February 17th, 2025 | Andrew Hagger | News

Property size and location have the biggest impact on home insurance costs, according to a new study. The figures state that the median price paid for a policy varies by up to £243 depending on the number of bedrooms in the property. On average, this affects premiums by £121 – more than any other factor considered in the research.

The figures are based on internal data from Go.Compare home insurance, which looked at the effect of eight key variables on home insurance prices. Now, the insurance comparison site is advising residents on which factors have the biggest impact on costs, and how they can get the lowest premium possible.

After size, location was found to have the biggest effect. The region the property is situated in impacts home insurance prices by an average of £119, only £2 less than the number of bedrooms it has. Overall, the median policy price varied by up to £230 based on location.

Roof type was also a leading factor, with median prices varying by up to £163 depending on the material used – an average impact of £82.

The research advised that factors within homeowners’ control can also have a noticeable impact. The lock type can impact premiums by £43 on average, and up to £82 in some cases  – something to be kept in mind when buying security features.

Although property size had the biggest impact, it was found that property type had very little effect. The median price changed by an average of just £2.50 depending on whether the policyholder lived in a flat, house or bungalow. The time of day the home is occupied also had a relatively small impact, at an average difference of just £10.

Nathan Blackler, home insurance expert at Go.Compare, said: “It’s well known that certain things can affect the price you’re given for your home insurance, but it’s really helpful to see which of these have the biggest impact and in what way they influence your premiums.

“Bigger properties have higher rebuild costs and usually more possessions, so the effect on your price is pretty significant. Meanwhile, some areas have higher house prices or see more claims due to crime and floods, which can also push up prices. On the other hand, using better locks and building materials can reduce the likelihood of a claim and bring premiums down.

“So, before moving or altering your home, it’s worth comparing policies to see how it might affect your premium and take any changes into account in your budget. This applies if you’re doing something like changing the type of lock on your front door. Look at which ones offer the biggest changes in your premiums before getting them fitted.”

More information on the factors that most impact home insurance premiums, including tips to bring down prices, can be found on Go.Compare’s website.

February 14th, 2025 | Andrew Hagger | News

The new Amex Spending Spotlight research asked UK shoppers about their current spending habits and preferences as well as their intentions for the year ahead. s.

Experience-hungry Brits

Consumers’ love of experiences big and small, such as dining, day trips, wellness activities and festivals is set to continue into 2025, with almost six in 10 (59%) planning to spend the same amount or more on experiences this year, compared to last. About two in five (39%) say they like to try at least one new experience every year and a similar proportion said they prioritise spending on experiences over material items (38%).

Gen Z and Millennials were the largest cohort anticipating spending more on this category – over half (56%) intend to fill their free time enjoying more experiences during 2025, according to the research.

Savvy spending consumers

Brits will be taking an increasingly savvy approach to their spending, the research found. Half (50%) of all respondents say they will buy from alternative retailers if they feel they can get a better deal elsewhere, with a third (33%) stating they would be encouraged to do so by specific offers.

Shoppers plan to lean into ways of achieving greater value for money this year, compared to last; buying pre-loved items, maximising seasonal sales, and using payment cards that offer rewards and points on their purchases were among the top ranked tactics.

Furthermore, Gen Z and Millennial shoppers ranked as the most thorough when it comes to their research before spending, particularly if planning to purchase big ticket items like furniture. Almost three quarters (73%) of this age group said they either always or sometimes seek recommendations in advance.

Support for shopping small

The research showed that affection for the UK’s small businesses remains strong, with almost two-thirds (63%) of consumers believing it is important to support these businesses all year round, and not just during seasonal peaks, like Small Business Saturday, which in 2024 saw a collective £634m spent in-store and online.*

Consumers highlighted various reasons why they would continue shopping small, including how these businesses boost the appeal of their local high street (53%); the personalised experience they enjoy when shopping (50%); and a desire to support their local community (43%).

Dan Edelman, UK General Manager, Merchant Services at American Express, said: “The one guarantee with retail is that it never stands still, and it’s the retailers who best meet ever-evolving customer expectations that will succeed. Our research identifies some distinct priorities that are likely to influence consumer spending behaviour in the months ahead.

