watchesandwhisky

I have about zero pension and im 38, it sucks - I have just got my first mortgage and so want to focus on that primarily as a place to live has top be top priority.. 

I have a workplace pension now (only been in the job six months)

For those under 40 I think a lifetime ISA makes a lot of sense , 25% bonus on upto 4k contributions each year until the age of 50 - then can withdraw as a tax free lump sum at 60. 

Have a stocks and shares Lifetime isa with HL and am going to try and max it out for the next 12 year and let the funds do there thing until i hit 60. 

I would think these should be isolated incidents or possibly done once out of the uk, are you sure the contents in the royal mail bag for split packaging was not swapped by the buyer? 

Most posties value thier jobs, and are such high workloads dont really have the time to try and work out whats inside packages and swap/steal the contents. 

I have been working with the royal mail since christmas, I would say there service is good from the limited side I see - Its easy to forget just how much mail is delivered.

The tracked and special delivery services are 99.9% of the time very very good. 

signed for less so IMO.

Cheers @GoldDiggerDave , yeah I think you are right there - We have to do something and it feels like now or never. Will take each day as it comes and work hard to get it cleared! 

For now I am putting all overtime earnt into a stocks and shares ISA, and putting a tenner here and there into a Lifetime ISA for when Im 60. I am hoping that will be a lump sum to help us clear a different mortgage in the future. 

the royal mail pension should grow at the rate of roughly 4.5k a year for 30 quid out my gross pay packet so thats pretty reasonable. It wont be enough but at least we are building equity in a property too. (and without children will be able to use it to fund later life potentially )

37 minutes ago, GoldDiggerDave said:

Consider term time 25 years was the norm but I'm seeing more taking 35 years and this begs the question will you ever own it especially if you re mortgage at some point within the 35 years.  I got friends of the same age who bought around the same time as us we overpaid and paid off 8-9 early at 38 years old today they still have a 22 year mortgage and will be 67-68 years old before they have paid theirs off.  

Service charges and ground rent can be a real stitch up, so if you are buying an apartment or new build home you really need to look into this.  I've seen horror stories where service charges jump in price and you have no option but to accept them.   Ground rent/lease hold can be a total ripoff in some areas some doubling every 10 years without the option to buy the lease.  

Its a tough one, but what else can I do? Rent for the rest of my life? even if I am paying a mortgage of into my 70s it has to be preferable to renting, at least I will have an asset to fund our old age care for a few years (oh what a joyfull though lol...)

It does have ground rent of £100 a year, but i have looked into it, it goes upto £200 in 2029 and then £300 in 2054 - So its there but sensible and not terrible like these ones that started at £250 and double every ten years. 

Service charge will almost certainly increase, but the management company does at least seem to tend the gardens, clean the communal hallways ect - I would love a freehold detached property but the reality is I cant even cant even dream of that, a lease hold flat is all I can stretch too. I am awaiting LPE1 form that show plans like reserve fund, when the service charge may be reviewed, any potential major works planned ect - will have a good read before I sign a contract.

I Think its the lesser of two evils, service charges suck, but should suck less than being stuck in a rental trap I cant escape.

I'm sure reality will hit home but at this point I am excited to be moving into the next chapter in my life even if a lot later than I should be.

1 hour ago, Lyrinn said:

For context to the below that I'll add in...

My mortgage is currently £430/month. Was a fixed 5-year mortgage, ends shortly. It'll be the 7th year I have had a mortgage (previously had a 2-year deal). It was a 28-year deal. I'm very early 30's. I have about a third left to pay off of what I took out, as I focused on always getting the 10% overpayment that my bank let's me have for Jan-to-Jan, each year, of the remaining amount. I relied on overtime (my last job came with an unlimited amount) and not going on holiday at all - lockdown was a bit like how I would holiday over the past decade, case in point. I basically viewed my 20's as being the sacrifice to enjoying my 30's and beyond. If the bank has it their way, I will only have a mortgage of circa £215/month from here on, as I have eaten such a huge chunk out of the interest they would have made from me to date. However, my plan is to be mortgage free in about 2-3 years (I will ask to change the term length, or go elsewhere if they refuse).

I am kind of the opposite, I dossed around during my 20s (and most of my 30s) and have to now pay the price of not being willing to accept a long standing self employed "business" never really was that. I'm nearly 39 and I'm just staring. Better late than never though. 

