New £56m car compensation, cheapest energy fixes, 5% savings ends, overpay mortgage or save/invest?, act now for cheapest loans

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The top tips this week Warning. Energy bill hike is voluntary! - Exclusive cheapest fixes - Already fixed? Stick or refix... - There are specialist tariffs too Martin: "Should I save or overpay my mortgage?" Cheapest loan is 5.9% - but for how long? Ask Martin Anything (within reason)! New. Are you due £56m car compensation?  5% savings ending Amazon Prime sale deals or duds Martin vid. You can't leave pension in will £300+ Dyson cordless vacuum £183 Ends. Free £50 of shares £397 of beauty in £75 M&S Advent calendar Ends Thu. 150Mb broadband under £19/mth Halifax online/app banking warning Question pod: What should teens know about money? Big Topics pod: What'll happen to interest rates?   Haggled with Sky, BT, the AA etc? £35 Calvin Klein prescription specs One week left. Easy FREE £240 to switch bank 5p/litre off petrol or diesel at Asda  Free NHS flu jab bookings opening This week's best buys: 36mth 0% debt shift, 10GB Sim '£3.20/mth' & more MMD: Should daughter repay cash I gave during controlling marriage?

Warning: Energy bills to hit highest level for 3 years this week!   Energy Price Cap rises 3.6% on Thurs, and a predicted further 21% in Jan. Yet for many, these rises are VOLUNTARY!  To help, we've blagged EXCLUSIVE CHEAPEST FIXES if that's right for you... This Thursday's (1 Oct) 3.6% Ofgem Price Cap rise for Eng, Scot & Wales may sadly be the least of our worries. The latest forecast predicts a further 21% rise from 1 Jan, the coldest time of the year. If that happens, it'd mean rates over 30% higher than the same period last year - though in practice heavy gas users would see bigger rises, electricity-only users smaller. Yet remember, the Price Cap only applies to those on firms' standard tariffs, not fixes or special deals - albeit that's still 60% of homes. Let me start with a key facts summary... You DON'T need to let the hikes happen. If you're on a standard tariff, many can avoid this by switching to the New (Exclusive) Cheapest Fixes where you lock in the rate for a year or two, so it won't rise. Don't just stick with your existing firm though, it may not be the cheapest. Electricity VAT is being scrapped for six months from Thursday too. This applies to the elec unit rates and Standing Charges (not gas). How that impacts you depends what tariff you're on. Those already on fixes or other non-Price Cap tariffs should see their electricity bills cut by 4.8%. For those on the Cap, the 3.6% Price Cap rise includes the VAT cut - without it, the average rise would've been 6.2%. On monthly Direct Debit? It's Meter Reading Week. If you've NOT got working smart meters, submit an up-to-date reading a few days either side of Thur's change to reduce the risk it estimates you've used more than you actually have at the new rate. Fixed? You could do this too due to the VAT cut. See firm-by-firm when & how to do a reading.   The big rise on this Cap is for gas users. The new 1 Oct Price Cap Direct Debit average UK rates, including VAT when it's charged, are as follows (though these can materially vary by region, see regional Cap rates for full info): Unit Rate Standing Charge Electricity 26.32p/kWh (was 26.11p) UP 0.8% 54.83p/day (was 57.19p) DOWN 4.1% Gas 7.97p/kWh (was 7.33p) UP 8.7% 29.68p/day (was 29.04p) UP 2.2% The January Cap is predicted to rise by a massive 21%. The latest predictions are a tad lower than they were, but still are for a further 21% rise on 1 Jan, and not predicted to drop much in April. The main reason for these big changes is the wholesale rates energy firms pay... and they've been sky-high recently. We're six weeks through the 13-week assessment period, so those highs are now baked in. So while exact predictions change weekly, it's now sadly almost unthinkable it won't rise, and improbable it won't rise substantially. Expect a ballpark of 12% to 30%, depending on world events (barring Govt intervention). More below on why prices are set to rise. Check your Direct Debit (DD) from Thursday. Use our 'Is your Direct Debit right?' calc to see roughly what it should be. If too high, see how to challenge unfair DDs. Plus, if you're more than two months in credit right now, consider asking to get excess credit back.  What does the Government say about this? A fortnight ago, I asked the new Energy Secretary Miatta Fahnbulleh. Watch the full interview in my Energy Bills ITVX special, but key clips include Why are bills UP £300 when they were meant to be DOWN £300? and Will you ditch energy Standing Charges? What to do depends on if you're on a standard tariff or not. So let me take you through it step by step, depending... - On a 'standard' tariff? If you're not sure, then you likely are. - Already on a 'fixed' tariff? Note: what you'll pay will drop. 1. On a STANDARD TARIFF? Get off it if poss, the Price Cap's a Pants Cap! The Price Cap was designed as a back-stop for those who can't switch, yet far too many are on it - even Ofgem is urging you to ditch it. It's virtually impossible if you're on prepay, but for those who pay other ways, it's worth urgently investigating. How to