This week I’m going to start by openly admitting, yes, I was one of those lucky scoundrels who locked in a mortgage rate in 2022, when things weren’t totally topsy turvy.

As first-time buyers my wife and I were given a rate of 2.99%. Not bad, but not exactly the best rate on the market in those days.

I also made the decision to lock us in for five years. At the time I remember there was an inkling that inflation was about to go – well – a bit crazy, but soaring rates were not yet a major issue.

Fast forward to 2025 and things are pretty different. Inflation has surged and subsided, but rates are still much higher.

The average five-year rate is now 5.25% according to Moneyfacts (although in practice this changes quickly).

Currently we pay just shy of £1,300 on our mortgage per month. The best deal on the market at the moment (for someone in our position) would currently cost just over £1,600 a month, according to London & Country.

This would represent a 23% increase in our monthly mortgage costs.

We’ve still got two years left to go…but I am now starting to get nervous about my mortgage for the first time.

Life changes

Our life has not stood still in the intervening five years since we bought our first house. Our costs have gone up.

• £300 a month on a loan for a family car.

• £300 a month on childcare for our son.

• £300 a month on going all in on bitcoin saving into my pension.

It all unfortunately adds up.

I know we’re doing the right thing but that doesn’t make it any easier. So is there a way to cure my nerves?

Where now for mortgages?

Last year, Mouthy Money put together a big mortgage takeover which invited a bunch of industry experts to have their say on what’s going to happen to rates.

The sense at the time was that rates were going to come down – but by less than expected. That view would now seem largely vindicated. If anything rates have actually not really improved much at all.

But there are glimmers of hope. The UK economy is faltering, with unemployment rising, growth flatlining and inflation slowing. This is bad in lots of ways but it indicates rates should come down as conditions ease.

We can find evidence of this in the mortgage market. The average rate on a two-year fix is 5.48% whereas the five year as mentioned before is 5.25%.

In the era of low rates, a two-year fix would be cheaper than five, but since rates rose this relationship inverted. Longer fixes became cheaper.

But Moneyfact’s data shows that this relationship is now on its way back to the status quo – with the gap between the two at its narrowest since January 2023.

What does this tell us?

Longer fixed rates used to be more expensive because people were were happy to pay a premium for longer-term certainty.

Now however, people pay a premium for a shorter term fix in anticipation that the market will see rates fall in the future. This means lenders can charge a bigger premium and people will pay.

But the gap is narrowing – and possibly going into reverse soon – and tells us that mortgage lenders think people are slowly reverting to paying a premium for longer-term certainty than they are for short-term wiggle room.

Mortgage rates are dependent on a wide range of factors. Anyone who tells you to watch the Bank of England base rate for news is being disingenuous, or doesn’t understand mortgages.

In reality, swap rates are what matter. And these, in the broadest sense, are dependent on major global investment markets such as the bond market.

In practice, rates are coming down. But trying to guess one way or another is a bit of a fools errand.

So to answer my original question: should I be nervous about my rate? And in answer to that I would say: would being nervous help? No. But making a clear plan would. Fortunately, I’ve got time on my side.

If you’re looking for what to do now, or in six months, lock in a rate – then see what things are like before your deadline just in case the deals have since improved. Any mortgage broker worth their salt should help you do this. That’s it. That’s the plan.

To hear more on what’s going on in mortgages in 2025, check out the latest episode of the Mouthy Money podcast. We were joined by mortgage expert and broker Jeni Browne, who gave us her view on what’s happening in the market.

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Q. Can I add stamp duty to my mortgage? 

A. When you are buying a new home it makes sense to run through all the numbers to get your budget straight. That will clearly require you to think about how much you may have to put down as a deposit, which in turn will help you decide what level of mortgage borrowing you may need.  

In trying to break that budget down it’s really important that you also cover the costs that comes with buying and selling a property.  That could include the cost of the estate agent, survey and legal fees as well as removal costs.   

