Current Affairs Cost of living…

[Tramps_mate]

We remortgaged for 5 years at 4% about a month ago. Lucky enough tbh. Payment went up around £80 but we’d been overpaying so didn’t really feel it. Some friends have had their payments go up £2-400 pm.

That's not too bad a rate currently.. If you don't mind me asking what was your LTV ratio for that?

I'm remortgaging in about 15 months.. But I'm hoping my LTV will 50-60%..

 

[IrishBlue2022]

Got a job interview tomorrow for a job I really want, it’s local, I’ll be home every day, it’s a senior position which will give me a fresh challenge and it’s for a reputable employer…. All sounds great… but here’s the ‘but’….. it means I’d be taking a wage cut of anywhere between 5-10k a year which in this current climate is casting doubts in my mind. It’s better in every imaginable way for me and my family except for the salary drop, ‘it’s a tough decision to make but I will probably take the job if lucky enough to be offered the position and adjust my lifestyle to suit.

Good luck kurt. Try and balance in the fuel cost saving etc as might not look that bad. 10k drop is pretty big like

Also other things like pension. I took a £1k hit to my old job 2 years back. But the new job was worth £7.5k more in employer pension contributions per year.

It's balancing out everything between your current job and new role. Maybe do a pro and cons list, i found that useful making that type of decision in the past.

 

[IrishBlue2022]

We remortgaged for 5 years at 4% about a month ago. Lucky enough tbh. Payment went up around £80 but we’d been overpaying so didn’t really feel it. Some friends have had their payments go up £2-400 pm.

After reading this i went on to one of those online calculators to look at the difference i will have to pay if the rate is 6% when i remortgage (Current rate is 1.7%) and basically the difference is the entire net increase of my salary a month from my recent promotion to pay for the same home without that increased amount reducing the amount borrowed. Crazy. Lets hope it comes down by March.

 

[roydo]

£7.5k more in employer pension contributions per year.

Blimey. That is deffo worth losing a grand a year to move.

 

[IrishBlue2022]

Blimey. That is deffo worth losing a grand a year to move.

My manager thought i was better off with the £1k and tried to convince me to stay on that basis.

 

[roydo]

My manager thought i was better off with the £1k and tried to convince me to stay on that basis.

Take it from me. You wont miss £1000 a year. But you will savour £7500 a year into a pension when the time comes to live off it.

 

[IrishBlue2022]

Take it from me. You wont miss £1000 a year. But you will savour £7500 a year into a pension when the time comes to live off it.

Definitely. That first year in that job put more in my pension pot between employer contribution and my own than all my previous 16 years of working combined.

 

[Tipp blue]

Definitely. That first year in that job put more in my pension pot between employer contribution and my own than all my previous 16 years of working combined.

Do you also pay AVC? I'm going to look into starting that soon.. I'm on civil service pension scheme so probably could do with a bit more when I do retire.

 

[IrishBlue2022]

Do you also pay AVC? I'm going to look into starting that soon.. I'm on civil service pension scheme so probably could do with a bit more when I do retire.

I don't atm but was on a pension seminar earlier so going to consider that next year, depending on these mortgage rates. I'min the civil service myself (Technically).

 

[toffee82]

Do you also pay AVC? I'm going to look into starting that soon.. I'm on civil service pension scheme so probably could do with a bit more when I do retire.

I've got a SIPP separate to my work pension.

Every £100 turns into £125 as you are automatically credited with the basic rate of tax back. If you are a higher rate tax payer you can do a tax return and get the rest of the tax credited to your pot.

Just noticed that I've responded to Tipp blue who was responding to Irish Blue. Not sure of the rules in Ireland but hope it might help someone.

 

[Tipp blue]

I've got a SIPP separate to my work pension.

Every £100 turns into £125 as you are automatically credited with the basic rate of tax back. If you are a higher rate tax payer you can do a tax return and get the rest of the tax credited to your pot.

Just noticed that I've responded to Tipp blue who was responding to Irish Blue. Not sure of the rules in Ireland but hope it might help someone.

Here too it depends on the tax bracket you are in.. if you contribute 100 it will cost you 60 as 40% will be a tax break or 20% if you are on lower tax rate. It's really worth doing if you can afford it.

 

[Tramps_mate]

Also other things like pension. I took a £1k hit to my old job 2 years back. But the new job was worth £7.5k more in employer pension contributions per year.

It's balancing out everything between your current job and new role. Maybe do a pro and cons list, i found that useful making that type of decision in the past.

Gotta be a civil service job with that pension contribution!!

 

[Tramps_mate]

I don't atm but was on a pension seminar earlier so going to consider that next year, depending on these mortgage rates. I'min the civil service myself (Technically).

Knew it..

 

[IrishBlue2022]

Gotta be a civil service job with that pension contribution!!

Knew it..

For my sins..... Lol

 

[Tramps_mate]

Every day I drive past Tesco superstore. I take note of the petrol price.

Last month it hovered around 143.9-145.9 per litre. Then it suddenly dropped to 141.9..

However last week tues/wed it jumped to 144.9. then the next day jumper to 149.9. Which it still is today.

Why on earth has the price suddenly jumped again? Have OPEC restricted output to make the price rise again? Its an absolute disgrace that they can control the prices like this.