Hi
I would like some advice on what other members would do in our situation
Married
ages 40 and 41
1 child 7years old
All figures below are Gross
Approx income 150k consisting
Self employed income approx 55-70k per year(commision based so varies)
Spouse 18k
Inflation linked uk investment of 45k returning 5k per year for 22 years
Farm income rental 10k per year.-- farm worth approx 450k no loans.(would love to sell this as it is a very low return on value but it was a gift from parents and would kill them if i sold it.)
House Rental income 60k
Home loan Aib tracker 201k rate +0.6% house value 350k 22 years left
Investment property A mortage 55k @4.85% variable house value 140k rent 750 per month 17 years left
Investment property B mortgage 84k @4.55% variable house value 200k rent 2000 per month 10 years left
Investment property C mortgage 60k @4.85% variable house value 80k rent 400 per month(own 50% )22 years left.
Investment property D no mortgage value 200k rent 1150 per month
investment property E no mortgage value 150k rent 800 per month
No other loans
pay off credit cards in full every month
Pension of 30k with zurich life
Savings of approx 55k in kbc and aib savings accounts
We are in a good place financially as you can see through a combination of very hard work, Luck in selling pre recession and buying over last 5 years . 4 of the buy to let properties were bought with the 7 year capital gains tax deal and are worth significantly more than we bought them for and will probably sell off again starting in 4 years time .We have lived very frugally and intend to start enjoying our money a bit more over the coming years.(disneyland,new cars etc)
Questions:-
we have approx 3k per month extra coming in now that I could pay off mortgage loans on investment properties or invest in stocks and shares/pension.
I have read on his forum a lot about diversifying our portfolio which is mainly in property.(It is what I know and been succesful in for 20 years . )
I have been looking at another house to buy and renovate and rent but My accountant has informed me that my tax allowances , farm drainage/investments are coming to an end and my tax bill will rise significantly this october. He has told me to look seriously at pensions but looking at my pension performance over last ten years it has been approx 3% per year growth.
Any comments or advice would be appreciated. I find any investment advisors I have spoken to have wildly differing views on what to invest in and I leave being more confused than when i went in.
Thanks
I would like some advice on what other members would do in our situation
Married
ages 40 and 41
1 child 7years old
All figures below are Gross
Approx income 150k consisting
Self employed income approx 55-70k per year(commision based so varies)
Spouse 18k
Inflation linked uk investment of 45k returning 5k per year for 22 years
Farm income rental 10k per year.-- farm worth approx 450k no loans.(would love to sell this as it is a very low return on value but it was a gift from parents and would kill them if i sold it.)
House Rental income 60k
Home loan Aib tracker 201k rate +0.6% house value 350k 22 years left
Investment property A mortage 55k @4.85% variable house value 140k rent 750 per month 17 years left
Investment property B mortgage 84k @4.55% variable house value 200k rent 2000 per month 10 years left
Investment property C mortgage 60k @4.85% variable house value 80k rent 400 per month(own 50% )22 years left.
Investment property D no mortgage value 200k rent 1150 per month
investment property E no mortgage value 150k rent 800 per month
No other loans
pay off credit cards in full every month
Pension of 30k with zurich life
Savings of approx 55k in kbc and aib savings accounts
We are in a good place financially as you can see through a combination of very hard work, Luck in selling pre recession and buying over last 5 years . 4 of the buy to let properties were bought with the 7 year capital gains tax deal and are worth significantly more than we bought them for and will probably sell off again starting in 4 years time .We have lived very frugally and intend to start enjoying our money a bit more over the coming years.(disneyland,new cars etc)
Questions:-
we have approx 3k per month extra coming in now that I could pay off mortgage loans on investment properties or invest in stocks and shares/pension.
I have read on his forum a lot about diversifying our portfolio which is mainly in property.(It is what I know and been succesful in for 20 years . )
I have been looking at another house to buy and renovate and rent but My accountant has informed me that my tax allowances , farm drainage/investments are coming to an end and my tax bill will rise significantly this october. He has told me to look seriously at pensions but looking at my pension performance over last ten years it has been approx 3% per year growth.
Any comments or advice would be appreciated. I find any investment advisors I have spoken to have wildly differing views on what to invest in and I leave being more confused than when i went in.
Thanks