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As a first-time home buyer in the UK, it’s important to factor in the cost of stamp duty. This tax can add thousands to the price of buying a home, but there is relief available for first-time buyers.

Stamp Duty Land Tax (SDLT), also known as Land Transaction Tax (LTT) in Wales and Land and Buildings Transaction Tax (LBTT) in Scotland, is the tax levied on the purchase of property and land in England and Northern Ireland.

First-time buyers in England and Northern Ireland who purchase a home up to £425,000 do not have to pay any stamp duty since September 22nd, 2022. If the home is worth between £425,001 and £625,000, a 5% stamp duty rate will apply only on the value above £425,000.

For properties worth more than £625,000, normal stamp duty rates will apply and first-time buyer relief will not be available.

In Scotland, if you’re buying your first home and it is worth less than £175,000, you will not have to pay any stamp duty (LBTT). The LBTT rate for first-time buyers in Scotland is tiered as follows:

Up to £175,000 – 0%
£175,001-£250,000 – 2%
£250,001-£325,000 – 5%
£325,001-£750,000 – 10%
£750,001+ – 12%

In Wales, there is no first-time buyer stamp duty relief and you’ll pay the same Land Transaction Tax (LTT) bill regardless of whether this is your first home or not. But, no-one in Wales pays LTT on property worth less than £180,000. LTT is tiered based on the value of your home, so here’s what you’ll pay:

Up to £180,000 – 0%
Up to £180,001-£250,000 – 3.5%
£250,001-£400,000 – 5%
£400,001-£750,000 – 7.5%
£750,001-£1,5m – 10%
£1.5m+ – 12%

To qualify as a first-time buyer in the taxman’s eyes, you must never have owned, or had an interest in, a residential property in the UK or overseas. This includes both freehold and leasehold property. It’s worth noting that stamp duty is set to change again in April 2025 according to the government’s autumn 2022 budget.

An overvalued home can sit on the market for months, deterring potential buyers and leaving you with a long and frustrating wait to close the sale. Not only that, but an overpriced property may not even appear on filtered search criteria, meaning you could be missing out on potential buyers altogether.

When pricing your home, it’s important to consider factors such as market trends, comparable property values, and the cost of any renovations or upgrades. An experienced estate agent can provide valuable insight and help you determine the most appropriate asking price for your home.

A correctly valued home can attract more interest, leading to more viewings, and ultimately leading to a quicker sale with a higher price or a better negotiation power. It’s also important to consider that overvaluing your home can put you in financial strains as you may lose out on another property as you can’t afford to buy without selling first.

To ensure you get the best price for your home, it’s important to do your own research, look at similar properties and their values, and choose a reputable agent who can provide clear and justified pricing, while having a solid marketing strategy in place. It’s also important to remain flexible and open to adjusting the price if necessary.

In short, correctly valuing your home can save you a lot of time and money in the long run, ensure a smooth sale process and lead to better negotiation power.

1. Don’t call someone more than twice continuously. If they don’t pick up your call, presume they have something important to attend to;

2. Return money that you have borrowed even before the person that borrowed you remember or ask for it. It shows your integrity and character. Same goes with umbrellas, pens and lunch boxes.

3. Never order the expensive dish on the menu when someone is giving you a lunch/dinner.

4. Don’t ask awkward questions like ‘Oh so you aren’t married yet?’ Or ‘Don’t you have kids’ or ‘Why didn’t you buy a house?’ Or why don’t you buy a car? For God’s sake it isn’t your problem;

5. Always open the door for the person coming behind you. It doesn’t matter if it is a guy or a girl, senior or junior. You don’t grow small by treating someone well in public;

6. If you take a taxi with a friend and he/she pays now, try paying next time;

7. Respect different shades of opinions. Remember what’s 6 to you will appear 9 to someone facing you. Besides, second opinion is good for an alternative;

8. Never interrupt people talking. Allow them to pour it out. As they say, hear them all and filter them all;

9. If you tease someone, and they don’t seem to enjoy it, stop it and never do it again. It encourages one to do more and it shows how appreciative you’re;

10. Say “thank you” when someone is helping you.

11. Praise publicly. Criticize privately;

12. There’s almost never a reason to comment on someone’s weight. Just say, “You look fantastic.” If they want to talk about losing weight, they will;

13. When someone shows you a photo on their phone, don’t swipe left or right. You never know what’s next;

14. If a colleague tells you they have a doctors’ appointment, don’t ask what it’s for, just say “I hope you’re okay”. Don’t put them in the uncomfortable position of having to tell you their personal illness. If they want you to know, they’ll do so without your inquisitiveness;

