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Featured - Account Types
What type of savings account do you need?Find out about the different types of savings accounts available to suit a variety of needs.
Savings
ISAs
Residential
Buy to let
Specialist mortgages
Featured - Debt and your credit score
How debt impacts your credit scoreA healthy credit score has its benefits, so make sure you manage your debt correctly.
Loans
Featured - Life Insurance
Life InsuranceFor peace of mind that your loved ones will be supported financially after you die, consider taking our life insurance. Find out more and compare policies.
Home & vehicle
Health & travel
Featured - High interest current accounts
Find current accounts offering in-credit interest rates up to 5.00% AER.
Current accounts
Featured - Purchase Cards
Best purchase credit cardsExplore the best cards with a 0% introductory period.
Credit cards
Credit repair
Calculators & guides
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Business products
Business insurance
How much can I give as a cash gift?
How much can I give as a cash gift?Will your loved one's gift be tax affected?
Categories
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Borrowers looking to make home improvements will find the average cost of an unsecured personal loan has fallen year-on-year, according to the latest research.
In particular, loan rates have fallen on small sums – on a borrowing amount of £3,000 over a three-year repayment period, the average loan rate is down from 14.6% a year ago to 14.3% today.
A recent survey from Direct Line revealed 50% of consumers they surveyed wanted to renovate to gain extra space. Loft conversions can be a popular way to maximise living space, and insulation can cost £2,750, according to research by estate and letting agents Barrows and Forrester.
Borrowers can avoid paying more than £600 in interest charges on an average loan by choosing a fee-free 0% credit card instead. The longest 0% balance transfer card will cost less than £100 on a debt of £3,000. Based on the longest fee-free 0% balance transfer card, paying £140 for 22 months will clear the debt before interest applies.
Homeowners looking to improve their living space may well opt for an unsecured personal loan to fund the cost, so it’s good to see loan rates have fallen year-on-year. The pandemic forced many consumers to work from home, but now, two years on since the first UK lockdown, someone’s living space may not be up to scratch to accommodate their current needs.
A loft conversion is a popular option for homeowners and insulation can cost around £2,750, but this investment may boost a property’s value by 3%, according to research by Barrows and Forrester. Half of consumers who are planning to renovate their home are doing so to gain extra space, according to a survey by Direct Line, but it’s important consumers are conscious of the rising costs of both labour and goods for any projects, and ensure they review any insurance policy once the works are complete.
Credit cards can be a practical alternative to a loan for funding the cost of home improvements, such as with a 0% introductory purchase deal or transferring the debt from an existing credit card to a 0% balance transfer offer, but it’s vital consumers pay back their debt before interest applies. Borrowers can avoid paying more than £600 in interest charges on an average loan at £3,000 (14.3%) by choosing a fee-free 0% balance transfer credit card instead if they can pay £140 over 22 months (NatWest). A credit card will also protect spenders under Section 75 of the Consumer Credit Act on purchases between £100 and £30,000 if a service or goods are not provided or damaged, and the card can be cancelled with ease if lost or stolen.
Those homeowners searching for a larger property may not be able to afford to move due to rising house prices, so renovating an existing home could be a logical choice to improve their living space. Not only this, but homeowners could boost a property’s value, so if they do still wish to move, the aspiration could become a reality by boosting a property’s worth. If consumers are looking to apply for a loan, then it’s always worth reviewing a credit score before they do so, but also keep in mind that the advertised rate on a loan may not be offered to them.
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According to our latest data trends at Moneyfacts , the average credit card purchase APR (which includes card fees) rose to an all-time high of 31.8% APR this month. The average rate on a £10,000 loan has also risen and now stands at its highest point in over 10 years.
Latest data trends at Moneyfacts found the average credit card purchase APR (which includes card fees) rose to an all-time high of 31.8% APR this month.
In an attempt to combat the rising cost of living, homeowners are increasingly looking for ways to lower their energy costs – and one option that’s growing in popularity is installing an air source heat pump. But could it be worth considering?
Homeowners are increasingly looking for ways to lower their energy costs – one option that’s growing in popularity is installing an air source heat pump.
The decision could have an effect on your savings, ISA, mortgage, and disposable income. The Bank of England (BOE) raised interest rates today from 0.50% to 0.75%. This decision can be largely owed to Russia’s invasion of Ukraine, which will likely push inflation in the UK higher. “Higher interest rates are supposed to help cool inflation, but prices have risen due to reasons largely outside of the Bank of England’s and the Government’s control - the cost of petrol, food and other day-to-day items is rising because of global events,” said Annabelle Williams, Personal Finance specialist at Nutmeg. “Although this is a small increase to interest rates which have been hovering close to record lows for many years now, many will be looking to see if the increase is passed on to consumers through higher savings rates,” she said. This is the first time the Monetary Policy Committee (MPC) has raised rates on three successive meetings in more than two decades. With this in mind, how can these rate increases affect your personal finances?
The decision could have an effect on your savings, ISA, mortgage, and disposable income.
According to our latest data trends at Moneyfacts , the average credit card purchase APR (which includes card fees) rose to an all-time high of 31.8% APR this month. The average rate on a £10,000 loan has also risen and now stands at its highest point in over 10 years.
Latest data trends at Moneyfacts found the average credit card purchase APR (which includes card fees) rose to an all-time high of 31.8% APR this month.
In an attempt to combat the rising cost of living, homeowners are increasingly looking for ways to lower their energy costs – and one option that’s growing in popularity is installing an air source heat pump. But could it be worth considering?
Homeowners are increasingly looking for ways to lower their energy costs – one option that’s growing in popularity is installing an air source heat pump.
The decision could have an effect on your savings, ISA, mortgage, and disposable income. The Bank of England (BOE) raised interest rates today from 0.50% to 0.75%. This decision can be largely owed to Russia’s invasion of Ukraine, which will likely push inflation in the UK higher. “Higher interest rates are supposed to help cool inflation, but prices have risen due to reasons largely outside of the Bank of England’s and the Government’s control - the cost of petrol, food and other day-to-day items is rising because of global events,” said Annabelle Williams, Personal Finance specialist at Nutmeg. “Although this is a small increase to interest rates which have been hovering close to record lows for many years now, many will be looking to see if the increase is passed on to consumers through higher savings rates,” she said. This is the first time the Monetary Policy Committee (MPC) has raised rates on three successive meetings in more than two decades. With this in mind, how can these rate increases affect your personal finances?
The decision could have an effect on your savings, ISA, mortgage, and disposable income.
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Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.