'It was quite a shock. The increase impacted my wider finances significantly,' Finn says of the mortgage increase
Like many households amid the cost of living crisis, Finn Wheatley is feeling the pinch from every direction.
It means that someone with a £200,000 mortgage remortgaging from a two-year fixed deal to another two-year fixed deal at the average rate would see their monthly costs jump from around £900 to £1,250. Wheatley used to contribute about 15 per cent of his salary into his pot, which was topped up by his employer. Now, however, he’s reduced the amount he puts in by about 10 per cent.
“So I made the decision to lower my pension payments. It was a last resort, as I’m very conscious of the importance of saving for retirement, but it felt like the area where I could make a change without dramatically affecting my current quality of life.” When you look at those who have only started supporting their adult grandchildren due to the cost of living crisis, this figure rises to 28 per cent.
If they paused for three years, their pension pot would be worth £403,000, rather than £434,000 had they not taken any breaks, while a five-year hiatus would reduce the pot to £382,000.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Vulnerable Glasgow granny in tears as £250 'taken from purse' on hospital wardPensioner Ursula Gay, 72, was rushed to the Queen Elizabeth University Hospital after sustaining injuries following a fall inside her Jordanhill home on Sunday evening, February 18.
Weiterlesen »
Virgin Media is offering new customers a free TV worth £379.99 or £250 of creditYou don’t have long to claim this amazing offer.
Weiterlesen »
Just weeks left for 2million couples to get £250 tax perk or miss out for goodSpring Budget 2024: How income tax and National Insurance work
Weiterlesen »
Jet2, EasyJet and TUI-approved Antler cases 'perfect' for all slashed by £250'Excellent cases, the second ones we have bought. We were so pleased with our initial case purchase we bought two more in different sizes. Amazingly light, but strong and supremely manoeuvrable'
Weiterlesen »
Amazon shoppers race to buy £250 robot vacuum that’s ‘a must for pet owners’ reduced to £200...
Weiterlesen »