One of the of the potentially biggest costs you could face will be stamp duty so that is vital to add into your costings. You should also look to build in something of a cash buffer rather than plough every last penny into the deposit, so that you can cope with any unforeseen costs once you move in. 

The stamp duty bill will effectively reduce the amount of savings or equity from your current home that you can devote to the deposit.  If you add the amount of money needed for stamp duty to your mortgage, the knock-on effect is that you will need to borrow more on the mortgage in order to leave enough money to cover the stamp duty bill and any other costs.   

As always, to be able to borrow more the lender will need to see that the borrowing is affordable.  Taking advice will help you get the best lender and deal for your specific requirements, accounting not only for the rates but also the affordability criteria. 

David Hollingworth is Associate Director of Communications for L&C Mortgages, the UK’s leading fee-free mortgage broker offering advice to borrowers from across the mortgage market. David is regularly called on to provide commentary on the mortgage market by the national and trade press as well as broadcast media. This ranges from giving opinion on new product developments and the pros and cons for consumers, through to providing a wider perspective on topical market issues, trends and initiatives.  

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A swap rate is the fixed interest rate that one party agrees to pay another in exchange for receiving a floating interest rate.

Essentially, it’s part of a financial agreement called a swap, where two parties exchange cash flows based on different interest rates. Swaps are typically used to manage interest rate risk or to speculate on changes in interest rates. 

How does a swap work? 

Imagine two companies. Company A has a loan with a fixed interest rate, but it thinks interest rates might go down in the future. Company B has a loan with a variable interest rate, but it wants the predictability of a fixed rate. They decide to enter into a swap agreement:  

• Company A agrees to pay Company B a fixed interest rate. 

• Company B agrees to pay Company A a variable interest rate based on an index like the London Interbank Offered Rate (LIBOR) or the new Sterling Overnight Index Average (SONIA). 

They exchange these interest payments for a set period of time, without swapping the actual loans. This way, each company can achieve its desired interest rate exposure. 

Why are swap rates important? 

Swap rates are crucial because they help institutions manage their interest rate risk. For example, if a company has a lot of debt with a variable interest rate, it might worry about rates going up.  

By entering into a swap where it pays a fixed rate and receives a variable rate, it can lock in a predictable payment, which makes budgeting easier. 

Types of swaps 

1. Interest rate swaps: This is the most common type. One party pays a fixed rate, and the other pays a variable rate. It helps companies manage their exposure to interest rate fluctuations. 

2. Currency swaps: Here, parties exchange interest payments in different currencies. It helps manage exchange rate risk. 

3. Commodity swaps: These involve swapping cash flows related to commodity prices, such as oil or gas, and are used by companies to hedge against price changes in raw materials. 

How are swap rates determined? 

Swap rates are influenced by several factors, including: 

• Market interest rates: The overall level of interest rates in the market affects swap rates. For example, if the Bank of England raises interest rates, swap rates will likely go up as well. 

• Credit risk: The perceived credit risk of the parties involved can impact the swap rate. Higher risk means a higher rate. 

• Supply and demand: The balance of supply and demand for swaps in the market can influence the rates. If more companies want fixed rates, the swap rate for paying fixed might rise. 

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Q I’m desperate to get on the housing ladder so should I consider a 30-year mortgage term? 

A Long gone are the days of the standard 25-year mortgage term. With house-price growth outstripping wage income over the years, the only way many buyers can afford to get on the housing ladder is if they opt for a longer mortgage term.  

With a longer term, as you are paying your mortgage debt back over an extended period of time, your monthly payments are reduced, making them more affordable.

However, the downside is that you make many more payments over an extended term, so end up paying more interest in the long run than you would have done if you had opted for a shorter term. 

Lenders readily offer longer mortgage terms as there is growing demand for them. Indeed, terms of 30, 35 and even 40 years are fairly commonplace.  

One option for those worried about a long term is to take it out in the first instance (to help with affordability calculations) and then overpay from time to time, as and when you can, to reduce the debt more quickly and shorten the term.  

