SEVERAL high street banks have introduced a change to mortgage rules, leading experts to warn borrowers to “act promptly”.

The lenders have shortened the amount of time customers have to lock in a new interest rate ahead of their current deal ending.

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It means homeowners coming off fixed mortgage deals will now need to act with more urgency.

So, if you are a mortgage holder nearing the end of your fixed term, the clock is ticking to negotiate a new offer.

The length of time that a borrower has to secure a new fixed deal is decreasing from six months from the end of their current mortgage to four months.

One by one, major banks have been making the move – with Barclays being the most recent this week.

Here is the full list of banks which have changed their rules:

• Barclays – decreased to three months from September 25
• Halifax – decreasing to four months on a staggered basis from September
• Lloyds – decreasing to four months on a staggered basis from September
• Santander – decreased to four months in June
• Nationwide – decreased to four months in May

Other lenders, such as HSBC, NatWest and Virgin Money still offer customers six months to lock in their new deal.

Nicholas Mendes​​​​, mortgage technical manager at broker John Charcol, said: “This change means that the window of opportunity to secure a new fixed-rate deal at current rates is now shorter.

“Borrowers need to be more proactive and attentive to market conditions to ensure they secure the best possible rates within this reduced time frame.

“It’s advisable for those nearing the end of their current deals or considering a new mortgage to engage with their lenders or seek advice from a mortgage broker promptly.”

An estimated 700,000 loans are up for renewal in the second half of 2024, says industry body UK Finance.

A real concern for borrowers needing to remortgage is how much-fixed rates have risen in the last few years.

The average two-year fixed rate deal has increased from 2.34% in December 2021, to 5.56% as of September 2024.

Meanwhile, the average five-year deal has risen from 2.64% to 5.20%, according to the latest data from Moneyfacts.

The second half of the year has also been marked with repossessions, highlighting the financial struggles many are under right now. 

UK Finance says that 980 homeowner-mortgaged properties were repossessed in the second quarter of 2024.

This is an 8% increase compared to the previous quarter and a 31% uplift in the same quarter in 2023.

But it’s not all doom and gloom. There is in fact a positive outlook on the housing market. 

The Bank of England reduced the base rate for the first time since March 2020 in August, dropping the rate from 5.25% to 5%.

As a result, lenders have already started to follow suit and drop their fixed rates.

In fact, Nationwide is leading the way, currently offering a 3.74% home purchase plan deal.

Rachel Springall, finance expert at Moneyfacts Compare, previously told The Sun: “Each lender will have their own processes and timescales for getting applications through, so they can change the window of opportunity from time to time to cope with demand, but also as a reflection on changing interest rates. 

“Interest rates have been falling, so condensing the window can help lenders avoid re-applications. The same window can extend, depending on the situation of the market. 

“Borrowers would be wise to seek out independent advice from a broker to navigate the deals available, but ensure they allow a couple of months to refinance before their current deal ends.”

The move also comes as Barclays announced a reduction in rates by as much as 0.34% for new buyers and those remortgaging. 

Why have banks changed their rules?

The government introduced a new Mortgage Charter in July 2023 to help struggling households.

Lenders who agreed to rules in the Charter were encouraged to raise the amount of time households were given to lock into a new fixed deal to six months.

This was to ensure households had the flexibility to choose a new deal ahead of time and before rates were predicted to shoot up even further.

However, this rule wasn’t compulsory and some lenders already had the policy in place.

Lloyds and Halifax increased the period customers could secure a deal from three to six months in November 2022 – eight months before the mortgage charter.

The group said it has switched to four months because of consumer behaviour and changes in the mortgage markets.

Nationwide and Santander say it’s because mortgage rates are now more stable.

While, Barclays said the move was down to greater stability in the mortgage market, and that over 70% of Barclays customers applying for product transfers did so within the last three months of mortgage terms meaning the extended window was no longer necessary.

What does it mean for customers?

Locking into a new fix deal six months ahead gives homeowners plenty of time to do their research, find the right deal, and plan a budget.

However, if you’re a Lloyds, Halifax, Nationwide, or Santander customer who’s six months away from remortgaging, you’ll now have to wait another two months before you can lock in a deal with your existing provider. Barclays customers will have to wait three.

If you’re looking to lock in a new rate six months in advance, you’ll need to get a quote from another lender.