check if you're on a Price Cap tariff. If you're not on a fix or special deal, you're likely on the Price Cap (see Am I On Price Cap tool). It applies to firms' standard variable consumer tariffs - the ones you're on if you've not switched or your deal ended & you did nowt. Almost all firms (bar Home Energy below) price very near the Cap. The common ones are: British Gas Standard Variable | EDF Standard (Variable) | E.on Next Next Flex | Octopus Flexible Octopus | Outfox Fox Standard Variable | Ovo Simpler Energy | Scottish Power Standard | So Energy So Flex If you FIX NOW you can avoid the hikes... A fix simply means the unit rates and Standing Charges are locked in, so they CAN'T RISE for the year or two length of the fix (though use more you pay more). Your exact saving and winner depends on location & usage though. Because of that, and as deals change all the time, the links take you through our Cheap Fix Comparison. Unsure? You can get help with our Pick Me A Tariff tool. Yet to give you an indication of prices, roughly...   - Today's cheapest fixes are around 2% MORE than the Price Cap that ends tomorrow (Wed). - Those same fixes are 4% LESS than the rate from Thursday. - They are 22% LESS than the current prediction for the January Price Cap. Cheapest FIXED tariffs  All allow new & existing customers All links via our comparison as deals change & you need a bespoke result (your region's Standing Charges & Unit Rates are there) Important. If you compare today, if it shows a 'small rise', that's likely to be a decent saving. Compare before Thur and the result shown is against today's lower Cap. Yet up to 4% more now is actually still cheaper than Thur's Cap, both as it rises then, plus because these fixes will have VAT taken off electricity then too. Cheapest ONE-YEAR fix E.on Next Fixed 12m Exclusive v9 12mth fix Dual fuel and elec-only | Monthly Direct Debit only | No Smart Meter needed | Exclusive deal This is the only 1yr fix cheaper than Oct Cap. Avg Cost: 3.8% LESS than Thur's Oct's Price Cap (2% more than today's) when £20 MSE dual-fuel cashback is included Early Exit Fees: £50/fuel. So £100 to leave gas & elec before fix ends Cheapest LONGER fixes These give price certainty for longer, but today's fixed rates are relatively high and mightn't look competitive in a year if the Mid East conflict de-escalates. So if you go long, focus on lower early-exit fees, as a get-out-of-jail-cheap card, in case you need ditch it later. Fuse Energy Sept 26 Fixed (24m) v16 24mth fix Dual fuel and single fuel | Monthly variable Direct Debit only | No Smart Meter needed | Exclusive (though available direct without the cashback) Avg Cost: 3.7% LESS than Thur's Oct's Price Cap (2.2% more than today's) when £20 MSE dual-fuel cashback is included Early Exit Fees: £50/fuel. So £100 to leave gas & elec before fix ends E.on Next 24m Exclusive v20 24mth fix Dual fuel and elec-only | Monthly Direct Debit only | No Smart Meter needed | Exclusive deal Avg Cost: 3.5% LESS than Thur's Oct's Price Cap (2.3% more than today's) when £20 MSE dual-fuel cashback is included Early Exit Fees: £100/fuel. So £200 to leave gas & elec before fix ends What is 'MSE cashback'? Some providers pay energy comparison sites to facilitate the switch (you still get the same price as going direct). Unlike other sites, we don't default to hiding tariffs that don't pay. Instead, we show them all, but when we get paid to switch you, we give you a chunk of this as cashback. That means tariffs where we're paid are relatively cheaper for you, so it's likely more people switch to them. Win-win. Is it a good time to fix? If it'll save you now, yes - but...  If you've been on your firm's Price-Capped standard tariff for ages, then you get off it now and switch to one of the cheapest fixes, you should start saving by Thursday, or as soon as the switch completes (it can take 5 days). After that, it's currently predicted the Jan Cap will rise over 20% on top, so you're very likely to make material savings over the high-use winter period. However, had you fixed three months ago, you would've locked in about 13% cheaper than now, and it was 20% cheaper before the Middle East conflict started. That's because, unlike the Price Cap, which works on a time lag, the rate you can get a new fix at depends pretty much on current wholesale rates - and they are still very high, largely due to the ongoing Middle East conflict (this minute-by-minute graph site of wholesale gas prices, which also feed into electricity, will give you the idea). There's a chance that if the Middle East situation de-escalates, you'll be able to fix more cheaply, but equally, things may get even worse. Yet every week waited is a week you pay more. So again, if you've long sat on the Price Cap, the easy thing is just to get off it. But if you're a regular fixer who monitors the market, it's your call if you think you'll save waiting as no one knows. 2. Already FIXED? Should I ditch my fix to refix? (spoiler: prob not) The Cap's rise on Thursday does NOT impact your fix - not until it ends anyway. And as that's also the start of the Govt scrapping VAT on domestic electricity for six months, your electricity costs will drop by 4.8%. Yet many are asking me:  "My fix expires in the first few months of next year, should I ditch it because of the future rises?"  