Originally posted by Support Monkey
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Reply to: Pensions and Mortages
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Previously on "Pensions and Mortages"
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Originally posted by ratewhore View Postmortgage - you don't need a contractor specialist. They were not competitive when I looked. I ended up with my own bank who wanted to see 2 years accounts and used my net profit figure as the basis for their lending criteria.
HTH.
banks generally only offer their own products Independents view all the offers
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Originally posted by kaiser78 View PostAny decent IFA will say NOT to use pound cost averaging but to invest at the most suitable time.
In the long term, it is vital to keep costs down. Even a small percentage in commissionyear after year will have a huge effect on your final pile: remember that's a % of your total investment, not of your return. That's why many people choose Hargreaves Lansdown or SIPPDeal: HL has low fees on many (not all) mutual funds, SIPPDeal has 0% holding fees on ETFs and shares.
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Originally posted by ratewhore View Postpension - go and see an IFA, really.
mortgage - you don't need a contractor specialist. They were not competitive when I looked. I ended up with my own bank who wanted to see 2 years accounts and used my net profit figure as the basis for their lending criteria.
HTH.
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Originally posted by SPURSN17 View PostCan anyone point me in the right direction to look for pensions (im 28 and still not got one set up!!!) and mortages and how do mortgages work given that your not in a perm role and planning things can be be a big problem...
Try and get a fully flexible mortgage if you can, I've been though all sorts of ups and downs with my one and it's been fantastic.
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pension - go and see an IFA, really.
mortgage - you don't need a contractor specialist. They were not competitive when I looked. I ended up with my own bank who wanted to see 2 years accounts and used my net profit figure as the basis for their lending criteria.
HTH.
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Originally posted by lukemg View PostIf you can resist the temptation to cash them, then start with a stocks and shares ISA, you need to be thinking long term so see this as pension not savings and DO NOT bottle it and sell up when things get a bit bumpy - They will tend to recover if you can hold your nerve. You need to think 5+ years AT LEAST.
To smooth this - use pound-cost averaging to drip feed in.Also - get on fool.co.uk to see how the financial world works.
Finally - from a standing start most of your cash should go into the lowest charging (look up TER) index trackers you can find.
UK+US can be found very cheap, overseas trackers tend to be more - check out Vanguard, HSBC, Fidelity.
If you want to liven it up, consider 20% in a riskier area (emerging markets say - tho you could have missed boat or Gold - ditto)
OR go HYP with some solid dividend payers, individual shares cost less in mgmt fees.
Defo use a discount broker - I use HL.
Good luck !
I find it quite addictive, making the decision about what to get into next but NEVER bet the farm, build up a solid foundation in safe trackers etc and maybe have some fun with 10% each year.
How am I doing - pretty average, about 8% average annual return across all my funds across
14yrs or so.
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Originally posted by lukemg View PostIf you can resist the temptation to cash them, then start with a stocks and shares ISA, you need to be thinking long term so see this as pension not savings and DO NOT bottle it and sell up when things get a bit bumpy - They will tend to recover if you can hold your nerve. You need to think 5+ years AT LEAST.
To smooth this - use pound-cost averaging to drip feed in.
Also - get on fool.co.uk to see how the financial world works.
Finally - from a standing start most of your cash should go into the lowest charging (look up TER) index trackers you can find.
UK+US can be found very cheap, overseas trackers tend to be more - check out Vanguard, HSBC, Fidelity.
If you want to liven it up, consider 20% in a riskier area (emerging markets say - tho you could have missed boat or Gold - ditto)
OR go HYP with some solid dividend payers, individual shares cost less in mgmt fees.
Defo use a discount broker - I use HL.
Good luck !
I find it quite addictive, making the decision about what to get into next but NEVER bet the farm, build up a solid foundation in safe trackers etc and maybe have some fun with 10% each year.
How am I doing - pretty average, about 8% average annual return across all my funds across
14yrs or so.
Leave a comment:
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If you can resist the temptation to cash them, then start with a stocks and shares ISA, you need to be thinking long term so see this as pension not savings and DO NOT bottle it and sell up when things get a bit bumpy - They will tend to recover if you can hold your nerve. You need to think 5+ years AT LEAST.
To smooth this - use pound-cost averaging to drip feed in.
Also - get on fool.co.uk to see how the financial world works.
Finally - from a standing start most of your cash should go into the lowest charging (look up TER) index trackers you can find.
UK+US can be found very cheap, overseas trackers tend to be more - check out Vanguard, HSBC, Fidelity.
If you want to liven it up, consider 20% in a riskier area (emerging markets say - tho you could have missed boat or Gold - ditto)
OR go HYP with some solid dividend payers, individual shares cost less in mgmt fees.
Defo use a discount broker - I use HL.
Good luck !
I find it quite addictive, making the decision about what to get into next but NEVER bet the farm, build up a solid foundation in safe trackers etc and maybe have some fun with 10% each year.
How am I doing - pretty average, about 8% average annual return across all my funds across
14yrs or so.
Leave a comment:
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Originally posted by monobrow View PostSIPP - Tax effiecient pension planning - availble from 55 yro
ISA - Tax effecient investments - up to 10k a year
Bricks n' Mortar - Where I live in the sarf of england, prices haven't moved much since 2003. Though in some areas they've seen an increase of 40%
UK Stock Market - pretty flat the last 10 years or so, a lot of people lost a lot of money in 2008
err, me? i'm sticking it all on red and heavily invested in emerging markets, google BRIC. approx 150% increase the last 5 years.
past performance is not a guarantee of future performance etc, but lets face it, the west is dead, long live the east!
muwwahhh! etc
If you need to buy a HOME, go for it, if you want to make money on a house, you've missed that boat imho.
The OP has to decide what his long term, medium term and short term goals are.
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SIPP - Tax effiecient pension planning - availble from 55 yro
ISA - Tax effecient investments - up to 10k a year
Bricks n' Mortar - Where I live in the sarf of england, prices haven't moved much since 2003. Though in some areas they've seen an increase of 40%
UK Stock Market - pretty flat the last 10 years or so, a lot of people lost a lot of money in 2008
err, me? i'm sticking it all on red and heavily invested in emerging markets, google BRIC. approx 150% increase the last 5 years.
past performance is not a guarantee of future performance etc, but lets face it, the west is dead, long live the east!
muwwahhh! etc
If you need to buy a HOME, go for it, if you want to make money on a house, you've missed that boat imho.
Leave a comment:
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Originally posted by pmeswani View PostDown side to an ISA is that the only tax benefit is on the interest. Where the tax benefit on a pension is higher (20% to 50%, yes there are some tax owed, but can take a lump sum tax-free on retirement. Downside to a pension? Yeah, the money is locked away until retirement).
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Originally posted by kaiser78 View PostConsider stocks and shares ISAs as an alternative to pensions. That's what I do maxing mine and other halfs ISA allowance each year.
But we are all different so seek professional advice before you do anything.
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Consider stocks and shares ISAs as an alternative to pensions. That's what I do maxing mine and other halfs ISA allowance each year.
But we are all different so seek professional advice before you do anything.
Leave a comment:
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Originally posted by SPURSN17 View PostCan anyone point me in the right direction to look for pensions (im 28 and still not got one set up!!!) and mortages and how do mortgages work given that your not in a perm role and planning things can be be a big problem....
Cheers
If you are happy to go for a SIPP, have a look at Hargreaves Lansdown and SIPPDeal. Various people on this board would normally recommend one or the other. There are others out there, so feel free to do some homework.
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