“For small businesses, it’s hugely positive to see continued recognition of, and affinity for, shopping small highlighted by the research. Small businesses pride themselves on the unique experiences and service they offer, something that clearly appeals to consumers.”

February 14th, 2025 | Andrew Hagger | News

According to ONS statistics, September is the most popular birth month, with the most popular birthday being September 26^th.

Christie Cook, managing director of retail at Hodge Bank, offers expert advice on how to plan and save over the next nine months for your baby’s future and how to manage the costs of parenthood today.

“With so many immediate expenses, it’s easy to put off long-term planning; but the earlier you start saving, the stronger the financial foundation your child will have as they grow. It’s never too early to begin planning for their future.”

Christie has outlined five key tactics for first-time parents to start building a financial nest egg that prioritises their baby’s future without compromising their own financial wellbeing:

• Future Planning by Setting Up a Separate Savings Account

“Setting up a separate savings account specifically for your baby’s future is a great first step.

“Whether you use a high-interest savings account or a Cash ISA (Individual Savings Account), designating money solely for your child will help you stay focused on your long-term goals.

“Regularly contribute a set amount each month, even if it’s small, and watch it grow over time.

“As you’re starting early on, you don’t need to put hundreds of pounds in each month. Even by putting just £25 away a month will ensure that there’s £5400 by your child’s 18^th birthday, plus any interest you’ve managed to accumulate during that time.”

• Consider a Cash ISA for Tax-Free Growth

“A Cash ISA could be a smart option for long-term savings, allowing you to put money aside for your child’s education or other future expenses, free from tax.

“At Hodge, we offer competitive rates on Cash ISAs, which allow you to contribute up to £20,000 per year tax-free. By starting early, you can take advantage of compound interest and provide your child with a significant nest egg by the time they turn 18.”

• Consider Starting a Child Benefit Financial Plan

“For many parents, Child Benefit can be a helpful resource. However, rather than spending the monthly payment, you could put all or some of it, into a dedicated savings account.

“Regularly adding a partial amount or the whole amount of the benefit to your savings will quickly build a financial cushion for your child’s future needs, like higher education or a first car.”

• Budget for Baby, But Don’t Forget About Future Planning

“While it’s important to manage your day-to-day expenses as new parents, it’s equally crucial to budget for the future.

“Reviewing your spending will allow you to identify areas where you can cut back, such as subscription services or non-essential purchases.

“You could use any extra savings to build a financial foundation for your child’s future—whether it’s for their education, their first home, or helping them with future life milestones.”

• Review Your Life Insurance and Will

“The arrival of your baby, is an ideal time to review your life insurance coverage and update your will., ensuring your family is financially protected in case of the unexpected..

“By being proactive and starting early with financial planning, you can give your child the best possible start in life and by ensuring that all legal documents are up to date, you’re able to safeguard the financial measures you’ve taken to allow your child financial stability without sacrificing your financial security in the process.”

With the right approach, building a secure financial foundation for your family doesn’t have to be overwhelming—it’s all about making thoughtful, consistent decisions along the way.

February 13th, 2025 | Andrew Hagger | News

Santander is warning loved-up Brits to stay vigilant this Valentine’s Day, following new data from the bank showing that nearly £8 million was handed to romance scammers in 2024.1 In February alone, nearly £800,000 was sent to scammers, including £262,000 in one transaction. The average romance scam in 2024 totalled £5,009.

Social media continues to be the most common place for these scams to start, with nearly half (46%) of cases originating on platforms including Facebook (17%) WhatsApp (11%), Snapchat (4%) and TikTok (3%), with more than £1 million handed over in person or over the phone.

Younger men were some of the most likely to fall for romance scams, with 24% of all claims coming from 19–35-year-olds, and 77% of these victims being male. However, romance scammers don’t discriminate by age – the oldest victim was 96 years old.