The big answer is: be careful ditching your fix early to refix - though it does depend on when your fix is due to end. For a full explanation listen to my Should you refix early to beat hikes? podcast, but in brief...  The rate you can fix at today is nearly the most expensive it's been for years. So if you fixed a while ago, refixing means you'll be ditching what is likely a far cheaper fix to lock in at a much higher rate - and you may have to pay an early-exit penalty to do so. If you want to check, do a comparison and it'll show you whether you can save or not. The logic that 'fixes will be more expensive once the Price Cap rises' is flawed. The Cap is set based on past prices, eg, Oct's Cap relies on average wholesale rates from mid-May to mid-August. Yet the rate you can get a new fix at is based on wholesale prices at the moment you're fixing (fixed rates can, and often do, move daily). So if it turns out the recent very high wholesale rates are a short-term spike, eg, if the USA/Iran reach a deal to reopen the Strait of Hormuz, then fixes could get cheaper quickly. Equally, if the crisis there worsens, fixes could stay sky-high or get even costlier.  Ultimately what'll happen to future fix rates is a complete unknown. So personally, I'd "bird-in-the-hand" it and stick on your existing relatively cheap fix as long as you can, especially if it covers much of the high-use winter period and you've early-exit penalties that add to the cost. Only those who are very risk-averse (or on crap old fixes) should consider ending a fix to lock in again, likely having to pay an exit penalty to do so now. Fix ending within 50 days? You can't be charged early-exit penalties, so you're free to move and can compare to find your cheapest. Plus, when your fix ends, you'll automatically be moved onto your firm's standard Price-Capped tariff. So in reality, your decision is more covered by the 'I'm on a standard tariff' info above. Don't rush though. We just don't know whether fixes will get cheaper or costlier in the next few weeks, but you want to make an active decision before you're auto-moved back to the Cap. 3. Fixes aren't the only choice... Fixes are the simple and easy choice for most, but there are some options that may beat them for some... Low user? A low Standing Charge tracker may win. The British Gas Cap Tracker tariff matches the Price Cap unit rates (so it'll rise Thur) but with £60/yr lower Standing Charges. Switchers via this link also get £20 dual-fuel MSE cashback. It's available for new & existing customers - smart meters aren't required. It's best for anyone deliberately staying on the Price Cap, as it's just the Cap but cheaper, or those with usage under c. £80/mth when it can undercut a fix.  Don't want a fix? Home Energy offers the lowest variable rates right now. Home Energy only offers a standard variable rate, so technically it's subject to the Price Cap. Yet unlike other firms, it charges a lot less and has consistently done so for over a year. It's currently 13% cheaper than the Oct Cap. Yet it is important to understand it is free to change its rates any time as long as it gives 'reasonable notice'. Many on it tell me they're happy with it.    Got an EV? Consider a dedicated tariff. There are special electric vehicle (EV) tariffs - if you've got one and the cost of charging it at home is roughly 20+% of your household energy use, they're worth a look. Octopus rapid-change time-of-use tariffs. These are its Agile (electricity price changes every half-hour), and its dual-fuel or single fuel Tracker tariff (price changes every day). Generally, these are for sophisticated users who monitor prices and, with Agile, can shift usage patterns to match. Currently, rates are highly volatile but can be a winner. In my Question Time podcast this week I go into more detail for current users on whether they're worth staying on. Solar panel tariffs. If you have solar panels, you can link these to your energy bills for the best export rates. See our switch solar panels tariffs guide for more. Not got solar panels? We've crunched the numbers to see how the maths now stacks up, plus see how you can get £550 off in our updated Solar panels: are they worth it? guide.  4. Want to cut your usage and/or struggling to pay?  If you cut what you use, you'll pay less too. We've some strong, evergreen guides that can help. 70+ ways to save energy includes a mix of hardcore savings and some thrifty crowd-sourced tips.  Energy mythbusting covers less clear-cut issues, including  'better to keep the heating on low all day or just when needed?' Heat the human, not the home is not a guide I'm pleased we have to have. Yet if you're really struggling, it provides some important tips for the winter period about how to keep warm at lower cost. And if you are struggling to pay, it's always worth talking to your energy firm. Be polite and straight with it, and make sure you explain if you're vulnerable and ask to be put on the 'Priority Services Register'. There can also be hardship & debt grants from energy suppliers. For far more guidance, see our full What to do if you're struggling to pay energy bills guide.

