as a constant worrier..recent small inheritance..and future

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As a constant over-thinker i am always worried about the future and retirement...if i reach it!!

My wife has recently received a part of her inheritance and i want it to be put towards our future security ...you will come to realise i am all about the future!!...comes with the disorder....for which i am tryin g to seek help!


İ am 53 and my wife 44,with a daughter of 18 who is at uni and the fees are dealt with. We own the home we live in outright and will be too big after our daughter leaves us. we live in Turkey and the place will need rebuilding in a few years but that will not be done until the downsizing and is all accounted for in that deal.

We have a business that gives us a decent income coupled with my uk pension and property rental income there...at the moment though we are spending what comes in and that worries me, plus this new inheritance i dont want to fritter it away...i want to keep a small offshore BTL mortgage on my uk property for tax reasons and to keep my uk credit file alive....İ don't want to spend my wife's İnheritance on that as well.... but i dont want to fritter what she has away!....and i know f it stays in cash we will!
mfw'11 No68- 55k mortgage İO--little to nothing saved! i must do better.

Comments

  • atush
    atush Posts: 18,730 Forumite
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    ok, first of all, where are you tax resident? Do you know about the changes in taxation for BTL in the UK? How are the Uni fee 'covered'? By you or by grants etc?

    Generally speaking, from a UK point of view, paying off debt (not always all debt as some debt such as a mtg can be very low these days- what % is yours?) goes first, followed by making sure you have emergency cash reserves of 6-12 months outgoings (how big is yours? you might need more being overseas) and then investments for the future you speak of?

    The investments would depend on tax residency, so if non uk resident the usual suggestions of pensions and S&S isas will not apply. Are there any tax wrappers in your country of residence? Will you remain there forever? This will determine what currency you would want your investments in?
  • de1amo
    de1amo Posts: 3,401 Forumite
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    at the moment i am tax dependant in the uk, once i sort things this summer i will go expat and take out an expat mortgage ...it is BTL interest only until i am 83, i have no intention of clearing my mortgage there as my home and life is abroad now...İ dwell in Turkey which is a hot bed but could swap to another country if things get silly here...i have held my uk home and equilibrium as long as possible to extend my CGT on my property and the freezing of my OAP as long as possible....it is getting to a point where it doesnt make sense...if BREXİT say leave i will dump as much as possible to stop a currency downgrade against all currencies...be warned foreign based buyers will....the bottom will drop out of the property market!....i am lining up my moves in readiness!
    mfw'11 No68- 55k mortgage İO--little to nothing saved! i must do better.
  • atush
    atush Posts: 18,730 Forumite
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    Do you understand the change in taxation of BTL going forwards? It will now be much less profitable.
  • atush
    atush Posts: 18,730 Forumite
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    Open as many accounts as possible that can be operated online, and link them to a UK banking account (which you should keep open). Opening accts once gone is hard.

    Then top any pensions and s&S isas as well before you are no longer resident for tax purposes.

    Change some money into local currency or another major such as euros in advance of the vote if you feel that the exchange rate changes will impeed your move.
  • System
    System Posts: 178,102 Community Admin
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    Maybe you're overexposed to property and need to diversify into share funds or cash or bonds?
  • Mojisola
    Mojisola Posts: 35,559 Forumite
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    de1amo wrote: »
    My wife has recently received a part of her inheritance and i want it to be put towards our future security

    What does your wife want to do with her inheritance?
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