surge but off highs ahead of US jobs data

In opening deals, the FTSE 100 Index was up 40.2 points, or 0.6 per cent at 6,780.2, having closed 1.6 per cent, or 105.8 points higher yesterday. However, US stocks ended little changed overnight amid caution ahead of the July jobs report, which will be scoured for clues as to whether the US economy is strong enough to support a Federal Reserve rate hike as early as September.

The loss compares with a £179m deficit a year ago and was caused by the decision to repay £1.1bln to the government and make provisions for £1.3bln of conduct costs, including for PPI.

Retail sales came in flat in July compared to the same month last year, marking the sixth consecutive month of no growth, according to BDO.

Chief executive Xavier Rolet yesterday mounted a defence of the foreign currency market, which is being sought after by rival European exchanges.

The Patient Capital Trust has been hit by poor performance from healthcare stocks, which account for some 67 per cent of its investments.

Andy Briggs, chief executive of Aviva UK Life and chairman of the Association of British Insurers, said tougher laws would drive down premiums.

Cutting interest rates from 0.5% is a sign of abject failure

The trade-off we were promised for saving our banks - sticking countless billions on the taxpayer's tab, seeing savers hurt and reckless borrowers rewarded - was that this would never be allowed to happen again. But if we had managed to meaningfully reform our banks and escape our capture by the financial sector, base rate wouldn't have been frozen at 0.5%.

Will interest rate cut mean more misery is on its way for savers?

Savings rates have crumbled, meaning returns savers can get on the high street are already at record lows - and that was before the Bank of England cut the base rate today. Rates on easy-access accounts, bread and butter products in which savers can simply dip in and out of with their spare cash, on offer from Britain's biggest banks are dreadful.

Rates have been cut and more money printed in a bid to boost the economy as data raised concerns that Britain is headed for another recession after the Brexit vote.

Around 1.5 million borrowers stand the chance to save money on their mortgage after the Bank of England cut the base rate a quarter of a per cent to 0.25 per cent.

Where British buyers can  snap up a cheap holiday home

Hungary, Bulgaria and Romania tipped as property hotspots for those looking for cheaper overseas holiday homes amid the slide in the value of the pound. We take a look at how it is possible to buy a holiday home from as little as £23K if you're willing to step beyond more traditional locations such as France and Spain.

Prudential has recorded a huge shift since 2008, as back then women retired on £11,300 - 46 per cent less than men - and now they expect to get an average annual income.of £14,450 a year.

I got a car on finance but the dealer wrongly ordered a more expensive one

After placing a new-car order three months ago, a reader discovered the dealership had requested a more expensive version by mistake and increased the balloon payment on the agreement. But why should they be responsible for the dealer's error? Is it worth rejecting the car or is the deal a blessing in disguise?

From any angle the DB11 displays gorgeous proportions and a beautiful but faintly menacing stance that says 'don't mess with me.' We put it to the test.

Bank Governor Mark Carney said: 'Businesses and households, anyone watching, if you have a viable business idea, if you qualify for a mortgage, you should be able to get access to credit.

Fidelity China manager: 'Sentiment is bad, I'm finding good opportunities'

Fidelity China Special Situations may have moved further to the edge of investors' radars in the two years since Dale Nicholls took over from fund management legend Anthony Bolton, but he has delivered strong performance - with the trust's shares up 55 per cent. Eleanor Lawrie found out why he thinks China is a good prospect, despite the gloom surrounding it.

Tesco Bank has cut the interest on its Low APR Credit Card to 5.9 APR per cent, making it the cheapest deal on the market for anyone looking for a long-term low rate.

Travel-sized body wash and shampoo can be a godsend when you're on the move, but they can also be seriously damaging to your bank balance. FEMAIL investigates...

Seven substandard cars we're glad to see the back of

There are plenty of cars we can name that we're not big fans of, but some are so terrible they deserve to be locked away in the scrapyard of history. We've teamed up with the review team at AutoCar magazine to list the worst seven motors of the last two decades - those that are better off destined for the crusher than a classic car collection.

The nation's roads are falling into a state of disrepair and it means more drivers are relying on their breakdown provider to dig them out of trouble.Or could it be to lift them out of potholes?

Dihedral doors, a three-seat 'arrowhead formation' layout and 0 to 62mph in less than five seconds - there's a lot to like about Nissan's latest electric car unveiling. But will the Japanese brand make it?

Lloyds has been maltreating mortgage borrowers to the tune of £215m

If you were treated unfairly by your mortgage lender, which knew it was being investigated as a result, you'd be pretty peeved if you remained out of pocket because no-one would admit it. You'd be even more annoyed if you discovered the Financial Conduct Authority - the watchdog put in charge by the government to protect consumers - was keeping your bank's misdemeanors under wraps too. But that is exactly what is going on for thousands of mortgage borrowers who have fallen behind on their mortgage payments with Lloyds Banking Group.

Angry MPs and consumer campaigners rounded on the energy regulator Ofgem for a lacklustre attempt to help gas and electricity customers get a fairer deal, after their two-year investigation.

