Save money on medicines and prescriptions

Save money on medicines and prescriptions

Save money on medicines and prescriptions

Over the counter medicines is big business in the UK. Smart with Cash want to help people save money on medicines and prescriptions as these costs can seriously eat into your budget. Many people with headaches, coughs etc will pop into the chemist or a supermarket for tablets or medicine. Most opt for familiar brands such as panadol, calpol, sudafed, lempsip, nurofen as these are household names. Although they may be effective in relieving symptoms you could save money on medicines by buying generic medicines. Generic tablets may come in plain packaging but the key is check the ingredients against those named by main brands.

On a recent trip to the supermarket a family member wanted some Sudofed so I picked it up and saw that it contained Phenylephrineparacetamol and caffeine. After checking the own brand cold and flu tablets I found they contained exactly the same ingredients. Sudofed costed £3.50 for 16 and the generic tablets £1.90 for the same amount. I had long been buying generic products but this little exercise got me thinking about how much the average family spends on medicines each month. You could save a heap of cash if if you switch to chemist/supermarket own brands each time you visit the shops. All medicines sold over the counter are subject to strict guidelines from the Medicines and Healthcare Products Regulatory Agency (MHRA).  This gives a bit of reassurance regarding minimum level of quality and piece of mind for consumers.

Over the counter price test at Boots

After visiting Boots this month here is what I found:

Nurofen 200 mg 16 tablets at Boots costs £2.49 and Value Health Ibuprofen also found at Boots costs £0.35 for 16 tablets (around a 7th of the price)

Panadol Actifast 500mg 14 capsules costs £2.99, Boots Paracetamol 500mg 16 capsules costs £0.49 (around a 6th of the price)

Calpol Infant supension 200ml £5.99, Boots paracetamol suspension 200ml, £4.99, Morrisons, Tesco and Asda do their own version in 100ml for around £1.80 which is still a big saving if you bought 2 bottles.

Lemsip 10 sachets for £3.82 in Boots, Boots Cold and Flu 10 sachets at £1.99.

Seven Seas cod liver oil 120 capsules, £9.25, Boots cold liver oil 30 capsules £0.99 (£3.96 equivalent).

Don’t just look for the active ingredients also check that they are the same strength as their branded equivalent. Have a look at the quantity in the pack. In the above examples quantities differ slightly or several smaller packets were compared against a larger branded packet. Also remember that there are secondary ingredients which the larger brands may use to sweeten the medicine or to achieve a distinctive taste. It is important to always read the labels on medicines before you take them branded or otherwise and seek medical advice if you are unsure of the dose or have a medical condition, pregnant or breastfeeding. Another trick is to check the PL code which stands for product licence. Medicines with the same PL code are exactly the same and made in the same lab even though they might be in different packages. Don’t pay any more than you need to, it’s worth a quick look before you buy.

Save money on prescriptions

You can also save money on medicines and prescriptions by getting a prepayment certificate (PPC) if you get regular prescriptions. £29.10 for three months or £104 for a full year. Pay upfront or by direct debit and may be a lot cheaper getting the certificate than paying £8.40 for each item.

Minor ailment schemes operate in most pharmacies and enable them to provide certain medicines free of charge on the NHS. Children, patients 60 or over and people entitled to free prescriptions can ask to see a pharmacist under the scheme. Prescriptions include paracetamol based medicines, headlice treatments, cold and flu remedies, antihistamines for hayfever and allergic reactions. Also available are creams and ointments for skin irritations and lotions for conditions like chicken pox. The schemes free up valuable GP surgery time and often offer more convenient times for busy families i.e. after school and weekends.

Free Prescriptions

You may be entitled to free prescriptions if you are in the following groups:

  • 60 or over
  • under 16
  • 16-18 and in full-time education
  • pregnant or have had a baby in the previous 12 months and have a valid maternity exemption certificate (MatEx)
  • have a specified medical condition and have a valid medical exemption certificate (MedEx)
  • have a continuing physical disability that prevents you from going out without help from another person and have a valid MedEx
  • hold a valid war pension exemption certificate and the prescription is for your accepted disability
  • are an NHS inpatient

There are also several exemptions for people on low incomes:

  • Income Support
  • Income-based Jobseeker’s Allowance
  • Income-related Employment and Support Allowance, or
  • Pension Credit Guarantee Credit
  • Universal Credit
  • a valid NHS tax credit exemption certificate – if you don’t have a certificate, you can show your award notice; you qualify if you get Child Tax Credits, Working Tax Credits with a disability element (or both) and have income for tax credit purposes of £15,276 or less
  • a valid NHS certificate for full help with health costs (HC2)

See NHS England for more information on exemptions and how to apply.