Although, anyone who has a deal ending soon should speak to a broker to assess their options.

If your mortgage is due to expire in less than four months, the recent changes won’t make your situation any worse or better and you’ll be able to lock in a new deal from this point on.

Either way, borrowers can still check if they can still ditch their deal penalty-free and switch to another provider in case interest rates drop.

In effect, sticking with the same lender becomes an insurance policy for the borrower, as long as they can get out of it.

Different types of mortgages

We break down all you need to know about mortgages and what categories they fall into.

A fixed rate mortgage provides an interest rate that remains the same for an agreed period such as two, five or even 10 years.

Your monthly repayments would remain the same for the whole deal period.

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There are a few different types of variable mortgages and, as the name suggests, the rates can change.

A tracker mortgage sets your rate a certain percentage above or below an external benchmark.

This is usually the Bank of England base rate or a bank may have its figure.

If the base rate rises, so will your mortgage but if it drops then your monthly repayments will be reduced.

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A standard variable rate (SVR) is a default rate offered by banks. You usually revert to this at the end of a fixed deal term, unless you get a new one.

SVRs are generally higher than other types of mortgage, so if you’re on one then you’re likely to be paying more than you need to.

Variable rate mortgages often don’t have exit fees while a fixed rate could do.

How to get the best mortgage deal

If your mortgage deal is nearing the end of its term, you should start to compare rates now and speak to a mortgage broker to assess your options. 

It is then worth speaking with your current lender to see what deal they might be able to offer you. 

Getting the best rates depends entirely on what’s available at any given time.

There are several ways to land the best deal.

Usually the larger the deposit you have the lower the rate you can get.

If you’re remortgaging and your loan-to-value ratio (LTV) has changed, you’ll get access to better rates than before.

Your LTV will go down if your outstanding mortgage is lower and/or your home’s value is higher.

A change to your credit score or a better salary could also help you access better rates.

And if you’re nearing the end of a fixed deal soon it’s worth looking for new deals now.

You can lock in current deals sometimes up to six months before your current deal ends.

Leaving a fixed deal early will usually come with an early exit fee, so you want to avoid this extra cost.

But depending on the cost and how much you could save by switching versus sticking, it could be worth paying to leave the deal – but compare the costs first.

To find the best deal use a mortgage comparison tool to see what’s available.

You can also go to a mortgage broker who can compare a much larger range of deals for you.

Some will charge an extra fee but there are plenty who give advice for free and get paid only on commission from the lender.

You’ll also need to factor in fees for the mortgage, though some have no fees at all.

You can add the fee – sometimes more than £1,000 – to the cost of the mortgage, but be aware that means you’ll pay interest on it and so will cost more in the long term.

You can use a mortgage calculator to see how much you could borrow.

Remember you’ll have to pass the lender’s strict eligibility criteria too, which will include affordability checks and looking at your credit file.

You may also need to provide documents such as utility bills, proof of benefits, your last three month’s payslips, passports and bank statements.

Once you have taken a look at all your different options, you will want to consider the most important aspects. 

These include your current rate, the terms and length and any exit fees, as well as your loan-to-value (LTV).

When your fixed rate ends you will automatically roll on to your lender’s standard variable rate (SVR), and these often are considerably higher than a standard fixed rate.

These can be as high as nearly 8% so switching before the end of your current term is a high priority.

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories

A MUM has urged shoppers to snap up free nappies “even if you don’t have kids” before Morrison’s shoppers issued a stark warning to parents.

Stephanie Pim shared a post on Facebook encouraging shoppers at the major supermarket chain to check the app to see if they’re eligible for free nappies.

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She wrote: “If you have a Morrisons card check your app. Free nappies.”

However, it’s not just those with children that can snap up the essential item.

The savvy mum added: “Even if you don’t have kids- grab them and pop in the food bank.”

Stephanie’s Facebook post received hundreds of likes and comments from fellow shoppers.

One user wrote: “Thank you for the heads up, it is on mine.”

“I got them a couple of weeks ago,” said another.

However, many shoppers commented that even after signing up for the Morrison’s card and baby club, they still weren’t eligible for the free nappies.

This user commented: “I’m in baby club and not on mine.”

Another added: “Not on mine.”

