Updated: 12:33 EDT

Pension freedoms make it harder to get a mortgage

The former pensions minister Steve Webb has warned that flexible access to pension savings has a 'worrying' downside for those who need a mortgage after they retire. Those with a variable income find they can borrow far less than those with a guaranteed income in retirement from either a final salary pension or annuity - depending on its size.

The Bank of England's failure to raise interest rates could stoke consumer debt and put millions of households at risk, Andrew Sentance warned.

18 of the worst looking cars ever sold

Beauty is the eye of the beholder, but there tends to be a general agreement on the worst lookers that escaped an automotive production line. We pick 18 for a catwalk of horrors, including, clockwise from top left, Nissan's Micra C+C, Suzuki's X90, Ford's Scorpio and Morris' Ital. Let us know which models you think we've missed.

New research by estate agency Foxtons reveals that a garden is the third most important feature people look for when buying a home

The leasehold 'studio' in East London's Bethnal Green measures just 16.4 square metres and comes with a separate shower room and a separate toilet. We met the neighbours.

Nearly a quarter of borrowers believe that getting accepted for a credit card guarantees them the advertised interest rate and 0 per cent promotion.

In the Conservative Party manifesto, the Prime Minister said she would fold the organisation into the National Crime Agency if she wins the general election.

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MARKETS CLOSE: Shares fight back after yesterday's losses

The FTSE 100 closed up 34.29 points at 7470.71, rebounding after yesterday's sharp sell off as oil prices rose to one-month highs. Crude rose as Russia's Rosneft, the country's largest oil producer, is the latest name in the market to lend its support to extending OPEC-led production cuts. On the US political crisis, a City pundit said: 'The moves we have witnessed in the past few days should not be forgotten about so quickly, as this scandal surrounding Mr Trump hasn't gone away, it has just cooled off slightly.'

Corero Network Security - which has a suite of protects designed to prevent distributed denial of service (DDoS) attack - has jumped 11 per cent over the past five trading days to hit 8.9p.

Online takeaway ordering firm Just Eat is to face a full-blown investigation into its proposed £240m takeover of rival Hungryhouse amid concerns it could curb competition.

Theresa May is following the example of other Anglo-Saxon democracies
including the US and Canada, which carefully scrutinise foreign bidders.

Men's suit retailer Moss Bros increased total sales 3.7 per cent, but warned it faces 'economic headwinds' this year as consumers cut back on their spending.

Nigel Newton, chief executive, said customers were more inclined to purchase books that had inspired hit movies, such as JK Rowling's Harry Potter series.

Tories plan to axe state pension triple lock from 2020

The Tories will axe the 'triple lock' guarantee from 2020, meaning older people could eventually get smaller annual state pension rises if Theresa May wins the election. The party would switch to 'double lock' increases in three years' time, so the state pension would no longer rise by a minimum of 2.5 per cent each year, but by whichever is the highest of inflation or annual earnings growth.

Thousands of investors owned the stock in the run-up to the financial crisis because it reliably paid large dividends and offered good returns.

Sarah Davidson and Rebecca Rutt were praised for their detailed and campaigning work by judges in the Headline Money awards.

What Car? reveal the highest rated cars for under £20k

You don't have to spend an arm and a leg to get an fantastic car these days. To prove that point, we've teamed up with What Car? to bring you a selection of cars it rated with a maximum five stars that you can pick up from dealers. Including, clockwise from top left, the Seat Ateca, Renault Zoe, Skoda Superb and Mazda MX-5.

The report by the Society of Motor Manufacturers and Traders said that the second-hand boom was due to a wide range of newer, safer and better equipped models entering the market.

The tour operator said that sales have leapt by 36 per cent while bookings to Turkey, which have fallen 41 per cent, have now started to recover.

Would you pay more tax to fix Britain's problems?

We want a tip-top NHS, social care and education, ideally free at the point of consumption, yet the cost of delivering that properly already seems to be beyond us - and grows greater every day. Set aside that crucial trio of services and there are plenty of other things that it's fairly obvious Britain could do with spending some money on. So would you pay more tax?

Consumers have been forced to tighten their belts since the pound's Brexit-induced fall over the last year pushed up the up the cost of living, the Bank of England said.

Lloyds Avios credit card customers unable to redeem points

One customer, Jamie Seabright, received his new Lloyds credit card at the end of January. It was to be linked to his Avios account so he could start accumulating points. However, some four months later, the card is still not linked - and he has been told it will take 26 weeks to put right.

Marks and Spencer has been crowned supermarket of the year, ending a run of recent success for rivals Aldi and Waitrose in the latest Which? awards held this today.

What do you get for your money if you have £1million to spend on a property? That depends very much on where you want to live, as our top ten reveals.

MONEY MORALS: Should I pay more for a big room in a flat? 

In our Money Morals series we invite readers to help solve a dilemma. This time, one reader asks whether she should pay an extra £100 a month to have the biggest room in a flatshare, or if she should take the smaller room to save money. Read the question and leave your answer in the comments at the bottom of the article.