 

 

New Lifetime ISA launches with a massive bonus

New Lifetime ISA launches with a massive bonus

On the 6th April 2017. The New Lifetime ISA launches with a massive bonus of 25% paid annually. This new type of ISA comes with some attractive incentives from the Government. With savings rates being so pitiful over the last few years it’s not surprising people aren’t saving. The government is understandably concerned that young people are struggling to put money by for a new home. Also saving for retirement is a long way off many people’s thoughts as people are concentrating on the day to day. This new account has been launched encourage people to save for their future. If you are under 40, that is born after 7th April 1977 you are eligible to apply.

ISAs are largely considered to be irrelevant due to the changes in tax allowances on savings accounts. However if you qualify and can commit to long term savings this is very much the account for you. Take advantage when the New Lifetime ISA launches with a massive bonus of 25% paid annually. Remember to open it as soon as you can to take advantage of the bonus until you turn 50.

What can the LISA be used for?

The LISA can be used for buying a house if you are a first time buyer. Just let the account provider know you are buying and they will send the money to your conveyancer. You can also use the account to save for your retirement. You can access your cash when you reach 60 and you don’t have to take it all at once. The account can be kept open after your 60th birthday or you can move it to another account. If you want to get at your cash before this there is a hefty 25% fee to pay. Probably best to leave it in there if you can as only consider withdrawing as a last resort.

Are there any limits to the account?

£4000 is the maximum you can save each year. Pay the full amount at the start or build up to that amount, it’s up to you. At the end of the year the government will add 25% bonus on top. If you can pay in the full amount then you will get £1000 at the end.

Where can I open a Lifetime ISA?

The major banks haven’t yet released any products or given a launch date so far however there are a couple of providers who say they will be ready for the launch in April. It is a matter or keeping an eye out as the new LISAs come available. If you are keen to get an account open, you can always set it up with the early providers. Once it is up and running and  you see a better deal elsewhere then you can switch providers. This is Money have more information on this and how to look for providers.

Be smart with your cash and make small changes

Be smart with your cash and make small changes

Be smart with your cash and make small changes to your lifestyle. You could make some big savings over the year just by by looking through your bank account. Have you got any old club or gym memberships, magazine subscriptions that you no longer want or use.  Switching energy suppliers doesn’t take long and can save you hundreds of pounds over the year. You could also to contact your phone and broadband company and try to get a better deal. A good tip is to do a price comparison beforehand and let them know if you can get a better deal elsewhere. Good old fashioned budgeting can take time but can be worth your while. As a result of your initial hard work you should have a list of all income and fixed costs, you can then choose how to spend the rest.

Income includes wages/salary, benefits such as tax credits, income support, JSA, child benefit, housing benefit, pensions and pension credits.

Fixed expenses could include:

  • Mortgage/rent
  • Food shopping
  • Car expenses – road tax, fuel, MOT, etc
  • Savings/Retirement
  • Utilities: gas, electricity, water, telephone, broadband
  • Car insurance
  • Breakdown cover
  • House insurance
  • Mobile phone

Don’t forget other items which might not be regular but are a basic cost such as:

  • School uniform
  • School trips
  • Clothing
  • Work clothes

Disposable income

  • Gym membership
  • Eating out
  • Nights out
  • Takeaways
  • Cinema/theatre
  • Charity donations
  • Fashion
  • Gifts
  • Lottery tickets/syndicate payments
  • TV subscriptions – Sky, BT Vision, Virgin Media, Netflix, Now TV, online TV packages

These fixed expenses can often be reduced by negotiating a better deal with your provider, changing mobile tariffs, buy a cheaper handset and switching to a sim only deal. Always compare prices at renewal of insurances and utility contracts. If you have a good internet connection and don’t need hundreds of channels switch to cheaper providers like Now TV or Netflix. This could slash your monthly outgoings as there is no long term contract. Furthermore with Now TV you can add the entertainment, movies and sport as and when you need them.

The idea of a spending budget it that once the fixed household expenses are taken care of then its up to you what you spend your hard earned cash on each month. Having the budget there doesn’t have to mean you have to go without. Be smart with your cash and make small changes whilst taking control of your cash.