While a third explained: “Spoke to someone in Morrisons who said it’s potluck if you get them or not which seems silly as people who don’t have children get them and there are others out there with children who need this.”

Morrison shoppers have also complained about the lack of nappies in stock with many customers expressing frustration on social media.

One shopper wrote: “The problem is tons of people got this offer and my local Morrisons has never had the nappies in stock.”

It comes after several lucky shoppers were surprised to learn they could get free Pampers nappies from Tesco.

One excited shopper shared her Tesco receipt on Facebook, revealing that she could choose from either a pack of 55 size ones, a pack of 44 size twos, or a pack of 40 size threes.

The savvy mum, who posted the find on social media, urged parents to check their receipts to see if they’re eligible.

Those lucky enough to be selected get a pack of Pampers nappies for free.

The popular brand costs around £10 normally.

The mum’s Facebook post received numerous likes and comments with shoppers eager to get their hands on the free nappies.

One user commented: “If we go to Tesco. Always yes for a receipt.”

“Need to go to Tesco, worth seeing if we’re one of the lucky ones,” wrote another.

While a third said: “If anyone gets anything like this but doesn’t need them, put them in the Foodbank Collection boxes.”

Other ways to save money when you shop

Cashback sites have amazing freebies for new customers, such as a takeaway from Just Eat or a Benefit beauty product.

Free gifts can change regularly so do check online to see what is being offered before you sign up.

Look for cashback on everything

You can claim on things such as MOTs, insurance, train tickets and holidays.

It is worth looking around and what companies offer cashback schemes as you could be earning hundreds.

TopCashback reckons its average user makes £345 a year.

Save money at the supermarket

It’s a good idea to download apps Shopmium, Check-outSmart, Quidco ClickSnap, GreenJinn and TopCashback’s Snap and Save.

Check out what is available, pick it up in-store and upload a photo of the receipt to get your cashback.

Combine cashback offers with promotions

Double savings and maximise cashback by matching third-party offers from cashback sites with in-store and online promotions.

You can’t always use discount codes with cashback, but you can take advantage of sales and offers such as free gifts.

Download cashback notifiers

The website Honey has a great notifier.

It sits in your browser, pops up when you click on a website that offers cashback and searches for voucher codes.

THE exact amount the state pension will rise by is set to be confirmed in a matter of weeks.

Millions of people are expected to get a bumper rise of £460 to their state pension next year.

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However, this will not be official until September’s inflation rate is released by the Office for National Statistics.

That’s because the triple lock system sees the state pension rise in line with whatever is highest out of: wages for May to July, 2.5% or September’s inflation figures.

Growth in employees’ average total pay was 4% in the three months to July.

While the UK’s rate of inflation remained at 2.2% in August after rising to the same figure the month before.

With inflation highly unlikely to rise above 4% in September, it means the state pension is expected to rise from £11,502.40 to £11,962 per year – a £460 boost.

Although, this will not be confirmed officially until October 16, when the previous month’s rate is announced.

Weekly it would mean a rise from £221.20 to around £230, an increase of almost £9 a week.

Meanwhile, older pensioners who retired before April 2016 will see their weekly payment rise from £169.50 to £176.30 – an increase of £6.80.

Annually, their payments will rise from £8,814 to £9,167, adding £353 a year.

Although it’s worth noting, people on the old system who also have “additional” state pension (SERPS) will see that part of their pension rise only in line with inflation which hasn’t been published yet.

Any decision on a pension increase will be made by Secretary of State Liz Kendall ahead of October’s budget.

The state pension is increased each year in line with the triple lock mechanism, which all major political parties committed to before the general election in July.

Earlier this month, Chancellor Rachel Reeves reaffirmed the Government’s backing of the triple lock until the end of this Parliament.

How much is the state pension?

State pension payments increase every April.

This year, the full rate of the new state pension rose from £203.85 a week to £221.20 – rising 8.5% in line with last September 2023’s wage growth.

This equates to £11,502.40 in total over a year.

This is what the state pays those who reach state pension age after April 6, 2016.

The amount of new state pension you receive depends on your National Insurance (NI) record throughout your adult life. 

If you have made at least 35 years of qualifying NI contributions or NI credits you may qualify for the maximum amount.

You can get NI credits if you’re caring for a relative or raising children instead of working, for example.

How do I claim the state pension?

