You can factor this out by thinking of the factors of 56 that have a sum of -1. 7 and 8 are factors of 56 and to get a sum of -1, 8 should be negative. 7 + -8 = -1
So

factored out is (y+7x)(y-8x)
We can check this using FOIL
F = (y)(y) =

O = (y)(-8x) = -8xy
I = (7x)(y) = 7xy
L = (7x)(-8x) =


Combine like terms