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The Moneyfacts.co.uk Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market

Whether it is getting a pay rise or paying off ,a long-term debt, getting a little bit extra each month can be a great boost to personal finances. Although it can be tempting to spend the extra money, homeowners who already have an emergency fund saved may want to think about the long-term and consider putting the extra money towards securing their future instead.

For homeowners thinking ahead, often the choice is between using the extra money to pay off their mortgage early or boosting their pension contributions. Although choosing which is the best option, Kellands, an independent financial adviser company, said: “A starting point, is to align your mortgage term to your preferred retirement date, ensuring you do not carry debt on your main residence into retirement. Beyond this, allocating further income or savings to tax-efficient investment can make sense. The consideration is to balance a known interest cost of a mortgage, against the unknown and variable, but potentially higher return available from investing. Valuable tax allowances, particularly those offered through pensions and ISAs can help sway the argument. The consideration tends to be a personal one, factoring your wider financial position, and views on risk and towards debt in general.”

The Moneyfacts.co.uk Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.

As uncertainty around travel continues, it has never been more important for holidaymakers to have the right travel insurance. Fortunately, choosing the best travel insurance deal has just become easier with Moneyfacts revealing its Travel Insurance Star Ratings for 2021 today.

The Moneyfacts Travel Insurance Star Ratings 2021 independently analyses all the travel insurance products on the market to determine which will be awarded its five and four-star rating. Despite the pandemic’s impact on the travel industry, this year saw an increase in the number of annual and single policies assessed, rising from 649 to 862.

This increase has resulted in a 61% increase in the number of deals awarded a five-star rating and a 42% increase in the number awarded a four-star rating.

As well as this, the number of fields that were analysed to determine which policies would be given a star rating increased by 16, many of which focused on the inclusion of COVID-19 cover.