 

 

DON'T believe the fake 'Martin Lewis' or 'MSE' ads Lots of scam ads litter social media and even newspaper websites - some of these lie that we or Martin promote Bitcoin, binary trading etc. See Fake ads warning.

 

 

 

Martin: "With interest rates likely to rise, should I save or overpay my mortgage?" Eight need-to-knows that could save you £10,000s It's thought very likely in November, the Bank of England will increase the base rate from 3.75% to 4%. In fact, the market is currently pricing in that the rate will rise four times over the next year. As new fixed mortgage rates depend on the market's view of future rates, fixes are getting costlier. A couple of months ago, the cheapest two-year fix was 4.1% - now it's 4.8%. Plus, tracker and variable rates are likely to follow suit if the base rate rise predictions come true. No surprise, then, that one of the most common questions I'm asked at the moment from those with spare cash is: "Should I save or overpay my mortgage?" So below I've the eight key need-to-knows. Before that though...  What exactly will happen to interest rates? And what it means for mortgages, savings & more. This is the focus of my latest Big Topic podcast. I'm joined by an economist and a mortgage broker to look ahead to exactly what'll happen and, crucially, what it means for your borrowing and savings. Eg: Is a cheap tracker mortgage better than a fix right now? Do give it a listen, via BBC Sounds | Apple | Spotify and other podcast platforms. Related: Mortgage Best Buys | Top Savings | Beginners Guide to Investing The eight 'should I overpay my mortgage' need-to-knows...  1. Do you have more expensive card, loan or overdraft debt? If so, it's generally best to prioritise using spare cash to clear them instead - see Should I overpay cards & loans. Overpaying student loan debt is a much more complex decision - it depends on which Plan you're on and your specific circumstances See my Should I ovepay Plan 2 loans blog for some basics. 2. If your mortgage rate's higher than the (after-tax) interest on savings, overpaying adds up. Let's keep this simple... £10,000 saved at top 4.5% savings earns £450 interest (£360 for those who pay basic-rate tax on it), yet use it to overpay a 6% mortgage and it saves you £600 interest. So if your mortgage rate's higher than the after-tax rate you earn on savings, overpaying makes sense. Another way to think of it: it's like saving, tax-free, at your mortgage rate.  Then again, if you're still on a legacy cheap mortgage at 1% or 2%, there's no point in overpaying that for now (see point 7). Use our Mortgage Overpayment Calc to see both the absolute gain and how overpaying compares to saving. The Overpayment Calculator for a £200,000 repayment mortgage at 5.5% with a 20yr term  Overpayment amount Interest saved Mortgage cleared A one-off £5,000 £9,600 10mths earlier £100 every month £16,950 2yrs 3mths earlier £5,000 and £250 a month £41,450 5yrs 5mths earlier As Deb emailed last year: "Hello! I wanted to say a huge thank you. This afternoon I redeemed my mortgage 11 years early, thanks to your site! Nearly 14yrs ago, I was a single mum, buying my 1st property, pretty feckless with understanding financial terms. Then I read you advised overpaying, if possible, and happily and fortuitously I've been able to make lump sum pay offs and now, aged 57, I feel I can relax and even contemplate retirement. Raising a glass to you and your team, Martin." Or more recently WofC on X: "@martinslewis Overpay as much as you can. I'm on track to pay a 30 year mortgage off in 10 years. This will save me around £85,000 in interest." 3. What you compare matters! Ensure it's YOUR best possible mortgage vs YOUR best possible savings. If your mortgage could be better and you're free to move, check what the best rate you're likely to get is. Use our Mortgage Best Buys comparison for a benchmark, and free Remortgage guide for step-by-step help or speak to a mortgage broker. The same's true with savings. If your accounts pay a paltry rate, as far too many do, it's easy to ditch and switch (unless they're locked away in a fix). On lump sums, you can earn up to 5% in top savings, so that's what you should be comparing with. 4. TWO KEY CHECKS before you act. If overpaying looks a winner, check...  