Future Planning Advice

geeovana

Thank you for all the replies.

I need to have a proper read through, digest and return answers for all the above.

Appreciate the feedback, I don't really have anyone great to talk to regarding finances, so it's refreshing to have some feedback.

*Edit* - I guess the retiring in 15 years is ambitious and I know it wouldn't be sufficient for the lifestyle I would like to live, however I think a better way of putting it would be I am planning for the unknown and the more wealth I have accumulated, the more options I will have.

BLB53

I would then have the amount from my SIPP, potentially around 80 K being conservative, plus equity in our house / houses that we have paid off.

Just be aware that you will not be able to access your sipp until age 57 so this needs to be factored in but I think you are doing the right strategy and the only unknown factor is the impact on savings when children come along so maybe save a little more beforehand.

Lungboy

geeovana wrote: »

We have just bought our first house. The mortgage is in my girlfriends name

Is that not a little risky?

fiisch

Why does keeping the mortgage in one name allow you to rent it out in the future? What is stopping you doing the same on a joint mortgage?


Either way, mortgage type will need to be changed to a BTL in this instance...


Also, although you say no point in investing over and above your matched contributions, there is still the tax relief angle to consider.... If you can afford it, it will do your ambitions no harm at all to increase over and above what your company will match up to.