Guest pelmetman Posted June 3, 2012 Share Posted June 3, 2012 Just a query as I'm sure someone on here will know ;-).............Re the £85,000 government safety net.... I understand it is per person, so am I right we could put £170,000 in one savings account as a couple and still be protected?....... Link to comment Share on other sites More sharing options...
Robinhood Posted June 3, 2012 Share Posted June 3, 2012 In a joint account, both holders are individually covered up to a maximum of £85K. (for an authorised institution) (i.e. £170K is potentially protected) HOWEVER. Note that this (£85K) limit applies to ALL deposits an individual has with an ‘authorised institution’, which may include several different banking and building society brands. It always pays to check which institution is covered under which authority, and ensure that any one individual has no more than £85K IN TOTAL invested under any one authority (under one or several accounts). http://www.fsa.gov.uk/Pages/consumerinformation/uk_groups/index.shtml ....is a very good place to start for information, but note, the groupings under an authority (or the actual authority used) do change from time to time. BTW, £170K ......that'd be nice - good earnings from part-time work (or is it to pay off your pending HMRC bill ;-) ) Link to comment Share on other sites More sharing options...
Guest pelmetman Posted June 3, 2012 Share Posted June 3, 2012 Robinhood - 2012-06-03 3:01 PM BTW, £170K ......that'd be nice - good earnings from part-time work (or is it to pay off your pending HMRC bill ;-) ) What ever are you suggesting Robin 8-)................. If we manage to sell the house we will have to invest the dosh to give us an income ;-).............so been looking at rates and it looks like we will get more than we thought :D....... Although it appears it will be best to sign up for a 5 year bond and take the interest once a year :-S........We'll stick a lump in easy access as well........just in case Horace snuffs it 8-) Link to comment Share on other sites More sharing options...
Guest pelmetman Posted June 3, 2012 Share Posted June 3, 2012 Robinhood - 2012-06-03 3:01 PM http://www.fsa.gov.uk/Pages/consumerinformation/uk_groups/index.shtml ....is a very good place to start for information, but note, the groupings under an authority (or the actual authority used) do change from time to time. Just had a look at your link Robin ;-)............and doesn't seem to be very up to date as under Santander they don't list the Abbey which Santander now own.......... Link to comment Share on other sites More sharing options...
Robinhood Posted June 3, 2012 Share Posted June 3, 2012 pelmetman - 2012-06-03 3:32 PM Just had a look at your link Robin ;-)............and doesn't seem to be very up to date as under Santander they don't list the Abbey which Santander now own.......... .....and doesn't exist any more as a separate brand ;-) Link to comment Share on other sites More sharing options...
Dave225 Posted June 3, 2012 Share Posted June 3, 2012 One could comment that if you are contemplating putting £170k in an account then you maybe should get soem professional advice. However be very wary of anyone who offers to look after your money and give you a guaranteed return. Their next contact address is likely to be C/O Costa del Crime, or even worse they drive by in a new 4x4 bought with your money. Also with inflation still around 3% then putting your money in most banks mean osing the value. However, I am willing to offer assistance if you would like to forward me the dosh, I mean funds. I will discuss your situation with my financial assistants (Phoebe, Fatimaq and all the other lap dancers) in my 2nd office at the Hanky Panky Night Club. In the morning ( after sobering up) I will advise you the best strategy for your (I mean my) benefit. Cheers Your best adviser Arthur Daly Link to comment Share on other sites More sharing options...
Guest pelmetman Posted June 3, 2012 Share Posted June 3, 2012 Dave225 - 2012-06-03 8:12 PM One could comment that if you are contemplating putting £170k in an account then you maybe should get soem professional advice. However be very wary of anyone who offers to look after your money and give you a guaranteed return. Their next contact address is likely to be C/O Costa del Crime, or even worse they drive by in a new 4x4 bought with your money. Also with inflation still around 3% then putting your money in most banks mean osing the value. However, I am willing to offer assistance if you would like to forward me the dosh, I mean funds. I will discuss your situation with my financial assistants (Phoebe, Fatimaq and all the other lap dancers) in my 2nd office at the Hanky Panky Night Club. In the morning ( after sobering up) I will advise you the best strategy for your (I mean my) benefit. Cheers Your best adviser Arthur Daly Have I meet you before? :-S............. Link to comment Share on other sites More sharing options...
Guest 1footinthegrave Posted June 3, 2012 Share Posted June 3, 2012 Must be some money in pelmet making, and there's most of us thinking you are skint ! ! ! :D Link to comment Share on other sites More sharing options...
Guest pelmetman Posted June 4, 2012 Share Posted June 4, 2012 1footinthegrave - 2012-06-03 11:19 PM Must be some money in pelmet making, and there's most of us thinking you are skint ! ! ! :D I am skint :D.....................correction we just don't need that much to live on now days ;-) We do have a reasonable bit of equity in the house..................just need to sell it :-S Link to comment Share on other sites More sharing options...
