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ArchivedComments are lockedStickied postModerator of r/UKPersonalFinance

Hi all.

I have mentioned bots on a few occasions and we have finally (thanks mostly to the help of the /r/excel mods) got something in place.

What is it?

The bot, /u/Clippy_Office_Asst has one job - to assign incremental flair to users who are proven to be helpful. The idea is to introduce a "reputation" system in UKPF, and show new users who are regular contributers who post consistently useful answers, as opposed to those who have never posted before etc.

How does it work?

Only the OP of any question thread can post the trigger:


and the bot will assign the user +£1.

Mods can also add points using a different phrase, useful for throwaways etc.

How can regulars help?

If you post an answer, suggest that OP use the phrase if they think you've helped. Help us to spread the word and make it clear to new posters. I will discuss with the other mods about how we can introduce the concept to new posters (many of whom are throwaways or have never visited our sub before).

1 comment
Posted by-99929 days ago
Stickied postModerator of r/UKPersonalFinance

As the news-reels about Brexit and deals (or lack there-of) continue to roll on, a timely reminder is needed that market timing questions are banned on this subreddit.

We have already spent the time and effort to write a wiki article explaining why, which I will copy below for your convenience.

For the avoidance of doubt, the following are examples of market timing questions that have been removed in the last few days:

  • "Should I buy a house pre or post Brexit?"
  • "Should I be timing the market?"
  • "Aware that BREXIT is likely to affect house prices, rental revenue and the stock market so is now the best time to change things up?"
  • " I'm looking at selling my flat and buying a house at some point this year. When do stamp duty changes normally happen? I seem to remember someone saying November but I can't find any mention of it." *(edit: Potentially questionable - see discussion below)
  • "Is anybody else waiting for the next recession b*efore buying or investing. Id love to hear your thoughts."

This is currently the most-removed topic of discussion. Please continue to be vigilant and report rule-breaking threads. If in doubt, report them anyway and the mods can decide.



Exchange Rate Questions

Since Brexit (and before but less frequently) we have had a slew of questions asking when the right time to exchange money to/from USD/CAD/EUR etc.

It is impossible to provide a meaningful answer to this. The exchange rate could get better, or worse, or neither. Nobody has a crystal ball of knows enough to predict the changes an hour, day, month, or year ahead.

For this reason, the mods have taken the decision to ban these questions, and threads will be locked and/or removed. Please refer to Rule 2 in the rules.

Regular poster /u/pflurklurk summarised the issues concisely:

Essentially you can't predict the rate, so really it is up to your risk tolerance. You can transfer it now to ensure you have the sufficient number of pounds to satisfy your liability, or you can take a gamble (or a mixture of both by making multiple transfers).

Martin Lewis (of Moneysavingexpert fame) had the following to say (see his full blog here) This was before Brexit but the points are all still valid:

Ask yourself what rate is good for you?

Whatever happens to the euro rate, the future is out of your control. So forget trying to guess the market and instead ask yourself:

‘Would I be happy to get a rate of €1.26 for my holiday money…?’

If your answer is: “It’s a decent rate, I could have a reasonable holiday on that, and my real fear is it getting worse because that’d make things unaffordable” – then go safe and buy now. However if you do that and the pound strengthens, and in hindsight you’d have been better off waiting, don’t let the bitterness ruin your holiday.

For those stuck on what to do, there are a couple of halfway houses. To hedge your bets, simply buy half of what you’ll need now (using the methods below) and leave half until after the referendum. For another possible alternative, see the trick I’ve added at the end of this blog. (Or see the trick below for another halfway house.)

Personally I don’t do speculation. Instead, I just ensure I always get the best rates on the day.

The easy way to do this is with bureau busting, specialist travel credit cards. The two top picks right now are Halifax Clarity and Creation Everyday, which give near perfect exchange rates in every country, so just pocketing one means you know you’re getting a good deal. Though you do need to pay them off IN FULL each month to minimise interest.

Then if you’re really cool, funky and, ahem, down with the kids, like me, you can put them in your overseas wallet.

Another article here:

Market Timing Questions

Following major world events we have historically had a flurry of questions asking if this is a good/bad time to invest/disinvest/change allocations. The answer, as above, is that nobody knows.

When it comes to planning your personal finances and investing, you should remember this proverb:

The best time to plant a tree was twenty years ago. The second best time is now.

For a great resource on why market timing is A Bad Idea, there is a great Wiki page on Bogleheads

If that doesn't convince you, have a look at the CBS article "The Smartest Things Ever Said About Market Timing"

Here are some choice excerpts:

Peter Lynch, one-time Wall Street darling:

"I can't recall ever once having seen the name of a market timer on Forbes' annual list of the richest people in the world. If it were truly possible to predict corrections, you'd think somebody would have made billions by doing it."

