September 3rd, 2024 | Andrew Hagger | News

Poland and Spain have been named among the cheapest destinations in Europe to go on holiday as part of an extensive new study. The research found that travellers spend an average of just £72 per night while visiting Poland, equivalent to £1,000 over two weeks – less than anywhere else in the continent.[1]

The research, compiled by Go.Compare, analysed 2023 Travelpac data on UK holidaymakers’ expenditure and nights spent in over 30 countries. The comparison site then calculated the destinations where travellers spend the most and least per night, with Poland being named the cheapest in Europe.

Spain also ranks in the top 10, with travellers spending an average of £91 per night during their visit, equal to £1,278 over a fortnight. Portugal, Sweden, Hungary and Turkey are also named in the list. This makes them potentially good options for those looking to take an affordable break while living costs remain high.

Outside of Europe, India was found to be the cheapest destination for travellers. On average, holidaymakers spend just £62 per night in this country, less than any other in the study. This is equal to only £878 for two weeks, making it an extremely low cost break for travellers once they step off the plane. However, the high cost of flying to India likely makes it a less realistic option for UK travellers.

The full top 10 cheapest destinations can be found below:

Based on the figures, those looking to keep costs low should avoid Nordic countries like Iceland, Finland, Norway and Denmark. All four of these countries ranked among the 10 most expensive, with Iceland being the priciest of them all. The average expenditure in this country is over £200 per night, which comes to £2,890 over two weeks – £1,882 more than a fortnight in Poland.

Switzerland was found to be the most expensive destination outside of the Nordic region, where holidaymakers’ average expenditure is £173.56 per night – £2,428 across a two week break. Meanwhile, the United States of America is the most expensive country outside of Europe, where travellers spend an average of £157 per night, equal to £2,206 across a fortnight.

Rhys Jones, travel expert at Go.Compare, said: “Times have been tight over the last few years, but you still deserve some time off and it’s not impossible to travel on a budget. Looking into which destinations are cheapest once you arrive can help you identify which places will get you the most value for money.

“Poland and Spain look to be the best options for holidaymakers looking to keep costs down, as they’re not too far to travel and offer relatively low expenditure once you arrive. Although, plenty of other European destinations can make good options, too. It might be best to avoid the Nordic countries, as these tend to be on the more expensive end of the scale, particularly Iceland and Finland.

“As well as choosing a cheaper destination, there are plenty of other tricks to make going on holiday affordable. Travel guides and apps will help you to find low cost alternatives and maybe even a few free attractions. Plus, buying travel essentials like toiletries and sun cream at your destination can sometimes save you from paying for expensive travel-size versions before you leave.”

More information on the cheapest and most expensive holiday destinations, as well as tips for saving money while travelling, can be found on Go.Compare’s website.

September 2nd, 2024 | Andrew Hagger | News

A recent survey has found that one in 10 Brits who plan on doing DIY home renovations this year are uninsured.[1] This means a huge estimate of 245,870 UK households will undergo DIY improvements with nothing to cover potential accidents and damage.[2]

The study, compiled by Go.Compare Home Insurance, asked the nation about their renovation plans for the year ahead. It combined the results with ONS data on the number of UK households, revealing how many might be taking a huge financial risk.

It found that a third of Brits plan on renovating their homes in 2024. Out of these, 34% stated they will leave the work to hired professionals, while a quarter (25%) are choosing to perform the changes themselves, a tenth of which are forgoing insurance.

But the preferred option across the nation is a blend of DIY and professional labour. A total of 39% of respondents planning a renovation project said they would do some of the work themselves and leave the more specialised tasks to those qualified.

Those who are neither hiring professionals nor doing the work themselves are trusting the renovations to family members, with 61% of these respondents going down this route. Others plan to rely on their partner or friends, with 38% and 30% stating as such, respectively.

The insurance comparison site dived into the consequences of completing home renovations without the help of a certified professional. It warned that it could void any insurance claims in the case of accident or damage.

Nathan Blackler, home insurance expert at Go.Compare, said: “It’s always important to notify your insurance company of any plans to renovate the home, especially if it involves major structural changes, as it could significantly affect the value of the property.

“If you’re looking to save money by going down the DIY route, and you lack additional cover like accidental damage protection, your insurance is highly unlikely to cover any disrepair caused during the renovation. It’s worrying to see so many households taking this risk, as their attempt to save money could cost them a lot down the line.

“Some policies include cover for a certain extent of renovations, but if not, it’s worth purchasing the necessary additional cover for the duration of the work. When contacting your insurer, be clear on the exact projects you have in mind, as well as the approximate duration of the renovations, and make sure they’re kept updated on any changes.”

For more information on UK home renovation trends, visit Go.Compare.

