Advice for over 30’s

Throughout our many years of helping clients with their finances there are a number of ‘ age related’ questions we have been asked on a regular basis. We strongly believe there is no question too small. They are all relevant…and if they are relevant to you they are important to us and our ability to help you. We have therefore categorised a few of the most common questions which we hope you find helpful.

However, if you are anxious or confused about your financial future feel free to book a free consultation here.

With interest rates at historic lows you may be inclined to fix your mortgage for as long as possible, however care is needed and advice should be sought. You may have saved up a deposit and are now looking for a first home. If you fixed your mortgage for 10 years you may find in that time you have outgrown the property. With long term fixed rate mortgages there can be large penalties to pay off or move property. Short term fixed rate may be preferable if you are intending to move up the property ladder in the coming years.

It’s easy to live for today and far harder to start saving for retirement which may be 50 years away. Just like saving for a deposit even a small amount can make a big difference, particularly over the longer term.  You will benefit from long term investment returns and you can afford to take additional risk given the time frame involved.  It is also worth making the most of the tax advantages of a pension.  The Government will add 20%  into the pension and if you are a higher rate taxpayer you can claim an additional 20% through your tax return.

Like all debt repayments it can feel like a huge weight off your shoulders but student debt can be the cheapest form of debt and therefore careful consideration should be given to paying it off.  This has to be balanced with clearing the debt to ensure you are in a strong position when it comes to applying for a mortgage.

Whether your children are going to go to university while they are still in the reception class might seem an unnecessary consideration but with the cost of tuition fees and accommodation it may well be worth starting to set aside just a small amount each month. If they do not take that path then you have a nice little nest egg built up, for your retirement or to help them with their first car or property deposit.