Octopusmoneycoach

09/09/2022

So How Does It All Work?

Get friendly, 1-to-1 support with your money The first session is free for everyone. What if you could be £10,000 better off? Let’s face it: it can be confusing to know what to do with your money. That’s where we come in. We help answer all your money questions and find clever ways to make […...

22/06/2022

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20/06/2022

Coming Soon: Governments Pension Dashboard (find those old work schemes) 🐙

As an industry we have spent many years discussing pensions dashboards But now the plans are about to become a reality

16/06/2022

How to improve your credit score?

Having a good credit score is key to being able to get a mortgage, credit card or loan - and it can also affect mobile phone contracts, monthly car insurance and bank accounts.

Your credit rating shows how likely a typical lender would be to offer you credit (such as a loan, credit card or mortgage, as we just discussed).

Keep on top of your credit report - you can do this for free through some sites. Make sure you check annually, going through line by line to make sure there are no errors
Check there are no wrong or old addresses on your credit reference files

Register to vote - you can apply any time on gov.uk. If you aren't eligible to vote in the UK, send your proof of residency to credit reference agencies

Try not to default or miss credit repayments. Paying by direct debit is the easiest way to make sure you pay on time. If you are having difficulty paying, try contacting your lender to change your payment schedule. Reduce your debts with savings where possible

Don't spend your credit applications too often. Every time you apply for credit, it will stay on your file for a year - and too many applications in a short space of time can trigger rejections

14/06/2022

What is the average price of a house in the UK - and how big a deposit do you need?

The price of property coming to market has hit its forth consecutive record of £367,501 - up by 2.1% according to Rightmove's most recent monthly House Price Index (May 2022).

It means the average asking price is up more than £55,000 on pre-pandemic levels. This compares to a £6,000 rise in the two years before COVID.

First-time buyers are facing an average asking price of £223,117, while 'second-steppers' are paying around £337,030 - both up by 1.2%.

Although London is home to the most expensive properties, it is actually Wales that has seen the biggest price increase, with house prices rising by almost 15% in the last year.

Average asking price around the UK (as of May 2022) - and how big a deposit you would need:

Scotland - £182,389 (up 6.9% in the last year)
5% deposit: £9,11918
10% deposit: £18,238

North East - £180,081 (up 9.8%)
5% deposit: £9,004
10% deposit: £18,008

Yorkshire and the Humber - £238,906 (up 10.3%)
5% deposit: £11,945
10% deposit: £23,890

North West - £249,612 (up 11.7%)
5% deposit: £24,961
10% deposit: £12,481

East Midlands - £282,906 (up 12.3%)
5% deposit: £14,145
10% deposit: £28,291

West Midlands - £282,683 (up 11..1%)
5% deposit: £14,134
10% deposit: £28,268

East of England - £424,389 (up 10.8%)
5% deposit: £21,219
10% deposit: £42,439

Wales - £257,732 (up 14.5%)
5% deposit: £12,886
10% deposit: £25,773

London - £689,230 (up 7.6%)
5% deposit: £34,462
10% deposit: £68,923

South West - £387,894 (up 13.4%)
5% deposit: £19,394
10% deposit: £38,789

South East - £488,287 (up 10.7%)
5% deposit: £24,414
10% deposit: £48,829

Rightmove also tracks first-time buyer affordability and this month, for the first time in ten years, the average monthly mortgage payment (£901) overtook average monthly rental payments (£887).

"This new analysis shows how it has become increasingly difficult for an average first-time buyer to afford a home on their own," says Tim Bannister Rightmove’s Director of Property Science.

"The historic average mortgage payments for a first home provide some good context to the current backdrop of rising interest rates and help explain why so many people take out fixed-rate mortgages.

"As interest rates are predicted to rise further during the course of 2022, many buyers will be looking to lock in mortgage deals now before further rate rises. With so many variables affecting house prices and affordability, the market is extremely difficult to predict, and those looking to buy will be prioritising their own needs and what they can afford rather than waiting to try and time the market."

Taken from Skynews today.

14/06/2022

Have you received your £150.00 rebate?

If you don't pay your council tax by direct debit it's highly likely you've yet to receive your free £150 energy rebate from the Government.

10/06/2022

Sharing the message of MoneyCoaching at

09/06/2022

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Get rewards when you spend, and when you save, with Chase.

01/06/2022

For those working towards retirement, this is an interesting two minute read over a coffee. security/growth of your pension funds during the pandemic. 🐙

The UK retirement industry faces a busy year due to a range of opportunities as well as challenges. In this piece, we look at the implications of rising rates for DB schemes, how the pandemic affected DC members, why consolidation trends are likely to accelerate and the momentum behind sustainabl...

30/05/2022

Financial wellbeing for the multi-generational workforce...?

We fit neatly into boxes less and less so as the world evolves.

Is 1-2-1 the best solution?

Are there other ways to deliver the right guidance to the right people at the right moment without throwing the kitchen sink at them?

How do you (or would you like to!) approach this with your people?

26/05/2022

Good work from the team at The Watercooler Event yesterday.

Time to have a coffee and talk at the workshop session 👍