August 28th, 2024 | Andrew Hagger | News

New research has revealed that modifying your car can take an average of £380 off its selling price. The figures showed that cars without any modifications sell for 97% of their initial valuation on average, whereas those which have been modified sell for just 94% of their valuation. Based on the average valuation of £14,077, this is equivalent to a £380 loss due to mods.[1]

The figures come from online car-changing marketplace Carwow, which reviewed its internal data to determine the impact of mods on sale prices. It then applied its average valuation to find they sell for almost £400 less, highlighting that those considering mods should think twice if they are planning to sell in the future.

As part of the study, around three quarters (74%) of drivers named at least one mod that they hate, while 89% said they wouldn’t buy a car if they saw certain modifications fitted to it.[2]

Cars with wonky wheels (or “extreme negative camber”) are the most likely to deter a buyer. Over two-thirds (69%) of those asked said they wouldn’t buy a car with this modification. Close behind is a modified exhaust, which was a deal breaker for 65% of respondents, while 64% said they wouldn’t get a lowered car.

Other modifications which can deter buyers include novelty horns (58%), neon underbody lights (56%) and novelty decals such as flames and stripes (56%).

Despite this, not all drivers said that mods would stop them from buying a car. Under 25s are the least likely to be deterred, with a fifth saying that none of the modifications listed would stop them from making a purchase, compared to around one in 10 of all other age groups.

The only mod that was more hated by under 25s than over 54s was spoilers, which were picked by a quarter of under 25s and around a fifth of over 54s.

Ian Reid, head of editorial at Carwow, said: “Modifying a car can be a fun way to add a bit of personalisation to your vehicle, but you should consider how this might impact things in the long run before you make any changes. Not all mods are legal and some can invalidate your car insurance, so be sure to check the legislation around your preferred mods and whether they’ll be covered.

“If you plan to sell your car at a later date, remember that your modifications will probably deter a few buyers, likely having a negative impact on its value. Some modifications are worse than others for this, so consider checking our list before deciding whether making the change will be worth it.”

August 23rd, 2024 | Andrew Hagger | News

A recent survey has found that 82% of homeowners claim to have never made a mistake while moving house, compared to 18% of renters saying the same.[1] But out of 12 common moving mistakes analysed, nine are more frequent among owners.

The study, by Go.Compare Home Insurance, highlighted that 90% of Brits have moved house at least once, and 65% admit to making mistakes during the transition from one home to another.

The most frequent mistake is misplacing an item, made by one-quarter (26%) of movers. Homeowners are more likely to be at fault for this, with two-thirds admitting to it, compared to around a third (34%) of renters. This is also the case for the second most common mistake – breaking an item in transit – something that over a fifth (22%) of residents had done overall.

Forgetting to label boxes was the third most common error, a mistake made by 16% of movers. Not allowing enough time to load or unload belongings, and dropping an item causing it to break complete the top five moving mistakes with both made by 15% and 14% of respondents, respectively.

Here are the most common moving mistakes:

Of these 12 errors, only three are more frequent among renters. These include losing the keys to the property, a mistake made by just 1% of respondents overall, forgetting or leaving it too late to book a removals company, and forgetting to take final and initial meter readings.

The survey also found that well over half (58%) of residents have forgotten to update their address when moving. Updating clubs and memberships with your new address is the most frequently forgotten, with over a tenth (12%) of respondents admitting to this.

Nathan Blackler, home insurance expert at Go.Compare, said: “Moving house can be a stressful time and the amount of things you need to consider or keep track of can often be overwhelming. Some of the most frequently made mistakes don’t come as a surprise, and although you can take steps to minimise accidents from happening, sometimes things simply go wrong.

“With forgetfulness being such a big factor in moving mistakes, it often helps to create a checklist of everything you need to do. It can also be beneficial to map out a timeline, as some things shouldn’t be left until the last minute, like booking a removals company or updating your home insurance.”

For more information on moving home mistakes and a helpful moving checklist visit Go.Compare.

August 19th, 2024 | Andrew Hagger | News

As we continue to see temperatures soar above 20 degrees across the UK, Brits are looking for ways to stay cool.

To use a 3500w air conditioning unit in your home, this could be costing you an extra £168 per month, or £6 per day.

However, using a Tower fan costs just 8p a day, equating to just an extra £2.24 a month.

New data from Hodge reveals the costs of staying cool this summer:

Christie Cook, managing director of retail at Hodge said:

“With temperatures climbing, air conditioning units are a popular choice for cooling down, but these can be expensive to run.

“However, a more economical solution could be a  fan. While fans may not cool the air, they help in circulating it, offering relief at a fraction of the cost.

“A great hack for utilising a fan to the best of its capability is putting a glass of ice in front of it, so that the fan actually circulates the cool air, working similarly to AC.

“If you fancy enjoying the sunshine but don’t want to overheat, perhaps fill up a paddling pool. This makes it an affordable choice for families looking to enjoy some outdoor fun while staying cool.

