Mortgage Question (1 Viewer)

Mild-Mannered Janitor · Mar 16, 2023

Robinshio said:
Inflation will be 2% by the end of the year. Interest rates will then go down. Not the time for a long fix. Up to 2 years max for security

Even the OBR is not forecasting that, closer to 3% but still way too optimistic, the BOE doesn’t want low low rates again, their optimal is around 3% to give more flex up and down for banks and the market.

need to compare 2 year total cost inc fees versus 5, too many don’t factor that in

Nick · Mar 16, 2023

Mild-Mannered Janitor said:
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Thanks. That's who I spoke to earlier. Seem decent.

pipkin73 · Mar 16, 2023

I know it's different but check your pensions. Since the war mine has gone down by 100K. I was 50 last Sunday and could have started claiming (works pension), but now it's worth less than half (about a third actually).
I am going to have to work till i die to make the money up.

PLEASE EVERYONE, check your pensions.

Mild-Mannered Janitor · Mar 17, 2023

Nick said:
Thanks. That's who I spoke to earlier. Seem decent.

I detest brokers for their lack of impartiality at times and proved it to one of them once where he was picking the best commission products and had the ability to find deals in 4 categories, only found the product I had found when he clicked on lowest commission option on his screen. Standard £250 back from lender at the time.
That said, these have found me some great deals in recent years but I make them keep the options open so I don’t narrow down the best rate available including the fees payable for that rate.

bezzer · Mar 17, 2023

pipkin73 said:
I know it's different but check your pensions. Since the war mine has gone down by 100K. I was 50 last Sunday and could have started claiming (works pension), but now it's worth less than half (about a third actually).
I am going to have to work till i die to make the money up.

PLEASE EVERYONE, check your pensions.

As you're only 50 you shouldn't worry too much about it.

March 2020 when Covid hit and the economy went into freefall, my pension pot did what yours did; lost over 50% of it's value. Last month it went above where it was in 2020. Took just 3 years to recover.

I'm 58 and will be retiring in January 2025. The majority of my pension pot is now in gilts and government bonds. Not a great deal of growth but no dramatic drops.

pipkin73 · Mar 17, 2023

bezzer said:
As you're only 50 you shouldn't worry too much about it.

March 2020 when Covid hit and the economy went into freefall, my pension pot did what yours did; lost over 50% of it's value. Last month it went above where it was in 2020. Took just 3 years to recover.

I'm 58 and will be retiring in January 2025. The majority of my pension pot is now in gilts and government bonds. Not a great deal of growth but no dramatic drops.

Hope you are right mate

Grendel · Mar 19, 2023

pipkin73 said:
Hope you are right mate

Pensions generally each decade perform at around 5% growth a year but their are fluctuations. Most hedge currencies and buy gilts as well as high dividend yield companies

Mine lost £100 grand in a few weeks when Covid hit. They strategise investments so when recovery happens you get higher growth patterns than declines

I had to take a substantial amount out for a business purchase but even that and with the headwinds of Covid and recessions etc it’s recovered to where it was net tax free withdrawal

You will get back to a level at that age. You should when approaching 55 get a pension advisor to weigh up options and decide what best to do

pipkin73 · Mar 19, 2023

Grendel said:
Pensions generally each decade perform at around 5% growth a year but their are fluctuations. Most hedge currencies and buy gilts as well as high dividend yield companies

Mine lost £100 grand in a few weeks when Covid hit. They strategise investments so when recovery happens you get higher growth patterns than declines

I had to take a substantial amount out for a business purchase but even that and with the headwinds of Covid and recessions etc it’s recovered to where it was net tax free withdrawal

You will get back to a level at that age. You should when approaching 55 get a pension advisor to weigh up options and decide what best to do

Cheers mate, feeling a little more relaxed after what you have both said.

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