For example, if you take out a mortgage for 30 years or more there may be periods during that time when you have more cash available than others, and overpaying on your mortgage will enable you to reduce the term and pay it back more quickly. This will reduce the interest you pay.  

Most lenders will let you overpay by up to 10 per cent of the outstanding mortgage per year without penalty, although this differs from lender to lender so it is worth checking. 

Longer terms are best suited to first-time buyers who are getting on the property ladder at a relatively young age so have many years in which to pay back their mortgage. It means you still have a fair chance of paying off your mortgage before drawing your pension.  

A 30-year-old taking out a 30-year term should comfortably pay back the mortgage by retirement age, whereas a 40-year-old probably won’t, which may be an issue if you don’t have enough retirement income to cover the payments and give you a surplus to live off. 

As always, seek advice from a whole-of-market broker to ensure you get the right term for your circumstances. 

Mark is chief executive of SPF Private Clients and was part of the launch team of the company as Savills Private Finance in May 1997. Originally launching as the financial services arm of Savills PLC, SPF has rapidly grown into one of the market leaders in UK financial services.

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Q. OVERPAYING THE MORTGAGE: My partner and I bought our first home last year in July. We were lucky to get a five-year mortgage with a sub 3% rate. But a year on we’re worried that house prices are falling, leaving us with negative equity.

We’re also worried that in five years we’ll be stuck having to pay a higher rate as it’s unlikely we’ll get such a cheap deal again. But because we’ve still got time to spare, is it worth overpaying the mortgage to keep our heads above water? Our provider allows us to overpay by 10%. 

A. Fixed-rate mortgages are expected to come down in price once inflation returns to its 2% target and interest rates have peaked.  

However, the days of rock-bottom rates have gone for good I am afraid so while you still have four years left on your fixed rate (well done you for having the foresight to fix for that length of time on what has turned out to be an excellent rate), it is important to plan ahead to ensure you can cope. 

Overpaying the mortgage is a good way of reducing your outstanding debt and therefore the interest you pay.  

Most lenders will let you overpay by up to 10% per year without paying a penalty, as indeed your lender does, so if you can, take advantage of this. But make sure you don’t exceed this amount or you will be charged a penalty. 

However, before you start overpaying the mortgage, make sure you keep some money back to cover emergencies. It may be tempting to plough it all into the mortgage but money overpaid on the mortgage can be very difficult to get hold of again.  

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Keep enough cash in an easy access savings account to cover around six months’ worth of living expenses (the exact amount will depend on your attitude to risk and what you are comfortable with).  

Also, if you have outstanding debt such as on expensive credit cards, overdrafts or personal loans paying much higher rates of interest it is sensible to pay these off first before reducing your outstanding mortgage. 

Keep a note of when your fixed rate expires and get in touch with a whole-of-market mortgage broker six months before then in order to shop around for another deal.  Most lenders will let you lock in a new rate six months before you need it to begin. 

Mark Harris is chief executive of SPF Private Clients and was part of the launch team of the company as Savills Private Finance in May 1997. Originally launching as the financial services arm of Savills PLC, SPF has rapidly grown into one of the market leaders in UK financial services.  

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From ‘finfluenced’ young investors, to the difference between mortgage and rent costs, and concerns over the UK’s switch to a cashless economy – here are our favourite must know money stories this week to help you get your head around your personal finances.

A fifth of young investors take tips from Instagram

One in five (21%) of investors aged 18-34 get stock tips and market forecasts from Instagram, according to an Opinium survey carried out for Hargreaves Lansdown.

The survey also found 16% young investors use financial advice found on Facebook, 14% on Reddit, and 8% on TikTok. However, for investors aged 55+, these numbers dropped to 0%.

Financial websites are a popular across all investor age ranges, employment status, and geographical regions in the UK. Following that, newspapers and specialised financial publications are a common source – though lesser with younger investors who tend to turn to social media for ideas more frequently.