Warren Buffett, the sage of Omaha:

"We continue to make more money when snoring than when active."

"The only value of stock forecasters is to make fortune-tellers look good."


Hi, my family & I moved houses about 6 months ago and I've checked my credit profile today and somebody's recently opened a catalogue in my name at my previous address. I did notify my bank and done a postal re-direction, but I think the new tenants/owners have got a piece of my mail and done it that way.

With the catalogue I managed to get into the fraudulent account (if you try to open a new account with the same name and address, the account basically just changes the email address and login details) and they've ordered £300 worth of clothes and sent it to their (my previous) address!

I've contacted the catalogue company to explain it, and got in contact with action fraud. I'm not worried about me being liable for this, as I have comprehensive proof of when I changed address. But what actually happens to these fraudsters? Do the catalogue company get the police involved, and if so what happens to them? I'm annoyed about the situation to say the least, and this type of fraud is known as a "victim-less crime" but do these people ever get their just-deserts? Also, is there anything else I need to do?

TL;DR - been a victim of identity theft, do these people actually face any repercussions? and other than reporting it to the catalogue company and action-fraud is there anyone else I need to notify?


So I'm 24 and have saved up £15,000 so far. Not massive amounts but still a good start.

I want to do something smart with it. I currently have moved back home after renting for a good few years so now pay around 300 a month at home so not bad.

I want to invest in property but people say I'm going to need double that amount. I'd go for a house around the 200,000£ mark. Any advice?

[EDIT: I currently live in Brighton and earn just over £1,000 a month so not much at all. I work free lance and this actually goes up each month a little so I hope by next year it'll be at least £2,000per month.... Also extra edit I'm thinking not even to live there necessarily but to rent it out on AirBNB and stuff to pay off mortgage I dunno?]

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(throwaway for privacy)

I would like to ask for some advice for my situation.


  • Base: £66000 (gross)
  • Yearly bonus: ~£18000p/m (gross)
  • Training budget, £1000 (net, say £1500 gross)
  • Location: Within walking distance so no commuting costs (£1700 gross)
  • Mobile phone is paid for (around £850 gross)
  • Pension: ~4% pension contributions

Total compensation: 65000 + 18000 + 1500 + 1700 + 900 = ~£89000


  1. To get the bonus I am required to do some extra work after hours but its not much at all.
  2. I have excluded pension contribution


My aim is to hit 600 - 700 so I will say £650 and setup my LTD company.

  • Daily: £650
  • Yearly: £143000

Even with all my extra perks/savings of my permanent job it the contract is ~62% more.

Is there something that you think I am missing? Contracting seems so much more lucrative in terms of money and I wonder why more people don't do it.


My contract states any overpayment comes with 1% interest; would it be worth me setting aside what I was going to pay and let that grow in a low risk fund?

100% sure this question would have already been asked so apologies in advance.



I come from Germany, and my student loans company there doesn't want to fund me anymore because I repeated a year.

I can't apply to student finance England for a maintenance loan because I've not been in the UK for 5 years at least.

Might have to drop out cuz of that.

Parents are broke, they're in Germany, no relatives in UK.

Is there a place I could get a maintenance loan, or even a grant? I'd like to avoid banks.

I'm at a London Uni, and London rent prices are...well, they're London rent prices.

Is there any way to get me un-fucked from this situation?


P.S.: if you could link me to a more appropriate subreddit, that'd be great too! <3


Hey guys, to cut a long story short - we moved out of our family home after my dad lost his business in 2005. In 2006 the tax man sent cheques totalling up to 6,500 in owed tax to our old address. My dad never knew about this and has recently fallen in to hard times, after checking his tax records he saw that they had sent these cheques all those years ago, but he never recieved or cashed them.

The tax office is saying unless he sends the original cheques back they will not replace them, yet how can he send something he never received. They are now considering his 'case closed' even though the cheques were not cashed.

Obviously he want's to know what he can do here as the money would help him out a lot.



I hope that this post complies with the rules of this sub, I have read them and my appolgies to the mods if I have messed anything up.

On Friday 21st, my sister fell for a social engineering attack that came from a phone call and advised her that it was "BT" calling and that there was malware on her computer.

She fell so completely that she let them remote onto her computer AND allowed them to access her internet banking and transfer £10, 000 out of her account. She even typed in the codes generated by the fob from the bank.

She has reported to the bank, the police and to Action Fraud. She is living in England.

Alternatively, I am sure that this has been posted on this sub before - but I am apparently having a bad day with searching and can't find the post(s), if anyone can link me to them so I can read what has been said previously I would also be grateful.

