August 25th, 2021 | Andrew Hagger | News

Self-employed people are pessimistic about their chances of securing a mortgage while four in ten say they have been forced to turn their backs on being their own boss to improve their chances according to the latest research by The Mortgage Lender.

The research among 1,000 UK-based self-employed people, who either own their home or want to, was commissioned by the real-life lender in March.

It revealed 30 per cent of self-employed people believe changes to their finances during the pandemic will negatively impact their ability to get a mortgage in the future.

And 55 per cent of existing mortgage holders fear they wouldn’t be able to secure a loan for the amount they currently owe if their borrowing was based on self-employed earnings over the last year.

These fears mean 39 per cent of self-employed people in the UK are reconsidering their employment status and 43 per cent have applied for an employed role over the last year.

Those living in the South East were the least hopeful about their chances of securing a mortgage, with 60 per cent believing it’s now more difficult than ever for self-employed people.

A belief that was echoed by 55 per cent of self-employed people in the North West, 52 per cent in Wales and the West Midlands, and 51 per cent in Scotland and East Anglia.

The Mortgage Lender sales and product director Steve Griffiths said: “Our research has exposed a feeling among self-employed people that the mortgage market has closed its doors to them.

“Forty-seven per cent said they have been deterred from even applying for a mortgage because of their self-employed status.  And 43 per cent of those aged between 18 to 34, and 36 per cent of those aged 35 to 44 believe their chances of being given a mortgage in the future have been scuppered because of the financial impact of the pandemic.

“With an estimated 5m self-employed people in the UK before the pandemic, it doesn’t make for lenders to turn their backs on them.

“As a specialist lending sector, we have to adapt and provide products and criteria that cater for borrowers whose circumstances have been challenging over the last year. Our real life lending products do just that, catering for people who are different, whether that’s through self-employment, those with complex incomes, or indeed those who have been furloughed and are facing an uncertain future.”

For more information visit: www.themortgagelender.com

August 24th, 2021 | Andrew Hagger | News

Aviva is calling for greater consumer protection from online financial fraud by urging government to include financial scams promoted by paid-for adverts in the scope of the Online Safety Bill.

The Aviva Fraud Report – which launched today and investigates fraud and financial scams relating to pensions, savings, investments, and insurance – has found consumers have low trust in the internet as a tool for shopping for financial services¹.

More than half of internet users (53%) don’t trust that the adverts on search engines are placed by a legitimate financial services company or provider. And more than half (56%) don’t believe that search engines verify the authenticity of the financial product, service, or provider that they allow to be advertised on their platform.

Of those, there is a significant difference in trust by age. Those over 55 were much less likely to trust the results of a search engine than those aged 16 – 24; only 29% of over 55’s compared to 59% of 16–24 year olds.

Rob Lee, Director of Fraud Prevention at Aviva, said: “There is a clear mistrust of financial services adverts online. However, there is no legal responsibility for technology firms to verify the legitimacy of the companies which pay them to publish adverts on their platforms. This potentially leaves millions of internet users exposed to unscrupulous adverts.”

Consumers are clear that more needs to be done to protect them from financial harm online. Almost nine in ten people surveyed (87%) think government should legislate to ensure search engines and social media sites do not mislead consumers or promote financial scams. And 85% of people think search engines should be responsible for advertising content on their platforms so that it is not misleading.

Rob continued: “We believe the Online Safety Bill presents an opportunity to protect financial services consumers at every stage of their online journey. We welcome the recent inclusion of user-generated fraud – such as that promoted on social media sites – within the scope of the regulatory framework. We support the financial services industry in calling for the legislation to include financial scams promoted by paid-for adverts.”

Covid has accelerated the need for action

Lockdown has transformed spending habits in the UK and accelerated adoption of the internet, with half (50%) of people saying they used the internet more – either significantly or a little – to search for products and services over the last year.

