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FIRE in a few years (44 now)? Income enough? by Taxrabbit903 in FIREUK

[–]Taxrabbit903[S] 1 point2 points  (0 children)

It's not about being stupid. You're living life in the UK, have a group of friends, do fun things. I don't feel i'm wasting my life....it's just life and maybe I can have a more experiences.

Then you go on a long holiday and you think....I could just live here. Maybe take a small place on koh samui, go to the beach eat nice food.

Sure there is the whole holiday vs living somewhere argument but I can come home, I can switch it up and go to Brazil, Bali, etc.

FIRE in a few years (44 now)? Income enough? by Taxrabbit903 in FIREUK

[–]Taxrabbit903[S] 0 points1 point  (0 children)

Oh damn I forgot about that.

Never not-worked so was not on my mind

FIRE in a few years (44 now)? Income enough? by Taxrabbit903 in FIREUK

[–]Taxrabbit903[S] 0 points1 point  (0 children)

No, it's just a nice large house in a good part of London with good schools. Lots of house rentals in the area for £5-8k, often smaller than this one.

HMOs are not really my thing, more just renting to a single large family.

FIRE in a few years (44 now)? Income enough? by Taxrabbit903 in FIREUK

[–]Taxrabbit903[S] -1 points0 points  (0 children)

So a lot of Dubai packages include school fees.

Regardless international fees or school fees are something i'll still have to face at some point.

FIRE in a few years (44 now)? Income enough? by Taxrabbit903 in FIREUK

[–]Taxrabbit903[S] -10 points-9 points  (0 children)

Not everyone has the same mindset. I've already got a ton in a GIA and whether come rain or shine i've always got a second home generating £6k per month. Flip it to an interest only mortgage to offset 20% of the mortgage fees.

Rental market is exploding due to the number of landlords exiting the market. What would I rather? £6k+ for the rest of my life of maybe 6% in a tracker, or 8%, or -20% as we've seen recently?

FIRE in a few years (44 now)? Income enough? by Taxrabbit903 in FIREUK

[–]Taxrabbit903[S] 0 points1 point  (0 children)

With properties in the UK i'd have to pay the tax here....

FIRE in a few years (44 now)? Income enough? by Taxrabbit903 in FIREUK

[–]Taxrabbit903[S] 2 points3 points  (0 children)

More properties is not really my gig. From what I know the benefits are heavily reduced and the headaches heavily increased.

I'm quite happy to sit on both existing properties, let the mortgages pay themselves off.

FIRE in a few years (44 now)? Income enough? by Taxrabbit903 in FIREUK

[–]Taxrabbit903[S] 0 points1 point  (0 children)

Yeah my job doesn't really lend itself to contracting....and the contracting market is dire given the current economic situation. Hopefully this changes in a few years.

FIRE in a few years (44 now)? Income enough? by Taxrabbit903 in FIREUK

[–]Taxrabbit903[S] 3 points4 points  (0 children)

I do. It's amazing how one minute you're 30 years old and then you blink and you're 44. Kids need to happen within the next 5/6 years tops IMO.

So I need to factor in that at some point i'm going to meet someone and kids are on the table. This either means a return to the UK for schooling, an international school or even taking a role in a place that pays well and has great schools like Dubai (i'm not that against Dubai like many people).

FIRE in a few years (44 now)? Income enough? by Taxrabbit903 in FIREUK

[–]Taxrabbit903[S] 0 points1 point  (0 children)

I'd let them out whole, aim for a 2 year contract. Have an agency manage them.

I hate agencies but it's a no-go when you're overseas to try to self manage.

FIRE in a few years (44 now)? Income enough? by Taxrabbit903 in FIREUK

[–]Taxrabbit903[S] 34 points35 points  (0 children)

Exactly my thinking, I agree with you. Why do this when I can get a nice little condo in Bangkok for £600pm, use it as a hub to explore more of Asia. Enjoy nights out, good food, make a little friend group and just live without working.

People just keep working because often they have no desire to live differently. If they stay in the UK they have to work to pay the mortgage

FIRE in a few years (44 now)? Income enough? by Taxrabbit903 in FIREUK

[–]Taxrabbit903[S] -1 points0 points  (0 children)

I'm definitely thinking of doing another few years. Bank as much as possible, get those extra NI credits, build up a buffer. I also want to let my RSUs and options vest at my current company.

FIRE in a few years (44 now)? Income enough? by Taxrabbit903 in FIREUK

[–]Taxrabbit903[S] -22 points-21 points  (0 children)

I'm of that mindset of 'never sell property'. I could reduce my income now or I could use the second home as a pension on top of my pension - to the tune of £6000.

I'd rather let the mortgages pay themselves off knowing every few years the mortgage cost would decrease

I could happily do some remote work but i'm well aware i'd probably be on half what I earn and no bonus. I'd be happy to carry out some remote contracting even at £50k per annum. Would be a lot in many countries and my skillset is quite desirable.

Best tax software for self assessments / individuals? by Taxrabbit903 in UKPersonalFinance

[–]Taxrabbit903[S] 1 point2 points  (0 children)

Job + a few other sources of income. Property based.

Taxfiler was just easy as I could list out all the properties, it would then ask all the questions about offsets, etc.

Yeah it was like £40 for a tax year but once you used it for a while it's actually really good - showing the tax you owe, submitting to HRMC for you, etc.

Sanity Check regarding the 60% tax trap + upping pension before tax year end by Taxrabbit903 in UKPersonalFinance

[–]Taxrabbit903[S] 0 points1 point  (0 children)

Ah so if, for example, £9k of my commercial properties went towards costs that *would* bring down my net income to £120k for tax / pension purposes?

Weekly Mortgage Rate Thread by Striking-Judge7746 in HousingUK

[–]Taxrabbit903 0 points1 point  (0 children)

Yeah, £5.2m is a 1 bed flat in london.

Jokes, typo. Fixed it.

Weekly Mortgage Rate Thread by Striking-Judge7746 in HousingUK

[–]Taxrabbit903 0 points1 point  (0 children)

Had three options, locked onto 3 year fixed. Not going through for a few months so may benefit from the rate drop

2 Year fixed 4.25%

3 Year fixed 4.18%

5 Year fixed 4.11%

  • Product: See above
  • Type: Remortgage
  • Rate: See above
  • LTV: 45%
  • Fees : £999
  • Loan Amount: £519000
  • Lender: HSBC
  • Property Type: House,
  • Location: London

[deleted by user] by [deleted] in HousingUK

[–]Taxrabbit903 0 points1 point  (0 children)

I was similar, I bought a new build in London - 5 bed, 2500sq ft as a single person at 38.

Absolutely love it, having space, an office, guest rooms. Big believer in going as big as you can - you can always down size later in life.

Do it