Are there overpayment penalties? Many lenders let you overpay 10% of your mortgage balance each year penalty-free. Above that, there are often penalties which could wipe out much of the gain, so do check. Always keep a cash emergency fund. The fact you've overpaid your mortgage doesn't automatically mean if circumstances change and you suddenly can't repay, the lender will say 'oh, no probs' - you'd still be in arrears. So my rule of thumb is always have enough money to cover 3 months' bills (or even better, 6) accessible in savings, and only overpay with any money above that (unless it's a specific offset mortgage). 5. Borrowing over 60% of your home's value? It can pay even more to overpay. If you can save at a rate higher than your mortgage, use our Mortgage Overpay vs Savings Calc to see the exact cost. If the savings are only trivially better, and you're borrowing a decent chunk of your home's value, remember your Loan-To-Value (LTV) plays a big factor in the mortgage rate you can get. The lower your LTV, the better your deal - until it drops below 60%, where it stays the same.  Overpaying to reduce your mortgage debt may lower the rate of future mortgage deals - see LTV thresholds which improve mortgage rates. With over a million fixed-rate deals ending this year, it's a consideration for many. 6. When overpaying, ensure it reduces your TOTAL MORTGAGE BALANCE. Overpay and some lenders just reduce your next or future monthly repayments. That may help cash flow, but you won't see a big reduction in interest. To do that you need to ensure overpayments reduce your mortgage balance while keeping the same monthly repayment. This has the practical effect of helping you clear your mortgage sooner, resulting in an interest gain. So, when you overpay, tell the lender you want it to reduce the capital owed which effectively reduces the mortgage term, not the monthly repayment. This way you'll be mortgage-free quicker. If a lender makes this difficult by lowering your monthly repayments, just keep paying what you were or more (effectively overpaying each month) to have the same impact. To be clear: I'm NOT saying ask to reduce the term, that may need an affordability test - see my old Decrease term v overpay blog. 7. If saving beats overpaying your mortgage, save the right way. There are still many people with super-cheap 1% or 2% mortgages, who right now are far better off saving than overpaying. For many others, it's a closer call. Yet both should be aware that at some point, that deal will end and your new mortgage rate could be far higher, meaning the equation changes. So if you are saving, having that money available and liquid (spendable) when the deal is coming up for renewal is important, as it means you can use it to reduce your borrowing at that point if needed. To do that, you'll want money in easy-access savings then - this doesn't mean you can't use fixed savings before, just ensure they mature before your mortgage fix ends. 8. What about overpaying the mortgage vs investing? I'm asked this far less often, which is a shame. More people should consider investing money unneeded for 5+yrs rather than saving it (see my beginner's investing guide). Put money in savings and you can withdaw and overpay any time. Yet investing is a long-term choice, so you need to be comparing it to your likely typical mortgage rate over the next five years or more, not just your current rate. So if you're on a low rate now, use a best buy comparison to see likely rates for you when that ends.  If your mortgage rate is relatively low long term, putting money in a broad spread of investment stands a decent chance of significantly outperforming overpaying. If your rate is higher, say 5.5%, your question is what level of return would you want for it to be worth sacrificing the "bird-in-the-hand" of a guaranteed tax-free 5.5% return. Only you can answer that, and then contrast it to investment return rates - but it's worth thinking about. Ultimately it's about your attitude to risk. If overpaying could lower your mortgage rate due to the LTV (see point 5), that strengthens the argument for overpaying over investing, as you'll usually be reducing the cost of a larger mortgage by sacrificing gains on a smaller investment.