15. Treat the cleaner with the same respect as the CEO. Nobody is impressed at how rude you can treat someone below you but people will notice if you treat them with respect;

16. If a person is speaking directly to you, staring at your phone is rude;

17. Never give advice until you’re asked;

18. When meeting someone after a long time, unless they want to talk about it, don’t ask them their age and salary;

19. Mind your business unless anything involves you directly – just stay out of it;

20. Pray.

SOME SOCIAL RULES THAT MAY HELP YOU:

1. Don’t call someone more than twice continuously. If they don’t pick up your call, presume they have something important to attend to;

2. Return money that you have borrowed even before the person that borrowed you remember or ask for it. It shows your integrity and character. Same goes with umbrellas, pens and lunch boxes.

3. Never order the expensive dish on the menu when someone is giving you a lunch/dinner.

4. Don’t ask awkward questions like ‘Oh so you aren’t married yet?’ Or ‘Don’t you have kids’ or ‘Why didn’t you buy a house?’ Or why don’t you buy a car? For God’s sake it isn’t your problem;

5. Always open the door for the person coming behind you. It doesn’t matter if it is a guy or a girl, senior or junior. You don’t grow small by treating someone well in public;

6. If you take a taxi with a friend and he/she pays now, try paying next time;

7. Respect different shades of opinions. Remember what’s 6 to you will appear 9 to someone facing you. Besides, second opinion is good for an alternative;

8. Never interrupt people talking. Allow them to pour it out. As they say, hear them all and filter them all;

9. If you tease someone, and they don’t seem to enjoy it, stop it and never do it again. It encourages one to do more and it shows how appreciative you’re;

10. Say “thank you” when someone is helping you.

11. Praise publicly. Criticize privately;

12. There’s almost never a reason to comment on someone’s weight. Just say, “You look fantastic.” If they want to talk about losing weight, they will;

13. When someone shows you a photo on their phone, don’t swipe left or right. You never know what’s next;

14. If a colleague tells you they have a doctors’ appointment, don’t ask what it’s for, just say “I hope you’re okay”. Don’t put them in the uncomfortable position of having to tell you their personal illness. If they want you to know, they’ll do so without your inquisitiveness;

15. Treat the cleaner with the same respect as the CEO. Nobody is impressed at how rude you can treat someone below you but people will notice if you treat them with respect;

16. If a person is speaking directly to you, staring at your phone is rude;

17. Never give advice until you’re asked;

18. When meeting someone after a long time, unless they want to talk about it, don’t ask them their age and salary;

19. Mind your business unless anything involves you directly – just stay out of it;

20. Pray.

The surge in mortgage borrowing costs in recent months has caused widespread concern and contributed to the fall in house prices, but the latest figures show that fixed rates are continuing to fall from the highs they reached following September’s disastrous mini-Budget.

The Bank of England’s Monetary Policy Committee’s decision to increase the base rate by 0.75% to 3% earlier this month – the eighth consecutive hike since December 2021 – has seen tracker mortgage rates rise, but fixed rate deals have got cheaper.

Lenders including Platform, Yorkshire Building Society, HSBC, Halifax, Lloyds and NatWest have all reduced their fixed rates in the last week.

The average two-year fix, which peaked at 6.65% on 20 October, according to Moneyfacts, now stands at 6.28% while the five-year fix, which peaked at 6.51%, now sits at 5.07 per cent.

The fall is owed in part to the fact that gilt yields, which dictate the cost of government borrowing and impact mortgage rates, have dropped back to pre-mini-Budget levels.

To add, market projections for how high interest rates will go next year have fallen sharply with most expecting the base rate to peak at 4.5%, 1.5% lower than predicted in the wake of the September’s mini-Budget.

Some mortgage brokers are therefore forecasting that five-year fixed mortgage rates will fall back to below 4% in the New Year.

Mark Harris, chief executive of mortgage broker SPF Private Clients, commented: “Fixed-rate mortgage pricing has been edging down over the past few weeks and if this continues, we would expect five-year fixes below 4 per cent by early 2023.

“With lenders reporting that volume and activity is falling away thanks to higher rates, it is a trend we expect to continue.

“That desire for pipeline and the falling cost of funds will incentivise lenders to reduce rates further, which will be welcome news for hard-pressed borrowers.”

