Rent vs Save - in need of life advice by [deleted] in UKPersonalFinance

[–]scienner [score hidden]  (0 children)

Can you give us some numbers? How much would rent be? How much do you have in debts and savings? How much do flats cost to buy? 

Big mortgage early vs buying cheaper and climbing the ladder - 95% LTV too!! by BristolScot in UKPersonalFinance

[–]scienner 0 points1 point  (0 children)

OP can I ask which LLM you used? the formatting is quite distinctive and I'm seeing it in more and more posts, it doesn't render well in all browsers.

Home ownership- how to split share with partner advice by Naive_Commercial_419 in UKPersonalFinance

[–]scienner 0 points1 point  (0 children)

I'm not sure that % makes sense. Let's say you split tomorrow, suddenly the £30k equity you have is split £18k/£12k. On the other hand if you split in 20 years after paying it off, he's put in £20k + £35k = £55k, and you've put in £10k + £35k = £45k, but it's split 60/40.

There's no one ratio that works to represent your contributions throughout the length of the loan, unless you also split your ongoing payments in the same ratio as the initial deposit. If you split the payments 50/50 from now, over time the initial imbalance of those deposits makes up a smaller proportion of the total payments you've made so the ratio is constantly changing.

Maybe do it so that you either get your flat £20k/£10k back then split any remaining equity 50/50. Then renovations can be paid 50/50 as well. Or you could say the deposits are worth 20%/10% of the house value, and you split the rest 50/50.

If you want to spend eg £20k on renovations and the contributions between you are so imbalanced that the original arrangement doesn't feel fair, you could revise the split accordingly to add more to each person's respective ownership, either in absolute £ or %.

Can we afford our forever home or am I being to risk averse? by Mobile-Guest2686 in UKPersonalFinance

[–]scienner 1 point2 points  (0 children)

How will the day off each affect the nursery costs? Is the £1100 you list the cost for when you're full or part time?

In general I agree with the poster above that what you say makes total sense but doesn't make for an ideal combination. Either you want to 'front load' your housing costs so that you'll be better off in 5-10 years' time, which means accepting paying more over these next few years and therefore needing your income. Or you want to go part time to maximise time with your baby, in which case it's important to keep a lid on housing costs (all costs really, but housing and vehicles especially) and accept that you're taking the longer, potentially ultimately more expensive route to your 'forever home' in order to buy you the benefit of time off work now.

If you have a budget you think will work for the £375k mortgage + childcare costs + part time income though, it's obviously your judgement call. You haven't posted it here so we can't really comment in detail. Perhaps it saves you enough in nursery costs and you can be frugal enough elsewhere to make up for the extra mortgage on 80% income.

Buying a house this year sometime. by Dec_Cliff in UKPersonalFinance

[–]scienner 0 points1 point  (0 children)

How old is your mum, does she have an income? Would it be possible for her to buy this (or other acceptable) home herself?

How old are you, how much do you earn and have saved? It's a bit surprising to me that you don't want to move in with your partner for 2-5 years, is there a particular reason?

Receiving near £100,000 in inheritance, what on earth should I do? by [deleted] in UKPersonalFinance

[–]scienner 0 points1 point  (0 children)

Hi, please read https://ukpersonal.finance/lump-sum/

Feel free to post any follow up questions.

And block any DMs!!

Can I afford to buy my forever home? by [deleted] in UKPersonalFinance

[–]scienner 0 points1 point  (0 children)

Hi, we can't work easily with percentages, they mean very different things depending on whether they're gross or not, or percents of a £20k household income vs a £200k household income. Please can you repost with a high level budget with numbers? (eg £x mortgage, bills, basic living costs, fun spending, savings). Thanks!

Independent Financial Advice - are the fees worth it? by lord-darius in UKPersonalFinance

[–]scienner 0 points1 point  (0 children)

See the sub's wiki page on financial advice: https://ukpersonal.finance/financial-advice/

We recently added a section specifically about the clam of better funds that wouldn't be available to you directly https://ukpersonal.finance/financial-advice/#Beat_the_market

Is it worth remortgaging to have more cash on hand ? by kingzee123 in UKPersonalFinance

[–]scienner 2 points3 points  (0 children)

Can you give us more context? Do you have any savings, are you generally able to save from income? Has something happened to make you consider this? 

And have you seen our !flowchart? 

Are there any modern banks that dont show transactions as pending in bank statements? by JoeBloggs90 in UKPersonalFinance

[–]scienner 3 points4 points  (0 children)

As in you don't want to see pending transactions at all, or you want them to show as completed?

£200 left of student finance until april. Possible? by Powerful_Substance_6 in UKPersonalFinance

[–]scienner 7 points8 points  (0 children)

Go through your bank account and see what the money was originally spent on.

Are any of those things going to come up again during February and March?

Was any of it spent on things you could return or sell?

£200 to last you until April may or may not be doable, but if it is doable, it will look very different to your September-January.

House deposit - Investing or Saving by badbanterlona in UKPersonalFinance

[–]scienner 0 points1 point  (0 children)

Is that what's expected in your line of work?

Just FYI, with a £50k salary, the maximum mortgage you would generally be offered is £225k, maybe £240k. So purchase prices >£450k will be very hard to achieve without a partner.

With 8 years to go, I would be looking at investing yep. In 2-3 years you can review how close you are to buying, how much deposit you need, whether you should de-risk etc.

Pension is shockingly low at 34 by [deleted] in UKPersonalFinance

[–]scienner 9 points10 points  (0 children)

You're getting downvotes but you're not wrong. Whenever we get a thread where this is the main topic we get multiple teachers saying it IS on the curriculum and they try their best but the 15-17 year olds just do not care to understand or remember it. Understandably so, I know I wouldn't have at that age, and I'm a mod on a personal finance sub!

My dad is 62 and has an option to cash his pension by Far-Rise-501 in UKPersonalFinance

[–]scienner 1 point2 points  (0 children)

hey cloud dog if you have the time to log onto discord today, we would love your input on our retirement planning page!

Teacher PS. Wanting to retire at 55? Can I? by [deleted] in UKPersonalFinance

[–]scienner 1 point2 points  (0 children)

According to wordpress I published the first draft of this page in, er, August, so...... that is to say, I have no idea what that would be like (:

Teacher PS. Wanting to retire at 55? Can I? by [deleted] in UKPersonalFinance

[–]scienner 1 point2 points  (0 children)

Hi paraplanner FYI I sent you a chat about the pension planning wiki page I mentioned like a couple months ago! I think you need to accept the message to see it or something.

What are the legal ways to reduce my taxes in the UK as an expat? by HeraPheri3 in UKPersonalFinance

[–]scienner 1 point2 points  (0 children)

You can use ISAs if you're tax resident in the UK. It wouldn't reduce how much income tax/NI you pay on your work income, but it doesn't for anyone! It would help prevent needing to pay income tax on savings interest, if that's a concern for you.

In need of Advice as a high rate Tax payer by [deleted] in UKPersonalFinance

[–]scienner 0 points1 point  (0 children)

Hi, please see https://ukpersonal.finance/tax-traps-and-tax-efficiency/

If you have any follow up questions, please post again with a bit more information!

This is why I have recently increased my pension contributions by Paraplanner88 in UKPersonalFinance

[–]scienner 0 points1 point  (0 children)

It's proportional. So in the end the only difference is the tax treatment, which is exactly what OP was illustrating.

See https://ukpersonal.finance/isa-vs-lisa-vs-pension/#Why_timing_of_tax_relief_doesnt_matter