Coffee on the go

We all like to get a takeaway coffee or hot chocolate with the works now and then and as its only a few pounds here and there you hardly miss it. However if you add in the odd cake or panini and go at least once a week this can be really expensive over the year. Some chains like Starbucks and Cafe Nero give you a discount or extra loyalty points for bringing in your own cup. You could keep local and grab a latte from your local coffee shop or bakery, these are often much cheaper. If you are sitting in, arrange to meet friends either side of lunchtime to cut down spending on extras like hot sandwiches.

Savings

If you find that you have money left over at the end of the month, it is a great idea to put money away for a rainy day. First of all consider unexpected costs you have had in the past such as emergency car repairs or boiler breakdown. Try and put at least three months income away but to six months would be a great buffer.

Once you have your emergency fund you can look at savings. Regular savings accounts often pay higher interest but only over a set period usually 12 months. ISA are also great savings products and its a good idea to set up a direct debit each month. You can always top up this payment if you have any extra spare cash at the end of the month.

Best free fitness apps

Best free fitness apps

Turn your mobile into your personal trainer

If you are feeling the pinch after the festive period (seems such a long time ago now) time to take action. Use your mobile or tablet to get fit, have a look at our best free fitness apps. There is anything from tracking your running, mini gym classes, nutrition and food to health and wellbeing.

Best free fitness apps to keep active

Strava Running and Cycling GPS – a must have for runners & cyclists. The cycling app measures your speed, distance and elevation as you cycle, pit yourself against other cyclists. The app displays info on calories burned, heart rate, power, and rhythm.

Nike Training Club –  another great fitness app providing workout routines based on your own fitness level.  Use it to target specific areas of the body in 15-45 minute workouts.

Couch to 5K – this app promises to get you running 5km in 8 weeks. Step by step programme for novices starting with walking/jogging and building up to being a competent runner. Great to build confidence and for anyone who thinks they don’t have a run in them. Good luck.

Fitnet – targeted workouts lasting beween 5 and 7 minutes. Use the selfie to improve your technique, see your progress over time and share with a personal trainer. The app is also compatible Apple Watch to measure heart rate and cardio zone during exercise.

Best free fitness apps for nutrition and diet

MyFitnessPal – log your food diary from a database of more than 6 million foods. Track your diet easily, no matter what you eat. Use the app to set goals whether you want to lose weight or gain muscle, it will make suggestions on the best foods and exercises.

mySugr – this is great for diabetes sufferers who can use the app to keep an eye on blood sugar levels. MySgr helps you to pay attention to food and how it affects blood glucose levels. If some days you aren’t feeling that great the app can help you see what you need to cut back on.

Fooducate – track what you eat and your activities to see your progress and achieve goals. Recipes, diet tips and access to community.

Cut your heating bills

cut your heating bills

Heating Bills

Its getting a bit on the chilly side and most people would have switched on their heating by now. Even if its a couple of hours in the morning and evening the bills can add up. Heating and hot water makes up over 60% of the average spend on energy bills across UK homes. We have a few tips to help you cut your heating bills and save some of that hard earned cash. If you aren’t locked into a deal call up your provider and switch to a cheaper tariff. Standard tariffs tend to be expensive and supplier will revert back to this after a deal ends. You could cut your heating bills by hundreds of pounds by making a switch to another provider. Don’t forget to use TopCashback or Quidco to get cashback with an energy supplier or use their comparison tools.

A Smart meter records your energy usage and sends a meter reading directly to your supplier. This is a great tool to see for yourself how you are using your gas and electricity and you only pay for what you use.

Get a new boiler

If you are thinking of replacing your boiler then the good news is that newer models are a lot more energy efficient.

If your boiler is more than 15 years old or are constantly ringing the repair company then getting a new one is probably a good idea. Regular boiler services can also save in the long run and make it last a lot longer.

Newer models are more energy efficient meaning not only will it heat your home for longer and quicker, you will cut your heating bills right down. When your buying your new boiler you should consider the cost of repaying the boiler in savings made as well as the actual price. Every boiler will have a rating AAA to G indicating energy efficiency and G rated ones will need replacing a lot more quickly and use more gas to fire up the heating. The Energy Saving Trust estimates that you could save around £340 a year if you replace a G rated boiler with an A rated product. Space is always a factor to consider and installing a combi product means you won’t need a separate hot water cylinder. They can run on Gas, oil and LPG.