Source: Hargreaves Lansdown

Emma Wall, head of investment analysis and research at Hargreaves Lansdown, said: “The most important factor when looking for investment ideas – regardless of your source – is that they are right for you, and your personal financial plan. Those readying themselves for retirement probably shouldn’t be invested in the same portfolio as a Gen Z investor who is in their first job.”

She added: “While engagement with investing should be applauded at any age, taking tips from unregulated or unverified sources, such as social media, should be done with caution. Always take time to do additional due diligence on any ideas. If you are at a pivotal life event – retirement, marriage, becoming a parent, and you are really short of investment ideas, consider getting professional advice before taking the plunge.”

Buying more expensive than renting for the first time in 13 years

Buying has become more expensive than renting for the first time in 13 years, reports Melissa Lawford for The Telegraph.

Two years ago, a first-time buyer would have saved £245 per month if they purchased a property rather than rented it, according to property website Zoopla.

Now, first-time buyers have to pay an extra £122 per month on a mortgage compared to rent on the same property. In London, where house prices are highest, mortgage is more expensive by £493 per month.

House prices have dropped by the biggest amount in five years, as high mortgage rates ward off potential buyers. Experts said this lower first-time buyer demand would contribute towards further house price falls.

Rupert Simmonds, regional director at estate agents John D Wood & Co, said: “First-time buyers are assessing whether the benefits of owning a property outweigh the financial strain posed by higher monthly mortgage payments, along with the associated costs of property maintenance and upkeep.

“Some are deciding to move further out from city centres to more affordable neighbourhoods where the gap between renting and buying might be narrower. Others are seeking guidance on innovative financing options or entering the market with co-buyers to distribute the financial burden.”

Concerns over the UK’s switch to a cashless society

The UK’s rapid shift to a cashless society is causing concerns to not only the elderly but also to those on lower incomes, tourists, and ones who would like to keep a tight control on spending, reports Shane Hickey for The Guardian.

A Royal Society of Arts report last year found that over 10 million Britons would struggle to live in a cashless society, with many losing control of their finances and seeing debts spiral.

Older people have been prone to isolation in this shift towards a cashless society. They claim they feel left behind as they lose the reliability and straightforwardness that cash offers, and struggle with concerns over technology usage and potential frauds.

Furthermore, recent figures from the banking body, UK Finance, show that newer ways of paying are set to almost completely eclipse cash within a decade, expecting cash to account for only 6% of all payments made in the UK by 2031.

A cash-favouring tourist was frustrated after having to make bank payments despite having cash to pay with – ultimately being charged £73 more in debit card transaction fees. He said: “I was only able to use currency at the restaurants, pubs and taxis. It is indeed a fine way for banks to profit.”

While online payments are increasingly popular, it has its own limitations – making it more important to allow access to cash payments, so that no one is left vulnerable behind.

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Q. House prices are falling and while we own our home with a mortgage, we’d like to move up the ladder in the next two years to have more space for our growing family. Even though our house price is likely down, is it possible to upsize to take advantage of bigger discounts further up the ladder? 

A. It is certainly worth investigating to find out whether it’s a good time to move with regards to the type of property you are looking for in your area.  

We are finding that some buyers are taking advantage of the vulnerability of some sellers to purchase at what they believe to be more realistic prices, depending of course on personal circumstances and mortgage exposure.  

If you have been able to build up a good amount of equity in your home, this will help you to take advantage of any opportunity that comes available.  

However, even if not it is certainly worth making enquiries to ensure that you are ready to act quickly if an opportunity to move does arise, particularly in the summer months when competition is generally less fierce as so many people are on holiday. 

It is always best in these circumstances to concentrate on the difference between the selling price on your property and what you might be paying for another one, rather than focus on achieving a certain amount for your own home.  

You must also take into account the fact that interest rates may go up a little further before they begin to level off or even the most recent gains begin to be reversed.  

