want to get out of parents

strawb_shortcake

Sarah1Mitty2 said:

A couple of my savings accounts have been in touch to say they are bumping their rates again, anyone living with parents at the moment and earning should be raking it in?

I have a mortgage and I'm also benefitting from the increases in rates too, we aren't all on the breadline you know!

Sarah1Mitty2

annabanana82 said:

Sarah1Mitty2 said:

A couple of my savings accounts have been in touch to say they are bumping their rates again, anyone living with parents at the moment and earning should be raking it in?

I have a mortgage and I'm also benefitting from the increases in rates too, we aren't all on the breadline you know!

Yes, but the point was about someone with no mortgage, they would be benefiting more.

strawb_shortcake

Sarah1Mitty2 said:

annabanana82 said:

Sarah1Mitty2 said:

A couple of my savings accounts have been in touch to say they are bumping their rates again, anyone living with parents at the moment and earning should be raking it in?

I have a mortgage and I'm also benefitting from the increases in rates too, we aren't all on the breadline you know!

Yes, but the point was about someone with no mortgage, they would be benefiting more.

No mortgage can be achieved other ways too. Remaining living with parents until you are 30, 40, 50 etc is no utopia, parents unlikely to be too thrilled either

mi-key

annabanana82 said:

Sarah1Mitty2 said:

annabanana82 said:

Sarah1Mitty2 said:

A couple of my savings accounts have been in touch to say they are bumping their rates again, anyone living with parents at the moment and earning should be raking it in?

I have a mortgage and I'm also benefitting from the increases in rates too, we aren't all on the breadline you know!

Yes, but the point was about someone with no mortgage, they would be benefiting more.

No mortgage can be achieved other ways too. Remaining living with parents until you are 30, 40, 50 etc is no utopia, parents unlikely to be too thrilled either

I have always thought its a bit odd people who live at home for ages. I  have a friend who is 47 and has never left home. She has no medical or financial reason not to get her own place. I couldn't wait to get out and get my independence, and pretty sure my parents were glad when all us kids had left home !

Sarah1Mitty2

annabanana82 said:

Sarah1Mitty2 said:

annabanana82 said:

Sarah1Mitty2 said:

A couple of my savings accounts have been in touch to say they are bumping their rates again, anyone living with parents at the moment and earning should be raking it in?

I have a mortgage and I'm also benefitting from the increases in rates too, we aren't all on the breadline you know!

Yes, but the point was about someone with no mortgage, they would be benefiting more.

No mortgage can be achieved other ways too. Remaining living with parents until you are 30, 40, 50 etc is no utopia, parents unlikely to be too thrilled either

Yes, but the point made was specifically about people living with parents, and there was no mention of a utopia, only that someone earning and with no or very low rent costs is getting better off with each interest rate rise.

Sarah1Mitty2

mi-key said:

annabanana82 said:

Sarah1Mitty2 said:

annabanana82 said:

Sarah1Mitty2 said:

A couple of my savings accounts have been in touch to say they are bumping their rates again, anyone living with parents at the moment and earning should be raking it in?

I have a mortgage and I'm also benefitting from the increases in rates too, we aren't all on the breadline you know!

Yes, but the point was about someone with no mortgage, they would be benefiting more.

No mortgage can be achieved other ways too. Remaining living with parents until you are 30, 40, 50 etc is no utopia, parents unlikely to be too thrilled either

I have always thought its a bit odd people who live at home for ages. I  have a friend who is 47 and has never left home. She has no medical or financial reason not to get her own place. I couldn't wait to get out and get my independence, and pretty sure my parents were glad when all us kids had left home !

The OP has just returned home though, after living away from home, with their savings, their earnings, and interest rates rising they would be better off sticking it out for a while and getting a cheaper property with less debt after interest rates have done their job.