If you live in a flat you might have electric heating but there are still ways to cut your heating bills. Storage heaters are well insulated and can give you control over temperature settings in each room and how heat is stored. Fitting thermostats and controls can make your heating a lot more efficient and let you release heat when you need it.

Cut your heating bills by keeping the heat in

Double glazed windows are designed to let light and heat in but reduce the amount of heat that can escape. Sash windows are very popular but are traditionally very poor at keeping the heat in. However if you have them and don’t want to make the switch to double glazing then there are options. Some companies who will install secondary glazing or offer sash window style double glazing. Thick heavy curtains will also help in stopping the heat escape.

Keeping radiators clear allows air to circulate around the room. Hanging clothes from them or having your furniture in traps the warm air in that area leaving the rest of the room feeling cold. Also block draughts where possible around doorways, skirting boards and windows.

Don’t forget cavity wall, loft and under floor insulation, this can make a huge difference to a home’s energy efficiency. The Big Six energy supplies provide grants or contributions towards installing insulation. Around 90% of homes will qualify for some form of assistance.

Keep warm

Wear a snuggly jumper or fleece indoors. Get out the blankets when you settle down to watch your favourite shows in the evening. Not only will you have a cosy night in but you can turn down the thermostat and save around 10% per degree. Hot water bottles and a warm drink are also good ways to warm up quickly. You could always do a bit of exercise in front of the TV using a games console or fitness DVD. This would be ideal if you want to shed a few pounds for the party season. Whatever you decide to do keep warm and enjoy the festive season.

 

save money using mobile and tablet apps

save money using mobile and tablet apps

Save money using mobile and tablet apps

Smart with Cash have been busy looking for smart ways to save money using mobile and tablet apps. There are literally hundreds of these types of apps in the main app stores, some more useful and user friendly than others. SWC have put together a handy list saving you time and hopefully some cash in the process.

We have downloaded and used these apps ourselves and have done our best to look through the web and across the app stores looking at reviews. Apps with hidden upsells where you will be asked to pay to use extra features in the app were not included in the list. Just make sure that you update the  apps over WiFi as they can seriously use up your data. Hopefully this post will help you save money by using your mobile and we have put the apps into sections.

Cashback apps make it easy to access cashback offers whilst you are out and about and have voucher codes you can show at the till. If you are going overseas this year then there are a few handy apps you can use to make your holiday abroad easier and save a bit of cash too. When you go abroad make sure you switch off your data roaming or you could find you have a hefty bill. Within the EU the cost per MB is around 17p. Outside the EU, providers are free to charge whatever rate they like so don’t get stung.

 

Cashback

Music Magpie

MusicMagpie is an platform for selling on old CDs, DVDs and games online. They’ve now got a free app which makes the process a lot easier and more fun as you can keep an eye on your when sales on the go.

http://www.musicmagpie.co.uk/get-our-free-app/

TopCashBack

Earn cashback on the move and keep you up to date with all the latest Printable Vouchers and deals in your area.

https://www.topcashback.co.uk/app

Voucher cloud

Vouchercloud uses your location to show you offers for shops and restaurants near you.

https://www.vouchercloud.com/vouchercloud-app

Shopping

Save money using mobile and tablet apps with these fantastic shopping apps

http://www.mysupermarket.co.uk/

Get paid cashback on your everyday supermarket shopping with Quidco’s ClickSnap

https://www.quidco.com/clicksnap/app/

Get paid cashback on your everyday supermarket shopping with TopCashback’s Snap & Save

https://www.topcashback.co.uk/mobile-splash/

Travel

Parkopedia is a website that helps drivers to find and compare commercial, street and private parking on their computer or a mobile phone. Parkopedia also helps drivers by displaying parking information about a selected area and other useful tips that are submitted and shared by its users.

http://www.parkopedia.co.uk/

Download Navmii as an alternative to your phone’s sat nav as this does not use your data. You can download maps use route planning, voice prompts, driver scores, mileage tracking offline.

http://navmii.com/

Google Translate offers a free translation offline without the use of data or WiFi. It also has a feature that reads and translates the text through the camera, just hover over the text.

https://translate.google.co.uk/

 

Personal Finance

Download your bank’s app, this is great for accessing your balance anytime, making payments and transferring money. Many of the banks have apps where you can pay your friends just using a mobile number once you both have the app set up. Payfriendz and PingIt are really popular.