If you are on a fixed-rate mortgage, check whether you have to pay early redemption penalties for getting out of the mortgage ahead of the end of the fixed period if you can’t port it to a new property. If there are hefty charges to pay, it may be worth waiting until this is no longer the case or any discount you get on your property purchase may be wiped out. 

It is all very well for lenders to have their stress tests but we are finding a lot of buyers have their own stress tests – what they consider manageable, not just in terms of mortgage repayments but also in terms of their other expenditure or lifestyle. It’s worth asking yourself if you can afford a bigger mortgage on a more expensive house, for example. 

Therefore, overall it’s definitely worth investigating but go in with your eyes open and research carefully before making a decision. It may take time to find the right property but it is certainly worth considering as this could be the best opportunity for a while to move up the ladder. 

Jeremy has been principal of Jeremy Leaf & Co Chartered Surveyors and Estate Agents, in Finchley, north London since March 1984. The business has grown organically to employ 22 people today and, although still run as a general practice covering sales, lettings, surveys, valuations, etc, it has become particularly synonymous with land and new homes. As a result, the business has been directly involved in the acquisition and sale of over 200 schemes in London and the Home Counties. Jeremy is also a former residential chairman of the Royal Institution of Chartered Surveyors. 

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From the end of the cost-of-living crisis, to falling house prices, and how to be a football fan without breaking the bank – here are our favourite must know money stories this week to help you get your head around your personal finances.

Rising wages forecast to ease cost-of-living crisis

Average pay rises could be about to overtake inflation for the first time in 14 months, reports Oliver Wright for The Times.

New inflation figures and average earnings data for the last month are due to be released next week. According to the Bank of England’s forecasts, inflation is expected to slow down to around 6.8%, and wages are expected to rise slightly more than 7%.

Ashley Webb, UK economist for Capital Economics, said: “There isn’t a perfect way to define the cost-of-living crisis but a good proxy is when CPI inflation is above average earnings growth. So, based on this measure that uses growth rates, the cost-of-living crisis appears to be coming to an end.”

While economists say there are signs wages will grow faster than inflation at least until 2025, these wage rises will make it harder to bring down inflation to its 2% target set by the Bank of England.

Furthermore, homeowners might find that these wage rise benefits will be offset by rises in rents and mortgages.

House prices edge down, but market proves resilient

House prices fell by 0.3% in July, according to data released by the latest Halifax house price index yesterday. An average UK home is now worth £285,044 – 2.4% less than house prices a year ago.

While this was the fourth consecutive monthly decrease, prices have only changed a little over the last six months. The rate of annual decline also slowed down from -2.6% in June to -2.4% in July.

There are indications of first-time buyers turning to smaller, more affordable properties to offset the rising mortgage costs. The buy-to-let sector also remains under pressures. However, wider economic factors such as the strong wage growth, currently over 7%, suggest a promising path ahead for the UK housing market.

Kim Kinniard, director at Halifax Mortgages, said: “The continued affordability squeeze will mean constrained market activity persists, and we expect house prices to continue to fall into next year.

“Based on our current economic assumptions, we anticipate that being a gradual rather than a precipitous decline. And one that is unlikely to fully reverse the house price growth recorded over recent years, with average property prices still some £45,000 (+19%) above pre-Covid levels.”

Helen Morrissey, head of retirement analysis at Hargreaves Lansdown commented: “Big challenges remain, we’ve seen borrowing costs stabilise in recent months, but they remain much higher than many have become used to and there is no sign of them coming down significantly any time soon.

“This squeeze means we are likely to see prices fall further over the coming months though the index suggests more of a soft landing than a crash.”

Be a football fan without breaking the bank

As the new Premier League season nears, Miles Brignall writes for The Guardian ways for all football fans to watch their favourite, local team and save some money.