MobileSaver

Sarah1Mitty2 said:

annabanana82 said:

Sarah1Mitty2 said:

A couple of my savings accounts have been in touch to say they are bumping their rates again, anyone living with parents at the moment and earning should be raking it in?

I have a mortgage and I'm also benefitting from the increases in rates too, we aren't all on the breadline you know!

Yes, but the point was about someone with no mortgage, they would be benefiting more.

They may benefit more in the short term but in the mid to long term they'll probably be much worse off when they eventually buy with a mortgage that will inevitably be at a much higher rate than someone like your mate who could have fixed at a record low rate last year.

Or are you suggesting that people should continue living with their parents for the rest of their lives in which case yes they will obviously be much better off financially...

Sarah1Mitty2

MobileSaver said:

Sarah1Mitty2 said:

annabanana82 said:

Sarah1Mitty2 said:

A couple of my savings accounts have been in touch to say they are bumping their rates again, anyone living with parents at the moment and earning should be raking it in?

I have a mortgage and I'm also benefitting from the increases in rates too, we aren't all on the breadline you know!

Yes, but the point was about someone with no mortgage, they would be benefiting more.

They may benefit more in the short term but in the mid to long term they'll probably be much worse off when they eventually buy with a mortgage that will inevitably be at a much higher rate than someone like your mate who could have fixed at a record low rate last year.

Or are you suggesting that people should continue living with their parents for the rest of their lives in which case yes they will obviously be much better off financially...

That doesn`t make sense, mortgage rates going higher means prices going lower, someone with nearly 200k in savings and minimal rent outlay is much better off waiting until interest rates find their peak  ( benefiting from savings rates in the meantime) and that feeds through to the market, overpaying for a house and fixing at a record low rate won`t help much if the rate after the fix is 2 or 3 times the original level and you are stuck with a load of debt you didn`t need to have? 

MobileSaver

Sarah1Mitty2 said:

MobileSaver said:

Sarah1Mitty2 said:

annabanana82 said:

Sarah1Mitty2 said:

A couple of my savings accounts have been in touch to say they are bumping their rates again, anyone living with parents at the moment and earning should be raking it in?

I have a mortgage and I'm also benefitting from the increases in rates too, we aren't all on the breadline you know!

Yes, but the point was about someone with no mortgage, they would be benefiting more.

They may benefit more in the short term but in the mid to long term they'll probably be much worse off when they eventually buy with a mortgage that will inevitably be at a much higher rate than someone like your mate who could have fixed at a record low rate last year.

That doesn`t make sense, mortgage rates going higher means prices going lower

That's just wishful thinking on your part. I reckon house prices will be the same or higher in a year or so while mortgage rates will be much higher than they were a year ago.

Or do you think we will be returning to record low mortgage rates in a year or two?

Sarah1Mitty2

MobileSaver said:

Sarah1Mitty2 said:

MobileSaver said:

Sarah1Mitty2 said:

annabanana82 said:

Sarah1Mitty2 said:

A couple of my savings accounts have been in touch to say they are bumping their rates again, anyone living with parents at the moment and earning should be raking it in?

I have a mortgage and I'm also benefitting from the increases in rates too, we aren't all on the breadline you know!

Yes, but the point was about someone with no mortgage, they would be benefiting more.

They may benefit more in the short term but in the mid to long term they'll probably be much worse off when they eventually buy with a mortgage that will inevitably be at a much higher rate than someone like your mate who could have fixed at a record low rate last year.

That doesn`t make sense, mortgage rates going higher means prices going lower

That's just wishful thinking on your part. I reckon house prices will be the same or higher in a year or so while mortgage rates will be much higher than they were a year ago.

Or do you think we will be returning to record low mortgage rates in a year or two?

 Looks like the OP isn`t going to return so the thread is basically finished, for what it`s worth I agree with this.....

https://www.lbc.co.uk/news/low-interest-rates-anomaly-martin-lewis/

We are returning to normal, which is a medium to high cost to borrow money and much lower house prices.