 

YouTube LIVE 7.30pm Thu. Ask Martin Anything (within reason)! Subscribe to his YouTube channel so you can ask your questions (turn on notifications to ensure you don't miss it). You can also watch back afterwards. Submit questions early. New. Bought or leased a NEW car or van 18 Oct 06 to 6 Sept 15? You may be due a share of £56m! Millions may be due small payouts of £25+, which have just been agreed in a group legal case. It's all about vehicles shipped to the UK, which is many of them (you were probably unaware). Full info & how to claim in our Car shipping compensation guide. Related but separate: Car finance mis-selling compensation. Top savings ALL change - grab 5% interest... Full best buys in Top savings and Top cash ISAs, but in brief... 1. New. Top 5.01% cash ISA. Rates have jumped up from around 4.6% recently. Trading 212's 5.01%* is currently top (includes 1yr 1.41% newbie bonus), a tad more than Plum's 5% (includes 2.46% newbie bonus). Both pay less on transfers, so top for that is Chip's 4.5% (includes a 1yr 1% newbie bonus). See Top cash ISAs for full help & info. 2. Ends 11.59pm tomorrow. '5.31%' 1yr fix on £10,000+. Online savings platform Raisin* lets you move money between different banks after filling in one form. Via code SEP150, it pays newbies £40+ cashback if you open a 1yr fixed saver with £10,000+ by 11:59pm tomorrow (Wed). Its top 1yr fix pays 4.91%*, less than open market 5.1%, yet with the cashback it's equivalent to 5.31%. Full Top fixed savings. 3. Ends 11.59pm tomorrow. 5% top easy-access savings on smaller amounts. Until Wed night, Spring's (part of Paragon) 5% on up to £5k is the top easy-access account. Cahoot (part of Santander) also pays 5% on up to £3k and lets you open both a personal and a joint account. Full info and alternatives in Top savings.  Amazon's 'Prime Big Deal Days' including Lego, Samsung & Shark - tips, predictions & duds. See what's likely in next Tue & Wed's Amazon Prime sale. Martin 45s vid. "You can't leave a pension in your will!" Watch his important pension info courtesy of This Morning. £300+ Dyson V10 cordless vacuum £183 refurbished by Dyson itself. MSE Blagged. 1,400 codes. Our code takes £137 off, taking it to £183 (Dyson sells it for £320). Has a 1yr manufacturer guarantee. Dyson with deals Ends 9pm tomorrow. FREE £50 of shares when you invest £200+. 2,000 codes left. Until Wed night, newbies to huge global investment platform IG* can get £50 of free shares in random big US firms. a) Open its Share Dealing account using code MSE50. Then either use it or open a shares ISA or SIPP in order to... b) Deposit and invest £200+ by 9pm tomorrow and keep it invested till 28 Feb 2027. IG offers a wide range of shares and ETFs with no platform/trading fees. You'll receive and can then sell or keep the shares by 31 Mar 27. Full info: £50 free shares. £397 of beauty in £75 M&S Advent calendar. Mega popular with MoneySavers - and Sparks members (free to join) get early access from Thu. Peek inside the M&S beauty Advent calendar. Related: M&S sale BOOSTED up to 70%. Ends Thu. 150Mb Vodafone broadband under £19/mth. It's a 2yr contract - you pay £21/mth (£24.50 from April 27, £29/mth from April 2028) and it'll email a choice of a £140 voucher for Amazon, Tesco, M&S etc within 4mths of signing up (do check your junk folder). Factored in, it's equivalent to £18.67/mth over the contract. Full Comparison: Cheap Broadband tool. Halifax customer? Your online/app banking will be axed next month. Here's what you need to know. What should every teenager know about money? | Are Octopus Agile & Tracker still worth it? | Can you stooze with other 0% finance? Martin answers these questions from listeners & more in this week's must-listen Question Time podcast. Do give it a listen, via BBC Sounds | Apple | Spotify etc. What exactly is going to happen to interest rates? And how do you use that info to improve your mortgage, savings & loans? Martin's joined by an economist and mortgage broker to take you through it in this week's Big Topics pod. Listen via BBC Sounds | Apple | Spotify etc. If you've haggled with Sky, BT, the AA etc, let us know. Please vote in our haggling poll. Related: How to haggle.

 

 

BLAGGED FOR MSE - Refurbished Dyson V10 for £183 via code 1,400 available - Calvin Klein specs or sunnies for £35 Ends 31 Oct	DID YOU MISS? - New way to get discounted M&S food... - Driver? Take seconds to find the cheapest fuel near you - Bag new clothes at second-hand prices, eg, £197 bodysuit £6 - FREE £200 cash AND big perks (eg, free Disney+) bank switch - FREE week's 'National Theatre at home' with 120+ shows

 

 