Season tickets are still popular but there is no denying that they come with a substantial price tag. With some season tickets up to £3,000 (and cheaper ones for League Two clubs) or many in-demand clubs charging fees to even join waiting lists – it’s worth thinking twice! Most clubs also don’t allow sharing season tickets with friends, but many have measures in place that you might be able to work around.

One-off tickets are almost impossible to get a hold of too. So, a good way to see your team for cheaper is buying tickets for League Cup matches, known as the Carabao Cup.

Another way is watching academy games. For example, Manchester United’s under-21s play their home fixtures not too far from Old Trafford – and entry is free!

You can always watch live football on TV – via subscriptions with TNT Sport, Sky Sports, Now TV, or others – or head down to a pub to watch the game. They continue to be the low-cost options if you don’t end up spending tons of food and drinks, plus, there’s an added communal experience.

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From households struggling with mortgage payments, to shoplifting being on the rise, and millions using credit to pay basic bills – here are our favourite must know money stories this week to help you get your head around your personal finances. 

‘Mortgage help’ Google searches skyrocket 1,366% 

‘Mortgage help’ Google searches skyrocketed by 1,366% in the past month, according to analysis by mortgage broker L&C Mortgages.

Following numerous base rate hikes from the Bank of England, the term ‘mortgage help’ was searched for at 10 times the normal volume – reflecting financial stress among mortgage holders amidst rising rates.  

Other highly searched terms in the past 30 days included: ‘how to afford mortgage’ (324%), ‘mortgage support’ (213%), and ‘remortgage (106%).  

Increasing fixed-rate mortgage costs are adding financial pressures on the finances of Brits and triggering a surge of uncertainty for both mortgage holders and renters alike.  

A spokesperson from L&C Mortgages said: “There are still plenty of deals available for borrowers looking to switch, but remortgaging a home is a decision that should be made with thorough research and help.” 

If you need to remortgage, speak to a broker and shop around for the best available rates.  If you are struggling for tailored support, speak with your lender before the situation becomes untenable. 

‘The cost of living started my shoplifting’ 

Stealing goods is on the rise, reports Ez Roberts for BBC News as shoplifting incidents in the UK saw a significant 30.9% year-on-year rise as of March this year, pushing shoplifting back up to pre-pandemic levels. 

According to the British Retail Corsortium (BRC), shoplifting cost retailers almost £1bn in 2021-22. Tom Holder from the BRC said: “Only about 5% of shoplifters we catch go to court, so you can’t ask most people why they’re doing it.” 

Roberts investigated this to find out the ‘why’ and received varied answers. 

Some shoplifters believe food should be affordable for all, and one should not have to make the choice between basic necessities and leisure spending at all.

One said: “I only steal things I need but I can’t afford,” while another commented: “If I was earning enough, I’d probably stop.” 

On the other hand, a supermarket manager said little is done about shoplifting and the police aren’t interested – making it easy for people to steal.  

Millions use credit to pay basic bills 

2.3 million low-income UK families have reportedly taken out loans or used credit to pay for basic bills during the cost of living crisis, report Michael Savage and Skyler King for The Guardian.  

According to an analysis by the Joseph Rowntree Foundation (JRF), nearly six million low-income families have unsecured debt – such as credit cards, overdrafts, and personal loans. 

However, the use of credit is not preventing households from falling behind with payments – and families are warned of the ‘debt timebomb.’ Three-quarters report arrears with at least one household bill or lending commitment, with 44% in arrears with three or more bills. 

Rachelle Earwaker, senior economist at JRF, said: “Despite inflation falling back, we risk the tragedy of a second wave in this crisis, as millions of people struggle to maintain their borrowing in view of rising interest rates.  

“The fragility of the current situation ought to be a preoccupation for policymakers everywhere, but on the contrary, it is in danger of being overlooked. While rising mortgage costs dominate the national conversation, the affordability of short-term credit should also be a factor of vital concern.” 

A government spokesperson said: “We know people are struggling with rising prices, which is why we are delivering support worth on average £3,300 per household, uprating benefits in line with inflation and have increased the national living wage.” 