While the types of financial scams are generally the same as those before the pandemic, coronavirus has been used as the hook to lure victims. Being in lockdown has meant more people using the internet to search for, and buy, financial services and products.

Rob said: “The challenges posed by lockdown conditions has shifted the mindset of millions, opening the door to more people buying financial services and products online. While this brings opportunities for making it easier to buy products, it does also open the door to fraudsters looking to prey on the vulnerable.”

The scale of fraud has accelerated through the coronavirus pandemic, which has resulted in a deluge of opportunities for fraudsters over the last year. Aviva’s research found two-in-five (42%) people have been targeted by a covid scam. This is a 91% increase over the last year in the number of people who reported receiving emails, texts, phone calls and other communications mentioning coronavirus, and which were suspected to be a financial scam.

Rob said: “It’s clear we’re a long way from the Government’s commitment to making the UK the safest place in the world to be online. The current online environment combined with challenging economic conditions and increased financial strain on consumers is creating the perfect storm for fraudsters to exploit the most vulnerable. Government must act quickly to protect more consumers from becoming the victim of online fraud, by ensuring financial scams are included in the Online Safety Bill.” 

August 13th, 2021 | Andrew Hagger | News

Following last Wednesday’s government announcement ending the amber-plus restrictions in France, and also moving seven other countries from the amber list to the green list, price comparison website, MoneySuperMarket saw a 31% uplift of visitors comparing the cost of travel insurance versus the week before.

Analysis of customer visits from last Thursday 5 August to Sunday 8 August showed summer isn’t over yet with 87% of enquiries for August departures, and the other 13% for September onwards.

Spain (33.4%) topped the list of the most popular destination customers were looking to travel to, followed by the Greek Islands (14.85%) and France (6.53%). The United Kingdom was in seventh place accounting for 3.43% of enquiries, ahead of Malta, mainland Greece and the UAE.

Top 10 destinations for single trip enquires 5-8 August 2021

When looking at annual policies, Europe was the clear leader for those looking to take regular trips making up 61% of enquiries.

Annual policy enquiries 5-8 August 2021

Helen Chambers, travel insurance expert at MoneySuperMarket said: “It is great to see an easing in the restrictions; the demand and desire for holidays this summer is clearly there. Our advice is always to make sure you take out travel insurance as soon as you book your trip – whether it is for a break here in the UK or abroad.

“Travel insurance doesn’t just cover you for the time you are away, cancellation cover also gives you protection should you or a member of your family suffer from a serious illness, injury or death. In these times, it is worth being aware, cancellation cover can also offer protection should you be required to self-isolate.

“In essence, taking out a policy at the time of making a booking will not only give you the best value for money and the longest protection via your policy, but also peace of mind that your trip is protected for unforeseen circumstances ahead of your departure. With a family policy for a week in Spain starting from less than £14.00, it is a no-brainer to get yourself covered so you can relax and look forward to your holiday.”

August 4th, 2021 | Andrew Hagger | News

Electric vehicles (EVs) have been under the spotlight for some time. 2019 saw the sales of electric and plug-in cars tip the two million sales mark, and ever since then, the trajectory has been clear. With more and more governments pushing for zero emissions, there has never been a more pivotal time for the motor industry. 

In essence, we are in the middle of the biggest car revolution since Ford led the charge in 1913. Today, you will find Volkswagen’s e-tron SUV gracing the showroom floor. The giant has proved that the once combustion engine-dependent company can give Tesla a run for its money! 

Now that the bar has been set, here are 5 reasons why electric vehicles are the future of the motor industry:

1. Tipping point

All revolutions have a tipping point, and the rise of the electric vehicle is undeniably in full swing. The fact that many governments around the world are setting targets to ban the sale of all new petrol and diesel vehicles shows the inevitability. 

On UK shores, Boris Johnson has set 2030 as the date. By then you will no longer be able to purchase a traditional combustion engine vehicle unless it is second hand. By 2035, even the much-loved hybrid will be outlawed. 

