Edenbridge14
Registered User
- Messages
- 19
Good question - i'm looking to have a pension worth while.May I ask what are you trying to achieve?
I think you would be better advised to concentrate on purchasing notional service and/or making AVCs.Good question - i'm looking to have a pension worth while.
I think you would be better advised to concentrate on purchasing notional service and/or making AVCs.
Have you checked if you can get mortgage approval?
You will put you savings towards the investment?
Is the such properties available to buy? And you would move in in twenty years?
I think the idea makes sense. If you can make it work financially. If when you retire you have the current house plus the granny flat rented out.
Are you holiday letting or not, you must decide. Yes to using your savings and yes to borrowing on the rental property. Rather than trying to pick your retirement home now, an impossible task, concentrate on what property gets you the most rental income.
The granny flat rent is tax free, and will not be added to the other rental for tax purposes. You may gain tax wise there if rental,income is half your husbands as tax bands are better the older you are.
Your income on 60 k is 3 k a month, plus your husbands income, plus rental. Where does the money go, are you able to buy another pension etc as others have mentioned.
So to make your childen richer you should live out your final years in poverty? Your son is going into a guaranted career, you and your husband have done everything to get them educated and you're now worried about what you will leave them. You are making your children reliant on the bank of mom and dad into adulthood? At what stage do you think it should be about letting them get on with it and concentating on having a nice life for you and your husband who is heading to his seventies.If i was to top up my pension with AVC's of 6000 a year will the children benefit if i don't live to see my pension ?? I'd hate to invest 60,000 over 10 years of a pension and not live to see it, or anyone to benefit from it apart from the shareholders
As some one who is now able to pull out income from rent, and more to come in a couple of years I say go for it.
So you have advised the OP to "go for it" without considering the numbers?OP should go for it now, if crunching the numbers makes sense - that I did not wok out - as she will be getting too old for a mortgage.
You're against propety investment are you not. So no matter what I post what difference. Why don't you post what her investing in her pension will give her back.So you have advised the OP to "go for it" without considering the numbers?
Seriously?!
No Bronte, I'm not.You're against propety investment are you not.
The OP works in the public sector. There's no mystery what purchasing notional service will achieve.Why don't you post what her investing in her pension will give her back.
And yet you advised her to "go for it"!She hasn't given us concrete numbers, she has a deposit, she can get a mortgage, she can't figure out holiday or long term letting and is confusing the issue by trying to buy her final home. She can do better on the rent if she buys smart. That's what she's not seeing as she is clouding the issue. And to make matters worse it's turned from property investment for income into adult children's inheritence.
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