1688 days.

eskbanker

andys15 said:

I couldn’t sleep last night so was looking at meta

Facebook is enough to send anyone to sleep!

HCIMbtw

andys15 said:

Cheers. 

I cannot put any into the pension as I want to go at 50, so need 7 years money that I can access at 50. 

I am cavalier in some respects. I couldn’t sleep last night so was looking at meta, then that lead to 5g companies which lead to me buying shares today in an American company called Marvell. That’s the gambling side of me that I also used these forums for about 10 years or so ago. 

Careful what you read man.. I've read some of the most convincing arguments for different stock picks, and mostly led me to general market under performance..

Gamble/speculate on disruption, no harm in it for a bit of fun.. but as boring as it is I do think it makes sense to have a safer haven with most of it more diversified holdings if you don't have the time to properly evaluate companies and opportunity.. you cant be a master of everything and all sectors

I'm aiming for 50 something.. working on my own ISA bridge, got more time than you, but different worlds on income!

andys15

So things are changing again. The 1688 is still the ambition( now 1557). We are beginning to look at property in Spain, to live in when we retire early. 

I have various options to finance this, but I think the only one that will allow me to still retire early is to remortgage the house, I am currently unencumbered.  

I am considering trying to get an interest only mortgage which will allow me to still save my money. Then in 11 years ( when i can access my pension), either use the lump sum I can get to pay off the uk mortgage  or just sell my house. 

We have found a villa we love but I am still deciding wether this is my best option. I think having the villa will also spur us on to really keep saving. 

Is this a bad idea?  How would others finance it or should I just keep waiting( there will be an endless supply of Spanish villas), but that will just be pushing the decision further down the line as the ultimate aim is still to own a Spanish villa. 

1980ds

Finding this interesting as ultimately this is our plans to buy a Spanish villa to retire in it we’re a good 5/6 years away from that. 

Whereabouts are you looking at what are the costs involved in purchasing abroad?

andys15

1980ds said:

Finding this interesting as ultimately this is our plans to buy a Spanish villa to retire in it we’re a good 5/6 years away from that. 

Whereabouts are you looking at what are the costs involved in purchasing abroad?

We are looking in Murcia at the moment. Property tax there is 8% but the advice I am getting is add 15% to the purchase price( well 14.25%) and that should cover everything. 

Sunnylifeover50plan

Have you modelled the Spanish tax take, assuming you will be tax resident?

andys15

Sunnylifeover50plan said:

Have you modelled the Spanish tax take, assuming you will be tax resident?

We have and it’s very complex. Especially for the first 7 years where I won’t have a pension. 

Also I am reading that if I bought the villa and used it as a holiday home, and not rent it out whilst I am still working, I might have to pay tax on the rent I could potentially earn, even though I would not earn any rent. This all needs looking at with finer detail. 

1980ds

andys15 said:

1980ds said:

Finding this interesting as ultimately this is our plans to buy a Spanish villa to retire in it we’re a good 5/6 years away from that. 

Whereabouts are you looking at what are the costs involved in purchasing abroad?

We are looking in Murcia at the moment. Property tax there is 8% but the advice I am getting is add 15% to the purchase price( well 14.25%) and that should cover everything. 

Double interesting as that’s where we would fancy and are heading for a few days over Easter.. looks a nice area and pretty much guaranteed 🌞 

andys15

Nice. We have found a nice villa on La Torre golf resort, that we are very tempted to buy but also looking at Mar Menor. 

 

1980ds

andys15 said:

Nice. We have found a nice villa on La Torre golf resort, that we are very tempted to buy but also looking at Mar Menor. 

 

La torre is where we’re heading, looks a lovely set up. Could see myself in retirement going for an early run / game of golf and relaxing by the pools in the afternoon.  It’s our retirement target!