Pocket money... borrow ’til you’re 75

⬤ NatWest has extended the term of its mortgages so customers can now borrow into retirement. The bank now offers mortgage terms of up to 40 years, with a maximum age of 75, provided that you are still working.

“Soaring house prices mean that first-time buyers are having to take out longer loans to keep their monthly repayments down,” says George Nixon in The Sunday Times. The proportion of 40-year mortgages has risen from 36% in 2014 to 59% now, according to data from Moneyfacts.

The age of first-time buyers is also rising, making it more likely some will still be paying off their mortgage when they are in their 70s. The average first-time buyer was 32 years old last year, up from 29 in 2011, according to Halifax.

⬤ “Scammers have exploited the energy crisis and targeted the elderly and vulnerable in a resurgence of loft insulation cold-calling which has robbed households of thousands of pounds,” says Rachel Mortimer in The Telegraph. High-pressure sales tactics are being used to “dupe victims into paying for unnecessary and expensive spray foam insulation”.

People are told that their home insulation doesn’t meet fictitious “government standards” and that the process will save them money. In reality, it will leave them hugely out of pocket.

“Spray insulation is extremely costly and can cause a lot of damage,” Tim Jones of Community Energy Plus, an advice charity, told the paper. “Salesmen quote around £7,000 to £8,000 when standard insulation costs around £500.”

⬤ Electric cars aren’t just better for the planet – they may also be better for your wallet.

“Driving an electric car for a year cost almost £600 less than its petrol equivalent after fuel prices surged more than electricity costs,” says Hilary Osborne in The Guardian. The average annual cost of driving an electric vehicle is £1,264, according to research by Compare the Market. Conversely, a petrol car costs £1,834.

The running costs for both types of vehicle have risen significantly thanks to soaring petrol prices and the new price cap on electricity bills. But the annual cost of running a petrol car has gone up by more than £300 since 2021, while an electric car will cost you £137 more than 12 months ago.

“The figures take into account average costs for insurance, MOT and fuel, as well as vehicle excise duty of £165 for a petrol car, a tax from which electric cars are exempt.” The big catch is that an electric car will still cost much more to buy than a petrol equivalent.