In the latest in This is Money's new interview series we catch up with RateSetter founder Rhydian Lewis over a cappuccino to find out what next for peer-to-peer.

MARKET REPORT: Hikma Pharmaceuticals slumps as most of the largest 100 stocks get a lift

The market climbed 1.6 per cent or 105.76 points to 6,740.16 as the base rate was lowered to a new record low of 0.25 per cent. The FTSE 250, filled with domestically focused stocks and generally considered a bellwether for the UK economy, rallied 1.45 per cent, or 247.19 points to 17,244.32.

The Baltic Exchange has survived two world wars, the rise of modern capitalism and even an IRA bombing, and remains owned by the transport firms which are its members.

Yoox Net-a-Porter is run by Yoox founder Federico Marchetti, 46.  Alison Loehnis (pictured) is president of theNet-a-Porter Group.

The firm said growing demand for its grooming and veterinary services as well as for advanced nutrition products lifted like-for-like sales by 2.7 per cent in the 16 weeks to the end of July.

Aviva hiked its interim dividend by 10 per cent to 7.42p a share, while RSA unveiled a 43 per cent increase to 5p per share.

However, London Stock Exchange chief executive Xavier Rolet said the group was 'well positioned to navigate political and macroeconomic changes'.

England's loss was Ladbrokes gain, helping the betting firm notch up pretax profits of £25.2million for the six months to the end of June, compared with a £51.4million loss last year.

Costa del Sol pensioners are determined not to let Brexit ruin their retirement

The 400,000 Britons living in Spain are divided over what Brexit means for their futures. Some believe life will go on as usual. Others fear changes to healthcare and pensions falls that could force them to return. So what do those who have stuck it out through turbulence caused by the financial crash think about retiring to a life in the sun now Britain is leaving the EU? Is there a bright future or is a storm brewing?

A new property investment platform aims to help investors gain access to the luxury London market via investments from as little as £1,000, offering returns of up to 10 per cent.

The Adam Smith Institute report said that the Bank of England's stress tests are 'like having a ship radar system that cannot detect an iceberg in plain view.'

ASK TONY: My wife's cancer stopped us going on holiday for our 44th anniversary - but

My wife and I booked a holiday to Benidorm on August 8 last year. We were supposed to go this April for our 44th wedding anniversary. In October, she was diagnosed with breast cancer.I rang our travel insurer, Avanti, to claim the £1,202 cost - but it won't pay out.

Your tax code sets out how much of your income you will be taxed on. And you - not HM Revenue & Customs (HMRC) - are responsible if it is wrong. Here's how to check yours.

The Bank of England is looking likely to halve interest rates later in the week which has the potential to create more misery for savers, experts warn.

Why do firms make it so infuriatingly difficult to cancel contracts?

Ending a deal can be as confusing and time-consuming as getting out of the European Union. Money Mail's agony uncle Tony Hazell shares his top tips to get the upperhand when dealing with customer services. He is fed up with consumers being treated as if our time has no value. We must endure a sales spiel whenever we want to remove our custom.

Rightmove and Zoopla allow landlords to list properties on their site for free

For the first time ever landlords can list their properties to rent on both Zoopla and Rightmove without paying up front fees. LetMe, an online lettings agent, has just launched a service giving landlords the option of paying no fees at the outset, receiving 12 months rent in advance and having a guarantee that the condition of their property on the tenant's departure will be equal to the condition at the start of the tenancy. It includes listing as many properties as they like for no charge on both major property portals with LetMe claiming the overall deal is 'free'.

You are 20 times more likely to be robbed while using your computer than in the street. Official data show there were 5.8 million instances of cyber crime in Britain in the past year.

It blames the slashing of 'interchange fees' - the transaction fees paid by the shop to the bank that issued your credit card - for pulling the offer.

Barclays charged 90-year old widow £177,750 to repay shared appreciation mortgage

The sickening contract will be triggered the moment she decides to move home, landing her with a bill that will see her mortgage provider Barclays pocket a 690 per cent profit. Mr and Mrs T were among tens of thousands of homeowners who signed up to this type of mortgage in the 1980s. Known as a shared appreciation mortgage, no interest is charged, but instead the lender grabs a percentage of any future uplift in the value of the home when it is sold.

Bicester Heritage brought a 1920s RAF base back to life as a classic car hub

There's a good reason why former 1920s RAF base Bicester Heritage looks like a historic motoring fan's idea of heaven, it's a classic car business centre dreamt up by one. Bicester Heritage, with its 30 businesses on one elegant site, is the brainchild of businessman Dan Geoghegan, who believed that the fragmented but highly-valuable British classic car industry needed a new way of working. We paid it a visit.

There are few more nerve-racking moments than taking your driving test. And if you live in the London and plan to sit yours any time soon, look away now.

Britain's biggest supermarkets are cutting the cost of filling up at the pumps, after facing criticism for failing to pass on falling wholesale costs to consumers.

Call for a crackdown on CGT dodgers over £18bn homeowner tax break

Selling a home could come in for more tax scrutiny after a report from the National Audit Office warned it is worried about the abuse of tax relief given to homeowners. The report was mainly concerned with a lack of oversight allowing owners to take advantage of the system and claiming it when they shouldn't - for example by saying they lived somewhere they didn't or by flipping residency at properties. We explain what's going on?

