September 13th, 2023 | Andrew Hagger | News

Smoke alarms are an essential safety feature in any home, and regular maintenance is crucial to ensure their efficiency. In the UK, where fire safety regulations are strict, it is especially important to keep your smoke alarms in good working order. This article will explore the importance of regular maintenance for smoke alarms in the UK and provide practical tips for ensuring their efficiency.

1. Understanding UK Fire Safety Regulations

In the UK, fire safety regulations are stringent, and smoke alarms are a legal requirement in all residential properties. The Regulatory Reform (Fire Safety) Order 2005 mandates that landlords must install smoke alarms on every floor of a rented property and test them regularly to ensure they are in working order. Homeowners are also encouraged to have smoke alarms installed and regularly maintained to protect their families and property.

2. The Importance of Regular Maintenance

Regular maintenance of smoke alarms is crucial for their efficiency and effectiveness in detecting smoke and alerting occupants to potential fire hazards. Here are some reasons why regular maintenance is essential:

1. Early Detection of Faults: Regular maintenance allows you to identify any faults or issues with your smoke alarms promptly. This includes checking for loose connections, damaged wiring, or depleted batteries. Addressing these issues promptly ensures that your smoke alarms are always ready to function when needed.

1. Maximising Performance: Regular maintenance helps to maximise the performance of your smoke alarms. Dust, dirt, and debris can accumulate over time and hinder the sensors’ ability to detect smoke effectively. Cleaning the smoke alarm regularly ensures that it operates at its optimal level.

1. Compliance with Regulations: Regular maintenance ensures that your smoke alarms comply with UK fire safety regulations. Landlords have a legal obligation to ensure that smoke alarms are installed and maintained in rental properties. Homeowners should also take responsibility for the maintenance of their smoke alarms to ensure the safety of their homes and loved ones.

3. Practical Tips for Regular Maintenance

To ensure the efficiency of your smoke alarms, here are some practical tips for regular maintenance:

1. Test Your Smoke Alarms: Test your smoke alarms at least once a month by pressing the test button. This will verify that the alarm is functioning correctly and that the sound is loud enough to alert occupants in the event of a fire.

1. Replace Batteries: Smoke alarms in the UK typically use 9-volt batteries or are hard-wired to the mains. If your smoke alarm uses batteries, replace them annually or as recommended by the manufacturer. Some smoke alarms have a low battery warning feature, which alerts you when the battery needs replacing.

1. Clean Your Smoke Alarms: Dust and debris can accumulate on the sensors of your smoke alarms, affecting their performance. Use a soft brush or vacuum cleaner to remove any dust or cobwebs from the smoke alarm. Avoid using water or cleaning agents, as these can damage the alarm.

1. Check for Damage: Regularly inspect your smoke alarms for any signs of damage, such as cracks or loose connections. If you notice any damage, contact a qualified electrician or replace the smoke alarm immediately.

1. Follow Manufacturer’s Instructions: Each smoke alarm may have specific maintenance requirements outlined in the manufacturer’s instructions. Familiarize yourself with these instructions and follow them accordingly.

4. Additional Safety Measures

While regular maintenance is crucial, it is also essential to take additional safety measures to enhance fire safety in your home. Here are some recommendations:

1. Install Sufficient Smoke Alarms: Ensure that you have smoke alarms installed on every floor of your home, including the hallway and bedrooms. This provides maximum coverage and early detection in case of a fire.

1. Interconnected Smoke Alarms: Consider installing interconnected smoke alarms, which are wired together so that when one alarm detects smoke, all alarms in the house will sound. This ensures that everyone in the home is alerted, even if the fire starts in a different area.

1. Have an Escape Plan: Develop a fire escape plan for your household and ensure that everyone is familiar with it. Practice the escape plan regularly, especially if you have young children or elderly family members.

1. Regularly Service Your Heating Systems: Have your heating systems, such as boilers or furnaces, serviced annually by a qualified professional. Faulty heating systems can increase the risk of fire, so regular maintenance is essential.

