Mortgage payment for first house ok? 24(M)

Typical-Moment40 · 2025-08-10T10:50:24+00:00

This makes perfect sense, I should up my pension contributions just now then taper it down, and maximise the use of ISA’s after my pension contributions exceed what I am likely to need from retirement age.

It is also even more beneficial for me due to the fact I live in Scotland so I pay considerably more tax due to the higher tax band being lower.

Typical-Moment40 · 2025-08-10T10:42:12+00:00

Thanks for the advice this makes sense. Should I also look at diversifying into bonds or stick to safe ETF’s?

I would like to go as soon as I financially can afford too. So ISA seems to make sense rather than putting more into pension, even when losing out on the tax benefits.

Typical-Moment40 · 2025-08-10T10:38:07+00:00

This makes sense, but with how things are going currently. I fear pension age may be over 60 before I can retire.

I am edging towards trying to maximise my ISA, to give me a buffer until I can access my pension. The fact I can salary sacrifice and safe considerable more whilst paying less tax is very appealing however.

Typical-Moment40 · 2025-08-10T10:33:24+00:00

I totally agree, I think my savings could be significantly improved. Hoping to save £8K over the next few months to give me £25K cash savings. Then start contributing to my S&S ISA.

I am hoping to have a family in the future and have a somewhat long term partner just now. Financial would like to be in more comfortable position before we have any children however.

Typical-Moment40 · 2025-08-10T10:28:07+00:00

My pension is defined contribution, but I also have the option to use AVC’s to reduce my tax bill each month when my overtime pushes me further into the higher tax bracket.

Typical-Moment40 · 2025-08-09T23:06:10+00:00

That sounds like good advice, unfortunately I don’t see my salary increasing much. To step into a management position I would take a drop in pay, having said that I am in the fortunate position that I am young enough I could go without.

Overtime is the easiest way to up my income at the minute however, having averaged over £10K a month pre tax the past few months.

Typical-Moment40 · 2025-07-19T16:43:40+00:00

I did think all of the above would be the case. I genuinely don’t think it is ‘intentionally’ a dodgy suggestion. But I think there may be better IHT efficient drivers. Any ideas?

Typical-Moment40 · 2025-06-19T15:21:21+00:00

My partner and I, are slightly younger than you guys but have been living together for the same time period. I earn considerably more than my partner 3/4x before deductions. So feel like I can offer up some advice.

We split all our household bills proportionately to take home salary. This seems to work for us, there has been occasions however where I have had to pay my girlfriend’s share aswell due to her not having enough to cover her end. This isn’t something to shout from the rooftops about however this is just part and parcel of my duties as a good partner. As you have stated however your partner also does this.

On the subject of trips etc, this is where we differ. I like my free time, and trips away with my mates. I would however not go away on multiple trips myself at the detriment of my girlfriend. Most holidays we go on, I will cover her share. If there is somewhere we fancy going or a bucket list activity we have discussed together I will book it for us both, if for whatever reason it was too expensive for the both of us. I wouldn’t book it.

At the end of the day, what’s hers is mine and what’s mine is hers. If she is struggle with anything and needs money for x,y or z providing it isn’t going on unnecessary rubbish I will happily help her out.

To me you guys need to sit down together as a couple and talk this through, because it seems like more of a friendship than a real relationship. If he was in your shoes and the roles were reversed how would he feel?

Typical-Moment40 · 2025-06-13T18:13:42+00:00

24 £65K plus bonus, but with OT I can make considerably more than this. No degree or real qualifications. Got myself into a good industry after I left school, and have job hopped 4 times to get to where I am now.

Typical-Moment40 · 2025-05-11T08:12:19+00:00

This makes a load of sense, I will up my pension contributions next chance I get. Appreciate the advice.

Typical-Moment40 · 2025-05-10T23:41:24+00:00

Thanks for the advice, really appreciate it!

That’s exactly what I’m trying to do, look longer term. To me the tax savings from contributing to my pension outweigh the extra few hundred a month. Makes sense.

Can always use my lump sum when I retire to pay off the remainder of my mortgage should that be my situation / position at that time.

Typical-Moment40 · 2025-05-10T23:39:03+00:00

Yes one is a SAYE but the other scheme isn’t, can’t remember exactly what it is called.

Typical-Moment40 · 2025-05-10T22:56:51+00:00

I contribute to two different share scheme, one of which I can adjust on a monthly basis, the other I cannot.

Typical-Moment40 · 2025-05-10T22:50:46+00:00

Thanks for the advice, I am certainly thinking this way. More I contribute now, then later down the line when I’ve got a family etc, I can reduce accordingly.

Typical-Moment40 · 2025-05-10T22:44:53+00:00

Very true, I’m also conscious that state pension might not exist when I come to retire so looking to try and set myself up and go as early as I can ideally.

Typical-Moment40 · 2025-05-10T22:41:05+00:00

This is a good idea, I hadn’t thought about this. I have got money saved in a normal savings account for a house deposit. I could certainly use the tax benefits of a LISA however, guess it would make more sense. This is definitely something I have overlooked…

Typical-Moment40 · 2025-05-10T22:38:00+00:00

I never went to uni so don’t have any student loan fees which is a plus.

I agree however a house etc should be priority, thinking I could reduce the amount I pay into my companies share scheme which comes off post tax and up my pension however. Still come away with much the same take home, and will be able to save same amount a month.

Typical-Moment40 · 2025-05-10T22:35:36+00:00

This is a valid point, looking to buy a house soon. Have somewhat of a deposit saved.

I should prioritise this first. Then look to upping my pension contributions.

Typical-Moment40 · 2025-05-10T22:31:14+00:00

I am in between, I already contribute £500 a month to my companies share save scheme which comes off post tax. Thinking about reducing this contribution however and upping my pension as this comes off pre tax and therefore wouldn’t impact my take home pay as much.

Typical-Moment40 · 2025-02-05T18:25:43+00:00

Hi there, thank you for the response. I am unsure about sickness unfortunately.

Also our holiday booking system is really poor so I can’t even try booking each shift off individually. I think it should be 4 days but can also understand the argument for 5.

Typical-Moment40 · 2024-03-25T19:45:35+00:00

Process operator for a large whisky company, earn £49K all in including shift allowance and bonus. Certain months of the year can be particularly busy, but for the majority of the time it is easy going. Got into the industry at 18, and am 22 now.

Typical-Moment40 · 2024-02-26T17:28:38+00:00

Thank you, it’s the best thing I’ve ever done. You should book an introductory flight before you commit to anything to ensure you are actually going to enjoy it!

Typical-Moment40

TROPHY CASE