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Breath Ray posted:i also noticed the OP does not mention btl. is that a reflection of its deteriorating appeal or just unconscionable in this leftish space? ALAB
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Feb 11, 2021 13:24
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ShakespearesWilly posted:Hi thread, Pay back your parents and save yourself £665 a year (plus whatever the impact on the eventual remortgage will be)
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Mar 23, 2021 16:27
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Give every poster itt £100
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May 15, 2021 19:39
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Status report: Over the past few months I've finished paying off my student loan and my credit card debts. Next step, building up an emergency fund, along with hopefully bumping my pension contributions to 10% (matched by employer) in September if they follow through with the talk of a delayed pay rise to make up for not getting one in April (or last April) e: We're also overpaying slightly on our mortgage because £484pcm is a silly amount of money and £500 is much more pleasing. sebzilla fucked around with this message at 17:56 on Jun 30, 2021 |
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Jun 30, 2021 17:50
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sebzilla posted:Status report: Pay rise is go, looking at something like an extra £55 in my pocket and £140 in my pension every month from October. Not bad. Failing to build an emergency fund at all so far though thanks to summer holidays and clubs and groups and so on for my kid. Hopefully a combination of dialling that back and a little more coming in will get us moving in the right direction.
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Aug 12, 2021 11:35
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Pushed my pension contributions to the maximum that my employer will match (10%) but that'll leave me at about £250,000 when I retire (not counting growth or increasing wages, just a dirty figure of my current input over that time.) Feels good, man. Can't really afford to invest any more at the moment, but if/when I can is it better to push past the 10% with the goal of hitting that £1M pension mark, or starting a Vanguard S&S ISA or something else (a SIPP?) Employer won't contribute any extra so there's less "free money" to be had, just the tax perks. I suppose part of the decision is that the pension will just sit there until I'm old af whereas an ISA could be cashed out sooner.
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Nov 9, 2021 17:35
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Would it be smart at this point to move my pension into a fund that's invested wholly outside of the UK, or should I not bother trying to be clever and just ride this poo poo out? Right now I think it's in a global fund so probably relatively insulated from UK-specific shenanigans anyway, but I've not checked. And I'm not going to be retiring for a long time anyway, but it would be nice to not lose large sums of money if possible. Obviously the actual smart thing would have been to do it a month or so ago, I guess.
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Oct 12, 2022 08:12
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Had a little look at my fund over lunch and threw half of it into a world (ex-UK) fund to see how they perform relative to each for a while just out of interest. Although yeah the best advice is probably: peanut- posted:It’s a pension, best thing to do is just not look and keep contributing and you’ll be buying lots of relatively cheap shares now that will go up by lots over 25 years even if they go down in the next 2-5.
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Oct 12, 2022 13:10
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Why would you want/need more? e: Not a rhetorical question saying of course you don't need more, rather asking what makes you uneasy about having "only" that amount of cash.
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Feb 10, 2023 08:35
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If you're considering buying a flat (and don't already own property) you might as well spend x number of months ploughing money from cash into one of those Lifetime ISAs or whatever they're called now that replaced the Help To Buy ISA. Free money from the government.
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Feb 10, 2023 11:06
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Hey, money brains. I've got £x000 that I'm going to want to put towards a house deposit later in the year (or maybe early in 2024 but almost certainly in <12 months.) Where's the best place to dump it in the meantime to get a bit of interest? e: not a first time buyer so that rules out a couple of nice options sebzilla fucked around with this message at 09:58 on Apr 4, 2023 |
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Apr 4, 2023 09:53
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Hobo posted:Probably whichever instant access/short notice account is top here: https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/ Thanks, I was thinking about overpaying the existing mortgage as well but you're right, 2.2% interest on the mortgage vs. 3.5% on savings makes the decision for me. If we do end up deciding to stay here past the end of this mortgage term I can always pay off a lump then, no way we're renewing at that good a rate unless things change dramatically in 9 months.
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Apr 5, 2023 09:01
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So, like a lot of people I'm concerned about my upcoming (February 2024) mortgage renewal. Currently we're paying about £500pcm (actual requirement is £484 but we've done £500 for neatness and to chip away at the capital slowly.) By the time it's due we'll have about £127500 and 30 years left on the current mortgage, on a property worth about £200k (not had it valued since buying it for £165k four and a half years ago but conservative Zoopla estimates etc.) The bit that makes it interesting is that as long as the legal stuff is all sorted out in time I stand to inherit £50k from my grandparents before I have to renew the mortgage. Initially we were hoping to use that to buy a new, larger house but with mortgage rates going the way they are I'm not sure that's going to be possible. Instead I'm looking at paying off a big chunk of the capital so that we can hopefully keep our repayments at a similar value to now (or maybe even bring them down and shorten the term too.) My thinking is that the money will still be there if/when we want to move in the future, it's just tied to the house instead of sitting in some investment account or other. Just as long as house prices don't crater... but even if they do then at least we'll be less likely to be stuck in negative equity. And in the meantime we can minimise our outgoings, or at least stop them spiralling. We'll be coming off a very fortuitous energy fix in October too, so that's going to be painful even before we hit the new mortgage. A quick look on Money Supermarket suggests that renewing on our current level is going to cost a minimum of £150pcm extra (maybe more after yesterday's hike) or by paying off £50k we could either take ten years off the term and keep the repayments at £500pcm or leave the term the same and pay £100pcm less. Is that smart or dumb, or just sort of a "personal approach to risk" choice. sebzilla fucked around with this message at 12:06 on Jun 23, 2023 |
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Jun 23, 2023 11:57
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Hobo posted:I’d say it’s just a sort of personal approach to risk ultimately, although the increase in rates have certainly made the appeal of mortgage repayments vs investments a much closer choice. Investments would still historically edge it out long term, but it comes down to what you want out of it really. One thing I’d say though is to not reduce the term, since having a longer term gives you more flexibility. For example, instead of a term that would result in a £500 per month payment, take one that has a £400 one, overpay by £100 if you want in order to have a short effective term, but be able to stop overpaying if you need the money or a better option for returns comes along. Thanks, the second part of that in particular makes a lot of sense. Although would the rate be lower on say a 20 year mortgage compared to a 30 year one for the same value, so even if I did overpay by £100 it wouldn't quite equal the 20 year rate? Either way the flexibility is probably still good. The reason for preferring paying off the mortgage to an investment is really all about the monthly budget. I might theoretically gain more in absolute terms from an investment but if I have to keep pulling that growth out to pay the bigger mortgage rate it won't work out.