Conclusion

Regular maintenance is crucial for ensuring the efficiency of smoke alarms in the UK. By adhering to fire safety regulations, conducting regular tests, replacing batteries, cleaning the alarms, and checking for damage, you can maximize the performance of your smoke alarms and ensure the safety of your home and loved ones. 

Remember to follow the manufacturer’s instructions and take additional safety measures, such as installing sufficient smoke alarms and having an escape plan in place. By prioritizing regular maintenance, you can have peace of mind knowing that your smoke alarms are ready to protect you in the event of a fire.

September 4th, 2023 | Andrew Hagger | News

Santander UK has today (Monday 4 September) launched a ‘top of market’ easy access account, the Easy Access Saver Limited Edition (Issue 3), which pays 5.20% AER/ 5.08% gross (variable) on savings up to £250,000 for 12 months.

Customers with £5,000 deposited in the account will typically earn £21.66 in interest every month and £260 annually.

The Easy Access Saver Limited Edition (Issue 3) lets customers deposit as often as they like, as well as withdrawing their funds without any fees or restrictions.

Customers do not need other accounts with Santander to be able to open the new account which can be opened online, in app, over the phone, or in branch.

Any Santander customer with an existing Easy Access Saver can also open an Easy Access Saver Limited Edition (Issue 3) account and benefit from the higher rate.

The account is available from now until 17th September, but may be withdrawn sooner if there is high demand.

Santander has also today increased the rates on its fixed term ISA products. The one year fixed ISA now pays 5.05% AER/gross and the two year fixed ISA pays 5.10% AER/gross.

Andrea Melville, Director of Current Accounts, Savings and Business Banking, Santander said: “We’re pleased to deliver this top of market product for our customers, providing the convenience of an easy access account, to help build up their savings. We know now more than ever people want their money to go further and this account is one of the ways we are helping customers maximise their savings income.”

September 4th, 2023 | Andrew Hagger | News

National Savings and Investments (NS&I) shocked the UK savings industry this week when it launched its highest ever rate of 6.20% for a 1 Year Guaranteed Growth Bond.

The deal went straight to the top of the best buy tables and is the highest rate by some margin, with 6.00% the next best rate on the market.

NS&I has an annual financing target set by the government and has been struggling to attract enough new money, in what has become a highly competitive UK savings space.

This move has thrown down the gauntlet to savings providers but it’s unlikely that any players will be able to compete with 6.20%.

However, this aggressive move is likely to prove an attractive option with cash savers eager to bag the very best rate they can.

Essential details at a glance

What’s the interest rate?

Issue 72: 6.20% gross/AER, fixed for 1 year

Can I take money out?

No, you cannot take money out until the Bond reaches the end of its term

Is the interest taxable?

Yes, in the tax year your Bond matures

How much can I start with?

£500 for each Bond you buy

What’s the max. I can save?

£1 million per person in this Issue

August 22nd, 2023 | Andrew Hagger | News

A new Issue of NS&I’s Green Savings Bonds has been released today paying 5.70% gross/AER fixed-rate over a three-year term. Savers putting money into Green Savings Bonds will be helping fund vital green projects across the UK as part of the UK Government Green Financing Framework.

Dax Harkins, NS&I Chief Executive, said: “I’m really pleased that we can offer a new Issue of our Green Savings Bonds at a higher rate from today. This is a great opportunity for savers who want to see a guaranteed return on their investment while also making a difference with their savings by helping to make the world greener, cleaner and more sustainable.”

The projects funded through Green Savings Bonds will include making transport greener, using renewable energy over fossil fuels, preventing pollution, using energy more efficiently, protecting natural resources and adapting to a changing climate. The first Issue of Green Savings Bonds went on sale on 22 October 2021. Since then more than £915 million has been invested in them.

The minimum investment in Green Savings Bonds is £100, with a maximum limit of £100,000 per person for each Issue. Investors need to be aged 16 or over to purchase the Bonds from NS&I. The full amount deposited will be held for three years and cannot be withdrawn during this time.