I am afraid that having not experienced this before, my question is rather vauge due to my level of ignorance. So I am just looking for general advice and suggestions that I might have missed, rather than any specific questions at this time.

I have already had some suggestions to:

Check the reports from Experian, Equifax and Transunion/Callcredit

look into CIFAS protective registration

Consider e-mails as compromised and get new credentials by post

I am afraid that having not experienced this before, my question is rather vague due to my level of ignorance. So I am just looking for general advice.

My thanks for your time

Kindest Regards


Where can I find accurate benchmark day rates for an independent contractor working at a university? I want to make sure I'm pricing my services competitively.

I am looking for prices for 2 types of days. Days spent lecturing and days for preparation time.

Would you recommend a business bank account?

Would you recommend a business mobile phone?

What considerations are there when setting up as a sole trader while also being employed?


Anyone have any experience with it? For someone who isn't arsed setting up all the direct debits and managing multiple random accounts it looks good.


I currently live in my own home and will be looking to move my partner of a year in with me over the next few months. The problem i have is that my partner has roughly £20000 of credit card debt built up from a few years back

Having spoken to the mortgage adviser regarding options on this they have advised that if we move in together we become credit linked, and as I have a great credit score my partners own credit score could drastically impact mine

Some additional background , my partner currently rents her own flat. She currently has more outgoings then income at the moment and I’m looking for a means to help her out (she could build up an equity stake in my property) or if we can pool resources in some way whilst living together she can chop away at her own debt. If she moved in with me she would have an additional £150 a month to work against the debt

I would be looking to protect any equity I have already built up as part of any kind of drawn up contract, so in theory she could only earn the money she had paid towards the mortgage plus any increase in house price value when/if a house sale was realized

What I’m asking I suppose is there anyway she could move in with me (but not on the mortgage) and still build up equity in some kind of declaration of trust or do I have no option but to place her on the mortgage officially


Hi guys, would appreciate any help I can get.. I've just opened up a LISA, I'm looking to purchase my first home in the next 4/5 years. Currently 22. I've set aside 20k at the moment to go towards a deposit.

I think 5 years is enough time to ride out in a S&S Lisa? I'm overwhelmed by the investment options as I'm currently with HL.

I'm looking at HSBC Ftse all world index class C

Any advice on if I'm looking towards the right fund to invest my LISA in? Or any ones that you can recommend.,-prices--and--factsheets/search-results/h/hsbc-ftse-all-world-index-class-c-accumulation.

Also can I just ride out the year and the last month before tax year ends whack in 4k to receive the 1k bonus?



So, if I'm looking to buy a home in the UK, but I previously inherited a house abroad that I sold, do I qualify as a first time buyer for the purpose of avoiding the stamp duty or not? I see quite a few contradictory things related to this online, though most suggest that I would not qualify, but I want to be sure.

Thank you.


Hi guys, my wife and I are looking into moving house, currently we are both employed, she has a part time role and mine is full time. My wife is planning on giving up work in January to take on an existing business (been running for 14 years).

We had hoped to me moved/on the way before she changed jobs, but is selling our house is taking longer than expected.

I know it’s harder to get a mortgage if you are self employed as you need to have 2 years of books (Not sure if that is right)? My question is that she will inherit 14 years worth of books, so can we use those to justify her income? Or do they need to be “her” books?


Edit: Thanks for the replies, the short answer is no by the sounds of it which was what I figured. Thanks for all the options on lenders which can help in the short term though, will bear them all in mind.

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My wife and I are considering buying a new build in a new village being built in the area we’ve been looking at.

I am currently the single owner and mortgage is all in my name (she moved in with me after I had bought etc...) but we’ll be buying together.

I’m just not sure what you do buying new build.

Can you haggle on price (like buying from plot) or is just the price the developers say?

Is part exchange worth it? Or should we try selling my house (that is pretty much all of our deposit is the positive equity in this house). We will have money for most fees but looking for best option.

Any advice greatly appreciated.


As title. Can and should I do this? I have £12000 outstanding loan at 2.8% with 4 years to run. Of. It’s due to remortgage in 2 years, not sure if this impacts decision.



My partner and I have just exchanged on our first home and are moving in next week. We are going to need to buy a few bits that cannot wait. Primarily a fridge/freezer and a washing machine.

We have an emergency fund of £2000 that could cover it. However I don’t know if using this is the best option. So... Out of the three below options (or perhaps a further option I haven’t thought of). What would you do?

Option 1 - Dip into emergency fund.

Option 2 - Interest free credit (buy now/pay later). A few retailers offer this option.

Option 3 - Apply for a credit card with the longest 0% introduction period that we can get and pay this off before being charged interest.


