Martin Lewis
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When reading this. It is important to note this is from the chair of the committee, a Conservative MP. twitter.com/CommonsTreasur…
Pls share to stop confusion.
THERE IS NO £2,500 CAP ON ENERGY BILLS.
Instead the new 1 Oct guarantee, like the old caps, limits
- Daily charge (28p gas, 46p elec)
- & Unit rates (10p/kWh gas, 34p/kWh elec)
So use more, pay more. £2,500 is just what someone with avg use'd pay
Retweeted by Martin Lewis 
WARNING: It's #MeterReadingWeek. On Sat most energy bills rise 27%.
My @itvMLshow video briefing takes you through…
- who needs to do it, who doesn't & when by.
- key info for DIRECT DEBIT, PREPAY, & PAY IN RECEIPT OF BILLS….
Subtitled version via: mse.me/3UOdtM1
Retweeted by Martin Lewis WARNING: It's #MeterReadingWeek. On Sat most energy bills rise 27%.
My @itvMLshow video briefing takes you through…
- who needs to do it, who doesn't & when by.
- key info for DIRECT DEBIT, PREPAY, & PAY IN RECEIPT OF BILLS….
Subtitled version via: mse.me/3UOdtM1
While a very kind thought. As I've said before, my mental health isn't robust enough for partisan politics. Nor would I do it to my family.
In fact, I'd rather have my nipples wired to electrodes (and not in a good way). twitter.com/MetroUK/status…
The headline has now been corrected so i will be deleting this tweet in a minute
I'm not wrong. I can't be as I'm not making a prediction. I am saying not to make assumptions. You may be right, but you are not definitely right. That's the whole point.
One thing we have learnt in recent years is change happens, it happens quickly and there is huge uncertainty twitter.com/sgchelsea23/st…
The reason it is so important NOT to communicate that there is a £2,500 cap. Is it risks some people, possibly vulnerable elderly people, thinking they can keep the heat on max all winter, and they won't pay more than a certain amount. twitter.com/MartinSLewis/s…
Retweeted by Martin Lewis "6% interest rates'd be nothing they used to be 14%!" True. Yet the worry'd be the relative change - people coming off fixes could face new rates 7X higher
House price inflation & policy pushes from all parties to home ownership, mean far higher mortgage debts related to income.
Retweeted by Martin Lewis "Is a mortgage agreement in principle binding?"
No. Its a useful document in the buying process but it doesn't bind a lenders to a rate, or even to giving you a mortgage deal.
Only an accepted completed mortgage application usually locks in the rate.
Historically, the last 15yrs interest rates are an anomaly, limboing far below prior lows.
Many, especially those who don't remember before, may think today's rapid rises'll reverse in future.
Don't assume that. There's always a chance the old norm 5 - 7% rates return long term
Retweeted by Martin Lewis Going to leave my desk and take a break for a few hours. See you later.
PS and as some have pointed out correctly, there was also MIRAS then, so tax relief which cut the effective rate.
Historically, the last 15yrs interest rates are an anomaly, limboing far below prior lows.
Many, especially those who don't remember before, may think today's rapid rises'll reverse in future.
Don't assume that. There's always a chance the old norm 5 - 7% rates return long term
What I've said is "market's predicting break-neck rise in UK rates. Govt, Bank Of Eng, FCA must plan now to prevent huge mortgage bill shock if it happens."
Calling for planning to prevent harm from plausible outcomes isn't panic it's prudence! twitter.com/TheWondererNew…
"6% interest rates'd be nothing they used to be 14%!" True. Yet the worry'd be the relative change - people coming off fixes could face new rates 7X higher
House price inflation & policy pushes from all parties to home ownership, mean far higher mortgage debts related to income.
The reason it is so important NOT to communicate that there is a £2,500 cap. Is it risks some people, possibly vulnerable elderly people, thinking they can keep the heat on max all winter, and they won't pay more than a certain amount. twitter.com/MartinSLewis/s…
No. If you're on prepay, you're paying in advance directly for what you use.There is no estimating
What you should be looking at is whether you PRE-LOAD to the max now, to keep the cheaper rate in October. It doesn't work with all meters, here's the info. moneysavingexpert.com/utilities/prep… twitter.com/glasgowcockney…
V concerned to hear on #peston govt hasn't decided yet if it'll follow thru on prior administration's promise to uplift benefits with inflation
Even the dire optics of balancing that against high earner tax cuts, pales compared to devastating way it'd pull folk into real poverty
Retweeted by Martin Lewis V concerned to hear on #peston govt hasn't decided yet if it'll follow thru on prior administration's promise to uplift benefits with inflation
Even the dire optics of balancing that against high earner tax cuts, pales compared to devastating way it'd pull folk into real poverty
Liz Truss, 25 July 2022, when warned by Rishi Sunak that her plans would make inflation worse and mortgage rates soar and lose them the next election:
‘I don’t believe in this negative, declinist language’
‘I have lots of economists that are backing my plans’
Retweeted by Martin Lewis It's #MeterReadingWeek
Energy prices rise for millions on 1 Oct (& fall for some on fixes). So most, though not everyone, should be doing a reading. Plus some on PREPAY may be able to keep current rates longer.
Here's my need-to-know from this week's MSE email
Pls share
Retweeted by Martin Lewis 🗣️'We’re getting into unaffordability territory.'
💷Personal finance exper@MartinSLewisis and mortgage broker Andrew Montlake@montysblogog] discuss current mortgage rates and what you should do about your fixed rates.
🎧Listen @TherealNihalhal @BBCSoundsnds 📻
Retweeted by Martin Lewis For every £100,000 of mortgage, you'll pay roughly £600 a year more for each 1% pt interest rate rise.