August 15th, 2023 | Andrew Hagger | News

Data from 321 insurance products shows that millions of people in the UK could be paying extra fees for their car insurance.

NFU Mutual, which does not charge any extra fees, analysed data from Defaqto and found that only 9 of 321 products – just 3% – do not charge any extra fees to customers.

The most common fees charged are direct debit fees, with 95% of products charging customers more to spread payments throughout the year, and cancellation fees, which are present in 90% of products. The average cancellation fee is £57, with the highest charge a massive £400, which includes a broker fee and a charge for installing the related telematics device.

Adjustment fees are also charged in over three quarters of car insurance products, reducing the ability of consumers to make changes to their insurance without incurring costs. The highest adjustment fee was £175, which includes a broker fee and a charge for installing a new telematics device, with the average fee coming in at £39.

Well over 40% of products charged set-up and renewal fees, effectively penalising customers for setting up insurance. From products which charge the fees, the average set-up cost is £58 and the average renewal fee is £47.

Many insurance providers – 51% of products analysed – also charge customers for cancelling during the 14-day cooling-off period. This cooling-off period is a legal requirement during which a customer can cancel their policy for any reason. However, over half of insurance products charge customers to do this, at an average of £41 and reaching £400 at the higher end, with this covering cancellation, a broker fee and the cost of installing the related telematics device.

With so many car insurance products charging for common things, with the average fees representing not-insignificant amounts, customers could find themselves on the hook for substantial costs on top of their insurance premiums.

Wendy Yeomans, car insurance expert at NFU Mutual, said:

“With the cost of living crisis hitting all our pockets, it’s more important than ever to keep on top of our budgets. Many households have cancelled media subscriptions or altered their buying habits to keep spending under control, but many will not be aware they are paying the equivalent of this in extra fees for their car insurance.

“Extra fees like this, which many consumers aren’t aware of, make budgeting more difficult and effectively mean the prices many pay for their car insurance creep up beyond what they expected. That is why, at NFU Mutual, we are proud to say we don’t charge any extra fees at all, nor do we penalise customers for paying in the way that suits them best – whether this is a monthly direct debit, lump sum or by cheque.”

August 15th, 2023 | Andrew Hagger | News

NatWest’s 2023 Student Living Index reveals fraud is a major issue for students. A third of students have been targeted by criminals in the last year.

Delivery scams are the most common kind of fraud that students have encountered over the past year, with 14% having experienced this scam according to NatWest’s annual survey of over 3,000 students.

Other common scams targeting students include social media and HMRC tax scams, while the instances of bank scams decreased significantly from 2022, with only 10% of students encountering this type of scam.

In contrast to last year’s results, women were slightly more likely to have encountered a scam in the last 12 months and over twice as likely to lose money to fraudulent activity, while the amount of money lost by a victim of fraud was around £80.

The top location for student scams this year was Bournemouth, with 44% of students having been the target of a scam. Last year’s most targeted city, Edinburgh, and Oxford were next in the rankings, with 41% of students encountering a scam with over four in five in each of these areas having experienced fraud. While students in Bristol and Leicester were the least likely to be subjected to fraud, one in four students had still encountered a scam.

The NatWest Student Living Index surveyed over 3,000 students across the UK. Students were asked a range of questions, on fraud and scams, how much they spend on essentials such as food, rent and bills, and how much time they spend studying, working, and socialising. The full 2023 NatWest Student Living Index will be revealed on 11 August.

Jaimala Patel, Head of NatWest Student Accounts, said: “It is really important that students remain vigilant and are on their guard when they receive an unexpected text message, email or phone call asking for personal details.”

The NatWest Student account offers a £100 cash incentive within the first 10 days of opening the account, a four-year tastecard membership and a £3,250 interest free overdraft. NatWest also offers free Financial Health Checks and Know Your Credit Score to help students with their finances.