You won’t automatically get the state pension – you need to claim it once you’re eligible.

You should receive a letter no later than two months before you reach state pension age, explaining what to do.

You can find out more here. 

You can choose to defer getting the state pension – you don’t have to take it as soon as you are eligible when you reach state pension age.

Leaving your state pension untouched can boost the amount you eventually get.

If you opt to defer your state pension, your entitlement increases by the equivalent of 1% for every five weeks you do so.

As the state system can be tricky to navigate, a key part of any pension planning involves requesting a state pension forecast.

This will help you get your head around how much you could be eligible to receive, and from what age. 

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories

SHOPPERS are rushing to buy dupes of popular Sol de Janeiro scents that they say smell “gorgeous”.

They’re on sale for a whopping £22 less than the big brand sprays.

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One savvy shopper spotted the bargain buys and posted them on the B&M Bargains, Extreme Money Saving Deals and More Facebook group, writing: “Found these Body mists in a Morrisons local £2 they smell amazing smell lasted for hours I have one happy teenager.”

The user also replied to a comment saying: “It’s a body mist Sol de Janeiro dupe sorry I am not a professional social media Guru.

“I was asking the lady in the shop she said they have gone into all Morrisons locals.”

Another shopper tagged their pal and commented: “Please go Morrisons I need them all.”

A second wrote: “Do they smell the same as the real ones, as we pay £40 for one bottle of real ones.”

Posters replied stating “they smell basically the same” and “these smell so much stronger and like the real fragrances”.

A third posted: “They are gorgeous!!! I bought one just as a little handbag spray and the smell lasts days, my partner loves it!”

While a fourth tagged their friend and said: “If you see these let me know, please. Good stocking fillers.”

The Morrisons deal will likely not be around for long as the sign above the bargain bin states “when it’s gone it’s gone”.

It’s always best to phone ahead to your local shop to check what they have available to avoid disappointment.

You can find your nearest Morrisons store using the locator tool on the website.

It always pays to compare prices so you know you’re getting the best deal.

There are dozens of similar-looking scents listed online at the moment.

One savvy shopper spotted a dupe on sale at Boots and posted it on the Extreme Couponing and Bargains UK Facebook group, writing: “The boots spray smells even better and lasts longer than the original Sol de Janeiro and at a fraction of the cost.”

The pistachio, almond and salted caramel scent is an imitation of Sol de Janeiro’s flagship Cheirosa 62 Perfume Mist. 

The original branded product costs £24 for 90ml but is currently on offer at Boots for £19.20.

Earlier in the year Primark released brand new dupes, with a selection of different scents costing just £3.50 for 100ml.

The pink version is Primark’s Hawaii Paradise Body Mist.

Best Sol De Janeiro Dupes

Here’s everywhere you can nab dupes of Sol De Janeiro products, from the iconic mists all the way to body butters…

Home Bargains

• Glow Body Butter £4.49
  Scents: Vanilla Almond & Salted Caramel, Pink Lychee & Crystal Waters and Cherry Bomb & Jasmine Blooms
• Glow Perfume Mist £3.99
  Scents: Vanilla Almond & Salted Caramel and Cherry Bomb & Jasmine Blooms

Primark

• PS… Body Mists £3.50
  Scents: Hawaii Paradise, Capri Breeze and Maldives Sunset
• PS… Post-Tan Body Butter £3
  Scents: Blood Orange

Poundland

• Body Stories Body Mist £2
  Scents: Brazilian Bliss
• Body Stories Body Butter £2.50
  Scents: Brazilian Bliss

It’s always a good idea to shop around to make sure you can find the best deals.

There are plenty of comparison websites out there that’ll check prices for you – so don’t be left paying more than you have to.

Most of them work by comparing the prices across hundreds of retailers.

Google Shopping is a tool that lets users search for and compare prices for products across the web. Simply type in keywords, or a product number, to bring up search results.

Price Spy logs the history of how much something costs from over 3,000 different retailers, including Argos, Amazon, eBay and supermarkets.

Once you select an individual product you can quickly compare which stores have the best price and which have it in stock.

Idealo is another website that lets you compare prices between retailers.

All shoppers need to do is search for the item they need and the website will rank them from the cheapest to the most expensive one.

CamelCamelCamel is another option – but only for goods that are sold on Amazon.