1 hour ago, Lyrinn said:

My food bill, each month, is equal to that of my mortgage. I budget for £15/day for myself. You need to basically decide what your "luxury" will be. For me, good food is my luxury.

I think its tight but doable, Whisky is my luxury I guess, I cant drink often any more but I have enough supply and variety of quality aged single malt to last me for many many years - as in at least over 25 years supply  

1 hour ago, Lyrinn said:

Clothes looks a bit low. For example, a new pair of boots/trainers will blow that limit you have set. Even just buying some new socks will eat 1/3 to 1/2 of that amount.

I don't see entertainment in the above list. Even my boring self has a budget for this (say you watch a film, buy a game, or have a gym/club membership).

Clothes is low I guess, but most of my time is spent in work uniform that is provided free - so my non work cloths get very little use and I am not fussed about fashion or trends. Shoes is my biggest cost as I wear through tread quickly - So probably do need to up this. 

1 hour ago, Lyrinn said:

Maybe I'm being dumb, but I can't see home and contents insurance anywhere? Is it included in ground rent/service charge?

Buildings insurance is in service charge for some things, but i also need home insurance for burst pipes ect - when i did a quote it was cheap so didnt include it - but it is a cost. 

1 hour ago, Lyrinn said:

Have you got an inflation factor in there? Without being rude, are your pay rises keeping up with inflation? I would track that somewhere too. Your overtime might get sucked up holding back the pain of inflation.

I work for the Royal mail, and being a unionised company I feel I am protected better than most - our union is the CWU and they are currently doing BT pay rise and have flat out rejected a £1500 year increase for them - stating a 10% increase is needed before industrial action is taken - the royal mail should be the same, they have just had a bumper year and payed out shareholder a ton in dividends - I Believe they will want the same for us. 

For fun we just go for walks in nice weather really, get some sun! but I also have a top spec gaming pc that will be good for years and a nice tv and entertainment system all paid upfront, plus a sizable physical media collection. So I feel im ok for entertainment, luckily we dont go out much and when we do its cheap. 

Cheers for the imput and thoughts, there sure is a lot to think about! 

On 10/04/2022 at 08:43, papi1980 said:

In my view SIPP is the most tax efficient vehicle in the U.K. at the moment (especially if you are a high tax earner). In salary sacrifice when you put funds in SIPP you are net of tax and get taxed after you start withdrawing, with ISA/LISA you put funds post tax and not taxed anymore 

both work ok for me, but depends when I plan to spend the money

one rule I have for everything I invest in: I don’t invest until I understand what it is to the last detail (that means, funds, single shares, ETF/ETC, crypto, NFTs, PM, property, Pokémon cards or playboy magazines

until I get absolutely clear 120% clear idea of

1) how it makes cash / profit 

2) what are its risks

3) how much it will cost me to acquire it

4) why someone will buy it from me

i don’t get involved 

Hope that helps 

 

 

For high tax earners SIPP does seem best for sure, I would say average ish wage- Lifetime ISA seems the best for me I think as its tax free and still get the tax relief. I do a salary sacrifice with work for pension I do 6% and they match it with 12% (or well in 8 months they will - for now im on crappy basic 6% with 3% added for the first year of employment)

On 10/04/2022 at 01:27, Stacktastic said:

Just done the same - 2.08% for 10 years. Great move I think - cant see it getting much lower?? 
Im only a few years older & dont have that much - but it adds up. 
I estimate I have saved about 20k in the last year. 

I think I will overpay the mortgage if I get to a certain level of savings & investments. `
Would be nice to own the house at 52 especially if interest rates go up considerable. 
Imagine another period of 15% the average hope with car loans and stuff will be screwed!! 

I spend all day trying to work out what to do - literally & im still confused. 

We are in an everything bubble & as much as there are beaten down stocks - its a tough call to invest in to equities!! If i had a choice right now it would be GDX, Wheaton & a basket of emerging market ETF's, but even they could tank on a mega downturn as they are listed on the FTSE or US exchanges!! 

The only thing IU can personally see worth investing is Silver, Rum/Whiskey, watches, Lego sets, art and other tangibles. 
Commercial property might have some deals as a lot of people are working from home, but thats mega money. 

Your best bet is to focus your energy on another income stream or several? Vending machines, digital courses, side business. 
Seeting up a very profitable business thats recession proof is probably the best thing & convert it to metals. 
One that requires minimal time to run, is scalable & has little opperating or purchasing costs. 