Michelle Pilsworth, Head of Fraud and Customer Experience at Santander, said: “Romance scams are particularly cruel, as they exploit people’s emotions and trust. On Valentine’s Day, when many are looking for love, fraudsters are actively seeking to take advantage, building what feels like a genuine connection, before inventing reasons why they need financial help. If you’re speaking to someone online and they ask for money, it’s time to stop and think – no matter how convincing they seem.”

Where do romance scams begin?

Santander’s data highlights the top 10 places where romance scams are most commonly initiated in 2024:

Warning signs of a romance scam:

• Requests for money from someone you haven’t met in person

• Being encouraged to keep the relationship a secret or isolate from loved ones

• The person avoiding personal questions or giving inconsistent details

• Excuses for why they can’t meet in person or make video calls

• Moving the conversation off dating sites quickly to email or messaging apps

• Claims of being stuck in a difficult situation and needing financial help

Top tips on how to protect yourself and others:

• Verify their identity – pictures can be edited, and fake profiles can easily be made. Use a reverse image search to check if their photos are from another website or social media platform.

• Remove emotion from financial decisions – talk to someone you trust before sending money.

• Be honest with your bank if they question a payment – they’re trying to protect you.

• Don’t be embarrassed – if something feels wrong, stop and seek advice.

To find out more about how to protect yourself and your loved ones against romance or friendship scams, visit Santander’s website. From today, Santander customers can also access a new Romance Scams course on the Fraud Hub via the mobile app.

February 11th, 2025 | Andrew Hagger | News

Broadband providers should have paid out close to £115 million to customers last year through the Ofcom automatic compensation scheme, new research has revealed. The study calculated the cost of compensating eligible broadband users who experienced delays to their service or missed appointments in the last year. Now, users are being encouraged to check if they should’ve received a payment.

More than 3.5 million households in the UK experienced broadband delays, either to the start of their service or while waiting for repairs to take place, according to Go.Compare broadband. Yet, 91% of UK adults had not heard of the Ofcom broadband automatic compensation scheme, including customers whose providers are signed up to it.

The study says around 1.4 million users experienced some delay in the start of a new service, equating to over £17.6 million in the last year that should have been automatically paid out as a result.

The comparison site produced the figures by applying survey data to official numbers from Ofcom and the ONS. It found that nearly one-quarter (24%) waited two days before their service was up and running, while 17% experienced a delay of three days and 6% were delayed for four. A further 18% waited just one day, and 12% said they were delayed for five.

A further 2.1 million had to wait for a repair following a loss of service in the last year, according to the survey of broadband users. This equates to a huge £40.6 million owed to customers who experienced this issue.

Approximately one fifth (21%) of eligible broadband users experienced a repair delay of one day, and nearly a quarter (24%) waited two days for their service to be fixed. It took three days for 18% of users to receive a repair and one in 10 waited for five days, while 6% waited three.

Meanwhile, compensation owed for missed appointments amounted to more than £57 million in the last year. Around 5% of broadband users with providers signed up to the scheme reported experiencing this – equal to a whopping 1.2 million households.

The Ofcom scheme offers £30.49 in automatic compensation per each missed appointment for eligible customers. Half of those who say they experienced this reported just one missed appointment, while close to a third (30%) had to deal with two missed appointments in the last year. A further 13% of these users experienced between three and five missed appointments.

Matt Sanders, broadband expert at Go.Compare, said: “The Ofcom automatic compensation scheme is great for users as it promises money back for any problems without having to claim for it yourself. When comparing broadband providers, it’s a good idea to check which ones are signed up to the scheme before committing.

“For some customers, issues and delays can drag on, with users waiting weeks or even months for repairs or the start of a new service. So, in these cases especially, we’re urging everyone to check that they have been fairly compensated for any issues with their service.

“You should have been automatically compensated, usually via a credit to your account within 30 days of the problem occurring. If this hasn’t happened, you should raise this with your broadband provider, and as a last resort, you can use the Ofcom-approved alternative dispute resolution (ADR) service.”

More information about the automatic compensation scheme can be found on Go.Compare’s website.

