July 8, 20232 yr I owe about 50k on my Mortgage and I'm due to inherit about 80k, should I pay off my Mortgage in full or invest the money? Edited July 8, 20232 yr by glennboltw
July 10, 20232 yr If you put that £80000 into your pension, it would actually be £100000 going in due to 20% tax relief, even if you're a basic rate tax payer, and considerably more if you pay tax at the higher rate. How long it is until you plan to retire would be crucial, as the money would no longer be accessible to you until retirement.
July 10, 20232 yr 9 minutes ago, tkonion said: If you put that £80000 into your pension, it would actually be £100000 going in due to 20% tax relief, even if you're a basic rate tax payer, and considerably more if you pay tax at the higher rate. How long it is until you plan to retire would be crucial, as the money would no longer be accessible to you until retirement. can you whack that amount in at a single go?
July 10, 20232 yr I believe that it's max contribution of £40000 per financial year, but I think I've read that you can go back upto 2 years and add any allowance that wasn't used from those years. I'm an amateur so could be wrong.
July 10, 20232 yr https://www.telegraph.co.uk/financial-services/pensions-advice-service/how-much-can-i-pay-into-pension/ Better than I thought infact. @Sweep
July 10, 20232 yr 17 minutes ago, tkonion said: https://www.telegraph.co.uk/financial-services/pensions-advice-service/how-much-can-i-pay-into-pension/ Better than I thought infact. @Sweep indeed, if you want the tax relief though, then it depends how much you earn it seems However, you will only receive tax relief up to a maximum pension contribution value of £60,000 a year (or 100 per cent of your salary, whichever is lower)
July 10, 20232 yr 41 minutes ago, Sweep said: However, as a Wanderersways poster, you will only receive tax relief up to a maximum pension contribution value of £60,000 a year (or your £150,000 salary, whichever is lower) EFA* *edited for amusement - the above is not accurate… Edited July 10, 20232 yr by Jol_BWFC
July 10, 20232 yr 1 hour ago, Sweep said: indeed, if you want the tax relief though, then it depends how much you earn it seems However, you will only receive tax relief up to a maximum pension contribution value of £60,000 a year (or 100 per cent of your salary, whichever is lower) That's true, my £40000, wasn't accurate (I did say I'm an amateur) I think that the backdating up to three years of unused allowance would likely come in handy.
July 11, 20232 yr Glad I paid off mine last year before all these interest rate hikes started. A lot of overpayments whilst the rates were stupidly low. Can now pump any excess money into savings and get a small return*. Winner winner. Still not met an IFA who can predict wars in the Ukraine, pandemics or other significant cause for financial collapses, etc, etc. Think there’s a sense of “achievement” when you are mortgage free. *Or paying off the extortionate utility bills!
July 13, 20232 yr 22 hours ago, Pablo said: Actually, stick it all in Whiskey investment. Worthwhile for sure, especially if you pick a good one. Note of caution- one story at the moment of a company being sued after whiskey bought be investors "disappeared". Bit more complex story, but perhaps indicates that there is no perfect investment.
July 13, 20232 yr 8 minutes ago, Tonge moor green jacket said: Worthwhile for sure, especially if you pick a good one. Note of caution- one story at the moment of a company being sued after whiskey bought be investors "disappeared". Bit more complex story, but perhaps indicates that there is no perfect investment. I've been pitched some scary high yearly returns.....if something sounds too good....
July 13, 20232 yr 5 minutes ago, Pablo said: I've been pitched some scary high yearly returns.....if something sounds too good.... SAF has (had) a similar investment in wine iirc. I don't think the risk is generally that high (in terms of money disappearing) but the return on it might not be as high. I suppose if you could research the weather conditions of the years that the best whiskies were made, and wait until similar conditions prevail and invest in the brew from that year...
July 13, 20232 yr 27 minutes ago, Tonge moor green jacket said: Worthwhile for sure, especially if you pick a good one. Note of caution- one story at the moment of a company being sued after whiskey bought be investors "disappeared". Bit more complex story, but perhaps indicates that there is no perfect investment. One of my customers put a big chunk of his British Gas pension into a fine wine scheme. Made £32k on 3 belting deals.... Appears they were pulling him in. Whacked the whole lot back in plus a £20k more and the fuckers folded never to be seen again.
July 13, 20232 yr 6 minutes ago, gonzo said: One of my customers put a big chunk of his British Gas pension into a fine wine scheme. Made £32k on 3 belting deals.... Appears they were pulling him in. Whacked the whole lot back in plus a £20k more and the fuckers folded never to be seen again. A similar tale to what I was saying above. The whisky company supposedly went tits up, then the new owner comes in and says the whisky isn't there. Investors taking new owners to court.
July 13, 20232 yr 24 minutes ago, Tonge moor green jacket said: A similar tale to what I was saying above. The whisky company supposedly went tits up, then the new owner comes in and says the whisky isn't there. Investors taking new owners to court. I couldn't handle that
July 13, 20232 yr 30 minutes ago, Tonge moor green jacket said: A similar tale to what I was saying above. The whisky company supposedly went tits up, then the new owner comes in and says the whisky isn't there. Investors taking new owners to court. The Angel's Share was 100% perhaps?
July 13, 20232 yr 4 hours ago, gonzo said: I couldn't handle that Aye, many tens of thousands apparently. Seems some cunt sold the whisky despite it already being owned. 4 hours ago, Spider said: The Angel's Share was 100% perhaps? Gabriel always was a twat.
I owe about 50k on my Mortgage and I'm due to inherit about 80k, should I pay off my Mortgage in full or invest the money?
Edited by glennboltw