https://www.payfriendz.com/

https://www.pingit.com

ATM Hunter

If you find yourself in a restaurant where the card machine isn’t working or a lovely gift shop that only takes cash then you can use this app to find your nearest cash machine.

https://www.mastercard.com/global/financial-education/atm-hunter.html

Renters Rights Bill could ban letting agency fees

Renters Rights Bill could ban letting agency fees

Renters Rights Bill could ban letting agency fees

Renting homes privately is commonplace particularly as home ownership is not that easy nowadays. Getting your first rental place or moving to another property can be very expensive with a deposit to pay, a months rent in advance and often extortionate lettings fees. All this in addition to the usual costs of moving house. However this has not gone unnoticed and the new proposed Renters Rights Bill could ban letting agency fees and protent tenants from being ripped off.

The Bill

Baroness Olly Grender, a Lib Dem peer recently submitted proposals for the Renters Rights Bill which aims to address the many  concerns of practices in the private rental market. Proposals to put a cap on high lettings fees, bring in mandatory safety checks, stop landlords letting to multiple families were included in the document. Multiply occupancy occurs where more than one family share one living space. Another somewhat controversial proposal is to make public a blacklist of rogue landlords. The Bill has been through two readings and will be go to a committee and redrafted before a vote it taken and it can then be submitted before the House of Commons. The Renters Rights Bill looks to be huge step forward in tackling these issues, not lease the fact that agency fees are completely unregulated and can be from £25 up to hundreds of pounds per tenant. Click here for timescales and further information.

Are there any drawbacks if this came into force?

The Bill is largely welcomed by consumer rights groups but there are some inevitable side affects. Landlords may feel compelled to put up rents and passing increased costs onto tenants. Jeremy Leaf, former chairman of the Royal Institute of Chartered Surveyors speaking to the Telegraph (10th June, 2016) warned that a total ban on fees could lead to rents rising as costs are passed on to tenants. The rogue list although good in principle could have a huge impact on a small time landlord owning one or two properties if they make the list as a result of a single dispute which may not have even been their fault.  There is nothing to show what part the tenant may have had in the dispute. At present there is no rogue list of tenants so perhaps that’s a consideration for the next round of discussions. Local Authorities currently have access to such as list.

It will be interesting to see how this pans out but Baroness Grender has certainly raised an important issue that affects many of us whether we own our own home or not as these issues have a wider impact on the health of the housing market and the economy. Most of us know someone who is renting and something has to give somewhere before we are all priced out of our own homes.

 

Save on half term days out

Save on half term days out, its that time of year again and entertaining the family is a must. We at Smart with Cash want to make sure the bank holiday and half term doesn’t cost the earth and have some great money saving tips and free days out.

If you have collected the 2 for 1 vouchers on cereal packets and other household goods one adult or child goes free into Merlin attractions with another full paying entrant. Get big savings on Legoland, Chessington, Alton Towers and Thorpe park in addition to Sealife Centres across the country. If you have enough on your clubcard you can exchange them for theme park entry or buy an annual pass using £50 Tesco clubcard vouchers. You would probably need to visit Merlin attractions around 6 times per year (taking into account 2 for 1 vouchers) to get value for money. Look online for advance booking discounts at zoos and animal parks, museums, visitor centres, etc.

If you are planning to take the train to get to an attraction have a look on Days Out Guide to see if it is listed on their 2for1 promotion. You will need to register with the website and print a voucher, make sure you keep your train ticket to present at the attraction to receive your discount. Over 150 attractions are participating including the top Merlin parks and Sealife centres. London has a whole host of free days out such as the British Museum and Natural History Museum which are well worth the visit.

There are some lovely parks around the country, many of them free to enter, although watch out for seasonal car parking charges. National Trust and Royal Horticultural Society often run promotional membership deals so get out and about this year and explore our beautiful country. It might seem obvious but pack a lunch and plenty of drinks. Cafes and snack huts at the big attractions charge a premium and as they are often miles away from anywhere and want to maximise profits. You could find yourself spending as much as the entry in some cases by the time you have bought coffees, cold drinks and lunch for everyone.

If you feel like a day in, settle down on the sofa with a bag of popcorn and watch a movie. Depending on the age of your children make a den or homemade tent, have an indoor picnic, play board games, do some crafts, build robots or get a raspberry pie project to build.