February 11th, 2025 | Andrew Hagger | News

Over one in five (21%) travel insurance claims are for holiday cancellation, according to travel insurance provider, Multitrip.com, meaning something went wrong before the holiday even began. Multitrip.com is urging holidaymakers to purchase their travel insurance as soon as they book , also known as ‘ASAB’, to ensure they are covered from the outset.

Cancellation reasons are not always related to your own health or situation. In fact, 32% of cancellation claims  were due to the illness or injury of a travelling companion, 13% resulted from the death of a non-travelling relative and 8% involved the illness or injury of a non-travelling relative.

Not having travel insurance exposes travellers to potential financial loss if the holiday does have to be cancelled , yet according to a Multitrip.com 2024 data more than half (55%) [1] of those who buy its single trip travel insurance policies buy them less than seven days prior to departure. This delay means they lose out on this critical coverage.

Christian Bennett from Multitrip.com said: “If you wait until closer to departure to arrange your travel insurance and then find yourself in the unfortunate position of not being able to travel – for example, if you or your travel companion or a close relative is diagnosed with a serious illness – you may not be able to recover the cost of your trip. That’s why we’re urging holidaymakers to get cover sorted as soon as they book their flight or holiday. Travel insurance is too important to be an afterthought.”

Multitrip.com offers a range of policies to suit different needs and budgets. The Annual ‘Essential Cover’ policy, starting from just £19.994, includes up to £1,000 per insured person for cancellation or curtailment and £1,600 for baggage or baggage delay.

For those looking for added reassurance, Premier and Premier Plus Cover provide additional benefits beyond the Essential Cover, offering greater flexibility and protection for your trip. ‘Premier Cover ‘ provides up to £3,000 per insured person for cancellation or curtailment and up to £2,000 for baggage. The ‘ Premier Plus Cover ‘ offers the most extensive protection, with up to £5,000 for cancellation or curtailment and up to £3,500 for baggage or baggage delay.

February 11th, 2025 | Andrew Hagger | News

Santander UK has reported it saw a 130% increase in mortgage applications in Q4 2024 compared to Q4 2023, as buyers rush to secure a property purchase during the Government’s stamp duty holiday.

With Santander estimating the average property purchase taking four months from mortgage offer to completion, buyers securing a mortgage offer before the end of 2024 will have maximised their chances of benefitting from lower stamp duty costs, ahead of the 1 April 2025 deadline.

From 1 April, the stamp duty nil-rate threshold for first-time buyers will drop from £425,000 to £300,000, while for other buyer types it falls from £250,000 to £125,000.

As a result, a first-time buyer purchasing a home priced between £300,000 and £500,000 will face a 5% stamp duty charge on an additional £125,000 of borrowing, adding thousands of pounds to the overall cost. All other buyer types will pay 2% on the amount between £125,000 and £250,000 – a potential extra cost of up to £2,500.

Graham Sellar, Head of Intermediary Channel – Mortgages, at Santander, said: “We all know that buying a home – whether it’s our first or our forever home – comes with significant costs. Every penny counts when considering things like legals and removals costs, so it’s great to see so many people make the most of the holiday and secure their new home ahead of 1 April.”

First-time buyer impact

First-time buyers are set to see the biggest increase in potential costs as a result of the changes to stamp duty. In the South East, where the average house price is £385,600, first-time buyers could save up to £4,280 in stamp duty by purchasing before 1 April. After the change, if they are buying a property over £500,000, they will be faced with the same stamp duty costs as a next-time buyer, for example in London, where prices average £535,700, this would add a potential extra cost of £11,250.

First time buyer stamp duty payable:

Recent research by the bank reveals that first-time buyers are increasingly compromising on location to fulfil their dream of owning a home. Two-thirds (67%) of Brits who bought their first home in the last two years had never seen their new neighbourhood before buying, compared to just over half (51%) of those who bought more than five years ago. According to the research, first-time buyers moving to new neighbourhoods in the last two years saved an average of £29,000 compared to buying a house in the area they lived in before.