Guest Peter James Posted June 4, 2012 Share Posted June 4, 2012 As Dave says, the days when you could live of the income from a lump sum are over for the forseeable future. If you put it anywhere SAFE, the interest will be less than inflation, so your nest egg will already be going down in value before you take any income from it. Link to comment Share on other sites More sharing options...
LordThornber Posted June 4, 2012 Share Posted June 4, 2012 Dave, we're considering bucket loads of options regarding our properties. We have no children - nor having any either but we do have a niece and nephew. Niece being in a very well paid Professional career, she'll have no need for our generosity. We're considering letting the nephew rent our main home at a very reduced rate, i.e. approx 50 - 60% of the current rental value. Long way to go yet and doubtless there'll be a few hurdles to overcome but it seems on the face of it like a win win. We get a guaranteed income, he gets a lovely home and location which he's a million years away from ever owning (or renting). Ultimately the house will be his anyway so it's like he's getting the use of it early in a sense. As I say there'll be hurdles and issues which haven't come to light yet but perhaps it could be something for you to consider, just a thought. Martyn Link to comment Share on other sites More sharing options...
Guest pelmetman Posted June 4, 2012 Share Posted June 4, 2012 I reckon 200k will generate about 7k ish a year in income.......but with Sue's state pension which kicks in next year, that'll put us over our target of 12k we will need to live on when we go long terming :D As for inflation I don't see house prices going up for years ;-)............... and if ever there was a good time to get off the property ladder, then its now ;-)...... Our plan is to spend the next few years as members of the idle classes B-)............maybe when I get my state pension in 12 years time.......... I might think its time to start a career and settle down (lol) (lol) Just got to sell the house first :-S............but we have a plan "B".........even a plan"C" :D As for nephews we have a couple......if there's anything left they can fight the Donkey sanctuary for it :D Well better crack on.... I've been cutting the back lawn since 11am :-S Link to comment Share on other sites More sharing options...
Guest Peter James Posted June 4, 2012 Share Posted June 4, 2012 pelmetman - 2012-06-04 1:56 PM I reckon 200k will generate about 7k ish a year in income...... Yes, but then the £200k only be worth £180k (ish) at the end of the year. So it hasn't really generated any income at all. Link to comment Share on other sites More sharing options...
Barryd999 Posted June 4, 2012 Share Posted June 4, 2012 I have pondered this dilema for a while now. IF we go long terming do we rent the house out and use the income to fund the trip with the possibility of it being empty for periods of time or needing repairs or do we sell it (probably worth £250000), invest the money and use the interest to part fund the trip. If house prices go up then we would loose out I guess but could they well go down further? I just cant get used to the idea of being off the property ladder. Link to comment Share on other sites More sharing options...
Guest pelmetman Posted June 4, 2012 Share Posted June 4, 2012 Peter James - 2012-06-04 2:17 PM pelmetman - 2012-06-04 1:56 PM I reckon 200k will generate about 7k ish a year in income...... Yes, but then the £200k only be worth £180k (ish) at the end of the year. So it hasn't really generated any income at all. I know technically it will be worth less Peter, but it would still be enough to buy a reasonable house if we need to ;-)........I confess I'm not too concerned as I reckon we will have enough to see us out ;-)..............I've no intention of being the richest stiff in the grave yard.......... 8-) As I see it I'm 54....... so if I'm really lucky I'm halfway through........but given my red wine and pork pie habit I doubt I'll get much past 80 if I'm lucky, and I can't expect the last 10 or so to be problem free :-S..... Link to comment Share on other sites More sharing options...
Guest pelmetman Posted June 4, 2012 Share Posted June 4, 2012 Barryd999 - 2012-06-04 4:12 PM I have pondered this dilema for a while now. IF we go long terming do we rent the house out and use the income to fund the trip with the possibility of it being empty for periods of time or needing repairs or do we sell it (probably worth £250000), invest the money and use the interest to part fund the trip. If house prices go up then we would loose out I guess but could they well go down further? I just cant get used to the idea of being off the property ladder. Our plan "B" is to rent it next year if we don't sell before ;-)............We'd rather sell as we know we can't stay here forever as Sue can't drive *-)..............and we have been told that Sue will get her mum's bungalow in Weymouth which is very nice and near all the essentials that you need when we retire proper.....eg , shops, bus stop, doctors.......... crematorium 8-) ..... Plan "C" is to work even less...... ;-) Having just spent from 11am to 4pm cutting the back lawn.......the front I did Saturday 2 hours 8-).....It normally takes me 2 hours to cut front and back *-)...........as much as we like the garden, its just not compatible with being away for a month or more :-S Link to comment Share on other sites More sharing options...