Zooming in on some of the big motor brands, General Motors have claimed that they will only manufacture electric vehicles by 2035. Ford have gone a step further and announced that all vehicles sold in Europe will be electric by 2030, and VW have stated that 70% of its sales will be electric by 2030. 

The technology has spoken. The brands have spoken. Global governments have spoken. The electric vehicle revolution is unstoppable. 

2. Battery power

Range has been part of the topical debate surrounding EVs for some time. Despite Tesla Model S Long Range reaching up to 370 miles in the summer months, the average EV range overall sits around the 200 mile mark. 

This is set to change. 

As battery prices continue to fall, range anxiety will be defeated by more powerful solid-state technology, with a respectable recharging network to match. With a range of financial incentives to buy EVs, such as Germany’s $11,000 subsidy and the UK’s £2,500 plug-in grant, buying an EV is becoming more a question of when rather than how. 

VW’s answer to the EV market, is its launch of “Accelerate.” Headed up by brand chief Ralf Brandstaetter, the strategy aims to have market shares from China and the US of 50% by 2030. Alongside this surge, VW are investing around $19 billion in digitilization, hybridisation and e-mobility until 2025. 

3. No turning back

If radical transformations are anything to go by, then the proof is in the pudding. The German Group who famously own Lamborghini, Porsche, Bugatti, SEAT and Skoda is spending $34 billion over the next five years to produce and electric or hybrid version of every vehicle in its lineup. 

By 2028, the group plans to lauch 70 new electric models, and by the end of 2030, they want four out of ten car sales to be electric. Perhaps the biggest gamble the brand has made since WWII, if the German Group’s play to dominate the market is successful with the launch of their “ID” range, there really is no turning back.

4. Infrastructure and low emission zones

Zooming in on the UK, the world leading Ultra Low Emission Zone (ULEZ) in Greater London has already seen significant change in the air quality around the city. WIth nitrous oxide (NOx) and particular matter (PM) limits scaling over the EU’s legal limits, drastic action needed to be implemented and quickly.  

Prior to its launch in April 2019, some of the areas most vulnerable were living with the affects of illegal toxic fume levels. With 360 primary schools within the illegal limit zone, there was high concern over lung development, and the pollutants ability to make health conditions worse.

Now any vehicle that doesn’t meet the strict ULEZ guidelines has to pay a daily charge of £12 to enter the zone. That’s midnight to midnight, 7 days a week, all year round bar Christmas Day. So unless you have a pure EV, hybrid or Euro 5 petrol or Euro 6 diesel car, you have to pay the extra tax – and even that is set to change. 

Alongside the government’s “Green Industrial Revolution” ten-point plan laid out in 2020, which includes zero emissions by 2030 – other major UK cities have rolled out their own Clean Air Zones (CAZ). The likes of Edinburgh, Bristol, Liverpool, Birmingham and Oxford now implement an £8 charge to drivers if their vehicles don’t reach the emissions standards. 

5. Affordability

Elon Musk’s unstoppable Tesla brand sold over 220,000 electric vehicles in 2018. In this industry defining moment, this powerhouse knocked the likes of Toyota – the world’s second largest car manufacturer – out of the water. Toyota managed to sell a mere 1,000 EVs in the same year. 

Fast forward to today, and the EV race is going strong. Tesla are no longer the only reputable EV brand. With VW, Nissan and Jaguar holding their own, the market has become far more affordable for the average Joe. What’s more, you can even bag yourself a second hand bargain at your local garage. 

Traditional car making is quickly becoming a thing of the past, and the range of models from SUVs to coupes, hatchbacks to sports is a testament to the power of EV technology. 

Time to make the switch

There’s never been a better time to make the switch from combustible to EV. With a range of government incentives and schemes available, as well as the growing costs to travel in your nearest city, electric vehicles are here to stay. 

For most of us, simply buying a brand new car outright is a big no. Fortunately, car finance makes getting a new car much more manageable and gives you access to come of the best motors on the market. 

