Cutting it Fine - the challenge is on!

savingholmes

Perhaps check out Mel R0bbins on Aud*b*e you can listen to live coaching sessions and get loads of ideas that way. It's doing me good listening to her.

SandyShores

Thanks savingholmes, she looks familiar, I think you may have mentioned her previously.  I think I need to make myself a list of things to listen to and books to read.  I seem to have so many, it would be good to go through them in a methodical way.  That will be my weekend task.  

Chiglepig

Argh, Sandy, stop it! Christmas is not coming up quickly, I won't have it!

SandyShores

Chiglepig, its at least 108 days before I get to spend my xmas saver (1 Dec)   Several moons away.

savingholmes

LOL at xmas.... Would be good to have an organised list of books...

LadyWithAPlan

Just been reading through your diary and I am enjoying picking up lots of tips..

Thanks also for the 'MPAA  is not triggered by cashing in small pensions under £10k '  I did not know this. I do have one £6k SIPP and one larger one, so looks like I will be opening lots of new small SIPPs and get them all to 8-9k each with my  plan to pay off some mortgage with the lump sums in future years I need to check if there are limitations. Not got my mortgage yet but will in the next 12 months., I am starting late as well.

Did you get a robo vac? If so how is it?  I am thinking I need one too, but with a mop attached as well

SandyShores

Thanks LadyWithAPlan.  I'm constantly changing my mind in respect of pensions, (I'm actually always changing my mind in respect of everything), so my advice is to take things slowly and do your research.  I took one of my final salary pensions early and took a big sum to use for the deposit for our house - it was definitely not the best advised thing to do in respect of a pension but it got us back on the property ladder - and I'm so glad, because I think we could have missed the boat otherwise.  For me, owning our own property came out as more important than having a slightly larger pension in a rented property.  We've got H2B so the next target is to pay that off - the plan is to remortgage in four years time and include that in the new mortgage.  With our new jobs it shouldn't be a problem, but of course who knows what will happen, so we are going to start overpayments in earnest in the new year.  I'm aiming to have the house paid off in 10 years time when I reach retirement age - again who knows what will happen in the next 10 years.  I've realised it won't be the end of the world if we have a smallish mortgage going into retirement, as long as we have the means to pay it.  So, my current plans are to try and keep our pensions intact if we can so that our retirement income can cover the mortgage payment if necessary.  But I'm going to keep it under constant review.

I've just been reading an article in the Times about whether its best to OP or to pay off H2B.  Its a balance really as H2B is no interest for 5 years but you pay more back when the equity goes up.  New houses do lose slight value (like a new car) but prices are rising so we are anticipating paying back more than we borrowed.  But of course we couldn't have even bought the house without H2B so its definitely a price worth paying in our circumstances.  And we will save interest by OPing so I think I'd rather do that than try and save enough to pay off the H2B and then find we would have been better off OPing.  There's so many ifs and buts, but I'm just taking the best decision I can each time at the time. 

Good luck with getting your mortgage, its never too early or late to start.  I was reading another article in the Times about an older couple who met later in life and have bought a shared ownership property together - the more I hear about shared ownership the more I like it.  I read previously that you should look at it as a good alternative to renting (rather than a poor alternative to buying outright).  There are some really good schemes out there and seem to be quite a few that let you purchase 100% when you are able.

The robo vac is brilliant - I can't remember the make I got off the top of my head but it was about £150 from Amazon.  But someone else posted about one they purchased from Asda I believe for about £90 - maybe a Goblin.  I didn't go for the mop one - I've got one of those swiffers mops with a washable cloth velcroed to the bottom.  So once the robot has done his stuff I just put some water and flashin the sink and then mop around with the swiffer (then stick the cloth in the washing machine).  I've also got one of those micro dusters on a stick - so I'll go around dusting the skirtings while robo vac is doing his job from time to time.  I really need to get down and wipe off the skirtings soon - its just seems easier to keep my glasses off instead for now

Moneyfordreams

It's amazing the things I don't see anymore - natures way of softening the problems  

LadyWithAPlan

@SandyShores thanks for the detailed response and clarity. I had been avoiding H2B as was told it was expensive way to buy but think Sept is my month to start looking at all the schemes and apartments.

My friend did SO very well she is very MSE and is a huge saver but said she had a friend who is still at 25 % 14 years later partly as  Hackney prices rose so quick she couldn't ever start staircasing

I am so getting a robot vacuum. 😂

SandyShores

It must be one of the benefits of getting older @Moneyfordreams

@LadyWithAPlan - oh crikey, at least her 25% must have also grown in value, so it should have been a better option to renting.  I believe with shared ownership you are 100% responsible for the upkeep as well so that has to be looked into before going into it, especially if you are never going to be able to staircase.  I'm glad we've used H2B as its let us move into a place that has everything we wanted, whereas what we could have bought without it, either needed loads of work or just wasn't right.  Another convert to the robot vacuum