[TomCrowther]

Who has one? I've started to think about it more recently but only have a very general "keep building steadily and go very part time at 60, having staff to carry on the good fight"
Need to pull my finger out.

[NWH]

Retirement plans lol if you want a decent pension enough to be able to enjoy life go on holidays have a similar lifestyle but obviously not the same,you better think about how you might get 500000 in the pot lol.
Pensions are they worth it maybe if you work for a National like gas-N Power where it’s all part of there scheme,I know someone who used to work for Axa selling them his advise you wanna be sticking 1000 a month minimum into one for years if you’re looking to pack up work properly.

[TomCrowther]

I know all about pension planning etc. Used to be s financial advisor before getting into IT.  Yes, you need a big pot to have a decent income but that’s not what I’m posting about. This is more making your business work for you when you no longer work in it.

[SB Cleaning]

I will be on the windows till I drop, clx4 and bungalows if my shoulders give up

[dazmond]

ive no plans to retire ever....i already work part time at 48 and long may it continue....obviously im saving money for when im older so ill have a fair size nest egg when im 70......but ill work until i physically cant do the job anymore....

2 window cleaners i know are both in their 70s and both work part time and are doing great,one of them has been window cleaning since he was 18 and he s 75 now so 57 years window cleaning,looks really good for his age........ill only retire if im forced to due to ill health/injury.

[Susan Dean (1stclean)]

houses been good for us very good seen some lift over 100k each we had 25 at our peak sold off a few and now rent mostly shops with flats above , and industrial units  which is must better , bought them back when you could get a borrow  anything as long as you throw down 5k deposit  and tell them any thing only wished we got more back in 2005

[SB Cleaning]

ive no plans to retire ever....i already work part time at 48 and long may it continue....obviously im saving money for when im older so ill have a fair size nest egg when im 70......but ill work until i physically cant do the job anymore....

2 window cleaners i know are both in their 70s and both work part time and are doing great,one of them has been window cleaning since he was 18 and he s 75 now so 57 years window cleaning,looks really good for his age........ill only retire if im forced to due to ill health/injury.

That's the spirit Daz

[NWH]

These days you need a lot more money to retire than a few years ago a lot more.

[NWH]

How would people have felt years ago when someone could have told them that yeah keep putting it away,in 30 years you’ll have enough each month to pay just about a 1/4 of your council tax  when you start getting paid out lol lol.

[Dave Willis]

ive no plans to retire ever....i already work part time at 48 and long may it continue....obviously im saving money for when im older so ill have a fair size nest egg when im 70......but ill work until i physically cant do the job anymore....

2 window cleaners i know are both in their 70s and both work part time and are doing great,one of them has been window cleaning since he was 18 and he s 75 now so 57 years window cleaning,looks really good for his age........ill only retire if im forced to due to ill health/injury.

Daz, did you bump your head as a child?
Maybe the garden swing was too close to the wall? Can you remember?

[Jay Le Huray]

when I reached 65 my plan was to sell the business and retire, as the time was getting nearer I felt I did not want to sit around watching daytime TV like the Jeremy Kyle show LOL

when I reached 65 I sold off half of the round and I'm now continuing working the other half

by doing this I have enough to live on comfortably and finish by 1pm most days

I'm now almost 67 and still no plans to pack in yet, I guess I will be still working till I drop or can no longer lift a pole up

[TomCrowther]

I think if you genuinely enjoy the job and want to carry on then that's great. The main aspect I enjoy is being outside and I can do that without scrubbing windows. I have had workplace pensions in the past and one has a good amount of money in but not enough to retire on. Should have done what Susan did when I had the cash but hindsight and all that.

[NWH]

Not many window cleaners will be in a position to retire.

[dazmond]

ive no plans to retire ever....i already work part time at 48 and long may it continue....obviously im saving money for when im older so ill have a fair size nest egg when im 70......but ill work until i physically cant do the job anymore....