With a range of financing options available including bad credit car finance for those who have struggled to be accepted before, getting your hands on a new set of wheels is more possible than ever before. 

Electric vehicles are here to stay. With the motor industry racing to produce the fastest, most efficient and longest range cars, the race is on. Are you ready to get on the starting line? 

July 30th, 2021 | Andrew Hagger | News

NewDay, a leading UK provider of accessible credit, has launched Bip – the first completely cardless consumer credit proposition in the UK. Bip has been designed around the customer, offering a fully digital credit experience that is simple to use, fully transparent on costs and with the customer in complete control.

With no physical card, Bip customers can apply and have access to appropriate credit within minutes. Bip (https://www.Bip.credit/) is available via the App Store and Google Play – and can be added to the digital wallet of the user’s mobile phone. Just like a traditional card, it can be used anywhere Mastercard® is accepted when making contactless or online payments.

Bip offers a transparent and seamless customer experience:

• No hidden fees – no annual, foreign exchange or late payment fees.  Just one interest rate – typically 29.9% APR.
• Easy application process via the app. If eligible, users can be up and running in minutes.  No need to wait for a card and PIN to be despatched by post.
• Paperless (and plastic-less) apart from regulatory required communications – for example letters regarding changes to credit limit.
• The full credit card experience (including secure access to CVV) via the app.

In addition, Bip has been designed to ensure the customer stays in complete control:

• Customers can set two kinds of spending caps to give them control – including a warning and a freeze cap within the app.
• Customers can also set spending alerts to ensure they remain in control.
• Customers can see how much they could save on interest with the Payment Calculator, allowing them to understand the impact on the interest they will pay by increasing their repayments.
• Everything is accessed through the Bip app – including a chat function to help customers service their account.

NewDay has involved its customers in the design of Bip from the start, producing a solution that truly meets their needs, which is evident from customer demand and initial feedback from the testing phase. The firm has successfully recruited a waiting list of over 30,000 customers through the development and testing of Bip. The product is rated ‘Excellent’ on Trustpilot, with a score of 4.5, with customers especially positive on aspects such as the ease of applying, simplicity of use and ability to track and cap spending (https://uk.trustpilot.com/review/www.Bip.credit).

Sharvan Selvam – Commercial Director at NewDay said: “We worked with our customers all the way through the design, testing and launch of Bip.  It is a proposition designed to make credit easy to access, simple to use and, importantly, puts the customer in full control.”

Bip will be backed by a full consumer launch including mass market advertising later this year. Bip is the latest product from NewDay – one of the UK’s leading credit providers. NewDay offers credit to a broad spectrum of UK customers, providing accessible credit to close to 5 million people. This includes underserved sections of the market such as existing prime credit customers who may have seen their credit score reduced; and those new to credit who don’t have a full profile with the credit bureaux. At the heart of NewDay is its proprietary technology underpinned by two decades of underwriting experience and intelligence.

July 29th, 2021 | Andrew Hagger | News

An article published on BBC News today has highlighted the amount of money that the NHS in England may need to pay as a result of medical negligence claims, which are currently still ongoing.

The estimate, which includes possible future settlements, could amount to £4.3bn in legal fees and place a heavy burden on the NHS to cover clinical negligence.

But what are the true cost of medical negligence claims and what impact have they had?

Medical negligence claims are a common occurrence that doctors are faced with. They are not always successful and usually involve a lot more for those filing a claim than simply seeking compensation. Often, costs covering special treatments and rehabilitation need to be considered and emotional factors can make things a lot harder to deal with. Some solicitors only require payment for medical negligence claims if the suit is successful, making it easier for patients to handle costs.

Which doctors could be liable and what are some examples of malpractice?

Mistakes can result in damages in many different situations and aside from doctors and surgeons, dentists, nurses, pharmacists and even psychologists may be liable. Reasons for malpractice suits can range from receiving the wrong medication or instructions from a doctor to releasing a patient too early from a doctor’s care.