Consider switching broadband to save cash

Consider switching broadband to save cash

Consider switching broadband to save cash

BT have recently announced their second price hike within a year, promising improvements to their superfast broadband service and faster line fault resolution.  A whole host of costs such as line rental, line rental plus, calling plans, broadband, call set-up fees and BT Sport will go up in the summer. Unlimited anytime call will go from £7.95 to £8.50 per month and BT Infinity 2 will increase from £30 to £32.50 per month. Even if you are not a BT customer you should consider switching broadband to save cash by getting a better deal. Check with your current provider that you are not locked into a lengthy contract, let them know you have seen a better deal advertised on the TV or on the internet and are thinking of switching. If you are locked into a a deal they may be able to reduce the monthly payments or add something extra to the package, particularly if you have been with them for a couple of years.

Topcashback have a range of cashback deals for switches to BT, Plusnet, Sky, Virgin, SSE and TalkTalk, some offering over £100 for broadband, TV and phone packages.

Compare prices through Topcashback by going to the BroadbandChoice page and collect £31.50 if you use their comparison tool and switch providers. We have provided a breakdown of broadband deals for everyday broadband, all these providers also have fibre and superfast broadband offers with higher cashback rates for full packages.

When comparing providers make sure you are getting the same minimum speed and bandwidth, also look at the price of line rental and call add-ons such as caller ID, blocking nuisance calls, answering service in addition to call charges outside of evening and weekend deals.

Sky Broadband Unlimited are offering 12 months free Broadband, £10 per month thereafter. Line rental is £17.40 but may increase during the contract. If you are a new customer you will receive a £100 M&S voucher.

  • Up to 17MB per second plus unlimited data usage, £6.95 delivery and £20 phone line transfer fee.

Sky Fibre Broadband Unlimited

  • Up to 38MB per second, £0.00 broadband and £17.40 line rental per month over a 12 month contract

TalkTalk are offering free unlimited broadband for 18 months, £7.50 thereafter. Line rental is £17.70 per month over 18 month contract. £120 Love2shop voucher to new customers who order online.

  • Up to 17MB per second plus unlimited usage

TalkTalk Superfast Broadband

  • Up to 38MB per second, £10 per month for 12 months, £17.50 a month thereafter. Line rental £17.70 per month.

 

BT Unlimited Broadband,£7.50 a month for 12 months, then £20 per month (12 months contract), weekend calls included.

  • Up to 17Mb per second plus unlimited data usage

BT Unlimited Infinity + unlimited calls

£16 per month for up to 38MB/per second plus £15.90 line rental

 

SSE Everyday Broadband plus weekend calls, £21.49 per month with 18 months contract. Line rental is £13.49 per month.

  • Up to 17MB per second plus unlimited usage

SSE are offering free Ultrafast Fibre Broadband with Talk Anytime package at £21 per month including line rental.

  • Up to 38MB per second, £5.00 call bundle, £0.00 broadband and £16.00 line rental per month, 18 month contract

 

Zero deposit mortgage launched by Barclays

Zero deposit mortgage launched by Barclay’s with the Family Springboard Mortgage

Sounds great, well there is a catch to the family springboard mortgage as the borrower(s) will have to have the support of a helper who is willing to put 10% of the purchase price aside in savings linked to the mortgage. This product could be great for people still living at home and want to get on the property ladder but it could be a big ask of family members to commit to something like that However they will get their money back with interest after three years providing there are no missed payments. Worth looking into and available to first time buyers and home movers.

Customers who don’t have any deposit could get a three-year fixed rate of 2.99% with the  family springboard mortgage and those with a 5% deposit could get a three-year fixed rate of 2.79%.

Family members opening a helpful start savings account linked to the mortgage will receive an interest rate of 2% (the Bank of England base rate plus 1.5%) which can be cashed in at the end of the three year period providing that the borrower has kept up with repayments.

The zero deposit mortgage launched mainly in response to home ownership being largely considered unaffordable for many single people or couples on low and middle incomes. It has been well documented that there is a great many people and couples living with their families in a bid to save up for a deposit on a home. Two other lenders offer similar products include Lloyds Bank, Lend a Hand mortgage and Yorkshire Building Society Offset Plus mortgage. If these products become popular, more will follow suit so watch this space. However I do wonder that this is the start of the poor lending seen before to the burst of the 2008 housing bubble with mortgage offers of up to six times a person’s salary and 100% plus LTV (loan to value).

Barclays Family Springboard Mortgage

Yorkshire Building Society Offset Plus Mortgage

Lloyds Bank Lend a Hand Mortgage