2 window cleaners i know are both in their 70s and both work part time and are doing great,one of them has been window cleaning since he was 18 and he s 75 now so 57 years window cleaning,looks really good for his age........ill only retire if im forced to due to ill health/injury.

Daz, did you bump your head as a child?
Maybe the garden swing was too close to the wall? Can you remember?

retirement is for people who hate their jobs........my dads still working at 74...it keeps him going(despite him having lung cancer)......

in my family we were brought up to keep working........and thats the way i want it to be (health permitting of course)

[Simon Trapani]

Retirement's not for people who hate their jobs Dazmond   I'd retire tomorrow if I could afford to. I have plenty of other interests & hobbies.

I work to live, not live to work.

[Scrimble]

I bet more than 99 percent will retire into poverty

[Stoots]

Don't reckon I'll make it that far but if I do I'll just deal with whatever poop life throws at me.

[deeege]

Recently started looking and taking this a bit more seriously.

I’ve always been self employed so have never paid into a pension. Have just checked and I still have 21 years stamp to pay to qualify for full state pension. (Although that’s not much)

There’s going to be so many people of my generation retiring into poverty. Saying you’ll work in the window cleaning game to the age of 70+ is madness. They’ll be very few fit enough to realistically be able to do that, I doubt I’ll be one of them.

I’m on target to be free of a mortgage by 48-50 so that will give me plenty of options aswell.

[dazmond]

Retirement's not for people who hate their jobs Dazmond   I'd retire tomorrow if I could afford to. I have plenty of other interests & hobbies.

I work to live, not live to work.

for lots of people it is....they cant wait for retirement because they hate their jobs...some are forced into it due to ill health or injury.....i cant think of anything worse myself..i never want to retire from window cleaning completely......the beauty of working for yourself is you can cut down your hours to suit....

[dazmond]

Recently started looking and taking this a bit more seriously.

I’ve always been self employed so have never paid into a pension. Have just checked and I still have 21 years stamp to pay to qualify for full state pension. (Although that’s not much)

There’s going to be so many people of my generation retiring into poverty. Saying you’ll work in the window cleaning game to the age of 70+ is madness. They’ll be very few fit enough to realistically be able to do that, I doubt I’ll be one of them.

I’m on target to be free of a mortgage by 48-50 so that will give me plenty of options aswell.

why?...lots of fit,healthy 70+year olds knocking about!you look after yourself dont you Danny?running?or whatever else you do.....

window cleaning is easy these days with all the great,light WFP equipment thats on the market......

[deeege]

Recently started looking and taking this a bit more seriously.

I’ve always been self employed so have never paid into a pension. Have just checked and I still have 21 years stamp to pay to qualify for full state pension. (Although that’s not much)

There’s going to be so many people of my generation retiring into poverty. Saying you’ll work in the window cleaning game to the age of 70+ is madness. They’ll be very few fit enough to realistically be able to do that, I doubt I’ll be one of them.

I’m on target to be free of a mortgage by 48-50 so that will give me plenty of options aswell.

why?...lots of fit,healthy 70+year olds knocking about!you look after yourself dont you Danny?running?or whatever else you do.....

window cleaning is easy these days with all the great,light WFP equipment thats on the market......

I do try and look after myself yes, run 3x a week, decent diet, don’t drink too much, don’t smoke. The reality is though that 70 is a good age to even live until, never mind work a physical job.

I don’t know many (if any) 70 year olds that are capable of working this job.

I’m just saying that it’s madness to assume you’ll be able to carry on working this job until you drop dead which is basically what your doing.

What if your body packs up at 60/65 and you can no longer physically do the job? Who’ll pay your rent and bills then?

[KS Cleaning]

Recently started looking and taking this a bit more seriously.

I’ve always been self employed so have never paid into a pension. Have just checked and I still have 21 years stamp to pay to qualify for full state pension. (Although that’s not much)

There’s going to be so many people of my generation retiring into poverty. Saying you’ll work in the window cleaning game to the age of 70+ is madness. They’ll be very few fit enough to realistically be able to do that, I doubt I’ll be one of them.

