I really really want to be........mortgage free!

ourcornercottage

I will be joining the MFW16, MFiT-T4 and the save 12k challenges this year.

MFiT-T4 I've set target as reducing mortgage to £87000 by end of challenge.
Save 12k I have set to save an extra £3000 by end of year.
MFW16 I have set to £6000 although will need exceed this to hit the MFiT-T4 target.

I have quite a few house renovation targets too for 2016 and will be paying for these as I go along so savings will go up and down again As the jobs progress.

edinburgher

ourcornercottage wrote: »

Hi ed, not shabby and the installer was right, chimney shading makes the extra worthless. Here are the 2 products I was telling you about, they're rubbish aren't they?!?!?


https://apps.virginmoney.com/virgin/assets/pdf/KIID_VUKITT.pdf

https://apps.virginmoney.com/virgin/assets/pdf/KIID_VIT.pdf

Unless you are using your full ISA and pension allowances every year (which you're not), I cannot for the life of me see why you would want to hold those products. As far as I can see, you're c. 0.45%/y+ more in fees than a basic index fund in an ISA and you are also being taxed on any dividends.

Diversification is all well and good, but those products don't seem to match your needs.

ourcornercottage

edinburgher wrote: »

Unless you are using your full ISA and pension allowances every year (which you're not), I cannot for the life of me see why you would want to hold those products. As far as I can see, you're c. 0.45%/y+ more in fees than a basic index fund in an ISA and you are also being taxed on any dividends.

Diversification is all well and good, but those products don't seem to match your needs.

Thanks thats really helpful. It Tells me I'm doing the right thing wanting to get rid and put into into my S&S ISA. I took this out years ago (15 ish) and have been drip feeding a little but in since. Now I have a S&S ISA I am going to focus on this. When I look this out S&S isa's didn't even exist! It's actually a good few thousand now so I should really sort it out!

Spoke to accountant about pensions today and am going to look at my stakeholders and convert to a SIPP and also our company of pension. Still 2 (wise in her experience of financial institutions, she's in agreement with my own trust neither the financial institutions or whatever government is in power to stick to what they say!) pensions but 1 managed and one self managed.

edinburgher

Any reason why you won't DIY both SIPP and company pension?

ourcornercottage

edinburgher wrote: »

Any reason why you won't DIY both SIPP and company pension?

Lack of trust in my knowledge. as I gain more knowledge I can take over making more of the decisions myself. Goal for 2016 is to learn about investments

edinburgher

#1 best seller in Am@azon books about pensions for a reason

gallygirl

edinburgher wrote: »

#1 best seller in Am@azon books about pensions for a reason

Seconded :T. Makes investing really, really simple

ourcornercottage

edinburgher wrote: »

#1 best seller in Am@azon books about pensions for a reason

That looks like a good starter for me. Thanks for the tip. How's the panels going I got 10kw today the best day all month I think!

Debsnewbudget

Is that book really worth £24 ?

Deb

AlexLK

ourcornercottage wrote: »

I will be joining the MFW16, MFiT-T4 and the save 12k challenges this year.

MFiT-T4 I've set target as reducing mortgage to £87000 by end of challenge.
Save 12k I have set to save an extra £3000 by end of year.
MFW16 I have set to £6000 although will need exceed this to hit the MFiT-T4 target.

I have quite a few house renovation targets too for 2016 and will be paying for these as I go along so savings will go up and down again As the jobs progress.

Good luck with all your targets for next year

What are you planning to do to the house?