how do you all think you will be if interest rates return to a historical norm of 6% in a few years time

Delighted.

[you also don’t know how old everyone is. Mortgage paid off at 30 is impressive. Mortgage paid off at 60 is less so ]

Good point… I hadn’t thought of the possible age range !! It’s just that everyone on here SOUNDS so young 😉

Very!

no income stability (self-employed), no investments/savings/backup (thanks to divorce), but great opportunities in my line of work and I have decent experience/skills and a shit load of tenacity

things could be much much worse

28, Single, 1 dependant (While we’re using financial speak 😉

Have varying amounts of equity in 2 1/2 houses (2 are rented).

£5.5k student loan, but rightly or wrongly i dont consider this “real” debt.

Income is £30-34 depending on bonuses / rental yields.
Sneaked a final salary pension before it closed too, which is probably quite a feat for someone my age.

Modest amount of savings (mainly to cover void rent periods / house maintenace)

Probably borked if rates rise loads, but I really cant see them rising to historical levels (4-6%) for some time.

I don’t consider myself cash rich (granted Im probably asset rich compared to most 28 yr olds) as maintenace / student loan repayments take alot of my monthly income. Therefore I like to manage my finances carefully.

2 months of car loan to go then we own that.

Only other debt is the mortgage (£112k on a £300k house) but unfortunate circumstances mean I will be largely paying that off once the legal side is sorted out.

Then I plan on not having any more large debt again in my life (I *may* consider a modest house move in a couple of years time though).

I have at least £18k of student loan debt that I’ll probably never pay off unless I somehow come into a lot of money. Other than that I’m fine, the student loan isn’t really anything to worry about.

£220k left on mortgage, 15% equity.
No loans.
Pay credit card off every month.
No savings (spent on car)and currently not paying into a pension.
Currently saving for wedding.
I’m concerned about not having a rainy day fund but figured it was better to spend savings on the car than having them sit in a bank earning less than inflation interest.
My fiancée has quite a bit of credit of loan debt and credit card debt but is paying them off (slowly).

If interest rates return to 6% It will be tough but I’ve done my sums and can afford it. Job security is more worrying.

When at college I racked up about £300 on a Visa card which sounds pathetic by today’s standards, but was a student’s upper limit in 1995. I watched in horror as it rose inexorably for a year before I could pay it off. I look back on that as a cheap lesson learned!

As such I’m very debt averse (aside from mortgage), but strangely not pro-savings? If my wife hadn’t made me automatically funnel money off into pensions/savings it would never have occured to me.

PS; Job security (in the private sector at least) is an oxymoron, if you think you’ve got it you’re deluding yourself.

MrSmith – Member
how do you all think you will be if interest rates return to a historical norm of 6% in a few years time

I wish it would happen a lot sooner. No debt and a drop of savings which I’d like to see retain its value.