The BBC figures show how many claims could potentially be settled. However, the numbers are slightly misleading, since a significant amount of the claims may not actually result in settlements. The NHS reported that in 2018/19 over 44% of claims did not lead to any compensation and did not need to be paid by the National Health Service. In this case, legal fees would not apply either, which may reduce the figures significantly.

How can doctor’s avoid making mistakes that could lead to damages?

Hofstra University, a private university based in Hempstead, New York, explains how practitioners could avoid lawsuits filed by patients. In an infographic on the university’s website the following advice is mentioned:

• Communication is key. Listen and communicate with patients in a calm manner, without making assumptions.
• Staying up to date with changes in the medical field.
• Don’t ignore conflict. Whenever a patient raises a concern, make sure to address it and listen.
• Ask for your patients consent. Misunderstandings can lead to unhappy patients, which is why it can help to ask for your patients consent as often as you feel is necessary.
• Develop procedures. In order to make this process easier, develop specific guidelines and rules that are to be followed by doctors and staff in your office.
• Follow up. Following up with patients is a simple way to find out if there are any further issues that may need to be addressed.

Its vital for both doctors and patients to be mindful when discussing a treatment or issue and to place importance on good communication. This will make it easier to avoid any damages and injuries.

July 26th, 2021 | Andrew Hagger | News

Are you currently saving up for a first house, or do you know somebody who is? Raising a deposit is now widely understood to be the biggest barrier to getting on the property ladder for younger people – with 10% and above expected as standard. 

The pandemic has also disproportionately affected young people in terms of employment opportunities, creating further challenges for would-be first-time buyers. Yet new research from equity release experts Key Advice has found that older relatives who are homeowners helped out by gifting an average of £42,500 in 2020. 

This figure is almost two-thirds of the average first-time buyer deposit of £57,278, a figure which is skewed somewhat by astronomical living costs in London. 

So how much do first-time buyers need to raise for deposits across the UK – and where exactly are they receiving the most financial help? 

How do first-time deposits compare across the UK?

It will come as no surprise to many that UK first-time home deposits are highest in the capital of England, at a staggering £130,357. 

That’s almost £70,000 more expensive than the next costliest region, the South East of England, where first-time deposits average out at £64,910. The South West is next up, with £51,397 required to purchase the average first home. 

At the other end of the scale, first-time buyer deposits are at their lowest – £29,523 – in Northern Ireland. The North East of England and Wales offer the next cheapest property with deposits of £29,563 and £32,663 respectively. 

Which residents are most generous? 

Key Advice’s report found also that older homeowners gifted younger relatives more than the money required for a deposit in some areas.

In Wales, for example, older relatives gifted younger family members 135% of the average first-time deposit on average. Those in Northern Ireland, the North East of England and the East Midlands were also extra generous, gifting 116%, 113% and 108% respectively. 

These figures contrast those seen in the North West of England, where donations added up to only 67% of the average first-time deposit required in the area. London homeowners offered up around 79%, which is impressive considering this represents an average gift of £102,826. 

How equity release can boost first-time buyer deposits   

It’s common for older family members to support young people at this stage in their lives, and gifting is a popular way to do it. This can be done through spare savings or equity release, which involves freeing up cash that’s tied up in property. 

Helping out younger family members is a key motivation for many equity release customers, with some £755 million being donated through this route last year alone.

With property prices booming so far in 2021, first-time buyers will likely have to rely on older relatives more than ever.   

July 25th, 2021 | Andrew Hagger | News

• All the latest Covid travel related info in one place

• Up to date covid related travel details for 55 countries – including a 4-step guide which covers, before departure, at your destination, before you travel home and on your return to the UK

• Links to all the current travel documents you need such as health control and passenger locator forms.

• Clear and concise details to cut through the raft of ever-changing rules and regulations.

