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mortage free, what are our risks?
Comments
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MortgageMamma wrote: »I think you should consult an Independent Financial Adviser/Consultant in Oz and get them to go through your retirement options with you. You could possibly look for one that has experience of giving advice in the UK as well as Oz, I'm sure you should be able to find one if you ask around
Interesting concept, how do you go about choosing/finding someone with the required skills, knowledge and experience?“If you trust in yourself, and believe in your dreams, and follow your star. . . you'll still get beaten by people who spent their time working hard and learning things and who weren't so lazy.”0 -
So, if you had an income, for example of 500 quid a month coming in for the next 4 years, what would you do with it to maximise it's contribution to your retirement pot?
Don't you have that now ? What are you currently doing with it ???? As said you need to talk with a consultant who understands Australian rules, for example maybe that money would be best applied to your Oz pensions if any.
But I still don't understand why you think paying the mortgage off makes any appreciable difference. Are you by any chance wrongly claiming the repayment amount and not just the interest to your gains?0 -
AnotherJoe wrote: »So, if you had an income, for example of 500 quid a month coming in for the next 4 years, what would you do with it to maximise it's contribution to your retirement pot?
Don't you have that now ? What are you currently doing with it ???? As said you need to talk with a consultant who understands Australian rules, for example maybe that money would be best applied to your Oz pensions if any.
No, at the moment that money pays the mortgage., If we paid off the mortgage we'd have the whole (minus management fees,) rent payment into our accountsBut I still don't understand why you think paying the mortgage off makes any appreciable difference. Are you by any chance wrongly claiming the repayment amount and not just the interest to your gains?
No we're paying off the mortgage using the rent. If we had no mortgage to pay the rent would be for savings/ISA/investment or whatever.“If you trust in yourself, and believe in your dreams, and follow your star. . . you'll still get beaten by people who spent their time working hard and learning things and who weren't so lazy.”0 -
Done!! Paid it off on-line last night!
Just to add some icing on the cake, the letting agents tell us they have a new tenant ready to move in, and they will be paying 700 quid pcm.
How good does that feel....“If you trust in yourself, and believe in your dreams, and follow your star. . . you'll still get beaten by people who spent their time working hard and learning things and who weren't so lazy.”0 -
Well done on clearing the mortgage
So you now own a Mortgage Free property in the UK and hopefully a place in OZ as well.
You plan on returning to the UK to retire.
Have you asked for a Pensions Forecast for the new state pension? Have you got 35 years NI contributions ? Private pension ? Company Pension ? Stocks&Shares, ISA,s ???
Equity in the OZ property ?
I would be speaking to an IFA in OZ0 -
We will be speaking to a FA over here soon. I don't think I have 35 years NI contributions, but will be getting a good superannuation from my current job.“If you trust in yourself, and believe in your dreams, and follow your star. . . you'll still get beaten by people who spent their time working hard and learning things and who weren't so lazy.”0
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Depending how much work you have been doing on the house while it has been let I would be putting some/all of it to one side to be available to refresh the place when you come back.
A few years letting it out might have taken some the edge off the place.0 -
Agreed. Good point.“If you trust in yourself, and believe in your dreams, and follow your star. . . you'll still get beaten by people who spent their time working hard and learning things and who weren't so lazy.”0
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