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Jun 23, 2023 21:50
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Quick bit of advice. I've inherited a chunk of money from my grandparents, half of which is "mine" and half of which is for my nine year old daughter. The plan is to use both lots in the short term to pay off the mortgage and do a few nice things too, then save back up to my daughter's half to give her when she's an adult. My question is what's the best way to do that, a Junior ISA (either with a bank or Vanguard etc?) I suppose with a Junior ISA the money goes to her by default when she turns 18 whereas with a different account it would still be under my control until I decide the time is right? How does the interest rates typically compare? ISAs are tax free which helps too I guess. Also, I suppose I could do with some sort of calculator to make sure we're paying in enough to (probably) be there or thereabouts by the time the money reverts back to her. There's about £3k in an account we've been (very slowly) saving for her since she was born (£25/month) which will be the start of the new fund, but obviously we'll need to go a bit harder to get to the numbers we need in 9 or so more years.
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Feb 26, 2024 11:50
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peanut- posted:Just to check, the named beneficiary in the will is only you? Not your daughter? Yep, just me. The money landed in my account this morning. Pantsmaster Bill posted:I have no idea of your circumstances but I will tell you a story. Yeah, sensible point. "Various reasons" doing a lot of lifting there but I totally get it. The thinking is that by creating financial security now we'll all have a much better quality of life over the next decade and my kid will still get what's "hers" in the long run. Which comes back to the post below... Sad Panda posted:The simplest thing for finance is time in market wins so investing that money early is a really good thing. Her getting 10k now and you investing it properly will be a lot more than you giving her 10k when she's 18. Absolutely get this argument and ideally that would be the way we go but to be honest the short-term need is quite pressing if we want to avoid our mortgage becoming unaffordable at the end of next month.
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Feb 26, 2024 15:31
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 That's a lot of replies. To try to provide some explanation: our fixed rate mortgage runs out next month and, as you might have noticed, rates are quite a bit higher than they were five years ago. So the plan, once I first learned I was in line to inherit a lump of cash, was to pay down the capital as much as possible to keep the payments at or below what we're currently paying, because the prospect of trying to find several hundred pounds extra per month is... not enticing. Essentially we don't have it. We've spent ten years together worrying about money, borrowing from parents to fill the gaps when any significant expense appears (leaky roof, dead car, etc.) So the prospect of being able to sleep a little easier and actually build some savings is one that would provide significant mental health benefits to us all. We also are in need of a new roof (patching patches at this point) and ideally a new boiler (bring down those energy bills), so there's quite a lot of capital expenditure that's been looming for a few years, and without being in a position to move to a larger house (our original plan before The Liz Truss Event) we can't just gently caress off and leave them to be someone else's problem. However, having actually looked at some numbers last night, it seems we might be able to cover most of what we need without dipping into the second half of the inheritance too much, if at all. Rates have recovered somewhat from when I was last planning this all out, which makes a big difference. It'll mean our outgoings are pretty much where they are now, rather than being a net win, but since the majority of what we'd saved would have been going straight into savings to pay back the borrowed chunk anyway it's probably better this way in the long run. Just means less flexibility if/when the next unexpected hit comes. There's also part of me that wants some control over where the money goes in the long term which is why I'm shying away a bit from an account that automatically goes to her at 18. Standard parental thoughts like "spend it on university or a house deposit" stuff. Or at least most of it. If we do manage to invest all of what she's been given now and leave it alone for nine years it's going to be something like £80k or more which is... a lot (to my mind.) Although if I think about what I'd have done with that money it would probably have been very sensible and boring anyway so as long as she turns out like me it'll all be fine. Having watched Sad Panda's video I might go for a mixed bag of ISA and SIPP so that she ends up with some money as a young adult and some for long (long!) in the future. Saros posted:Few nice things = New car? More like "going on her first holiday that's not camping in Wales" sort of thing. Who the gently caress buys new cars?
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Feb 27, 2024 12:12
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| # ¿ May 22, 2024 06:13 |
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Finger-wave but don't take the piss is my approach
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Apr 4, 2024 07:45
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