People are desperate to get away for a week or two in the sun but are faced with a massive fog of confusion with overseas travel rules changing by the minute.

Caxton, the travel money specialists, have designed a ‘Global Travel Tracker’ to help consumers plan and manage their holiday travel arrangements with confidence, helping them understand what they need to do before they set off, whilst they are away and when they return home.

Travellers can search via an interactive map or click on one of 55 countries listed to find out the latest info regarding PCR testing, any isolation requirements and vaccination documents for their chosen destination – see the page for Croatia for example, here

Alana Parsons, Chief Operating Officer at Caxton FX said: “Many of our customers are desperate to get away but are faced with constantly changing covid related travel rules and regulations”.

“The Caxton Global Travel Tracker is a ‘one stop shop’, giving travellers clarity and the latest essential details to help them prepare and remain covid compliant wherever they are travelling to.”

  “Our site is being updated daily with the latest information regarding traffic light status as well as vaccination documentation, PCR testing and quarantine/self isolation requirements for each destination.”

July 15th, 2021 | Andrew Hagger | News

Gatehouse Bank this week revealed it reached an ecological milestone – 5,000 trees have been planted in permanent new woodlands on behalf of Green Saver customers.

The bank launched the accounts in February, when all its new fixed-term accounts and Cash ISAs were transformed into Green Savers, with a tree planted for every new account opened. Customers with maturing fixed-term savings who chose to reinvest also became Green Savers.

Specialist UK ecological company Forest Carbon, which creates and develops woodland and peatlands for carbon capture, is responsible for planting the trees on Gatehouse’s behalf in four locations across Britain.

Geraldine Burnett, the bank’s corporate social responsibility manager, said: “We are absolutely delighted that 5,000 new trees have been planted across in the UK in just five months thanks to the Gatehouse customers who have opened fixed-term saving accounts with us.

“As an ethical bank, we are committed to finding new ways to help and preserve the environment, and our Green Saver accounts enable customers to play their part in contributing to a greener future, while also benefiting from competitive saving rates.”

Forest Carbon has planted the trees across its woodland projects in Crook in County Durham, Penrith in Cumbria, Aberfeldy in Perthshire and Moffat in the Scottish Borders. The carbon credits associated with the tree planting are also registered on behalf of customers.

The bank has four fixed-term deposit accounts and four ISAs, all of which are Green Saver Fixed Term Deposit Accounts and Green Saver Cash ISAs.

Fixed Term Green Saver rates

July 14th, 2021 | Andrew Hagger | News

After a tumultuous year in which weddings have been curtailed, postponed and cancelled, optimism amongst UK wedding guests is increasing with greater numbers of ceremonies and receptions set to take place in the second half of 2021.

New research from American Express reveals that British wedding goers are treating themselves to new outfits and beauty products to mark the special occasion.

Fashion and beauty top the bill

As lockdown restrictions are set to fully end in England and further ease in Scotland on July 19, enabling greater numbers of guests to attend a UK wedding, research showed that Brits will spend an average of £130 on new outfits to attend weddings in 2021, equating to £2.1 billion across the UK as a whole.

It was also revealed that wedding goers this year will spend an average of £84 on hair, beauty and grooming for the occasion, equating to £1.3 billion³ across the population.

The high spend on fashion and beauty is reflective of the increased anticipation amongst Brits attending weddings in 2021, after a disruptive year for wedding planners, brides, grooms and guests due to Covid-19 enforced restrictions on ceremonies and receptions. Approximately 6 in 10 (61%) UK wedding guests who have or will be attending a wedding this year have experienced a wedding being postponed due to the pandemic.

A third to spend more compared to before Covid-19

Greater excitement and gratitude amongst wedding goers in the UK has led to nearly a third (31%) of guests planning to spend more this year compared to before the pandemic. Furthermore, with many spending long periods apart from friends and family over the last year, 62% said they are happy to spend more celebrating with their loved ones since lockdown restrictions started to ease.