Complete financial novice

fuzzzzy

enthusiasticsaver said:

Given you intend to move home and will need to use savings I would be reluctant to put too much in your pension.  Maximise employers contributions by all means and of course long term it is the most tax efficient but once in your pension you cannot get it out until you are mid to late 50s.  Personally I would sell the flat (given you aren't making money on it anyway) providing this will not cause a massive fallout with your BIL.  Then you will have a substantial deposit on the new house with the equity in your current home plus savings and the equity in the flat.  As it is you are paying your BILs rent given you are covering the mortgage on it. 

A flat with cladding issues may not be sellable at the moment.

Yorkie1

Bostonerimus1 said:

Personal finances is pretty simple...in principle. You need to make a spreadsheet with everyting ion it and understand where everything is. Researching and understanding your pension is the first thing to do. Right now you don't know where your money is going or even if some of it is from your employer. This is almost criminally neglectful, but you are not out of the ordinary.

1) Start charging your brother in law rent

Just to highlight that this itself could incur extra up front cost - gas safety certificate, EPC, taxation, etc.

Just because it's BiL doesn't remove he need to comply with landlord's responsibilities, and would impose timescales on any later desire to sell up.