Top fixes today are 3%ish more than a year ago (so £1,800 per £100,000).
If UK rates rise to 6%, as some predict mortgages'd likely rise more than another 3% again
BUT...
Retweeted by Martin Lewis The housing market is unaffordable and unsustainable. Renters are also in turmoil - almost 2.5 million are behind or constantly struggling to pay their rent.
The government needs to take responsibility and act now. twitter.com/MartinSLewis/s…
Retweeted by Martin Lewis Pls share to stop confusion.
THERE IS NO £2,500 CAP ON ENERGY BILLS.
Instead the new 1 Oct guarantee, like the old caps, limits
- Daily charge (28p gas, 46p elec)
- & Unit rates (10p/kWh gas, 34p/kWh elec)
So use more, pay more. £2,500 is just what someone with avg use'd pay
Retweeted by Martin Lewis PS the standing charges and unit rates are the average for Direct Debit (it varies by region). It's 2% ish higher for prepay, and 9%ish higher for payment in receipt of bills.
Full info moneysavingexpert.com/utilities/what…
Pls share to stop confusion.
THERE IS NO £2,500 CAP ON ENERGY BILLS.
Instead the new 1 Oct guarantee, like the old caps, limits
- Daily charge (28p gas, 46p elec)
- & Unit rates (10p/kWh gas, 34p/kWh elec)
So use more, pay more. £2,500 is just what someone with avg use'd pay
It's #MeterReadingWeek
Energy prices rise for millions on 1 Oct (& fall for some on fixes). So most, though not everyone, should be doing a reading. Plus some on PREPAY may be able to keep current rates longer.
Here's my need-to-know from this week's MSE email
Pls share
Some saying "but FCA scrapped mortgage affordability checks?"
Lenders still test affordability. FCA scrapped requirement to stress test borrowers at 3%pts above SVR (but still must test 1% above). Plus I'm hearing current circs mean many may test at nearer 3% above anyway
The mortgage market is in turmoil, if you've got a mortgage here's a checklist of what you should be looking to do... moneysavingexpert.com/latesttip/#hiya
@MartinSLewis I’m gonna dress as interest rates for Halloween this year.
Retweeted by Martin Lewis That assumes people will be accepted for the top fixes.
At those rates of interest though many more will likely fail the affordability checks - which means likely sticking with their own lenders (poss costlier) fix or moving onto standard variable rates, which are even higher.
For every £100,000 of mortgage, you'll pay roughly £600 a year more for each 1% pt interest rate rise.
Top fixes today are 3%ish more than a year ago (so £1,800 per £100,000).
If UK rates rise to 6%, as some predict mortgages'd likely rise more than another 3% again
BUT...
On #AskMartin today @bbc5live 1-2pm
Pls TELL US: Was Uni worth it? With a new academic year starting, we want to hear if u felt u got good value for money? Are you glad you went? Was it the experience, the education or a mistake?
Pls reply & producers'll select some to read out
The situation for many mortgage prisoners (those trapped after the financial crash with non-market lenders) was desperate enough before these interest rate rises. I've campaigning on this for years. It's very tough going. We haven't stopped though. Its v worrying. twitter.com/mortgageprison…
The mortgage market turmoil right now is unprecedented.
Yet we have faced so many financial and other unprecedented situations over the last few years, arguably it is precedented.
UPDATED. Income tax calculator: what will your take home pay be? moneysavingexpert.com/tax-calculator/
Select 2022/23 to see the impact of the 1.25%pt reduction in National Insurance. Select 2023/24 to see that plus the reduction in the basic rate (and withdrawal of the additional rate).
Good morning. I'm back online. I'll be talking (no surprise) mortgage markets in turmoil as my phone in on @thismorning and again from 1-2pm in #AskMartin on @bbc5live
A note. This was one of many shorthand tweets I bashed out at speed as commentary during the speech. For full explanation see the vid I put out after
The £50k is rounding for £50,271.
The same rate is "same highest marginal rate" (& of course same rate isn't same amount).
Ta ta, and #ShanahTovah.
I'm off work and social until Wed, as Mon/Tue is the Jewish religious New Year, Rosh Hashana - to all celebrating, may your apples ever be honeyed.
Wishing everyone a great weekend.
My mini-budget instant explainer.
- Stamp Duty cut (Eng & NI) how it’ll work
- National Insurance & Income tax changes, how it affects you
Feel free to share
Retweeted by Martin Lewis Our stamp duty calculator is now updated with the new rates... moneysavingexpert.com/mortgages/stam…
As a long time support of the @LivingWageUK's Real Living Wage, glad to see it going up by 10.1% this week.
This makes a material difference, as it does change what 390,000 people earn, as firms who are signed up, change what they pay accordingly.
Mini briefing below.
NEW. What will you take home from November when National Insurance is cut by 1.25% points. Our income tax calc has the new figures... moneysavingexpert.com/tax-calculator/
Retweeted by Martin Lewis A massive moment for @iealondon. They’ve been advocating these policies for years. They incubated Truss and Kwarteng during their early years as MPs. Britain is now their laboratory.
Retweeted by Martin Lewis My mini-budget instant explainer.
- Stamp Duty cut (Eng & NI) how it’ll work
- National Insurance & Income tax changes, how it affects you
Feel free to share
I've decided not to do any media on the mini-budget. Partly because I'm shattered. Partly because I think the real debate today is about the economics and politics.
I dont think the story is my nuts and bolts 'how it works'. So I've done a video on that instead.
NEW. What will you take home from November when National Insurance is cut by 1.25% points. Our income tax calc has the new figures... moneysavingexpert.com/tax-calculator/
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