The consensus is that fixed rates are falling, despite the Bank of England increase, because lenders had already priced in future rises.

Private Finance’s Chris Skyes commented: “We hope this direction of fixed rate pricing will put some borrower’s minds at ease, as this activity from lenders suggests that a certain level of base rate increase has already been factored into the pricing of fixed mortgage rates.”

Justin Moy, managing director at broker EHF Mortgages, added: “As the money markets have improved over the last few weeks, this has meant the cost of money has also reduced, and those savings are now being passed back to the mortgage holders.

“There will be further changes by other High Street lenders, but we expect the market to settle, rates to stabilise over the next few months, and, in a “near-cartel” fashion, most lenders will have similar products so that no one lender takes too many applications.”

Several lenders have lowered rates this month.

Platform, the mortgage arm of The Co-operative Bank, has released new mortgage rates taking several of its five year fixes rates below 5%.

Yorkshire Building Society has reduced its rates by up to 0.38%, with its cheapest now 5.34% on a two-year fixed deal.

HSBC has cut its rates by up to 0.29%, thanks to cheaper borrowing costs, while Virgin Money has reduced its five-year fixed rate with a 15% by 0.34% to 5.29%.

Swap rates – the contract by which lenders ‘swap’ payments on fixed interest rates with variable ones to offset the risk of a fixed rate – have fallen in recent weeks, indicating that lenders have tempered their view on higher interest rates in future.

Gilt yields, which impact the cost of mortgage lending, have also fallen – but mortgage rates are not falling as quickly.

Bank of England governor Andrew Bailey said the next rate rise is unlikely to be as high as the market has priced in and should settle mortgage rates. But all eyes will be on chancellor’s autumn fiscal statement tomorrow, as it will influence whether the Bank of England increase rates again when the MPC next meets on 15 December.

The Bank of England has now increased interest rates this month from 1.25% to 1.75% as the UK is expected to fall into recession.

So it’s more important than ever to check you’re on the best mortgage deal. Read on for the best rates, including fees, best remortgaging deals, best 5 year fixed rate, Help to Buy mortgage deals, green mortgage deals and more this month.

Finding the best mortgage rates in a sea of mortgage deals is hard work.

Bank of England raises interest rates

The Bank of England’s Monetary Policy Committee raised interest rates from 1.25% to 1.75% on 4th August. This is the sixth time the BoE has increased the base rate since December 2021. Interest rates are now at their highest level since December 2008 after the biggest single rise since 1995.

And it warns that households face the longest and deepest fall in living standards on record as energy bills triple and the UK plunges into a recession in the last three months of this year. If global energy costs remain where they are, the BoE said that recession will then last the whole of next year, with inflation barely below 10% even in a year’s time.

But this increase is unlikely to be the last. Speaking at the Resolution Foundation think tank, outgoing Monetary Policy Committee member Michael Saunders spoke recently about expectations that interest rates will have to rise to 2% or higher during the next year.

How do further rate increases affect my mortgage?

When rates go up, how does it affect your mortgage? Last month, the BoE said it expects 40% of all mortgages to rise in the next 12 months.

If you’re on a tracker mortgage, an increase to the base rate will mean your monthly mortgage payments would increase as well.

While if you’re on a Standard Variable Rate your payments may increase as well. But your lender decides how much, if any, of the increase they would pass on. And if it wanted to your lender could increase rates by more.

If you’re on a fixed rate mortgage you will only see a change in your repayments when your fixed term ends.

However, new deals are going to become more expensive so if you’re one of the thirty per cent of homeowners whose fixed-rate deal is coming to an end soon, you ought to plan ahead. It can take six months to remortgage.

Best mortgage rates August 2022

Following the trend we’ve seen for many months now, rates are up across the board. So if you’re looking for a new mortgage or are planning to remortgage in the next few months you should start looking at your options asap before the best rates disappear.

Best 2 year fixed rate mortgage

There has been another jump in the best rates available on 2 year fixes. The lowest rate on a 2 year fix this month is from Barclays at 2.89%. You’ll need a 45% deposit and it has an arrangement fee of £749. However it’s only available for purchases.

If you’re remortgaging the best rate on a 2 year fix is from Metro Bank at 3.19%. You’ll need a deposit of 25% and it has an arrangement fee of £999. HSBC UK also offers this rate on a 2 year fix. However you’ll need a 40% deposit and it has an arrangement fee of £999.