With Britain's banks having already footed a bill to the tune of £24billion for the PPI scandal, the Financial Conduct Authority said it wants to bring 'finality and certainty' to the saga.

The most expensive home on the planet? French villa is valued at £250m

Villa Les Cedres is in Saint Jean Cap Ferrat, a refuge between Nice and Monaco for some of the world's richest people. Built in 1830, the villa was sold in 1924 to Alexandre Marnier Lapostolle, owner of the Grand Marnier liquor brand. It is now up for sale by its owner, drinks maker Campari and could fetch a believed world record £250m.

Oxford has plenty to offer commuters. But expect to pay a price to live in this flourishing city as the average house price is more than double the national average of £209,054 at £482,000.

With the Bank of England potentially cutting interest rates on Thursday, the crisis affecting many older types of 'gold-plated' company pensions looks set to continue.

Four fund managers who've fallen behind to buy into now for the long-term

Sometimes, good managers have a bad spell. Not because they have suddenly lost their touch, but because their style is out of favour or markets are acting irrationally. Here are four funds that have underperformed in the short-term, but could be the long term winners. These are managers with a good long term track record, whose recent performance figures are less than stellar.

Investors' rush for the exit eclipsed that seen at the height of the financial crisis, even taking into account total assets under management are about twice as high now.

How should investors position themselves post-Brexit? Kames Capital CIO Stephen Jones explains some adjustments you can make to help maintain an income stream.

The BIG FREEZE: As savings rates plunge, we track down the best deals

The first half of this year was a 'total wipe-out' for savers, with rates falling and dismal new deals. But experts say the outlook is even more chilling. Here, The Mail on Sunday analyses the state of the savings market, what to prepare for next - and how to get a better deal.

50 ways to save money....

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.

Pick the best (and cheapest) investment Isa platform

Choosing the right DIY platform is crucial but a wealth of choice and changes to charges have left many investors scratching their heads. We pick some of the best. We also highlight why investing in an Isa makes sense, as it should protect your hopefully growing investments from tax forever.

In this low-income world it can be hard to find mainstream investments paying a significant yield. Stifel has compiled a list of 19 investment trusts with a yield of more than 4 per cent.

L Board sign on the rear of a blue saloon car , UK

If you are new to investing then the huge number of funds and investment trusts on offer can be confusing. Fortunately, This is Money's experts have some ideas to get you started.

Income investing: Dividends can deliver both a healthy boost to long-term growth and a way to earn from your investments.

Income investing can let you draw on your portfolio or reinvest dividends to build solid growth over time. Our experts give their fund and investment trust recommendations.

On the up: Emerging markets such as Brazil are where much of the world's growth is expected to be over future years.

If you're looking to add some flair to your investing Isa with emerging markets, This is Money's experts have some ideas to get you started

Will the UK be Norway, Switzerland or Canada? Brexit trade deals we could follow

Now that we've voted ourselves out of the EU, it's time to work out how we're going to trade in future with all its 27 member countries - and the other 27 countries it has deals with. So how do other non-EU members trade with the bloc and would any of their models suit us?

It would have been nice to have a plan. Instead, after the Brexit vote we were left scratching our heads. But now it's time for some answers on trade and what we mean to the EU.

Even after Brexit it could still be possible for us to access the single market and the benefits that come with being part of it, but today we were warned there's a price to pay.

When will UK interest rates rise?

A speech from the Bank's chief economist Andy Haldane was released today suggesting 'a material easing of monetary policy' was needed. A day after rates were held at 0.5 per cent in July - despite the firm forecast that they would be cut by money markets and economists.

What next for mortgage rates?

Markets went into turmoil following the momentous decision by the British people to leave the European Union on 24 June 2016. But what does all of this mean for mortgage rates?

Ten tips for buy-to-let

For many buy-to-let looks an attractive income investment in a time of low rates and stock market volatility. Climbing house prices, rising rents and improving mortgage deals are tempting investors - although they will need a big deposit. Read This is Money's top ten buy-to-let tips

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Compare your pay to the UK average across 350 professions

Musicians have seen pay rises averaging nearly 20 per cent in 2015, while cleaners are getting 17.8 per cent more, and window cleaners 12.3 per cent. Artists in general are earning 14.6 per cent more in 2015 than 2014, according to the huge annual data dump of pay scales by the Office For National Statistics highlights.

Premium Bonds winners

August 2016
Prize value Winning bond No. Area
£1,000,000 73TQ908838 Somerset
£1,000,000 251SW073009 Cornwall
£100,000 199NH195340 Surrey
£100,000 159BL905832 East Sussex
£50,000 259HS534595 Havering
£50,000 256AC059416 Hertfordshire
£50,000 155AW119420 South Gloucestershire
£50,000 150KJ507049 Avon
£50,000 148GJ883864 West Scotland
£50,000 104RQ826367 Inner London
£25,000 275LK598949 Coventry
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