Brian Kirby Posted June 4, 2012 Share Posted June 4, 2012 Have you investigated the possible rental income if you were to rent? If equal to, or even close to, what you think the cash from a sale might earn, it seems to me a better bet to let it out through an agent, paying him to keep it tenanted and maintained in agreement with yourselves. If viable financially, that would still give you the income, while maintaining the (assumed appreciating) asset. If you expect eventually to gain the bungalow in Weymouth, you'll then have several choices, a) sell Alford and move to Weymouth, b) tenant Weymouth and Alford and carry on travelling, c) sell both and move elsewhere, d) keep Alford tenanted and move to Weymouth - and doubtless a few more. Multiple options seem to me the best plan in times of uncertainty. What you propose would be OK if it all goes as you assume, but - events, Dear Boy, events. :-D Link to comment Share on other sites More sharing options...
Guest pelmetman Posted June 4, 2012 Share Posted June 4, 2012 Brian Kirby - 2012-06-04 8:39 PM Have you investigated the possible rental income if you were to rent? If equal to, or even close to, what you think the cash from a sale might earn, it seems to me a better bet to let it out through an agent, paying him to keep it tenanted and maintained in agreement with yourselves. If viable financially, that would still give you the income, while maintaining the (assumed appreciating) asset. If you expect eventually to gain the bungalow in Weymouth, you'll then have several choices, a) sell Alford and move to Weymouth, b) tenant Weymouth and Alford and carry on travelling, c) sell both and move elsewhere, d) keep Alford tenanted and move to Weymouth - and doubtless a few more. Multiple options seem to me the best plan in times of uncertainty. What you propose would be OK if it all goes as you assume, but - events, Dear Boy, events. :-D Yes done that Brian ;-)........and they said £750 a month.....but I expect a much lower figure....If I'm anything I'm flexible........I'll go with the flow.....seems to have worked so far :D...... Money has and never been my ambition.......I'll leave that to those who crave it ;-).......me I'd rather be p****"d (lol) (lol) P****d means "parked" up in Horace the camper somewhere ANYWHERE....I've been tied to the sledge of 9 to 5 for too long >:-( Alright I exaggerate .......I haven't worked 9 to 5 for years :D...........But ain't life for living??......Brian? Link to comment Share on other sites More sharing options...
Dave225 Posted June 4, 2012 Share Posted June 4, 2012 Just a couple of comment. Have you decided where to keep all your possesions between selling your house and getting the bungalow. Many people too often just get rid of everything as it will not fit a campervan, and regret it later. The other thing is to bear in mind that camping has associated costs. Site fees even on cheap locations could be a tenner a night, so £300 per month. You may consider long terming it in Spain for example but here again long term campsites are costing 250 euros per month or more. I regret to say that could eat up 50% of your investment income. However, on the plus side living costs are lower than UK. Not trying to be a party pooper but unfortunately there are usually catches to all good ideas. I have looked at similar scenarios many times over the years but now we are retired with no mortgage, I have found living in my house is actually the cheapest option as all costs have been met and as we have bought all the big items already that will last us to the end, hopefully, it is only daily costs we need to cover, which you will need to do as well in your campervan. I also do not share your pessisim regarding house prices. Unless you live in a real 'dog' area these will rise and probably sooner rather than later. Demand will see to that and finance wil be made available someway. Anyway happy dreaming and planning Link to comment Share on other sites More sharing options...
Dave225 Posted June 4, 2012 Share Posted June 4, 2012 By the way forgot to mention thast when the kids left home 2 decades ago, with lots of encoragement I may add, we sold our family home and bought an apartment. It cost almost the same as the house but was the best thing we ever did as it is easily maintained, eminently lockable for long trips away and of course no garden to worry about. There are grounds but the gardeners do the work. Ok, no flower beds for us but as we are away all summer, who cares. It is insured through a block policy and so much cheaper and all I cover is my contents. Any outside work is done and split amongst all of us through a legal set up. Again, no painting for me and if and when one of us pops the clogs, the other has a nice easy place to remain in. Just a thought. Link to comment Share on other sites More sharing options...
Guest pelmetman Posted June 4, 2012 Share Posted June 4, 2012 Dave225 - 2012-06-04 9:17 PM I also do not share your pessisim regarding house prices. Unless you live in a real 'dog' area these will rise and probably sooner rather than later. Demand will see to that and finance wil be made available someway. Anyway happy dreaming and planning You maybe right :-S........but frankly I can hardly hear to type 8-) ............As Er Madges concert is trying to kill off my only good ear 8-)..........I did'nt Know our TV could go this loud without killing people 8-) 8-) 8-) 8-) Link to comment Share on other sites More sharing options...
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