Last month if you were buying a house the lowest rate on a 2 year fix was with The Cambridge Building Society at 2.54%. You needed a deposit of 25% and it had a booking fee of £199. If you were remortgaging AIB offered the lowest rate at 2.60%. And you needed a deposit of 10%.

Best 3 year fixed rate mortgage

While the best available rate on a 3 year fix is from Buckinghamshire Building Society at 3.29%. You’ll need a deposit of 20% and it has an arrangement fee of £999.

Last month the lowest rate on a 3 year fix was from Newbury Building Society at 3.19%.

Best 5 year fixed rate mortgage

While the lowest rate on a 5 year fix this month is from Barclays at 2.99%. You’ll need a deposit of 45% and it has an arrangement fee of £749. However it’s only available for purchases.

If you’re remortgaging the lowest rate on a 5 year fix is also from Barclays, at 3.10%. You’ll need a 40% deposit and it has an arrangement fee of £999.

Last month the AIB offered the best rate on a 5 year fix at 2.60% at 85% LTV.

Best 10 year fixed rate mortgage

The best 10 year fixed rate mortgage available this month is from First Direct at 3.34%. You’ll need a 40% deposit and it has a booking fee of £490. It’s available for purchases and remortgages.

Best variable rate mortgages

The lowest rate on a variable rate mortgage this month is from Beverley Building Society’s 3.47% discount for 2 years which has an initial rate of 1.77%. You’ll need a deposit of 35% and it comes with a rather hefty arrangement fee of £1,895.

Meanwhile the lowest rate on a variable rate mortgage last month was Furness Building Society’s 4.45% discount for two years, which had an initial rate of 1.44%. You needed a deposit of 20% and it had an arrangement fee of £999.

Best Help to Buy mortgage rates

While if you’re looking for a Help to Buy mortgage Barclays offers the 5 year Fixed London Help to Buy Equity Loan Scheme mortgage at 2.99%. It has an arrangement fee of £749.

And if you’re not in London, Barclays offers the 5 Year Fixed Help to Buy Equity Loan Scheme mortgage at 3.30%. It also has a £749 arrangement fee.

Green mortgage rates

For additional borrowing, Platform, the intermediary brand of the Co-operative Bank, offers existing customers a 5 year fix at 2.94% to 60% LTV with no fee. And at least half of the borrowing must be used for green home improvements like installation of solar panels, a boiler upgrade or loft insulation.

Borrowers must also use an online tool, launched by the bank and powered by Energy Saving Trust, which helps customers estimate their property’s Energy Performance Certificate rating, energy costs, CO2 emissions and potential options for updates and renovations and the cost saving benefits.

Get fee-free mortgage advice from our brokers. Please send us your contact information and we’ll be sure to get them in touch.

We’ve been successfully instructed on the sale of your home.

You’ve received the very best marketing.

We’ve carried out our open houses.

You’ve received great offers which we promised.

You’ve finally accepted an offer that you’re delighted with.

That it.

Job a good-un.

Please pay my invoice.

Nah.

That’s not how it works with us.

The real work begins once we’ve accepted the offer.

We have milestones and hurdles to go through and tick off.

We may have a chain scenario or several connected ones depending on what you’re buying ahead or who we’ve sold to.

Just know, once we accept an offer, this is where a good agent will show their true worth and qualities.

This is what you’re paying for.

This is when you need an agent with a strategic mindset.

Someone has thick skin and will take no shit or passengers.

There’s so many things to think about.

There’s also your forward purchase if you’re buying ahead.

Then there’s things like surveys, mortgage valuations, mortgage offer, solicitors, conveyancers, chains, other estate agents.

There’s Dotty up the chain who can’t be arsed to move or complete her paperwork and then there’s Simon the Estate Agent at the bottom of the chain who hasn’t even bothered to qualify his buyers.

There’s also things like removals to think about and so much more.

When we promise our clients a professional and personal service, know you will get that.

We will do everything possible on our end to ensure this period is the most stress-free and we will shoulder that weight for you.

Our success and record speaks for itself.

98% of our sales go through. We do everything to ensure that they do and we make the right choices in the first place to mitigate risk.

And if there’s a problem, know that there’s a solution – We will deal with it, accordingly.

You could instruct someone who really doesn’t give a shit, post offer acceptance; or instruct someone, pay them that little bit more which they deserve a get a trouble free home completion.

There are options.

Something to think about.

Ready when you are.

PS: Simon, you know you’re a 💩 agent. Admit it. 😅

When your fixed rate mortgage deal ends, your mortgage will revert to your lender’s standard variable rate (SVR) of interest. It’s important to understand what this could mean for you, and what (if anything) you should do about it.

