Yes it was hard with the father in law as it was sudden. Mother in law had dementia for 7yrs, that was unpleasant to watch. Dad had cancer but we knew that and were prepared, mum we thought she would have been the first to go actually went last.
Mortgage Rate Rises
- Thread starter glenimp617
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Our family history is terrible, the likelihood of living a long time is low. We also have no kids, so we’re pretty financially free anyway.
I am an orphan if you want to ping me some Gucci belts
Similar boat then to us. No kids and not having any. Possibly inheritance (but always potential for care to eat that away)
So ideally you want to leave with as little left behind as possible.
Was cancer with her mum too.
Bad back.. Gp.. It's just a bad back.
Again and again
She had that"bad back"years. Makes you wonder.
Got a scan. Stage 4.wasn't long after she was bed ridden. Tipped my perspective on its head.
Now I buy lots less stuff, and take holidays as every day of leave. Try to make most of weekends etc.
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Care is definitely a consideration, although some is locked away in trust already. Also if my dads other half lives longer than him she’ll look after him to get a bigger chunk
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Man of Honour
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No cancer on my side so far, but my dad went to the GP with a ‘bad heart’. All fine they tell him, then has a massive heart attack. A few years later keeps getting headaches, again, ‘all fine’. Ends up getting a big stroke. The only silver lining to that was that they missed it on the first scan, he sued and won. Lots of lung cancer on my wife’s side though, horrible illness.
All in all it changes your outlook.
Certainly does.
My side of family is pretty long living. But you never know. We are unhealthier now. They never had takeaways etc.
Well never know with her mum if it could have been caught earlier. Def don't want to know either
Caporegime
Sell the house and buy a static caravan in Skegness and live off the rest. That's my backup plan.
Either that or drive 2 days a week and get 400 quid a week to top up my pension. You have to stay active one way or another so might as well get paid doing it.
Great if you are a top revenue earner and can squirrel away all that tax into a pension but for people like myself slightly above national average I will enjoy my life now.
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There is a max age of the statics so you'd need to save enough to scrap it buy a new one after ~10 years.
Caporegime
Sounds like a guy who has done some research.
Maybe I will settle for a converted 18 tonne rigid instead then and "live off the land"
.Although looking now a static is only 30 grand so worst case scenario I would need 60 grand for 20 years so if I sold my house at 70 leaving 250k. Over 20 years that would give me circa 25k a year to live on with state pension and with minimal outgoing costs or close to 40 grand if my wife is still alive.
With 3300 net a month to spend it would be an easy retirement really.
ONS life expectancy calc https://www.ons.gov.uk/peoplepopula.../articles/lifeexpectancycalculator/2019-06-07
Going to mid 90s won't be unheard of and given state pension & state care homes aren't great now and I doubt they'll be better in several decades.
Factoring that in it's my view that generally you shouldn't stretch yourself so much on the mortgage front that it truly impacts your ability to build a sensible pension pot and enjoy life right now. Dream home factor is worth a small premium to some but generally overrated in my experience as pensions will generally outperform any property price rises. 40/30/30
Going to mid 90s won't be unheard of and given state pension & state care homes aren't great now and I doubt they'll be better in several decades.
Factoring that in it's my view that generally you shouldn't stretch yourself so much on the mortgage front that it truly impacts your ability to build a sensible pension pot and enjoy life right now. Dream home factor is worth a small premium to some but generally overrated in my experience as pensions will generally outperform any property price rises. 40/30/30
Until you get older, realise you havent died, and wish you had more money
Not really sure what I'd do with it if can't actually do much.
Most older people I know don't do that much.
Think I'd rather work a few days a week than do a hard stop anyway.
But it is indeed a balance. If I earnt a lot more (over 100k) and could actually retire materially earlier, might be different.
Or sell it and take it all to a really cheap country in the sun
Just locked in a 'deal' from my current provider of 5.19% on a 2 year fix no fee. (I am currently on 2.19%) It starts on the 1st of September so I'm hoping a little drop might come in before then. I only have £55k left on it so it isn't such a massive hit but I'm in a shared ownership so my rent portion went up over 13% in April due to such a high RPI last October.
Soldato
I think you will see sub 5% well before then. At your LTV it might be worth considering a 5 year fix and pay any ERD if they are due , it would literally cost hundreds to do this at year 2 Into a 5 year fix.
Thankfully my home mortage is paid up now but I have a BTL that is currently on a Tradker BOE plus 0.74% - ouch . Can fix it fee free at 4.99% for 5 years by picking up the phone however I'm confident that this will drop by somewhere in the region of 0.5% y the Autumn.
Bank swap rates are on there way down and Inflation is on target to hit 2% in the coiming months and once rates drop once or twice Richi will then have a reason fir a GE .
When will we get back to low inflation?
Rises in the cost of living have slowed. Inflation is now lower than it has been in recent years.
www.bankofengland.co.uk