I’m on target to be free of a mortgage by 48-50 so that will give me plenty of options aswell.

Why don’t you use some equity and put a big deposit down on a buy to let property or two?

[deeege]

Recently started looking and taking this a bit more seriously.

I’ve always been self employed so have never paid into a pension. Have just checked and I still have 21 years stamp to pay to qualify for full state pension. (Although that’s not much)

There’s going to be so many people of my generation retiring into poverty. Saying you’ll work in the window cleaning game to the age of 70+ is madness. They’ll be very few fit enough to realistically be able to do that, I doubt I’ll be one of them.

I’m on target to be free of a mortgage by 48-50 so that will give me plenty of options aswell.

Why don’t you use some equity and put a big deposit down on a buy to let property or two?

I’ve considered it but you get hammered on tax for second properties now don’t you. It’s something I may do in a few years time though once the mortgage is mostly cleared.

[Shrek]

Recently started looking and taking this a bit more seriously.

I’ve always been self employed so have never paid into a pension. Have just checked and I still have 21 years stamp to pay to qualify for full state pension. (Although that’s not much)

There’s going to be so many people of my generation retiring into poverty. Saying you’ll work in the window cleaning game to the age of 70+ is madness. They’ll be very few fit enough to realistically be able to do that, I doubt I’ll be one of them.

I’m on target to be free of a mortgage by 48-50 so that will give me plenty of options aswell.

Why don’t you use some equity and put a big deposit down on a buy to let property or two?

I’ve considered it but you get hammered on tax for second properties now don’t you. It’s something I may do in a few years time though once the mortgage is mostly cleared.

You do but you still make money even if it’s a smaller amount. My accountant said ( I think) that in 2023 , the mortgage on a buy to let won’t be taken into consideration at all. For example your buy to let mortgage payment is £200, rent is £500. Your taxed on £500 instead of £300, so after tax your still taking home £200 a month instead of £240 if they’d have taken into consideration the mortgage payments. Plan to have the mortgage paid off by the time your 65 and then your looking at a nice bonus each month

[deeege]

It’s the initial stamp duty increase on second homes also. It’s 3% of the total cost of the property now. To buy 2 x £100k buy to let’s you’ll need 2 x £25k deposits minimum and also £6k for the stamp duty, not to mention solicitors and other initial costs.

Would also be wise to have a very decent buffer to be able to see you through any periods without tenants too.

[Crystal-clear]

Yep buy to let properties with a low deposit is an absolute false economy. Especially when you take into account the new taxation laws
Previously you were able to deduct the entire intrest element as an expense (not the capital repayment part) but still it was a big chunk I'm pretty sure now it works out that you regularly lose money every month after paying the tax on basically interest which is no longer detectable unless you have 50% deposit.

However perhapes a small Glimmer of hope one way around this is purchasing the property via a limited company the new rules do not affect limited companies only individuals.. but then any property rental profits wont be an easy 20% (under 50k) extracting profits will be classed as salary or dividend payments and will be subject to National Insurance or corp tax basically the income brackets will likely be already be taken up if youre already paye-Div. Now If you are self-employed you will be at an advantage at this route as you
You could pay out the rental profits as PAYE and you wont pay Corp tax or even national insurance under £8632 (next april £9500) some other complications though you don't own it the company does and it could get really complicated if you want to  swap things around and live in it..

Another setback will be your personal CGT allowance if you owned it yourself you would be able to dispose of your asset and have around 12k tax free profits! That's in addition to your income allowance the 12500 that is.

So for retirement if you're thinking about property

Potentially still decent route to go on just need some careful planning to choose which path suites best. If it's something you're serious about generally I think you do need to have a pretty decent deposit I don't think 25% will cut it either option you buy via. laws are also toughening up all the time residential property is starting to become such a burden and responsibility example you would still need to maintain your house even if your tenants aren't paying rent and you're going through eviction it can actually bankrupt you if not careful ( if you're retired this sort of stress is the last thing you need mental and also financial )
Retirement needs to be fun and relaxing so careful!
 
