Michael Sheath

[Michael Sheath @MSheath]

@duch68 @MartinSLewis You would need to check if you current deal has exit penalties, if you're on a fixed deal then there likely will be exit fees.

[Michael Sheath @MSheath]

@Southdownsrider @MartinSLewis @itvMLshow If you put it in pension it's locked away until you can access your private pension, but you can claim tax relief on it which will be a big uplift. Depends how old you are and what you want the money for in future to decide where best to put it

[Michael Sheath @MSheath]

@ReeceCards @MartinSLewis @itvMLshow The issue is that investing is a regulated area and only qualified professionals can give personalised advice about suitable products for people...

[Michael Sheath @MSheath]

@Danielson74 @MartinSLewis @itvMLshow As long as its all within the ISA wrapper then there is no tax to pay on any gains.

[Michael Sheath @MSheath]

@liberotas1 @MartinSLewis @itvMLshow He is trying to raise awareness, the issue is that its a regulated area so only qualified professionals can give personal advice, agree that better education would improve peoples protection from inflation risk 👍

[Michael Sheath @MSheath]

@liberotas1 @MartinSLewis @itvMLshow £1000 initial lump sum put in savings at 3% interest over 5 years when inflation is 3% each year (hypothetically) gains no value at all in real terms.
The S&P500 grew 23.31% alone in 2024 (doesn't mean it will in future though)
Investing over a long term should beat inflation 👍

[Michael Sheath @MSheath]

@lfce11 @MartinSLewis @itvMLshow It's not demonised, it's just that we have rules that say we have to tell people their money is at risk if they choose to invest. That's technically true but also unlikely if investing in a broad spread of investments over a longer term, but the term 'risk' is what scares people

[Michael Sheath @MSheath]

@ShadowEerie @MartinSLewis @itvMLshow As long as the investments are held in a stocks and shares ISA there are no taxes to pay when withdrawing.

[Michael Sheath @MSheath]

@MissCharleneE @MartinSLewis @itvMLshow Shares are risky in the sense that yes they can go down in value. That's why it's only really beneficial if you are looking to invest for a significant period of time (5 years plus) as over the longer term shares tend to outperform savings

[Michael Sheath @MSheath]

@yesprimemonster @MartinSLewis No, if you've ever bought a house before then you're not a first time buyer :)

[Michael Sheath @MSheath]

@sacredsquirrel @MartinSLewis Pretty sure this is impossible, the bonus is only for a house purchase, not clearing down a mortgage debt.

[Michael Sheath @MSheath]

@AnnDolly5572 @MartinSLewis Yes, but only one can be used for a first time house purchase

[Michael Sheath @MSheath]

@Wolfiesmith61 @MartinSLewis No, because then it would be counted as earnings twice, once as income and once as a capital gain. Any capital gains over the tax free allowance is taxed at a rate based on your incomes marginal rate

[Michael Sheath @MSheath]

@Mariusz_Invest @MartinSLewis There could be many but the main risk would likely be that you would miss out on years of investment growth and compound interest in that time

[Michael Sheath @MSheath]

@OriginalRobyn @MartinSLewis Fair enough. An eligibility checker would possibly let you see if any other lenders would have given a bigger limit but limits are generally down to your income and credit score that they see when doing their hard search as part of the application...

[Michael Sheath @MSheath]

@OriginalRobyn @MartinSLewis Did you go on to an eligibility checker to find the new card or just applied directly with one lender?

[Michael Sheath @MSheath]

@OriginalRobyn @MartinSLewis If it makes that small amount cost you less in interest then it's still a saving, even though only a small one. Will mean you have smaller higher interest debts to pay down before moving to lower interest ones.

[Michael Sheath @MSheath]

@curlychew @MartinSLewis @itvMLshow Depends on the level of volatility you're willing to experience, tech and AI fluctuate a lot but can grow quicker than other stocks but you have to be comfortable seeing it go up and down a lot. A global tracker will track the global stock market which is generally less volatile

[Michael Sheath @MSheath]

@devineknighter @MartinSLewis @itvMLshow If you're a higher rate tax payer then going down to a basic rate tax payer will reduce the rate of CGT you pay, but you'll still pay it on everything over £3k of gain you make in a tax year

[Michael Sheath @MSheath]

@van_4444 @MartinSLewis @itvMLshow Under 18's can only have junior ISA's. When they turn 16 they take over the account, and when they turn 18 they can access the money and it turns into a normal adult isa.