“Time is running out for consumers to snap up a cheap energy deal”, warns Joanna Robinson on Dailymail.co.uk. Scottish Power, EDF and First Utility have all pulled their cheapest deals. So anyone worried about price hikes, which are widely expected by the end of the year, should get cracking to track down a decent deal. For the remaining best fixed-rate tariffs with the lowest exit penalties, try comparison site Energyhelpline.com.
• Don’t wait until the last moment to buy travel insurance, says Kara Gammell in The Sunday Telegraph. Many of us leave it until two weeks or less before departure to get a policy. That could leave you uncovered, given that half of cancellation claims arise earlier than that, according to insurer LV=.
However, do shop around and read the small print. If you travel regularly, an annual policy will work out cheaper than buying separate ones for every trip. Check any relevant terms before buying – some pre-existing health conditions may be excluded, for example. Cancelling because you fall ill may be covered, but cancelling because a relative gets ill may not be.
• Mortgage arrangement fees are at an all-time high, according to financial comparison website Moneyfacts.co.uk. Four years ago the average fee was £889, whereas now it’s £1,514 – a rise of more than 70%. This makes it even harder for the average new buyer to raise a deposit, which, given banks’ apparent reluctance to take on more property exposure, is perhaps deliberate.
While there are some low-fee mortgage deals around, such as the Post Office two-year 3.65% fix, you’ll need to have a minimum 25% deposit available to qualify for many of them. The few no-fee deals around for those who have smaller deposits – offered by the likes of HSBC – will only be given to carefully selected borrowers, so you’ll need to have an absolutely spotless credit record.
• Want your child to attend a top-performing state school but not already living in the right catchment area? Then be prepared to pay an average of £33,631 more for the right house, says Emma Gunn on Moneyobserver.co.uk. Buying near any of the country’s top 30 best state schools adds 12% to the price tag; buying close to the top six adds £100,000, according to Lloyds TSB. It’s not quite as expensive as attending the average fee-paying school, but it’s not far off it.
• Do you employ a gardener, nanny or tutor for your children? Then watch out, says Mark Atherton in The Times. Under the government’s new auto-enrolment scheme, any employee paid £155 per week or more, or taken on at the minimum wage for 25 hours a week or more, must be offered a pension by his or her employer. The first stage of the scheme starts this October for large firms, but the net will gradually be cast wider between then and 2015.