Hi all,

I'm relocating for work for a period of 4 months. I've calculated that buying a run around car + insurance will work out cheaper than paying for public transport, and halve my daily commute time. I'm trying to find the most convenient way to insure for this period - I definitely will get rid of the car once the 4 months have passed.

I've seen options of taking out a yearly policy then cancelling after 4 months which will incur a cancellation fee. I've also seen companies that offer 28 day policies but they are extortionately priced so are a no go.

Is anyone familiar with any other options open to me? I want to keep costs as low as possible.


Hello CasualUK!

I'm going to be moving to London from Slovakia to start studying at UCL. I need a bank account for my bursary, and I don't know which one to get, and I didn't really understand the perks of each bank.

I don't care about contactless, it would only be useful for not having to top up my Oyster regularly, other than that.. nothing much. I don't care about overdrafts either, and I'm looking to be able to use the card in most places in Europe and even internationally.

Mainly looking at Lloyd's, HSBC and Santander - I've seen people here in my town using their cards when they come back from the UK.

Saw some benefits or incentives like 4yr railcard on Santander or 80£ Amazon credit.. and some sites have Santander ranked pretty high by the students. Monzo, Monese - would those be worth it as well?

Thank you everyone and maybe even see you soon, haha!


Writing on be half of my parents to see if there is any options to help them.
Basically they have a small 1 bed flat valued at £85k in a town, the lease is about to be up and the lease company has come back saying £10k with 60 days to accept the offer, loans i think are fairly hard right now as my dad has a business loan for a business he purchased and it doing fine with paying it off over the past couple of years and got a year or 2 left on it so they dont think they could get a 10k Loan, they have a £8,500 car loan for one of my brothers, they are also raising the land rent to £200 a year.

sorry for lack of details but its a fairly bad situation, they are struggling to sell the flat so far and have had it for around 8 years


I want to take a masters in pharmaceutical chemistry after I finish my BSc degree this year but I'm honestly struggling to afford it. I know the UK Government offers a £10000 loan, but that won't even cover my tuition fees. I'm a Scottish student however and I'm eligible for a ~£4500 loan from the Scottish Government too. Can I take out both loans for one course or does anyone know of any other ways to find the money for the course. I've looked at scholarships too but they're only handed out to very few people and I don't want to have to rely on getting one


My work pension is not great, SIPP would be better. Can I move money every year (or every month)?



Me and my partner are viewing a house tonight that has been on the market for three weeks. I’ve kept looking at it everyday since it got put on and finally decided to view it.

We’re in the Midlands and this house is priced at offers over £130k. There’s nothing really surrounding that’s similar or sold that I could compare too.

I’ve heard people offering below even when it says offers over and been accepted and if they won’t accept any lower, what does it mean? An extra 1k, 2k, 5k?

This house is quite unusual inside and very nice inside but it’s on the cheaper side due to the location which me and my partner are not worried about as it pretty close for us both to go to work.

I’m not sure whether any offers have already been put in, is this something I should ask the estate agents? Also, the vendors are doing the viewing, should I just ask them what they’re wanting?



I'm 21, about to start a 3 year uni course. In total across my accounts I have roughly £16k. I almost certainly won't have to access any of this money during my time at uni.

Although I probably wouldn't need it with my current situation, I'd like to keep maybe £5-6k of that instantly accessible just in case. To serve this purpose I'm thinking premium bonds and a savings account with my bank.

The remaining £10k I am unsure of what to do with. One option is a LISA. I would obviously like a house in the future, but my problem with this is that after I've pumped the £10k in over 2 years it'll be stuck in a 1% interest account. Probably for a while, which isn't great.

The other option is to invest £10k in something low risk (I see Vanguard gets a lot of discussion, I had a look but left the website rather confused) for maybe 3-5 years at which point I'll be closer to buying a house than I am now, and can start maxing out LISA contributions.



I seem to see quite a few careers in the US (being a doctor or a dentist are the two that stick out most in my mind) where it’s common for people to earn 200k+

Here in the UK though, I can’t think of any jobs that let you earn that amount of money, except things like politicians, talented investment bankers or people with lucrative businesses.

What careers allow you to earn such crazy amounts of money?

Thanks! (and sorry if this is in the wrong place)


Hi! Wanted to get some advice on a possible job shift. I've been offered a job in Croydon w/ civil service for £23,500 a year. I currently earn £15,000 in Cardiff, but I live at home so expenses are lower. That job is also destroying me from the inside out so I'm keen to leave. I know London and surrounding areas are very expensive, so is £23,500/year before tax etc enough to live in Croydon? I'm pretty frugal generally, and off estimates I think I can make it work, but I was wondering what this sub thought. Thanks!

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