Areas like Waverley in the South-East and Waltham Forest in Greater London have experienced the greatest rise in first-time buyer sales over the past decade, highlighting sustained demand in these regions.

Once buyers have secured their new home, Santander’s My Home Manager tool can help them keep on top of the cost of running a home, from finding removal companies, to comparing TV and broadband deals, and switching energy providers.

February 4th, 2025 | Andrew Hagger | News

New research has revealed that properties built in the 2000s have a median home insurance price of £229 – the highest of any decade after the 1940s.[1] The data shows that older homes usually have higher premiums, while newer ones see some of the lowest, yet those built in the 2000s are among the most expensive. Now, homebuyers are being warned about falling into this trap when searching for a property.

The figures are based on internal data from Go.Compare home insurance, which looked at the effect of property age on policy prices. Now, the comparison site is advising residents about how this affects their insurance costs and what they can do to bring them down.

According to the figures, a property’s age can impact your premium by an average of £37, although the median cost varied by up to £74 in some instances. Those built in the 2020s have median policy prices of £184, the cheapest of any decade, and premiums for properties built in the 2010s are similarly low at £199. However, the cost shoots up to £258 for those made earlier than 1950.

The age of the policyholder can have a similar impact on prices. Older homeowners are generally seen as less of a risk due to being more security-conscious and financially secure. The median premium varies by up to £68 based on age – £37 on average.

Nathan Blackler, home insurance expert at Go.Compare, said: “Older homes tend to have higher insurance costs as they suffer from age-related problems, which is why it’s so surprising that those built in the 2000s are among the most expensive.

“The reason for this could be because there was a housing shortage in this decade, which might have driven a quantity over quality approach to housebuilding. This could have resulted in a wave of homes that are less durable, leading to more claims for properties made in this decade and higher premiums.

“It also could be that the most recent houses are higher cost because they are more likely to be occupied by younger people. Younger policyholders can sometimes have higher premiums than older residents as they’re generally less security conscious and less financially secure, among other reasons.

“As a result, this could be pushing up the average for homes built in the 2000s. The 2000s aside, the lower premiums that usually come with new builds could make them a good option for younger residents.

“This research shows why it’s really important to check insurance prices before moving or changing your home. Comparing policies will allow you to see how changing things might affect your premium, allowing you to take any extra costs into account in your budget. You can also try reducing insurance costs by avoiding unnecessary add-ons, improving security and making sure you don’t pay for more cover than needed.”

More information on the factors that most impact home insurance premiums, including tips to bring down prices, can be found on Go.Compare’s website.

January 24th, 2025 | Andrew Hagger | News

While it differs company to company, the majority of new mothers will not receive their full pay for their maternity leave.

For the first six weeks of statutory maternity leave, new mothers will receive 90% of their average pay.

However, after the first six weeks, new mothers will only receive a statutory payment of £184.03 per week or 90% of their average earnings, whichever is lower.

While maternity leave is only 39 weeks, research has found that 45% of new mothers actually extend this.

Due to the lower income new mothers receive, it’s important to start thinking of cutting costs down and putting money towards maternity pay.

Christie Cook, Financial Expert at Hodge Bank, discusses five ways of saving for your maternity leave:

Budgeting

“To prepare for a major life event like maternity leave, the first step is to start budgeting and cutting unnecessary expenses. Instead of spending on takeaways, for example, put that money into savings..

An average takeaway for two will set you back £30 – equivalent to around 99 nappies. This sounds like a lot, but considering the average newborn will go through 10-12 a day – 99 would  last just eight days!

Save money by avoiding branded items to suit your budget and ensuring you’re sticking to your shopping list while in your local supermarket rather than getting sucked into those deals.”

Get Selling

“What better way to make room for the new addition  than by selling some of your unwanted items you’ve been hoarding these past few years.

Get on your local selling sites such as Facebook Marketplace and Vinted and sell items you forgot you had. You’re going to need wardrobe space for the new baby’s clothes, nappies and accessories, so what better way to make room than by sending your unwanted items on to new homes and making some extra money in the process?”