Find out more at www.natwest.com/students

NatWest tips to become more fraud proof

• Be sceptical of unsolicited phone calls, texts or emails asking for personal or bank details. Banks or the Police will never ask for a full PIN or password, card reader codes, or ask you to move money from your account
• Do not recycle passwords and use a unique password for your bank accounts and email accounts
• Don’t give away your personal and bank details too easily. Criminals often use online competitions or offers of free shopping vouchers as a way of harvesting information from potential victims
• Try to shop online with websites you know and trust, using your debit or credit card
• If you see a deal online that looks too good to be true from a website you’ve never heard of, it’s probably a scam. If you have doubts, don’t make the purchase
• If an online seller asks you to send money direct from your bank account to theirs, this is probably a scam. If they fail to deliver the goods you will lose your money
• When it comes to buying online, use your credit or debit card to pay, or carefully follow the scam advice on auction sites such as eBay to help you avoid falling victim.
• Be careful of social media investment scams. These often use fake celebrity endorsements and the promise of getting rich quick.
• Pass this information on to your family and friends, especially anyone you think might be vulnerable.

August 15th, 2023 | Andrew Hagger | News

A new YouGov survey commissioned by TotallyMoney investigated consumer credit confidence and found:

• 9.8 million adults (19%) are not confident in making financial decisions
• Almost a third (29%) would find it difficult to cover an unexpected £100 expense
• Two in five (41%) don’t understand how credit companies make lending decisions
• Just one in five (19%) believe lenders make it clear that if accepted for a credit product, you may not receive the offer originally advertised
• Worryingly, 17% of people wrongly believe that seeking debt advice could negatively impact their credit score

With 20 million UK adults locked out of accessing mainstream financial products, a lack of lender transparency could be driving low consumer confidence, resulting in poor customer outcomes.

 Low confidence highlighting deeper issues

Over the past two years, persistent inflation has driven household finances to the brink, with almost one in three adults (29%) saying they would be unable to cover an unexpected £100 expense*. At the same time, 11 million people are struggling to keep up with bills and credit agreements — an increase of 3.1 million in just six months. During the same period 5.6 million people missed payments three or more times‡.

Although regulators expect lenders to provide flexibility and support to struggling borrowers, 17% of survey respondents wrongly believe that seeking debt advice could negatively impact their credit score. However, missed payments can — and they could stay on your credit file for up to six years. Ending up in mortgage arrears can also lead to court action and even property repossession. So

The research also found that one in five adults (19%) don’t feel comfortable with making financial decisions. This is higher in the 18-24 age group (31%), more common among women than men (21% vs 16%), and the unemployed (31%).

As people look to plug the growing gap between earnings and expenses, demand for credit is growing§. However, two in five adults (41%) are unsure of how credit companies decide who to lend to, and a third (31%) don’t understand credit reports. In both cases, Gen Z (18-24 year olds) index the highest, followed by 25-34 year olds.

With current regulations requiring lenders to only provide 51% of successful applicants with the advertised credit card offer, 41% of respondents feel that lenders don’t make this clear enough before applying. This means they could be in for a post-application shock when they’re given a very different product to the one they applied for.

Separate research from the FCA found just 42% of all adults have confidence in the financial services industry, with only 35% agreeing that firms are honest and transparent. This lack of confidence increases for the vulnerable, and over-indebted¶.

 Alastair Douglas, CEO of TotallyMoney comments:

“Inflation is piling pressure on people’s finances, and millions are struggling to manage their money with confidence. They’re missing payments, and with little support available elsewhere, many more are turning to credit to help cover the increased cost of living.

“However, customers don’t know what the information in their credit report means, how banks choose who to lend to, or why they might receive a different offer to the one they applied for. Missed payments, rejected applications and credit confusion can have a long term impact on people’s financial wellbeing, forcing them to turn to high cost and unregulated borrowing.

“The industry needs to be proactive in its approach. It’s kept people in the dark for too long, when they should know what their data means, and how it’s used. They should know how best to apply for products without impacting their credit file, or why a lender has rejected them. We need to build trust, improve transparency, and provide people with the information they need to create financial momentum..

“Our focus is on the UK’s 20 million adults who find themselves under-served by the financial services industry. The free TotallyMoney app puts people in control of their own personal data so it works for them, not against them and provides personalised plans and products to help them unlock a life of more choices.”