To use it, type in the URL of the product you want to check the price of.

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories

AN EXACT word on your 50p coin could make it worth 700 times more as the rare coin sparks a bidding war on eBay.

The unique coin is said to be a must-have for collectors, selling for a whopping hundreds on the online auction site.

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The rare 50p coin was issued in 2005 and features Samuel Johson’s Dictionary which saw its value skyrocket.

The wording on the back of the coin makes it a unique piece of British decimal coinage.

What adds to this coin’s value is its rarity, making it a sought-after item that collectors are eager to obtain.

The auction on eBay revealed that four bidders attempted to snap up the rare coin which eventually sold for a staggering £350.

The seller received 5-star reviews from buyers who left enthusiastic comments praising the rare coin.

“A+ pristine coin as advertised,” wrote one user.

Another commented: ” Great quality for coin collectors at a great price.”

While a third said: “Beautiful coin.”

It comes after a 50p coin proved to be a “true gem” thanks to its key details.

The loose change rattling around in your pocket could be pieced together to form the Royal Shield of Arms design but it seems many people are unaware of this.

Matthew Dent redesigned the UK’s coins 16 years ago and now those designs are being replaced with the new UK coinage for King Charles III.

It was decided in 2005 that the country’s coinage was due an overhaul and The Royal Mint ran a competition for the public to submit their designs for the new-look coins.

Some 4,000 designs were submitted and The Royal Mint Advisory Committee selected Matthew Dent’s Royal Shield designs as the winner in 2008.

The Royal coat of arms details a shield divided into four quarters representing England, Scotland, Wales and Ireland.

Matthew’s winning design replaced Christopher Ironside’s Britannia depiction originally on the reverse of all 50ps.

Matthew said at the time: “I felt that the solution to The Royal Mint’s brief lay in a united design, united in terms of theme, execution and coverage over the surface of the coins.”

Using all the coins ranging from the 1p to the 50p, they fitted together rather like a jigsaw and formed a complete shield – as could be seen on the £1 coin design issued from 2008 to 2015.

The old round pound was then replaced by the 12-sided Nations of the Crown £1 in 2017 and have now been withdrawn from circulation.

However, the definitive 1p, 2p, 5p, 10p, 20p and 50p shield coins are still in circulation, which means the Royal Shield can still be collected and completed, Change Checker says.

To help you get started you can obtain your own Royal Shield Collector Pack which comes with the Royal Shield 1p, 2p, 5p, 10p and 20p, so all you need to look for is the 50p in your change in order to complete it.

How to sell a rare coin

If, after checking, you realise you’ve come across a rare coin, there are a number of ways you can sell it.

You can sell it on eBay, through Facebook, or in an auction.

But be wary of the risks.

For example, there are a number of scams targeting sellers on Facebook.

Crooks will say they’re planning to buy the item and ask for money upfront for a courier they’ll be sending around.

But it’s all a ruse to get you to send free cash to them – and they never have any intention of picking your item up.

It’s always best to meet in person when buying or selling on Facebook Marketplace.

Ensure it’s a public meeting spot that’s in a well-lit area.

Avoid payment links and log in directly through the payment method’s website.

Most sellers prefer to deal with cash directly when meeting to ensure it’s legitimate.

The safest way to sell a rare coin is more than likely at auction.

You can organise this with The Royal Mint’s Collectors Service. It has a team of experts who can help you authenticate and value your coin.

You can get in touch via email and a member of the valuation team will get back to you.

You will be charged for the service, though – the cost varies depending on the size of your collection.

Meanwhile, you can sell rare coins on eBay.

But take into account that if you manage to sell your item then eBay will charge you 10% of the money you made – this includes postage and packaging.

Always keep proof of postage to protect yourself from dodgy buyers who may claim they never received the item.

Send the parcel by tracked delivery if you can as this way they can’t claim it never arrived.

A MUCH-LOVED bargain shop chain is pulling the shutters down on one of its stores in just a few hours.

The Original Factory Shop confirmed the closure of another location in Kent.

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The discounter, known for its bargain prices, is closing its branch in Deal today, Saturday 28.

TOFS said the site, labelled “brilliant” by shoppers, will be shutting at the end of September.

The retailer thanked local shoppers for their support over the years.

A spokesperson from The Original Factory Shop said: “After the landlord informed us that they were redeveloping our Deal store, we were unable to renew the lease.

