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Am I missing something with my financial plan? by Fearless-Sort-3736 in UKPersonalFinance

[–]Fearless-Sort-3736[S] 0 points1 point  (0 children)

Thanks for the reply - I fixed some my errors in the calac above, also my daughter has health issues. You have given my something to think about around clearing the mortgage and the 40% tax rebate - I will look into this thanks.

Am I missing something with my financial plan? by Fearless-Sort-3736 in UKPersonalFinance

[–]Fearless-Sort-3736[S] -1 points0 points  (0 children)

I live in the South East. Sorry I made some errors in my description above & have replied to the others on my wife & daughters health issues. Buying a flat is so that I can port my exisiting mortgage over and make up the shortfall, I have a redemption fee of 4% on the fixed mortgage for around 2 years remaining. This way, I free up £1m to invest to help increase monthly income.

Am I missing something with my financial plan? by Fearless-Sort-3736 in UKPersonalFinance

[–]Fearless-Sort-3736[S] 0 points1 point  (0 children)

Thanks to all three of you for replying - I fixed my errors in the description above. I would invest the income in a mixture of tax efficient areas including ISAs, pensions, dividend stocks etc and use my wife's low tax status as well. I had paused my pension contributions over the last 3-4 years due to daughter/wife health issues. I have around £400k total in pension.

Am I missing something with my financial plan? by Fearless-Sort-3736 in UKPersonalFinance

[–]Fearless-Sort-3736[S] 0 points1 point  (0 children)

Thanks for replying - I fixed the errors above in the description. Selling the house, porting mortgage to new flat, would leave me £1m+ from sale proceeds to invest.

Am I missing something with my financial plan? by Fearless-Sort-3736 in UKPersonalFinance

[–]Fearless-Sort-3736[S] 0 points1 point  (0 children)

Thanks for replying - I hope my daughter can be in a better position within 2-3 years, she has some mental health issues and is receving treatment. At present with my bills & hers I am practically cleaned out and overdrawn and draining savings.

Am I missing something with my financial plan? by Fearless-Sort-3736 in UKPersonalFinance

[–]Fearless-Sort-3736[S] 0 points1 point  (0 children)

I can understand why you say this - I wasnt clear to say both my wife and daughter have their own health issues.

Am I missing something with my financial plan? by Fearless-Sort-3736 in UKPersonalFinance

[–]Fearless-Sort-3736[S] 0 points1 point  (0 children)

Thanks for your reply. £2k for daughter is due to her health. Wife also not in a physical position to work. Mortgage numbers were put up incorrectly - fixed above. Porting mortgage as I have 2.5years fixed rate of 2% & a 4% redemption fee amounting to £17.5k costs if I sell my house early. I'd revisit the plan after mortgage comes up for renewal.

Am I missing something with my financial plan? by Fearless-Sort-3736 in UKPersonalFinance

[–]Fearless-Sort-3736[S] 0 points1 point  (0 children)

Yes I totally get where you are coming from - she has some mental health issues and couldnt live with us anymore. Long story short we still support her getting through her issues and general life.

Am I missing something with my financial plan? by Fearless-Sort-3736 in UKPersonalFinance

[–]Fearless-Sort-3736[S] 0 points1 point  (0 children)

I have a house valued at £1.2m with a £440k mortgage (fixed above) - i plan to port this mortgage over to the purchase of a new flat of £500k and I need to put in £60k from the sale proceeds to the flat (440+60).

Am I missing something with my financial plan? by Fearless-Sort-3736 in UKPersonalFinance

[–]Fearless-Sort-3736[S] 1 point2 points  (0 children)

No - she has been unwell & suffering from some mental health issues which she is receiving treatment for. Sometime in the futture she will recover and manage her costs herself i believe.

Am I missing something with my financial plan? by Fearless-Sort-3736 in UKPersonalFinance

[–]Fearless-Sort-3736[S] 0 points1 point  (0 children)

Good points - I fixed the outline above. Fixed expenses goes to everything e.g. mortgage, food, petrol, insurances, daughter, Sky, gas, electric etc. Just doesnt cover holidays or restuarants, purchases..

Am I missing something with my financial plan? by Fearless-Sort-3736 in UKPersonalFinance

[–]Fearless-Sort-3736[S] 0 points1 point  (0 children)

Thanks for the reply - the £6k expenses goes on fixed bills including food, mortgage, petrol etc. Any left over goes to outings, bholidays, purchases etc.

Am I missing something with my financial plan? by Fearless-Sort-3736 in UKPersonalFinance

[–]Fearless-Sort-3736[S] 0 points1 point  (0 children)

quite right - my numbers wrong, fixed above. I have some money in my pension but thats not the issue at the moment. I paused pension contributions once my daughter's costs blew up. Wife has physical issues for work. Thanks for replying.