what to do

triumph41

I have inherited a house and am presently renting it out I get £525 per calender month, there is no mortgage on the house. I have been advised that I could take £50000 out of the property its value is £80000 either invest it, or use to put down as deposits on other property's or buy a property in Spain, which is my favoured option. I have read how it works but am still a little confused on what to do.

I am currently unemployed my wife works, our main property is mortgage free we are both 53 with a good savings pot would like to retire in 2 years time.

If I go to an adviser what questions should I ask. Are Independent better than tied advisers.

I would appreciate some advice as I have never been in this situation of having this amount of money and property.

If I sounds a bit stupid then I apologise just need some direction.

Thanks

Tony

Linton

The problem I see is that you are proposing to take on extra risk (debt) when you may not have the cash to pay the costs such as major repairs and to pay the mortgage should rental income stop - tenants not paying the rent, periods when you cant find a tenant etc. Unless you live there (or even if you do) I would have thought buying a property in Spain is pretty high risk in itself. There have been plenty of horror stories in recent years.

If you have never had this much money before how do you intend to finance your early retirement? Do you have some other secure income that will meet most of your needs? Without a full picture of your situation one cant do much more than flag possible areas of concern.

Before you go to an advisor I think it would save time and expense if you were to put together a plan showing how your savings, income, costs and living expenditure could pan out from your retirement. A spreadsheet is fine for this purpose. Once you have a plan it is much easier to ask an advisor specifics, and the advisor need spend less time trying to work out what you really want to do.