Preparing for Brexit

[Ellisisland]

I know no one can really prepare for or know what is going to happen but with talk around inflation etc I just wondered if anyone was doing anything differently or planning for it? I have just got a 5 year fixed rate mortgage as I though a 2 year one would see us renewing in the thick of it but wasn't sure if there is really anything else anyone can do?

Not really. I looked at an Irish passport but I've Irish great grandparents not grandparents so don't qualify.

inflation is already over 2% and was before the vote.

the pound was much lower in 2008 - what did you do then? Difference was you could get real interest on any savings, now you can't. Carney is nothing to do with Brexit, we are happily being screwed all by ourselves.

Personally I'd avoid fixed rate mortgages as the banks are padding lots of fees into them.
Rates are going nowhere in a hurry (my favourite long term loan site is offering 3% over 50 years and they are required by law to make money on that !!)

preparing for brexit : nobody has the foggiest what when where or how
other than its going to be messy
so the best bet is to think resilient

I agree that I have seen others really lose out by having fixed rates when I have been on trackers. The banks plan to win.

However, this current financial uncertainty troubles me. Yes there are mortgage fees for fixed rates, but I view it as a one off insurance fee for peace of mind. I recognise that whilst I could afford risk before, now I think I need more security.

After fretting about BREXIT implications for us, I applied for a 10year fixed rate mortgage in October, and the offer was valid until mid February 2017. I kept my slightly cheaper tracker going til Jan and dithered about taking the re-mortgage.

You ask, that although none of us know what will happen, what are we doing differently. I am choosing to be more cautious with my money.

Then, Trump became POTUS! I jumped ship in Feb and secured my mortgage. At least the political turmoil can unravel, and I've no need to fret about our YUGELY big mortgage debt.

Incidentally, I also bought some euros before the Brexit vote, but I didn't buy enough, and have spent them.

We switched our energy supplier. We gave a lighter load of presents for Christmas (that was unnerving- but it went fine!!). We are planning a staycation for summer 2017 (and never done that before). We will still go abroad a few times as per usual but we are cutting back on the most expensive trip we normally take in August.

Food and fuel is going up in price and so I have sold my big car and bought an economical one. Again, like the mortgage, there was an upfront cost but it will only take 6 months for me to have recouped that investment. And I am incentivised to reduce our food waste and have introduced the occasional home made soup again into our diet, and we are loving it.

I am gently battening down the hatches! Not in a wierd way. People around me won't really notice, but surely I am not alone in this? I must say though, friends around me seem oblivious and are spending money like water.

We are going to fix our mortgage in May
We are thinking 5 years @ 1.94% with no fees and reducing the term
Just spent £££ and repaired my old ar so that should keep going for a couple more years
Yes to checking insurances etc
We stopped buying for adults last Xmas - caused some strife with pils but we weathered it 😀
We are putting money into Savings every month now even if it's only £100

We've just fixed our mortgage at 2.64% for 10 years (HSBC, no fees). Have had a tracker up until now but it's a good feeling to know that the next 10 years payments won't change.

We're going to fix our mortgage to. Also making sure that most of our investments and pensions do not depend on UK performance.