Sitting on mountain of cash is not abad idea right now you have a plan to execute - I am & so is warren Buffet..  
Crypto, stocks, property you name it should theoretically be on fire sale within a decade if history is anything too go by. 

I dont like the idea of a pension btw. (unless your employed as they add to it, but its still fiat locked with governments)
Look at interactive brokers new ISA - learn how to invest in stocks and bide your time. 
That way your proficient at reading charts / balance statements and knowing whats what. 
 

20k savings in a year is awesome! so you plan to save and invest rather than overpay? Im thinking along the same lines really, each day i do 5 hours overtime im throwing £10 onto a LISA towards pension and £30 into a S&S ISA. Should add up pretty fast as i do that 4 times a week usually. 

On 10/04/2022 at 00:08, Gordy said:

as Roy said, factor in 6 months worth of running costs and overtime is not a gauranteed income, if you plan on overpayment on your mortgage its something like a max of 9% of the balance per year (may be wrong, but not far off) the way the economy and world politics are going you have locked in for 10 years which is great but assume an increase regularly over that period and by the time you need to look for another product the interest rates may have jumped, lowering your mortgage balance can counter-act increases so you wont get stung with a payment you might struggle with.

I'm lucky as mortgage paid off two months ago and all of my property is now an asset i can utlise fully if needed. 

Bet that feels great! 

Yep I think interest is going to be a lot more by the time the ten year fix is up for sure. 

On 09/04/2022 at 23:54, Roy said:

Yay! Congrats on the mortgage approval!

I think all your ideas are great BUT I'd come back to this in 6 or 12 months time.

You know what the mortgage cost is but you've yet to work out gas/electric/council tax, ground rent (if app), water, internet, car cost, etc. etc. (and the etceteras will multiply!)

Plus there will be increases this year. Now add in food and fuel. Patter of tiny feet?

It will take this long to work out your monthly costs and never rely on overtime to pay bills, that's for the pleasures in life.

Good luck on your new adventure 😀

Hi Roy, I think i have it mostly worked out, i did this pre mortgage application so I could show them I knew what my expenses would be. Let me know if any of these stick out as off, I think I have overestimated on some to be on the safe side.

Per month

Water and sewerage - £31

shopping - £140

Car maintenance, fuel ect £100 (not a lot but a 2 year old honda so reliable and cheap to run)

holiday fund £50

sim contacts £14

mobile phone replacement money £10

internet £25

electricity £150 (its a 1 small bedroom, 1 open plan lounge/kitchen type flat - with electric boiler, flat is EPC - B )

clothes £20

Life insurance - £50

unexpected (prescriptions, medicine, whatever else ect ) - £50

council tax £108

ground rent/service charge £100

Mortgage repayment - £550

Total bills and everything £1400, say £1500 to give some leeway. 

My basic salary just about covers this, but overtime will be needed for savings or overpayments for sure! I guess a figure of £7500 would be good for a 6 month all in emergency fund. 

I'm looking for ideas or tips on things I can do, and opinions on my plans. First a bit about my current situation.

Ok so now mortgage approved assuming the sale completes I will have a mortgage to pay at approx. £580 a month. 

I have practically zero pension provision (as in about 900 pounds!) and I am 39 in June. 

A place to live that is my own has to take priority over pension. So i used a sizable deposit and got a loan to value of 70%.

I have an emergency fund of 4 months full bills to include everything and the mortgage in cash.

I have secured a ten year fix mortgage at 2.59%

I plan to do overtime where possible - and use that money to long term overpay the mortgage...

With a ten year fix I'm thinking I may be better served putting all overpayments into a stocks and shares ISA on some low cost index trackers - ten years is plenty of time, and if the market takes a major dip when its close to re-fixing I don't have to cash out then - I can always get a new fix...

As for pensions I also need to do something, First I thought SIPP, but that is only tax free for the first 25% at 55 years old, then taxable. 

So I am thinking a stocks and shares Lifetime ISA, cannot get until 60 and can only pay into for the next 11 years but its completely tax free. 

I want to clear mortgage, but i also need to make pension provisions (I do get a workplace pension I am maxing out but as of now thats only adding £37 a week - from December i get a much better rate and it will add about £60 with no extra cost to me)

So instead of making overpayments to the mortgage provider I am thinking for every £50 i clear in overtime put £35 into a stocks and shares ISA, and the other £15 into a lifetime Isa to add to pension fund. 