You may have fixed your rate up to five years ago (sometimes even more), and a lot will have changed since then, both in your own circumstances and in the mortgage market at large. The ending of your fixed rate mortgage can even be an opportunity for a financial spring-clean, as you may be able to switch to an even better deal.

What are my options when my fixed rate mortgage ends?

You face a simple choice if your fixed-rate mortgage deal is ending soon: do nothing – in which case your lender will move you onto the SVR mortgage – or remortgage to a new deal.

What happens if I stay on an SVR mortgage?

This interest rate on an SVR mortgage will (almost always) be higher than your fixed rate was. To give you an idea of the difference, in April 2020 the rate for a typical two-year fixed term mortgage was under 1.5 per cent. By contrast, the average SVR was 3.5 per cent or higher.

The SVR can also change at any time, at your lender’s discretion. Various factors can cause it to rise, including changes to the Bank of England base rate, but it’s important to remember that the lender can increase it whenever they wish, and don’t need to give a reason. And although disproportionately large increases are unlikely (since this would deter new customers) they can also increase it by any amount, in theory.

This can make it hard to budget for the long term, since you don’t know by how much your mortgage repayments may rise in months and years to come. This is why most homeowners prefer to have some form of preferential mortgage deal.

What happens if I decide to remortgage?

If you choose to remortgage, you can either try to get a new deal with your current mortgage provider, or shop around to find a different mortgage provider offering an even better deal. A mortgage broker can be a great help in doing this. Your mortgage broker can search the whole market and recommend the best mortgage deals for you, based on your specific needs.

Your lender will want to know if your circumstances have changed, as this could affect your affordability assessment and credit score. Common changes that may affect your mortgage prospects include having children, taking on new debts, or becoming self-employed.

What are the costs of remortgaging?

When you remortgage, there will usually be additional costs involved. These may include:

• Early repayment fee (which may apply beyond the length of your fixed rate)
• Arrangement fee (can be high)
• Booking fee (usually no more than £200)
• Valuation fee (though with remortgaging this is often free)
• Conveyancing fee (again, usually free when you remortgage)
• Mortgage broker fee (if applicable)

Sometimes the combined fees might potentially outweigh the savings you stand to make through remortgaging to a new deal, so consider this carefully (again, your mortgage broker will help you work this out).

When is the best time to remortgage?

Ideally, you should start planning to remortgage around six months before your fixed rate period ends. Acting early can also help you avoid extra payments. When you actually remortgage may be influenced by a couple of other factors.

Most lenders will allow you to agree a rate with them three months before you start paying. However, remember you may miss out on a cheaper deal later, so be sure to do your research and seek advice.

Bear in mind that your fixed rate period may include early repayment charges, which may apply beyond the length of your deal. These charges can run in to thousands of pounds sometimes, so you may be better off staying on the SVR for a short time rather than remortgaging immediately.

For more details, take a look at our guide to remortgaging.

Is it worth getting a new mortgage deal?

In some circumstances, remortgaging may not be the best option. So although it’s good to start thinking about remortgaging in good time, it’s important not to rush into it – as occasionally you’re better off sticking with what you have.

Occasionally, being on an SVR mortgage won’t disadvantage you too much, and may even make things easier for you. For example, if you are in a position to clear your mortgage with some large overpayments (e.g. from an inheritance), there are typically no early repayment charges on an SVR mortgage.

Similarly, if your outstanding debt is under £50,000, any new mortgage fees could eat into any savings you stand to make, and many lenders won’t consider taking on a mortgage this small. Also, if your financial situation has changed in a big way, for instance if you or your partner is no longer working or you have new debt, lenders may be hesitant to provide a remortgage. If you believe you can still comfortably afford the repayments on your new SVR mortgage, staying with it may be the easier option at least until your circumstances improve again.

If you’re looking for a mortgage advisor, please get in touch with us on 0333 5333 786 and we would be more than happy to suggest one of our panel brokers. 

The busiest first half of a year ever recorded by Rightmove pushes the average price of property coming to market to a new record high for the fourth consecutive month, and £21,389 higher (+6.7%) in just six months. The new all-time high of £338,447 is due to a monthly rise of 0.7% (+£2,374). This is the largest monthly rise at this time of year since July 2007. Rightmove analysis has identified a shortfall of 225,000 homes for sale which, if available, would have helped to maintain a more normal level of property stock for sale and would have helped stabilise prices. This stark shortfall, along with frenzied buyer activity, is fuelling record high prices and leading to record lows in available stock for sale. With high activity levels continuing despite the June stamp duty deadline now passing, there is an urgent need for these low stocks of property for sale to be rebuilt in order for price stability to return.

