Worried about the future

magic_genie

Thanks for your post errr Editor, feels funny calling you that.

Anyway, the BTL I'm hoping to buy is a good investment I think, I've been doing the research for a few months (sad aren't I :-), there is an area in Manchester that is being regenerated, the Commonwealth Games Stadium is in the middle of it, 2 billion is being spent in the area. I think this is one of the few remaining ways where one can make money in property where the area is being regenerated. The properties are only just beginning to rise in line with the rest of the country, in line with the rises that we've all already experienced, consequently you can still buy for 40-50k, properties are rising in price drammatically only in this area. Similair thing happened in the Moss Side area of Manchester (one of the worst areas) 2 bed terraces were for sale @30-40k then in the last couple of years (2-3 years after the rest of the country) they're up to 80-90k. The trouble with BTLs lately is if you pay too much, the rent won't cover the mortgage, which is why @50k is ok, this is what I'm thinking anyway.

>Looks like you've got an unused 7k stocks and shares ISA allowance there, magic genie.Why not think what you could put in it and leave BTL no 2 until later?>

Should I do another ISA and not a pension?

regards
Alex

dunstonh

Should I do another ISA and not a pension?

Answering that would overstep the lines and mean that advice was given.

It is fair to say that there are pros and cons with both and the answer would be influenced by your age, tax position, and if you have dependents.

EdInvestor

MG

Strangely enough as I was writing my post I almost mentioned that I recently read of someone who had bought a flat in Scotland for 46k and rented it out for 450 a month.
Now if you have your eye on something like that, it might be a different matter, especially if you see it bouncing up smartish on the capital value side.

I was talking more generally - seems to me that the market will be ex growth for a while, even if there's no major crash.

If wanting to do direct shares you need an ISA. PPs only do funds - although you can get cheap Sipp pensions these days which enable direct share investment.

BTW are your NI contributions for the state pension up to date if you've been overseas? You can pay back conts up to 6 years in arrears.Worth it,IMHO.

magic_genie

> BTW are your NI contributions for the state pension up to date if you've been overseas? You can pay back conts up to 6 years in arrears.Worth it,IMHO. >

I don't recall. I should check this, do you know how I would check? Many thanks.
Alex

magic_genie

Well, I'm still trying to look into my offshore investment.
But have managed to look into my ISA:

Been paying into it for 11 months (£100) - Special Situations fund
For period 2004 I have 38.97 units, bid price £25.11, fund value £978.54
For period 2005 I have 8.23 units, bid price 25.11, fund value £206.66

Total fund value - £1185.20

Now, this lot means nothing to me, I'm afraid.
Does it sound correct?

regards
Alex

dunstonh

Assuming you mean Fidelity Spec Sits (there are a few spec sits funds), that sounds about right. Remember that in month 1 you only had £100 so you have only recently got over £1000. £85 on £1100 paid in £100 monthly chunks is very good.

mary

magic_genie wrote:

> BTW are your NI contributions for the state pension up to date if you've been overseas? You can pay back conts up to 6 years in arrears.Worth it,IMHO. >

I don't recall. I should check this, do you know how I would check? Many thanks.
Alex

National Insurance Contributions Office,
BP 2001,
Benton Park View,
Newcastle upon Tyne
NE98 1ZZ

Tel: 0845 915 9020 or check on https://www.saynoto0870.com for a cheaper one.

I have been trying to get my record up to date. You have to be patient with them! I'm 55 and trying to make sure I will get the full state pension.
Having had a large family and not officially having worked, I found that I was covered for 19 years with HRP (Home Responsibilities Protection - i.e. for looking after kids), followed by a spell of looking after elderly parents and I'm now paying self employed contributions as I do 15 hours of work from home.
£2.05 self employed contributions a week is cheaper than the voluntary contributions of £6.35 per week.

Do not accept what they tell you as being correct. I question everything and am lucky enough to have kept any paperwork over the years. There is also a website for this http://www.hmrc.gov.uk/nic/

Good luck

johnny_prescott

hi, i have a pension with Scottish Equitable through my last job (which i left over 2 years ago to start another job in a differant city) my pension was frozen & i have just received a yearly statement. I have a few thousand in my pension & ideally could do with releasing that money but after speaking to the pension company was told i could not transfer the balance of my pension so i can access the money.

If i set up a pension with a differant group would i then be able to transfer the £ in my previous pension & release some of the £ in it?

any ideas?

dunstonh

johnny_prescott wrote:

hi, i have a pension with Scottish Equitable through my last job (which i left over 2 years ago to start another job in a differant city) my pension was frozen & i have just received a yearly statement. I have a few thousand in my pension & ideally could do with releasing that money but after speaking to the pension company was told i could not transfer the balance of my pension so i can access the money.

If i set up a pension with a differant group would i then be able to transfer the £ in my previous pension & release some of the £ in it?

any ideas?

No.

Once the money is in a pension, you cannot have access to the funds until you are aged between 50 and 75 (55 and 75 from 2010). Even then, you would have to mature the pension and that allows 25% payable as a tax free lump sum and the rest is used to purchase an annuity.

magic_genie

I did mean Fidelity Spec Sits dunstonh. That's good to know. Thanks ever so much for your help. Now... just to look into this offshore investment, and where that's up to.
kind regards
Alex