Thanks for reading, what do you think of my plans?

This is my most prized piece, weighs about 100 grams but its value (of what I am unsure) is certainly well in excess of the silver content, I just think its such a cool peice of modern military's history. Purchased from the man himself who was relocating to Australia. 

I have a digital copy of the citation - this was taken from that.

"Royal Signals RSI silver medal awarded to SGT RH Richardson in 2016. Awarded for his role in providing close communication support during civil unrest and the conduct of flawless tactical operations to preserve sensitive material frequently whilst under direct personal threat."

Looks to me like the assay mark for Dublin. 

I will sell you a 2021 sovereign cheaper than any main dealer with website by 1% 

6 minutes ago, Stacktastic said:

I was bought a Metal detector for Christmas & one for the kids. 
I thought it was a bit of a toy but it is not actually bad for the price. 

Dr Otek MT-X & Junior. 

https://www.amazon.co.uk/DR-ÖTEK-Sensitivity-Waterproof-Discrimination-Accessories/dp/B07BT9W8MP 

Wondering if anyone has any experience on being a detectorist.
I really only want silver & gold not the slightest bit interested in Iron etc. 

I need a pin pointer and a better shovel, but we are good to go. 
Looking at this I want to go to Wales or Scotland now!!!

At least I could make back my Greatland & Alba stock losses, by some finds near thier resources. 
I hear the rivers near Scotgold are full of Gold. 
 

 
 

I used to do Bournemouth beach, did find a few gold bits including a heavy 18ct ring! generally i covered fuel and made a few quid lol..

Great hobby, be careful to get permission if detecting inland. 

9 hours ago, FlorinCollector said:

@watchesandwhisky My 4 coin set was dispatched today. Be careful and check your emails. I had to phone up and reverify my card because of the length of time, the authorisation had dropped off. This might be an issue with second engraver coin to I feel. 

Cheers for that @FlorinCollector, they arrive tomorrow:) 

1 minute ago, FlorinCollector said:

Anyone got an update on the 4 coin sets yet?

Nope, called yesterday - lady said no more coins being made and should get an update soon but no other info. 

Saw it on release day, was a slow seller - debated it but the muisses said no and I had to take her wishes into account. I think its a nice coin though! Bought the silver. 

Just now, NewCoins said:

I also bought a 2oz silver. Although I was determined not to! I got caught up in the hype again.

Not sure it's a fair comparison between this and the gothic.

Some people will be happy to have any version of this coin. There are seemingly an unlimited amount of bunc available.

If you want to the silver there is the 1oz ish version of a similar diameter of which there is 5k. Don't forget the nearly 2k pidefort silvers.

There are lots of options to own this coin, which isn't the case for the gothic crown.

No to be fair its not a fair comparison. I just found the mints mintage/price point interesting compared to it. 

I didnt even plan to buy anything but its my day off and i just so happened to check the mint this morning 😂

24 minutes ago, matt1r said:

Finally completed one collection, fingers crossed the 2022 comes back a 70 😊

WOW, what a collection, congrats! 

1 hour ago, MancunianStacker said:

I’m counting on some flippers 🐬 getting burnt 🥵 and some bargains appearing on the old fleabay 👌 

How many 5oz gold 😳 

Everyones a flipper in one way or another so you stand a good chance:)

Also there is a "Rolex" style buying now happening with people spending up on all new releases to move up the mint marque membership levels - no doubt with the hope of being offered a great engravers rare coins or some other desirable hard to obtain coins. These purchases may well be let go below retail.

I bought the 2 oz silver. 1000 mintage vs 3750 for the gothic, and £180 vs the gothic £260 price. 

I think the design is awesome and horseback queen portrait is a novelty that will help its value down the line. 

1 minute ago, Fivepoundfred said:

Ordered the gold proof £5, very nice coin !

mintage and price ?

do we get sent an invoice from CC? i bought a couple of coins but cant see where to pay.

3 hours ago, Thelonerangershorse said:

Anyone found a bullion dealer offering a nice discount, say anything over 25%??

bullion dealers work to way lower premium than that so you have no chance at all, would be nice but wont happen sadly.

the Perth mint, no contest for me.