Free Events

“Life wouldn’t be a life worth living if you stayed home 24/7 to save money, right? But there are free events you can enjoy instead of spending £20 on a cinema trip or £50 on a meal.

As winter approaches, bundle up and enjoy a winter walk with a homemade hot chocolate in your takeaway cup, making the most of a crisp sunny day.

Use sites like Eventbrite to find free local events. These small savings can help you afford activities during maternity leave, like baby yoga, soft play, and swimming, which do come with costs.”

Review Subscriptions

“Every few months, review your bank account for subscriptions and decide if they’re still necessary, especially as maternity leave approaches. For example, if you’re paying more than £30 for Netflix, Disney Plus, and Amazon Prime Video but mainly watch one, consider cancelling the rest.

Similarly, evaluate your gym membership—many streaming services offer workout videos that may be more convenient once the baby arrives, and you’ll be able to squeeze in a 15-minute YouTube routine around the newborn’s napping schedule.”

Take Advantage of Interest

“While you can’t touch a Fixed Rate ISA for at-least a year, for most people, maternity pay often decreases the further you get into your leave. 

So, if you’re four months into your pregnancy and you choose to open a savings account now, then you won’t be able to touch your ISA until the third month of your leave.

However, when that third month comes around, which will be fast, you’ll not only have the money you’ve been saving each month, but you’ll also have the additional interest too.” 

For access to more saving tips from Hodge Bank, sign up to their monthly newsletter here:

https://hodgebank.co.uk/savings-newsletter-sign-up/

January 21st, 2025 | Andrew Hagger | News

Motorists could be risking an estimated £17.3 billion in repair costs by attempting to drive through floodwater, according to new research.[1] While only 17% of motorists admit they would risk crossing a flooded road,[2] this equates to 5.8 million vehicles across the UK.[3] This means that, as well as putting themselves in significant danger, these drivers could face big financial consequences of their decision.

The research, by Go.Compare car insurance, asked the public whether they would drive through floodwater and what depth they would risk before turning around. It then applied the percentage who would take this gamble to the average claim for storm and flood damage, giving an indication of the total repair costs that drivers could cause by navigating flooded roads.

The comparison site says the median claim for storm and flood-related car damage in 2023 was £3,000, meaning there are large costs involved in this risky behaviour.[1]

Experts at Cover My warn that driving through floodwater can lead to severe damage, from hydro-locked engines to electrical failures, as well as the danger posed by hidden hazards beneath the water’s surface. Many drivers underestimate the dangers of even shallow floodwater, with attitudes towards water depth varying widely.

The increase in extreme weather events appears to be affecting car insurance. Sales of policies for those who have previously claimed for storm and flood damage have risen by 18% since 2020, and the cost of this coverage has jumped up by 27% in the same period. This suggests that more drivers have been claiming for flood or storm damage over recent years.[1]

In 2023, the median price for these policies was £493, up from £388 in 2020. This is also £24 more than the amount paid by those who haven’t claimed for storm or flood damage.

Tom Banks, car insurance expert at Go.Compare, said: “The potential costs of driving through floodwater go beyond immediate repair bills. Floodwaters as shallow as 10 to 15cm can severely damage a car’s engine and electrical systems. When the water gets deeper, the risks increase significantly – vehicles can lose traction, start floating, or, in extreme cases, be swept away by the current.

“If you’re ever faced with floodwater on the road, the safest option is to turn around and find an alternative route. Driving through water might seem like a shortcut, but the risks far outweigh the benefits. If it’s unavoidable, assess the depth carefully – water should ideally be no deeper than 10cm.

“Keep your speed low and steady to avoid creating waves that could damage your car or surrounding property, and never attempt crossing fast-moving water, as the current could sweep you away.

“Having the right insurance can also provide a safety net for drivers, covering the often steep costs of flood-related damage. But it’s important to remember that not all policies include protection against floods or storms as standard.

“Drivers need to read their policy carefully to make sure they understand what is covered, especially if they’re willing to risk driving through floodwater. If their car is damaged as a result, they might have to cover the costs themselves.”

Find more information about public driving habits during floods on the Go.Compare website.