Gema Rodríguez of Asif Kola Realty, said: “The Birmingham property market continues to be very active over the first six months of 2021 with buyers continuing to purchase the limited housing stock available. The number of sellers coming to market has slowed as the year has progressed, which means we’ve seen the level of new listings coming to the market significantly decrease year on year, whilst in turn total available stock levels across the market is at the lowest we have seen in a number of years. While the number of new listings has dropped, our results remained strong with our clients accepting offers of the asking price or over on all of our recent sales. Birmingham has also seen an increase of applicants registered coming from Greater London’

If you are considering selling your home, I would encourage you to get in contact with us as we hold a large network of buyers who are actively looking to purchase. We are also able to assist you with your forward purchase too.

DID YOU KNOW. 🧐

We have our in house maintenance & contracts teams.

If you are looking to create extra space in your own home or remodel your current structure, we would be more than happy to assist you with this.

We even have our very own architect too.

Feel free to give us a call to discuss your options.

With average energy bills due to rise to £1,971 on 1 April, households throughout the country are beginning to receive their notifications of price increases on their gas and electricity. There aren’t many options available, but Uswitch has compiled some important steps that people can take over the next few weeks to ensure their bills are as low as possible over the coming months.

1. Use a smart meter to monitor your energy usage. A smart meter will show how much energy you are using each day. This will help you make more informed decisions around your energy usage and spend, and help you create a budget to keep your spending under control.
2. Take a meter reading on 31 March and submit it to your supplier if you don’t have a smart meter. This way you’ll have proof of how much energy you used before 1 April ahead of the new rates coming into effect to help ensure your bill is accurate.
3. Get into good energy saving habits such as running your washing machine at 30 degrees, turning your heating down by one degree, and turning off lights and appliances when not being used.
4. Check whether you have a surplus credit balance with your provider. Normally we’d advise that you claim the money back, but it might be worth keeping the balance there as a buffer in light of these price rises.
5. Check that your monthly direct debit payments reflect your actual use and inform your provider if it is inaccurate. This ensures that you are not paying too much or too little for your energy bills.
6. See what energy support schemes or grants you – or any vulnerable friends or relatives – may qualify for. If you are struggling with your bills, there is help available from the Government and energy suppliers. The Warm Home Discount scheme will open for applications later this year, but many suppliers have their own customer support funds, with some offering home insulation and energy efficient white goods.
7. Stay up to date with what’s happening in the energy market to see what deals are on offer. By signing up to alerts, you will be informed when a deal comes along and will be ready to switch if it is right for you. Uswitch Quick Checker provides personalised information about your energy plan and a recommendation of what you should do. Some providers are offering fixed deals to their customers directly that may be better value than those offered on the wider market. If you get a notification from your supplier with a deal that looks affordable, consider fixing, as these deals can get snapped up very quickly.
8. Have a budget in mind if you are considering signing up to a fixed deal. Just because a deal is available doesn’t mean you should go for it. Make sure you know how much you are already paying for your energy and compare that with the deal available.
9. Check your other household bills. You might not be able to save on energy, but that doesn’t mean you can’t cut costs across your other household bills. Reviewing your broadband, TV and mobile contracts could be a quick and simple way to reduce your monthly outgoings.
10. Look out for your £150 council tax rebate in April, and keep the money somewhere safe so you can put it towards your energy bills. People who pay by direct debit will automatically get this rebate paid directly into their account, so it is worth considering setting up a direct debit to receive the rebate quicker. Those who pay by other methods will be contacted by their council and invited to make a claim. If you are in a higher council tax band and not eligible for the rebate, keep an eye out for the discretionary £140 million fund being set up to help those who are struggling.

Justina Miltienyte, energy expert at Uswitch.com, says: “Energy prices are about to go up but this does not mean you are completely powerless. By taking some simple steps ahead of 1st April and taking control of your energy use and bills, you can make sure that you are best prepared for the incoming increases.

“While there is nothing you can do to reduce the actual cost of energy, you can get into good energy saving habits in order to save money around the home and reduce your overall bill.

“However, if you are worried about getting into debt, get in touch with your provider as soon as possible, as they can help you find a solution.”