That's not the case with commercial property though but then they cost!

[KS Cleaning]

Recently started looking and taking this a bit more seriously.

I’ve always been self employed so have never paid into a pension. Have just checked and I still have 21 years stamp to pay to qualify for full state pension. (Although that’s not much)

There’s going to be so many people of my generation retiring into poverty. Saying you’ll work in the window cleaning game to the age of 70+ is madness. They’ll be very few fit enough to realistically be able to do that, I doubt I’ll be one of them.

I’m on target to be free of a mortgage by 48-50 so that will give me plenty of options aswell.

Why don’t you use some equity and put a big deposit down on a buy to let property or two?

I’ve considered it but you get hammered on tax for second properties now don’t you. It’s something I may do in a few years time though once the mortgage is mostly cleared.

Yes you do, I was lucky in that I bought two properties  just before they brought in the additional 3% LBTT on second properties, if I had been 2 months later it would have cost me an additional 5K.  Another downside is I crept into the 41% tax band last year because of the additional income, however with interest rates being so low it is still a good long term investment.

[Shrek]

Yep buy to let properties with a low deposit is an absolute false economy. Especially when you take into account the new taxation laws
Previously you were able to deduct the entire intrest element as an expense (not the capital repayment part) but still it was a big chunk I'm pretty sure now it works out that you regularly lose money every month after paying the tax on basically interest which is no longer detectable unless you have 50% deposit.

However perhapes a small Glimmer of hope one way around this is purchasing the property via a limited company the new rules do not affect limited companies only individuals.. but then any property rental profits wont be an easy 20% (under 50k) extracting profits will be classed as salary or dividend payments and will be subject to National Insurance or corp tax basically the income brackets will likely be already be taken up if youre already paye-Div. Now If you are self-employed you will be at an advantage at this route as you
You could pay out the rental profits as PAYE and you wont pay Corp tax or even national insurance under £8632 (next april £9500) some other complications though you don't own it the company does and it could get really complicated if you want to  swap things around and live in it..

Another setback will be your personal CGT allowance if you owned it yourself you would be able to dispose of your asset and have around 12k tax free profits! That's in addition to your income allowance the 12500 that is.

So for retirement if you're thinking about property

Potentially still decent route to go on just need some careful planning to choose which path suites best. If it's something you're serious about generally I think you do need to have a pretty decent deposit I don't think 25% will cut it either option you buy via. laws are also toughening up all the time residential property is starting to become such a burden and responsibility example you would still need to maintain your house even if your tenants aren't paying rent and you're going through eviction it can actually bankrupt you if not careful ( if you're retired this sort of stress is the last thing you need mental and also financial )
Retirement needs to be fun and relaxing so careful!
 
That's not the case with commercial property though but then they cost!

How do you lose money every month ?

[deeege]

Also owning a second property would mean that if I decided to sell my current home and upsize that I’d be liable to pay 3% stamp duty on the full purchase. If say buying a £400k property it would be an additional £12k stamp duty on top of the current £10k.

It starts making things really expensive the more I look into it.

[Simon Trapani]

So what’s the answer? I have no pension or second property.

[jonboywalton75]

So what’s the answer? I have no pension or second property.

Fake an injury or illness and Live off the state like quite a few ive known over the years 

[Status Check]

Build up your window cleaning company to be a stand alone successful, profitable  limited business.
Choose good people to manage the business on a daily basis, pay your staff above the industry standard. Make sure the company gives a great service and has great reviews. Build a company that is trustworthy and has an enviable track record in customer service.

Once all this is in place you can then retire as a non exec director and take dividends when required whilst sipping on your cerveza at the side of the pool at a destination of your choosing.

This is my plan.

[KS Cleaning]

Also owning a second property would mean that if I decided to sell my current home and upsize that I’d be liable to pay 3% stamp duty on the full purchase. If say buying a £400k property it would be an additional £12k stamp duty on top of the current £10k.