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From a sharp fall in inflation figures, to mortgage payments escalating, and how to avoid ticket scams – here are our favourite must know money stories this week to help you get your head around your personal finances. 

Inflation fever breaking, falls beyond expectations 

UK inflation fell to 7.9% in June, according to the Office for National Statistics (ONS), lower than forecasts of around 8.2% from earlier this week.  

A sharp drop in motor fuel prices was the primary reason for easing of inflation rate – taking some cost-of-living pressure off lower- and middle-income households. While transport costs fell significantly, other divisions such as food and beverage, restaurant and hotel, alcohol and tobacco, and clothing remain stubbornly high. 

Mortgage and credit holders might breathe a sigh of relief as the Bank of England’s base rate may not jump to as high as expected. However, this doesn’t mean that further hikes are not coming. Base rates are still expected to be hiked, and prices are still increasing, just at a slower pace. 

While it is a step towards the right direction, inflation is still nearly four times the Bank of England’s target rate – and we are yet to see the full impact of rate rises on consumers and the economy.  

Alice Haine, personal finance analyst at investment platform Bestinvest, said that the fall in inflation “will deliver some relief to households, with the bigger-than-expected decline offering hope that the long run of tearaway prices rises is finally over.” 

She added: “The improving inflation data is unlikely to prevent the Central Bank from pushing ahead with another interest rate rise when the Monetary Policy Committee meets next month – as high prices are still causing significant pain for households and businesses up and down the country. But at least the numbers are moving in the right direction with markets now expecting rates to peak below 6% in March next year.” 

Mortgage payments set to jump by £500 

The Bank of England said mortgage payments will rise by at least £500 a month for nearly one million households by the end of 2026, reports Tom Espiner for BBC News.  

According to the Bank’s Financial Stability Report, over two million households will pay between £200 and £499 more monthly by the end of 2026, and a further one million mortgage holders will see their monthly payments rise by at least £500. 

The Bank said mortgage holders “may struggle with repayments” on loans. as fixed-rate mortgage deals expire and renewed loans see mortgage repayments go up. It added that lenders are strong enough to withstand a rise in customers defaulting on repayments. 

The Bank has consecutively raised interest rates from 0.1% in December 2021 to 5%. In June, Chancellor Jeremy Hunt said that the Bank has “no alternative” but to raise rates. 

Households and firms alike have been under pressure as interest rates have risen in a bid to lower high inflation. Furthermore, expectations of borrowing costs rising has pushed up mortgage payments for the already-stretched UK households.   

How to avoid festival and gig ticket scams 

With many popular events selling out in double-quick time, all is not lost if you are not successful. However, it pays to be cautious when trying to bag a last-minute ticket, writes Suzanne Bearne for The Guardian. 

• Scour genuine resale sites: Check out websites that sell resale tickets, such as Ticketmaster, TicketSwap, or Twickets. Ticketing apps like Dice allow you to join waiting lists for sold-out gigs too.
• Too good to be true: Scammers are becoming increasingly savvy, and a spokesperson from an internet safety website added that “if it’s too good to be true, it probably is.”
• Check the person’s profile: Some of the obvious warning signs are found here. Few friends/followers, only recent posting activity, switched off comments, foreign location settings, excessive retweeting, or low engagement are some of the red flags to look out for.  
• Use ‘reverse image’: Scammers often scrape photos of tickets online. A reverse image search on google might be able to spot if the image is available elsewhere online. You can also apply the same approach with the seller’s profile pictures. 
• Pay by credit card: Most scamsters push buyers to pay via direct bank transfers. Credit cards provide fraud protection between £100 to £30,000, and if you can demonstrate that you have been defrauded, the amount should be refunded. 

In case you’re a victim of scam, take pictures and screenshots of your conversation, report and block the fraudsters accounts, and contact your bank to try and stop the transaction immediately. You can further report them to Action Fraud, the national fraud reporting centre. 

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