August 7th, 2023 | Andrew Hagger | News

Property investments can incur a lot of disputes if you’re not careful. Here’s our top tips on how to avoid them.

Investing in property can be a lucrative strategy. However, it can also involve a lot of risk-taking and parties can sometimes find themselves in conflict over property disputes as a result.

Those involved with common property disputes may need the help of specialist right-of-way lawyers, especially in built-up areas or cities such as London. Property investment is meant to be a way of making money, so the last thing an investor needs is a dispute preventing potential sales and profits from being made.

With this in mind, let’s take a look at what you need to know in regard to reducing the chance of a property dispute…

Carry out Research and Due Diligence

The first thing you should do is conduct extensive research on the property prior to making an investment. This is called doing your due diligence, so you know what to expect.

You will want to research the property itself, making sure you know about its location and market conditions. This will help you with making an investment to decide if it’s the right choice for you.

Obtain Clear and Detailed Contracts

When you sign a contract to invest in the property, you need to make sure that you’re working with a good standard of contract. Imprecise wording and poor detail often make for areas of weakness in your contract.

You should make sure that your lease is clear and detailed. Any agreements that you sign should be legally sound and checked by a professional. If you enter into any kind of agreement with another party, it needs to be in writing rather than a verbal agreement.

Practice Regular Communication

You need to make sure that you engage in regular and proper communication with all stakeholders involved in the investment process. You should also keep close contact with tenants, property managers and other investors.

These lines of dialogue will allow you to stay up to date on what’s going on, and also know if anybody is unhappy with the arrangements currently in place. A lot of disputes arise due to poor communication between parties, so it’s important to remain in touch.

Maintain Compliance with Regulations

National laws and regulations surrounding property will change from time to time, so you need to ensure that your legal experts are up to date on these regulations at all times.

Try and make sure you are aware of regulations at all levels, from local to national. This will make sure that you are not caught out by a change in policy that triggers a dispute.

Check The Details of Your Insurance Cover

Always make sure that you have the correct insurance for your property investment. Insurance might seem like a lot to pay for, but it can pay for itself many times over if you run into any problems.

Ideally, you will want to secure property insurance, liability insurance, and landlord insurance. However, the exact combination of insurance policies that you will need will depend on your personal situation.

Seek Legal Advice

You should always seek legal advice when you are investing into property. A qualified solicitor is the best resource you can possibly have.

You should speak to your solicitor about reviewing contracts to make sure that they are legitimate and have them look over any terms on the lease. It’s important to identify any potential issues, and have constant support when you need it.

Stay Informed About the Market

If you’re going to invest in property, it’s important that you understand what the market is doing at any given point. Staying informed is a very sensible strategy.

You should be aware of any shifts or changes in the market. This will help you to make the right decisions with your investment and know about any dangers ahead of time.

Reducing the risk of a dispute in property investment…

It’s important to be safe and sensible with property investment. You need to make sure that you are investing wisely if you want to get the best results. The great thing about property investment is that if you do it right, it can be very lucrative.

With that being said, disputes do happen. Taking reasonable measures to prevent this will help you to have a much easier time investing.

Please be advised that this article is for general informational purposes only, and should not be used as a substitute for advice from a trained financial professional. Be sure to consult a financial advisor if you’re seeking advice on your finances. We are not liable for risks or issues associated with using or acting upon the information on this site.

August 2nd, 2023 | Andrew Hagger | News

Insight from M&S Travel Money reveals that the value of the pound has increased against eight of the top ten currency destinations over the last 12 months, with sterling gaining as much as 66 per cent on the Turkish lira – M&S Travel Money’s third most popular currency destination of 2023.

As holidaymakers continue to look for low local costs, as well as favourable exchange rates, Australia has increased in popularity over the last 12 months, having moved up two places, from sixth to fourth, when it comes to the most popular currency destinations, which may have been further bolstered by the pound gaining 10 per cent on the Australian dollar, compared to the same time last year.