The cheapest personal loan is 5.9% - but for how long?With strong signals UK interest rates will rise, if you need a loan, sooner is safer Almost all UK personal loans are fixed rate, so the interest rate's locked in for the full term. And as Martin's explained with mortgage fixes above, that means that how much lenders charge for new loans depends on the market's view of future interest rates. With the mood music blaring that UK rates are likely to rise soon, it's probable loan rates will follow suit - either with rate rises (we've already seen a few) or tightening lending criteria for the cheapest deals. So if you need to borrow, sorting sooner is likely safer. Our Cheap loans guide will take you through it, but here's key need-to-knows and best buys... Only borrow if it's NEEDED, budgeted for & affordable. Loans are best for a deliberate, planned, budgeted-for one-off expenditure with lasting gain (eg, repairing a broken kitchen, not booking a holiday). So only do it if you really need it and can afford to repay, minimise the borrowing and repay as quickly as you can. If in doubt, don't. Related Help: Is debt consolidation worth it? | Cut existing loan costs | Car Finance | Struggling with debt? help The UK's cheapest fixed-rate personal loans. It's far better to apply via the Loans Eligibility Calculator, which will first show you the loans you're most likely to be accepted for - as applying and getting rejected hits your acceptance odds elsewhere. You can also do eligibility via our MSE's free Credit Club (& via MSE's Apple or Android App), where it can also evaluate your credit strength and suggest how to improve acceptance odds.  Cheapest personal loans: (links take you to find which loans you're most likely to get) -  £7,500 to £25,000: M&S 5.9%. AA 5.9% (member) or 6.4% (non-member). Tesco Bank 6.2% (need free Clubcard). -  £7,000 to £7,499: People's Choice 6.5%. M&S 6.9%. Tesco Bank 7.4% (need free Clubcard). -  £5,000 to £6,999: M&S Bank 6.9%. Tesco 7.4% (need free Clubcard). Santander 7.5%. -  £3,000 to £4,999: Santander 8%. M&S, Zopa (via John Lewis) 9.9%. -  £1,000 to £2,999: Zopa (via John Lewis) 9.9%. Santander 10.5%. But for this lower level of borrowing, over a short term 0% credit card loans can work out cheaper. - All these loans are 'representative APR', meaning sadly only 51% of accepted applicants must be given the advertised rate (others accepted can be charged more, without limit). However, via the eligibility calc, some lenders now offer guaranteed rates or show you the rate you'll likely get before applying. - All these loans are UNSECURED (a good thing): It means a lender can't automatically look to take your home if you don't repay (secured gives security to the lender, not you). Occasionally, a loophole means borrowing more costs you less. While generally you should minimise borrowing, if you're borrowing an amount (£100 or £200, say) just below a threshold where rates get cheaper (currently that's at £3,000, £5,000, £7,000 and £7,500), nudging the amount you borrow up just above the threshold can actually be cheaper. Full help and calculator on this in Can you use the loan rate loophole? But as an example... - Borrow £7,400 at 6.5% over 5 years - total repayments: £8,687, - Borrow £7,500 at 5.9% over 5 years - total repayments £8,679. So less in total, even though you borrow more.  How lenders decide who to lend to... As with all lending, when you apply you'll be credit-scored to see if you've been a good credit citizen. Each lender scores you differently based on its own wish list of what makes a profitable customer. Yet less known is that most lenders also do an affordability score (using your income from your application form, so do include every penny - but don't lie) to see whether you can actually afford to repay. And with loans, affordability is far more important than with, say, credit cards, because you're applying for a specific amount. The same lender may accept you for a £3,000 loan, for example, but reject you at £10,000. MSE's free Credit Club (available via the MSE App on Apple and Android) shows your credit and affordability scores and helps diagnose any issues. Plus, a version of our eligibility calc is within the Club.

 

£35 Calvin Klein prescription specs or sunnies (normally from £95). MSE Blagged. £35 for the basic set-up - you can pay to upgrade lenses etc. Via SpeckyFourEyes code. One week left. Easy FREE £240 cash to switch bank - biggest bonus of the year so far. For the next week, new switchers who apply to the fee-free Santander Everyday account* get a FREE £240 cash. Full info in Top bank accounts.   5p/litre off petrol or diesel when you spend £40+ at Asda (excl. Scot). Valid at 300+ petrol stations. See 5p/litre off fuel. Related: Find the cheapest petrol or diesel in your area. Free NHS flu vaccine bookings open to over-65s from Thu. They're already available for pregnant women and children. See Free flu jabs. Not eligible? See where to get a cheap private one.

 

 

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AT A GLANCE BEST BUYS Top 0% balance transfers Top definite 0% card: HSBC (check eligibility; existing customers use this link), 36mths 0%, 3.09% fee, 24.9% rep APR No-fee: Barclaycard (check eligibility) 12mths 0% 24.9% rep APR Best bank accounts Free £240: Santander Free £220: HSBC Broadband top picks Fast fibre (100Mb+): Vodafone '£18.67/mth' Superfast fibre (500Mb+): Sky '£22.88/mth' Ultrafast fibre (900Mb+): Vodafone '£22/mth' On Universal Credit or similar? Check all discounted social tariffs Insurance Car: Use our Compare+ Car Insurance tool Home: Use our Compare+ Home Insurance tool Travel: Use our Compare+ Travel Insurance tool Cheap loans £5,000 to £7,499: M&S Bank (check eligibility), 6.9% representative APR £7,500 to £15,000: M&S Bank (check eligibility) 5.9% representative APR. Top savings accounts Top easy-access savings: Zopa 4.56%, min £1 Top easy-access ISA: Trading 212 5.01%, min £1 Top one-year fix: Thisbank 5.1%, min £100 Top energy deals Use our whole-of-market Cheap Energy Club Cheap Sims Up to 3GB data: Lebara, '£2.90/mth' for 3GB 4GB to 9GB data: Lebara, '£2.99/mth' for 5GB 10GB to 30GB data: Lebara, '£3.20/mth' for 10GB 31GB+ data: Lebara, '£3.33/mth' for 35GB

 

THIS WEEK'S POLL Have you haggled with Sky, BT, AA or any others in the last six months? Did you succeed? Whether it's digital TV, broadband, breakdown cover or car insurance, haggling can net you huge savings on all kinds of different products. And every six months, we try to gauge the success rates of those who have done it. So, have you nabbed cheaper prices, extra goods or better deals? Let us know how successful you've been. Vote in this week's poll.