“As temperatures continue to rise, staying cool and safe during the heatwave is important.”

August 19th, 2024 | Andrew Hagger | News

A brand new report from online mortgage broker Mojo Mortgages has revealed that in some parts of the UK, solo buyers need to borrow over 15 times their salary to purchase an average-priced house. And even couples need to face borrowing 7.7 times their combined earnings.

This alarming statistic highlights a significant affordability crisis, especially considering that most mortgage lenders won’t let you borrow beyond 4.5 times your salary, without you meeting other criteria.

7 simple strategies that can help you borrow a bigger mortgage

For those who need to borrow more than 4.5 times their salary (or combined salary if in a couple), Mojo Mortgages has shared seven ways to boost how much you can borrow for a mortgage:

1. Improve your credit score

2. Consider a joint borrower sole proprietor mortgage

3. Minimise your debt-to-income ratio

4. Explore shared ownership options

5. Save a larger deposit

6. Demonstrate stable income

7. Speak to a free mortgage broker

You can find all of these tips in more detail on Mojo Mortgages’ Mortgage-to-Salary Ratio Report.

August 16th, 2024 | Andrew Hagger | News

Knowing whether it is the right time to sell your home or not can be tricky. With the market fluctuating some may argue there never is the perfect time.

When you do come to sell, you want to make sure your property stands out and can sell for a decent price. Part of making sure this happens is to cast a critical eye over your interior. Whilst a complete overhaul may be out of your budget, there are some small changes you can make to increase the value of your property.

Refresh with a coat of paint

Every homeowner has a unique style to reflect in their home. When it comes to selling, however, it pays to make your home more of a blank canvas.

This doesn’t mean having white walls in every room, but any colour schemes should be softer and more subtle. You could decorate according to the atmosphere in each room. For example, bedrooms are supposed to be relaxing, calm spaces so soft blues and greens help to create that vibe.

Even if you want to keep the current colours, a refresh to freshen everything up will help the place look cared for and new.

Enhance storage solutions

Clutter is something that comes with modern living, but too much can make it hard for prospective buyers to see your home for how wonderful it is.

Storage is something that most homes need, even if they aren’t looking to see! By planning properly, you can make sure that all space is used properly. Alcoves, for example, are beautiful design features but they can also be used for storage. You could install some floating shelves and turn them into a bookcase, or create bespoke alcove storage and turn it into a display area for your favourite collectables.

Upgrade lighting fixtures

Modern lighting fixtures can elevate the ambience of a room as well as help to make it feel new and up to date.

You don’t need an electrician to rewire your whole home. If you use lampshades, it is time for an upgrade. Shades tend to be better for creating soft lighting so try to focus on using them for lamps and accent lighting.

Statement fixtures work well too, especially if you are trying to focus the room. Hanging a large pendant over the dining table will help to draw the eye and create a focal point.

Update kitchen and bathroom fixtures

If your kitchen or bathroom is looking a bit tired and outdated, swapping the taps and cabinet handles for fresh ones can have a surprisingly large impact.

Black fixtures in a primarily white bathroom, for example, can stand out and help the room look clean and modern.

Kitchens are often rooms with a bit more colour, so gold accents could be the way forward. You can also give your cabinetry a fresh coat of paint, or add some vinyl cupboard wraps for a different look.

August 14th, 2024 | Andrew Hagger | News

American Express today increased the sign-up bonus on its Amex^® Cashback Everyday Credit Card, offering new Cardmembers 5% cashback up to an increased £125, over an extended five month welcome period.   

This is £25 more than the previous £100 limit on the 5% introductory cashback rate, and runs for an additional two months – five months versus the previous three months – giving Cardmembers more time and opportunity to benefit from the 5% rate. There is no end date for this new sign-up bonus, which was initially trialled as a limited time offer in February.  

Following the extended 5% cashback period – which is currently the highest cashback earn rate of any UK credit card – Cardmembers can then continue to earn up to 1% cashback, as usual. They receive 0.5% cashback on spend up to £10,000 and 1% cashback on spend over £10,000, each Cardmembership year. There is no annual fee and no cap on how much cashback Cardmembers could earn from their spending. 

On top of this, Cardmembers can continue to earn up to £150 additional cashback through referring a friend who is approved (£20 for each additional successful referral). 

Wider Amex^® Cashback Everyday Credit Card benefits  

The Cashback Everyday Credit Card comes with a host of benefits beyond cashback. With Amex^® Experiences, Cardmembers enjoy exclusive access to some of the most sought-after sports, music and theatre events before tickets go on general sale. Alongside this, Cardmembers can make the most of Amex Offers; discounts from a range of popular dining, entertainment, retail and travel brands. 

