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Comments
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Thanks @mark55man I'm definitely not patient. Maybe pragmatic? I'd like to kick off at them and it would feel good for 5 minutes but I need a home and this particular EA has 40% of the market in the area I want to buy. In short, I need them.mark55man said:You have the patience of a saint and the wisdom of solomon whoever he was.
With the lump sum it does depend on the commutation - for example mine has a 19 year pay back and the 84 year old me (my age at the start of being disadvantaged by my decision) can just go stew because I'm definitely having it in a few years at 65.
But if it was earlier - eg 75 when I start being worse off then I would make a different decision
With the DB I have a 1:12 commutation which I've been told is poor? My DB pension is not huge and I need to maximise my pension income to cover me until I am 67.If you have built castles in the air, your work should not be lost; that is where they should be. Now put the foundations under them
Emergency fund 800/1000
Buffer fund 0/100
Debt Free (again) 25/0720254 -
Mine is 1:12 too and for that reason I personally plan to avoid doing it.
Good luck with the EA.
Be kind to yourself. You still have a lot going on. My condolences to your friend's family. Desperately sad.Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £172.5K Equity 36.11%
2) £1.8K Net savings after CCs 13/9/25
3) Mortgage neutral by 06/30 (AVC £26.8K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 32.6/£127.5K target 25.6% 13/9/25
(If took bigger lump sum = 54.5K or 42.7%)
4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise)
(If bigger lump sum £15.8/30K 52.67%)
5) SIPP £4.8K updated 13/9/252 -
Agreed 12:1 is poor unless you have a real need and even then its not greatI think I saw you in an ice cream parlour
Drinking milk shakes, cold and long
Smiling and waving and looking so fine2 -
Thanks @mark55man and @savingholmes I always find pension stuff scary so it's good to know you two can see my reasoning on this.
My offer is in at was 3% below asking, not much in this volatile climate. Plus I am chain free. If not this then other opportunities will arise.
I've begun thinking what if?
I will not have too much to live the way I would like. I spoke to a friend who reminded me my income will cover all my needs. But I must admit I want to indulge my wants too...
We had such a good chat. If I get the house I want (or another just as nice) I need it to work for me. I've decided I don't want a lodger. I want this home for myself and my family. But what can I do to create an income stream? How can I make the house work for me? The list of things I can do has been whittled away to 4 things that spark joy...- I'm going to explore registering with a house-swap organisation so I can have cheaper worldwide travel options (so will need a smaller holiday budget)
- I can to set up a micro bakery specialising in gluten free bread and cakes
- I can contact all the local coffee shops offering my gluten free cakes and biscuits
- I can use my creative skills to provide workshops in my specialist area. I can include an organic veggie lunch
I already have a B&B earmarked for my gluten free bread and cakes
I have gone from fear of a small income to excitement about possibilities.
I hope everyone is ok
If you have built castles in the air, your work should not be lost; that is where they should be. Now put the foundations under them
Emergency fund 800/1000
Buffer fund 0/100
Debt Free (again) 25/0720256 -
Those options all sound fantastic!"Good financial planning is about not spending money on things that add no value to your life in order to have more money for the things that do". Eoin McGee2
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Sounds exciting and fantastic to do something you’re passionate about. I’m sure your ideas will take off.I get knocked down but I get up again (Chumbawamba, Tubthumping)3
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What a great idea DIA , hope it comes to fruition for you.Life is an adventure, never stop exploring.4
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Great options there I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.3 -
Sounds really positive. Hopefully you're nearly there now in terms of finding somewhere.Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £172.5K Equity 36.11%
2) £1.8K Net savings after CCs 13/9/25
3) Mortgage neutral by 06/30 (AVC £26.8K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 32.6/£127.5K target 25.6% 13/9/25
(If took bigger lump sum = 54.5K or 42.7%)
4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise)
(If bigger lump sum £15.8/30K 52.67%)
5) SIPP £4.8K updated 13/9/252 -
Thanks @beanielou, @savingholmes, @Sunshine_girl2 @Sun_Addict @jwil your encouragement is much appreciated.
So, as I expected, my offer was accepted but there are conditions...
1. I complete within one calendar month from my offer (searches usually take 12 weeks!)
2. The vendor continues to market it (so I can have the rug pulled out from under me or be forced to a higher price if they get a better offer presumable?
3. If I attempt to reduce the price for any reason the deal is off (I haven't had a survey yet so I don't know what it might uncover!)
I really dislike this.
I like the house, but I really dislike the sound of the vendor
They are planning on me agreeing to anything because I love the house, but I have stopped emotionally committing to house, because I've lost so many. I think other houses will appear. I know I am in a strong position.
I will mull it over and sleep on it
In other news, I baked bread, made soup and made burgers
Very MSE as I only spent £2.50 on 2 courgettes, a pear and a tin of chickpeas....
I have eaten healthily today
I hope everyone is ok.
If you have built castles in the air, your work should not be lost; that is where they should be. Now put the foundations under them
Emergency fund 800/1000
Buffer fund 0/100
Debt Free (again) 25/0720257
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