 

MONEY MORAL DILEMMA Is it fair to ask my daughter to repay the money I gave her while in a controlling marriage? My daughter and son-in-law were heavily in debt 20 years ago. I paid almost £6,000 off one of their credit cards and gave them substantial sums to help elsewhere. They've since divorced and their home is now on the market, and I've discovered her ex-husband controlled everything and lived like a playboy. I'm nearing retirement, and that money would be a great help to me - yet they've never tried to repay it. Given that my daughter's been through a hard time, walking out of her home of 28 years with her belongings in bin bags, would it be unreasonable to ask her to pay me back from her share of the house sale proceeds? Enter the Money Moral Maze: Is it fair to ask my daughter to repay the money I gave her and her ex? | Suggest a Money Moral Dilemma (MMD) | View past MMDs Affected by the issues raised in this MMD? See Martin's money, relationships & financial abuse blog for help & support

 

FREE TEA & COFFEE DEALS - Ends tomorrow (Wed). McDonald's: Free coffee for new & existing app users - Waitrose: Free tea or coffee every day for loyalty members (free to join) with a reusable cup - Greggs: Free hot or iced drink for new app users - Coffee#1: Free barista-made drink for new app users, dine-in or takeaway - Wenzel's: Free coffee (or doughnut) for new app users See all free tea & coffee deals.

 

 

MARTIN'S APPEARANCES (WED 30 SEP ONWARDS) Wed 30 Sep - Good Morning Britain, ITV1, 9.20am Thu 1 Oct -  Ask Martin Lewis, BBC R5 Live, midday Tue 6 Oct - This Morning, ITV1, 10am

 

 

Important. Please read how MoneySavingExpert.com works We think it's important you understand the strengths and limitations of this email and the site. We're a journalistic website, and aim to provide the best MoneySaving guides, tips, tools and techniques - but can't promise to be perfect, so do note you use the information at your own risk and we can't accept liability if things go wrong. What you need to know This info does not constitute financial advice, always do your own research on top to ensure it's right for your specific circumstances - and remember we focus on rates not service. We don't as a general policy investigate the solvency of companies mentioned, how likely they are to go bust, but there is a risk any company can struggle and it's rarely made public until it's too late (see the Section 75 guide for protection tips). We often link to other websites, but can't be responsible for their content. Always remember anyone can post on the MSE forums, so it can be very different from our opinion. Please read the Full Terms & Conditions, Privacy Policy, How This Site is Financed and Editorial Code. Martin Lewis is a registered trade mark belonging to Martin S Lewis. More about MoneySavingExpert and Martin Lewis What is MoneySavingExpert.com? Founded in February 2003, it is now the UK's biggest consumer help website, with around 9.5 million users and 45 million page views a month, and about 9 million receiving this email. In September 2012 it became part of the MoneySupermarket Group PLC. Its focus is simple - saving cash and fighting for financial justice on anything and everything. The site has over 80 full-time staff, more than a third of whom are editorial - researching, analysing and writing to continually find ways to save money. More info: See About MSE. Who is Martin Lewis? Martin Lewis CBE is the founder and executive chair of MSE, as well as the founder of the MMHPI charity. He's an ultra-focused MoneySaving journalist and consumer campaigner with his own prime-time ITV programme The Martin Lewis Money Show, Radio 5 Live Wednesday show Ask Martin Lewis and weekly slot on This Morning, among others. More info: See Martin Lewis' biography. What do the links with an * mean? Any links with an * by them are affiliated, which means get a product via this link and a contribution may be made to MoneySavingExpert.com, which helps it stay free to use. You shouldn't notice any difference; the links don't impact the products at all and the editorial line (the things we write) isn't changed due to them. If it isn't possible to get an affiliate link for the best product, it's still included in the same way. More info: See How This Site is Financed. As we believe transparency is important, we're including the following 'un-affiliated' web-addresses for content too: Unaffiliated web-addresses for links in this email Financial Conduct Authority (FCA) Note MONY Group Financial Limited is authorised and regulated by the Financial Conduct Authority (FCA FRN: 303190). MoneySavingExpert.com Ltd is a company registered in England and Wales. Company Registration Number: 8021764. Registered office: One Dean Street, London, W1D 3RB. MoneySavingExpert.com Limited is an appointed representative of MONY Group Financial Limited. To change your email or stop receiving the weekly tips (unsubscribe): Go to:www.moneysavingexpert.com/unsubscribe.