Pound pushed past $1.30 for first time in eight months

It was as high as $1.3048, its strongest since September last year, before falling below $1.30 again. It was boosted in part by UK retail sales shooting up 2.3 per cent in April, surpassing analysts' expectations. US stocks have suffered their worst sell-off since June as doubts continue over Trump's ability to deliver his campaign promises.

Clothing sales were boosted by an £825 cashmere and wool poncho, which Euromonitor researchers said was its fastest-selling item.

The London-based group, which provides linen and tablecloths to hotels and restaurants, has rebuffed a £2bn bid from French rival Elis, claiming it was 'highly opportunistic'.

The company, whose ales include Pedigree, Lancaster Bomber and Wainwright, will take over the Eagle brewery in Bedford where Charles Wells has made beer since 1876.

It was one of several investors to snap up Lehman's debt after the bank's 2008 collapse, which heralded the start of the financial crisis that crashed markets around the world.

The cinema chain reported particularly strong audiences in the UK, Israel, Romania and Slovakia, as cinema-goers also flocked to watch The Lego Batman Movie and The Fate Of The Furious.

LightwaveRF makes devices that allow users to control things such as light, heat, power and security through an app on their mobile phone.

It grew from £4bn to £4.7bn for the year ended March 31, during which it sold most of its UK gas division to a buyer backed by Australian firm Macquarie.

The group said that pre-tax profits rose 25 per cent to £335million in the year to March 26, with revenue rising 1 per cent to £9.78billion.

Ford Money launches best-buy 4 per cent regular saver

The account lets you squirrel away between £25 and £250 every month, potentially earning £55.62 in interest on a total £3,000 pot. Unlike top-paying rival deals savers don't have to be an existing customer to open an account.

Until recently your bank would be your first port of call if you needed to store expensive jewellery or important documents and you'd pay a small annual fee to open a safety deposit box.

The top deal on a one-year fixed-rate bond is now 1.55 per cent from Charter Savings Bank. Snapping at its heels is Aldermore Bank with 1.5 per cent. Both are only available online.

Mortgage activity in UK buy-to-let plummets

In its monthly report the Council of Mortgage Lenders revealed that a total of £900million was handed out in buy-to-let loans for house purchases in March: a 79.5 per cent decrease compared with March 2016, when £4.4billion-worth of landlord loans were advanced.

Saga and Age UK claim their insurance policies are 'designed' to meet the needs of the over-50s.
So you might expect their bosses to feel a moral duty to offer the best deals older people can get.

Our investigation into insurance rip-offs found specialist firms Saga and Age UK are often among the most expensive for older homeowners and drivers.

Risky loans let drivers on minimum wage buy a £19k car 

Our investigation found that drivers earning as little as £8,200 a year can walk away with a brand new £12,500 Ford Fiesta, Britain's most popular car. You would need to earn just £13,500 to be able to afford a Mazda MX-5 - a flashy Japanese two-seater sports car that's worth roughly £19,000.

The little-known suppliers putting the Big Six to shame

Little-known energy companies are beating the big suppliers to offer the cheapest prices on the market. And some of the companies with the top deals hail from Italy, France and Holland. But many households will be nervous about putting their gas and electricity supplies with firms they have never even heard of. Here we give our rundown of the tiny energy firms offering the best deals.

I am being pursued by EDF Energy for a £2,400 debt built up by my ex-husband. We were married for three years. In that time I was physically and mentally abused.

It said 4.76 million of its 6.76 million customers could be affected by the cap and warned that it could have 'unintended consequences'.

Will your diesel car be hit by a crackdown or scrappage?

With the T-Charge coming to London in October and Clean Air Zones predicted across the UK by 2019, should you be jacking in your diesel car? We take a look at how drivers are reacting to the news.

NIO's EP9 recorded a lap time of 6 minutes 45 seconds at the 14-mile circuit - that's 7 seconds under the production-vehicle best set by the Lamborghini Huracan Performante.

Forget chocolate bars and cans of Coke - this 150-foot vending machine serves up a selection of supercars. Customers can choose from one of 60 models to view at the press of a button.

Why has Neil Woodford bought into Lloyds shares?

Neil Woodford, one of Britain's most celebrated fund managers, has scoured the UK market for some Brexit bargains to add to his record breaking flagship fund. The CF Woodford Equity Income Fund has seen an influx of new holdings, most notably Lloyds Banking Group - but not without the complete disposal of Woodford's old favourite holding: GlaxoSmithKline.

Lenders now carry out tougher checks on landlords who fix their rate for less than five years to ensure they can cope with a sharp rise in interest rates.

The taxman had to drop tax demands worth £806,755 in 2015-16 when cases went to the independent tax dispute service, The Adjudicator's Office.

