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been given 100K
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The forthcoming changes to the taxation of BTLs might well sour the market.
If they don't, then more changes will surely follow as HMG clearly has BTL in their crosshairs.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
Initially, I was concerned that putting the £100k in NS&I would not give protection above £85k (£75 from Jan 2016). However, I have checked and see that NS&I is unique in not having any upper protection limit.
That said, there are better interest rates available with some banks with Virgin Money appearing high in many tables. But this is just for the short term.
Longer term, in my opinion, you should buy a property to live in. Paying rent when you have enough capital is like burning money. Your current rent will likely cover most of your mortgage costs. The best interest you can hope for is about 3%, but any property will increase in value by more, probably much more.
Regarding pension planning, you must start as soon as possible. 35 years ago, I followed this advice and am now retired with a healthy pension. Some of my peers opted out of the pension scheme and lost out by only joining in years later.0 -
Initially, I was concerned that putting the £100k in NS&I would not give protection above £85k (£75 from Jan 2016). However, I have checked and see that NS&I is unique in not having any upper protection limit.
It is owned by the government and deposits covered by the treasury with no limits. It is a good place to "hold money".0 -
As for pension contributions, if your contribution would be accompanied by an employer contribution, get started ASAP. If not, hold fire a little. In his statement next week, and in his budget in March, Mr Osborne might well announce a subsidy for basic rate taxpayers contributing to a pension; it might be worth hanging on to see.
As for property: I agree with others that by far the best tax deal on property is on owner-occupied.Free the dunston one next time too.0 -
I would not hang on to see personally, or if i did i would instead contribute to a S&S isa in the meantime.0
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Don't buy a flat. You're going to have to extend the lease at some point (probably before selling it).
Personally I'd just buy a house for yourself then worry about the pension while you're able to save mortgage free. But then I could comfortably survive on £650pm state pensionMortgage (Nov 15): £79,950 | Mortgage (May 19): £71,754 | Mortgage (Sep 22): £0
Cashback sites: £900 | £30k in 2016: £30,300 (101%)0
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