However, the Eurozone remains holidaymakers’ top currency destination, despite sterling dipping one per cent against the euro. America also continues to hold its position as the second most popular currency destination, with holidaymakers able to benefit from the pound increasing eight per cent against the US dollar compared to the same time last year.

The pound has gained two per cent on the Thai baht compared to last summer, and with this Thailand has also increased in popularity over the last 12 months, moving up three places to become the seventh most popular currency destination; meanwhile, Mexico is no longer in the top ten for summer 2023.

Despite sterling seeing a ten per cent increase against the UAE dirham, the UAE has dropped from the fourth to sixth most popular destination, while South Africa enters the top ten destinations for summer 2023, with the pound up 11 per cent on the South African rand.

Sterling movements against M&S Travel Money’s top ten currency destinations over the last 12 months:

Nic Moran, M&S Travel Money, said: “We’d always encourage holidaymakers looking for a good deal to consider the total cost of their holiday, including exchange rates and local costs, and it looks like many holidaymakers are considering the value of the pound compared to local currency when considering their summer holiday destination.”

Nic’s top travel money tips:

• Plan spending money early: Get your spending money organised ahead of time; order your currency online, or visit a high street bureau de change, to secure a rate in advance – and travel with both local currency and a credit card, to ensure you’re covered for all eventualities.

• Don’t leave yourself short when it comes to currency: Ensure you have enough cash for snacks, taxis and tipping, ATMs may not always be readily available.
• Consider local costs when budgeting: ensure you factor in the cost of things like meals, shopping and tipping, sterling gains on some destinations can mean your holiday budget goes further on arrival

The M&S in-store travel money bureaux, alongside its euro and dollar Click & Collect travel money service, means an M&S currency service is available in more than 450 M&S stores. The service offers a Click & Collect facility, so customers can order using their Smartphone or tablet – whether at home or in store – and collect in as little as 15 minutes.

Top ten currencies (based on M&S Travel Money currency sales over the last 12 months)

August 1st, 2023 | Andrew Hagger | News

This month’s Premium Bonds jackpot winners come from Hereford & Worcester and Essex.

The August draw saw the prize fund rate increase to 4%, and the odds improve from 24,000 to 1 to 22,000 to 1, meaning that each £1 Bond now has its best chance of winning a prize in almost 15 years. This month also saw an extra £30 million added to the prize fund, with 455,390 extra prizes available for Bond holders to win. A prize fund of more than £404 million will be paid out to winners across the country.

The first Bond number drawn by ERNIE for August was 522MP682337 and is held by a winner based in Hereford & Worcester. The winner has the maximum holding of £50,000 in Premium Bonds, and purchased their winning Bond just last year in December 2022. They become the eleventh winner in Hereford & Worcester.

The second Premium Bonds millionaire bought their Bonds just a few months ago and is based in Essex and holds Bond number 535RC655361. The winner has £23,700 in Premium Bonds and purchased their winning Bond in April 2023. This win makes them the 22nd millionaire from Essex.

Jill Waters, NS&I Retail Director, said:
“Congratulations to our two millionaires from Hereford & Worcester and Essex. Both of our winners waited under a year to win the jackpot, with one winning after eight months and the other after just four months. This shows that big prizes can be won at any time, regardless of how long you’ve had your Premium Bonds. We hope each of our millionaires enjoys their winnings.

“The Premium Bonds prize fund rate has now hit 4%, the highest it’s been since 2007, meaning we’ll be paying out over £404 million in prizes this month to lucky winners up and down the country.”

Start a savings habit with Premium Bonds
Premium Bonds are one of the nation’s most popular savings products. They are the perfect way to start a savings habit, with the minimum investment starting at £25. Premium Bonds customers can add to their Premium Bonds holding quickly and securely, both for themselves or their child, via bank transfer or online. By topping up regularly each month, customers are giving themselves further chances to win in the monthly Premium Bonds prize draws. Customers can find out how to make a bank transfer, pay online or set up a standing order into their Premium Bonds here.