Vanguard's new cheap investing platform only has its funds

US fund group Vanguard has thrown down the gauntlet to Britain's established DIY investing platforms, with the launch of one of the cheapest online investment services. The new platform will pit Vanguard against Hargreaves Lansdown, Fidelity, Interactive Investor. Crucially, however, Vanguard's new platform only allows people to invest in its own funds

According to the latest Profit Watch produced by The Share Centre, three quarters of companies managed to increase operating profits during the first quarter.

The FTSE 100 broke through the 7,500 level for the first time ever today, as markets shrugged off UK inflation that proved higher than had been forecast.

Would a Universal Basic Income work? Guy Standing explains

Should everyone receive a small monthly lump sum, regardless of how much money they have, how much they earn or how much they do? For many it may seem a radical idea, but it's one that's gaining popularity around the globe. In this episode of the Big Money Questions, Guy Standing explores how a Universal Basic Income would work, how much people would get - and how we would pay for it.

Inflation has risen sharply to 2.7 per cent in April, the highest rate for three-and-a-half years, according to the Office for National Statistics.

I'm 31 and earn £200k-plus, how can I save for a pension?

This is 'something of a 1% issue but an issue nonetheless', says a high-earning reader who wonders how they will save for retirement now their pension annual allowance is limited. Former Pensions Minister Steve Webb, who is This Is Money's Agony Uncle, explains the issue and the options.

Jeremy Corbyn is under the horribly mistaken impression that if he piles extra income taxes on people earning more than £80,000 it will generate a treasure chest to spend on public services.

Travellers who are willing to build a stopover into their flight itinerary can save more than half on their air fare, exclusive data by Cheapflights for This is Money and MailOnline has revealed.

Mum's will says her partner can stay in bungalow for life

Mother's will leaves her bungalow to her two sons but states her 76-year-old partner (who has lived there for approximately 30 years) can continue to live there for the rest of his life. As her sons do not intend to charge the partner rent are they legally defined as landlords? Solicitor Karon Walton (pictured) explains their responsibilities.

Jas Bagniewski, his cousin Kuba Wieczorek and friend James Fryer's online mattress firm Eve Sleep yesterday raised £35m, despite never having made a profit.

More than a third of millennials rely on a credit card and 13 per cent have a personal loan to help fund car costs, holidays and even their rent. We reveal the cities with the highest credit card debt.

RACHEL RICKARD STRAUS:Energy cap kill directory enquiries?

Guess what has experienced inflation ten times higher than house prices, gold, petrol or even a pint of beer in central London? Directory enquiries. The reason behind the price hikes are the same as those behind energy and insurance rip offs. Will they suffer the same fate?

As the fallout from the global ransom virus that hit the NHS and other organisations around the world continued, London-listed firms including NCC, Sophos, ECSC and Falanx shot up in value.

It is a modern-day version of David versus Goliath where little David triumphed - not once but twice. Andy Macpherson, right, took on HSBC first for himself, then on behalf of brother Alistair.

For current account rewards and interest rates conditions may apply eg. using provider's full switching service, min monthly deposits and direct debits. For savings, access maybe limited, min/max deposits may apply. Always check T&Cs.; *Not FCSC protected.

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.

We asked trusted experts to recommend the best funds that cover different investment sectors - and included This is Money's selection of active and passive options too.

Rightly or wrongly, some people simply want a quick, straightforward route map to investing in an Isa. To that end, this is our distilled guide to getting started.

How much money do I need to save for my pension?

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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Making the most of a pension is your best chance of securing a decent income when you retire. We explain what you need to know.

Even at a time when we are stretching our finances further to afford a home, moving less, and pushing mortgages beyond 30 years, we still remain captivated by two-year fixed rate deals.

When will UK interest rates rise?

The break from rising inflation is only likely to be brief and economists forecast the cost of living to continue to rise through this year. The Bank is still not expected to raise rates due to Brexit uncertainty, however, if the economy continues to fire on all cylinders the mood could shift.

What next for mortgage rates?

Mortgage rates were tipped to start rising in 2017 but so far, there hasn't been any evidence to suggest rates are about to get more expensive. Experts say borrowers sitting on their lender's default rate could save money by remortgaging now.

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

Best paid jobs and biggest pay rises of 2016 revealed

Compare your pay to the national average and see whether your employer treated you to a pay rise in line with the the rest of your profession. Farmers, care and air travel assistants were big winners on the pay scales in 2016. Travel agents, careers advisers and probation officers lost out.

Premium Bonds winners

May 2017
Prize value Winning bond No. Area
£1,000,000 240PY584997 Tyne and Wear
£1,000,000 180WD005230 Cheshire East
£100,000 273DD706488 Oxfordshire
£100,000 264GB618229 Hertfordshire
£100,000 255LL874518 Sheffield
£50,000 5VV637650 Lincolnshire
£50,000 42PZ971979 Kent
£50,000 199QG753460 Warwickshire
£50,000 180MZ547770 Somerset
£25,000 93FX094284 Cumbria
£25,000 290AS923590 Essex
More Premium Bonds winners


Tourist rates

Currency Rate Buy now
Updated 19 May 2017.
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