Money News

Consumers borrowed approximately £700 million more in the year’s second quarter when compared to the year’s first three months.

Consumers borrowed £1.6 billion through equity release between April and June this year, according to the latest figures from the Equity Release Council (ERC). This equates to £700 million more than what was borrowed in the first three months of the year.

“The current cost of living pressure is driving many people to take stock of where their wealth lies and for many people their property is a largely untapped resource,” said Alice Watson, Head of Marketing, Insurance at Canada Life.

Much of this rise in borrowing has been driven by new customers in the market, with the number of new plans in this year’s second quarter increasing by 26% when compared to the “subdued” market of last year’s same period, according to the ERC’s research.

As well as more customers, the equity release market has seen a growing number of products and rates on offer. Compared to 2019, there are over three times as many equity release products on the market.

In addition, in July this year Moneyfacts research found equity release rates at a six year high. 

From January to March the high street bank added almost 20,000 more current account holders to its books.

High street bank NatWest added almost 20,000 more current account holders in the year’s first quarter, more than any other bank, according to the Current Account Switch Service (CASS).

It came at a time when the provider had a £150 switching incentive offer, which was removed in April.

“Rising living costs provide another reason for people to assess whether their existing current account is providing the right service for their needs, or whether moving to another current account might be a prudent move,” said David Piper, Head of Service Lines at Pay.UK, which owns and operates CASS.

Meanwhile, Nationwide BS and Starling Bank also gained a notable amount of new current account holders. Nationwide BS added 12,500 new current account holders, while Starling Bank added nearly 12,000 to its books.

Student account packages are showing mixed results this year. As some deals improve, others have worsened. As time moves on towards the new academic year, our latest analysis reveals a selection of noteworthy cost-saving perks.

If you were told to work from home during the pandemic you may be eligible for a work from home tax rebate.

During the pandemic, many UK workers were required to switch an office lifestyle for a work from home set-up.

Now, even after the COVID-19 restrictions have been lifted, workers can still claim a tax rebate for working from home.

The good news is that the Government has yet to indicate when this scheme will close, so you have time to get your application ready for HMRC.