By adding family members or partners to their Account, Cardmembers can earn cashback even faster. Cashback Everyday Credit Cardmembers are entitled to up to five complimentary Supplementary Cards (subject to approval), with spend on all Cards earning cashback.   

Full terms and conditions apply. 18+. Subject to status. For more information please visit here.  

The American Express Cashback Everyday Credit Card has a Representative APR 31.0% Variable.  

ENDS  

August 7th, 2024 | Andrew Hagger | News

New research has revealed that most people in the UK are putting money away for holidays, with more than half having a specific savings account to pay for their trips.

The survey from Leeds Building Society found that 55% of people have a dedicated holiday fund, and just over a third (35%) have more than one.

As the cost of living continues to bite, you might expect spending plans to be curtailed but almost three in four people (74%) anticipate spending the same or more on a holiday this year compared to last.

However, a significant proportion (35%) intend to use a credit card which highlights that not everyone is in a position to spend from their savings, and over a third are getting into debt to go away.

Top savings tips

     Leeds Building Society has produced a selection of helpful hints and tips on getting into a good savings habit for holidays and making those funds go as far as possible.

They include holiday booking hacks, savings tips and things to consider like the potential benefits of using a travel agent versus doing your own research, and booking a package trip versus shopping around for the best deals on flights, transfers and accommodation.

Other ideas include capitalising on differences in the timing of school breaks across the UK and crossing borders to book cheaper flights.

What are the best savings accounts for a holiday fund?

Most people start saving between one year or six months from their break, and on average save £257 every deposit.

The research shows that monthly is the preferred saving frequency, explaining why regular savings accounts are the favoured type of account (64%) followed by instant access (47%) and cash ISAs (36%).

Catherine Wray, Leeds Building Society’s Savings Manager, said: “It’s pleasing to see just how many people have planned ahead to save money for a holiday.

“Setting up a recurring payment to go into a regular savings account every month can be an effective way of building a healthy fund by the time you’re ready to travel.

“Anyone who wants to start saving for a holiday should consider what type of account is best for them.

“Those who like to seize the moment and take last minute trips might want to consider easy access savers so they can dip into their pot immediately.

“Those who prefer to plan ahead more are likely to be able to opt for a slightly better rate of interest but have less flexibility over withdrawals.

“Many people often ask how to open a savings account, and the simple answer is that it’s always a good idea to shop around for the top products and best cash ISA rates and find the savings product most suited to your needs.

July 31st, 2024 | Andrew Hagger | News

A recent study reveals that nearly a third (31%) of Brits face financial difficulties. With the cost of living crisis ongoing, 40% of UK residents are scaling back their spending on holidays this year, and nearly half (48%) are cutting back on the number of holidays they take, or skipping their break altogether.

Despite these financial challenges, a surprising 23% of Brits aren’t taking advantage of discounts or promotions. The online savings website MyVoucherCodes analysed their internal data and found that those who did use online discounts for holidays collectively saved almost £100,000.

Savings experts for the discount site urge travellers who still want to bag themselves a holiday to make use of promotional codes to snag their last-minute travel deals.

Among those planning to spend less on holidays, only 29% had used an online promotional code in the last 6 months. This means that the majority of holidaymakers looking to tighten their travel budgets could be missing out on significant savings.

In 2023, a staggering 86.2 million UK residents travelled abroad. If every traveller had used online vouchers and discount codes, they could have bagged a total saving of £3.66 billion. Yet, the actual savings made were less than 1% of the potential amount.

Of the discount methods used, brand promotional deals and discount cards were the most popular, with 48% and 30% of consumers using them both online or offline, respectively. These methods also influence travel plans as well.

61% of those looking to increase the number of holidays they take this year used discount cards and over half (59%) took advantage of promotional deals. This shows the benefits of being savvy with your spending, opening up more travel opportunities.

Sarah-Jane Outten, savings expert at MyVoucherCodes, said: “Nobody should have to miss out on a holiday because of the current financial climate. Considering so many are looking to either reduce the cost of their holidays or forgo their holiday altogether, it’s shocking that more people don’t take advantage of the free and easily accessible discounts available. These savings could make a huge difference to someone’s travel plans and can even open opportunities to snag last-minute travel deals.

“As well as checking for discount codes, there are plenty more ways to save money on travel. For instance, compare the cost of flights and accommodation using online price tracking tools such as Google Flights and Trivago. Set these tools to alert you when prices drop so you can book at the best time.

“Having the flexibility to fly from a different airport can sometimes mean securing cheaper fares, and don’t forget to sign up for flash deals and exclusive offers. If you can, travelling during off-peak months often makes a huge difference to the cost of your holiday.

“Doing a bit of research before your trip can uncover many hidden gems to allow you to have a fun-filled holiday without breaking the bank.”

For more simple ways to save on travel, head to MyVoucherCodes.