“We want to remain in town and our property team would consider any alternative suitable sites. We are working hard to support all of those colleagues that will be affected and seeking to redeploy them across our business.”

The shock closure has left several local customers devastated, although the trader maintains around 190 branches nationwide.

One Facebook user said: “Such a terrible end to such a popular store.

“Obviously, this has not been a business decision as business was good, but another sign of the times.”

A second wrote: “Another piece of history and friendly staff gone.”

A third commented: “I love this shop. I go to Deal, from Dover, regularly the main reason being the factory shop.

“Don’t think I will be shopping at Deal much after it closes.”

Another posted: “Oh no another brilliant shop closing but why? Love that shop.”

While a fifth said: “Such a shame. It was affordable and you could always get something good.

“Now probably destined for townhouses and artisanal deli’s selling £4 sourdough bread.”

“That’s awful news,” another declared.

The closure is down to the building being redeveloped and the chain being unable to renew the lease.

After the Deal store closes, three of The Original Factory Shops will remain in Kent: Tenterden, Biggin Hill and Headcorn.

Other The Original Factory Shop closures

The Deal store closure is not the only one to be announced by The Original Factory Shop this year either.

It has already pulled the shutters down on seven stores in recent months:

• Brightlingsea, Essex
• Bodmin, Cornwall
• Chepstow, Wales
• Fakenham, Norfolk
• Harwich, Essex
• Mildenhall, Suffolk
• Padiham, Lancashire
• Taunton, Somerset

It comes after the retailer, known for selling everything from clothing to homeware and stationery, shut a number of branches last year.

But it’s not all bad news, as it has been opening stores across the UK too, as it shakes up its presence on the high street.

The full list of stores that have opened since August 2023 includes:

• Kirkintilloch – opened August 24
• Stonehaven – opened August 31
• Blandford Forum – opened August 31
• Haddington – opened September 7
• Wetherby – opened September 7
• Nairn – opened September 14
• Ashbourne – opened September 14
• Castle Douglas – opened September 21
• Penrith – opened September 21
• Inverness – opened September 28
• Attleborough – opened September 28
• Ayr – opened October 5
• Ringwood – opened October 5
• Perth – opened October 12
• Lanark – opened October 19
• Peterhead – opened October 26

Retail woes

Other retailers, such as Homebase, Boots, and Clarks, have been reducing the number of their high-street branches.

Rising rents, energy bills, and the cost of living have also caused many retailers to fail.

Several big retailers have fallen into administration in the past year, including Wilko, Paperchase, and most recently, The Body Shop and Ted Baker.

The Body Shop collapsed into administration on February 13, putting its almost 198 branches at risk of closure.

Since then, it has closed down 82 locations.

However, it’s not all bad news for the high street, as several other retailers and hospitality venues have plans to expand.

Beer giant Heineken announced plans to invest £39million to help reopen 62 previously shuttered British pubs.

Aldi has announced that it will open 35 new UK stores.

The openings form part of Aldi‘s long-term target of 1,500 stores in the UK.

The supermarket is set to invest £550million in expanding its UK footprint this year alone.

Aldi said each new store opening will create around 40 new jobs on average.

In recent months, Asda has been opening hundreds of convenience stores as it seeks to rival major players Tesco and Sainsbury’s.

B&M plans to open “not less than” 45 brand new stores across the UK in each of the next two consecutive years.

Purepay Retail Limited, the parent company of Bonmarché, Edinburgh Woollen Mill (EWM), and Peacocks, has said it wants to open 100 new high-street stores over the next 18 months.

It has yet to give the exact locations where it will open the 100 stores or when they will open.

One of the UK’s favourite bakery chains, Greggs, has exclusively revealed to The Sun plans to open more outlet branches by the end of 2025.

Home Bargains, which was running just under 600 branches as of last June, has said it wants to “eventually have between 800 and 1,000 retail outlets open”.

The major discounter has stopped short of saying when it wants to reach the 1,000 store target, however.

Primark is also opening new branches and investing and renovating more than a dozen of its existing shops.

Screwfix is set to open 40 new stores nationwide as its owner, Kingfisher, seeks to expand the DIY brand’s national presence.

The brand opened two new stores in March, and a further three new shops will open this month.

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories