#Brexit & You – Your Property, Savings, and Pensions Future
Before you rush off to the Republic of Ireland for an ancestral passport in order establish more permanent ties with Europe – and yes, applications are up 2,000% in the wake of the referendum – know that the market consensus is…don’t panic.
Unless you are eminently planning a big money move in the next several days or weeks – mortgage refinancing, retirement cash-out, inheritance transfer – analysts say you shouldn’t have any major financial detours as a result of the Brexit vote.
Even for sun worshippers worried about the impact of the flagging pound on their holiday expenses, there’s good news…good value destinations abound, you can still shop around for competitive exchange rates and all-inclusive options mean you can manage costs even if the sterling slides further.
With the referendum vote cast, will your property, savings and pension be affected in the future?
Undoubtedly.
However, most experts recommend that you sit tight and don’t make any sudden decisions until there is more clarity on both the terms and timing of Brexit.
That said, what would an easing of interest rates mean for you? Ask Bank of England governor Mark Carney whether it’s true that lower rates might be coming. But even if this does happen, the impact all depends on your side of the coin – e.g., lower rates are great for borrowers, not so much for savers.
Want more? Then read on. Our #Brexit Personal Finance Report brings you news, commentary and video from The FT, Economist, The Telegraph, The BBC, The Guardian, Bloomberg and more.
#Brexit Personal Finance Update