It starts making things really expensive the more I look into it.

You don’t pay the extra 3% stamp duty when buying your main residence, as long as you sell the house you were in.

[Simon Trapani]

Build up your window cleaning company to be a stand alone successful, profitable  limited business.
Choose good people to manage the business on a daily basis, pay your staff above the industry standard. Make sure the company gives a great service and has great reviews. Build a company that is trustworthy and has an enviable track record in customer service.

Once all this is in place you can then retire as a non exec director and take dividends when required whilst sipping on your cerveza at the side of the pool at a destination of your choosing.

This is my plan.

Wow. Sounds easy!

[deeege]

Also owning a second property would mean that if I decided to sell my current home and upsize that I’d be liable to pay 3% stamp duty on the full purchase. If say buying a £400k property it would be an additional £12k stamp duty on top of the current £10k.

It starts making things really expensive the more I look into it.

You don’t pay the extra 3% stamp duty when buying your main residence, as long as you sell the house you were in.

Is that correct? I was told that selling the main residence and buying a new main residence would be effected if you also own a second property.

Edit: seems you are correct KS, below taken from .gov website

If you’re replacing your main residence
You will not pay the extra 3% SDLT if the property you’re buying is replacing your main residence and that has already been sold.

If there’s a delay selling your main residence and it has not been sold on the day you complete your new purchase:

you’ll have to pay higher rates because you own 2 properties
you may be able to get a refund if you sell your previous main home within 36 months

[Missing Link]

I’m on target to be free of a mortgage by 48-50 so that will give me plenty of options aswell.

So when you've got Alzheimers in your 60s the gov can force you to sell it to pay for your care.

[Missing Link]

So what’s the answer? I have no pension or second property.

Die young?

[Missing Link]

if your tenants aren't paying rent and you're going through eviction it can actually bankrupt you if not careful

I've a nurse friend in AA who owned a small flat - she was still paying a mortgage on it - while renting it out.  Her tenant stopped paying the rent.

She was that desperate she asked me and another guy I know if we'd 'put the frighters on him' to help get him out.  She couldn't afford to pay the two mortgages (her own property and the flat) and was desperate.

Neither I or the other guy obliged for obvious reasons.

[Don Kee]

She was that desperate she asked me and another guy I know if we'd 'put the frighters on him' to help get him out.  She couldn't afford to pay the two mortgages (her own property and the flat) and was desperate.

Neither I or the other guy obliged for obvious reasons.

No one would be frightened?

[dazmond]

if your tenants aren't paying rent and you're going through eviction it can actually bankrupt you if not careful

I've a nurse friend in AA who owned a small flat - she was still paying a mortgage on it - while renting it out.  Her tenant stopped paying the rent.

She was that desperate she asked me and another guy I know if we'd 'put the frighters on him' to help get him out.  She couldn't afford to pay the two mortgages (her own property and the flat) and was desperate.

Neither I or the other guy obliged for obvious reasons.

couldnt she serve  the tenant with a section 21?

[TomCrowther]

I had a pal a long time ago who asked me to do some debt collecting for him and he would "lend me the chainsaw" err, no ta.

[deeege]

I’m on target to be free of a mortgage by 48-50 so that will give me plenty of options aswell.

So when you've got Alzheimers in your 60s the gov can force you to sell it to pay for your care.

Either that or sell up and travel for 15 years and still be able to return home to be in the same position as someone that has always rented.

[pikeman]

Got a flat i rent out bought before the 3 percent extra stamp duty. Get 495 a month less estate agent fees service charge gas certificates and voids etc.  Plus pay tax on it. Probally getting about 5 per cent return on my money. Got money invested in the stock market through various funds. A[[ in isas and sipps.  Most returning more than 5 per cent all tax free and no hassle. Of course the stock market is at an high so you have to be careful.

[dazmond]

theres no guarantees......i knew a guy who was looking forward to retirement,good pension,plenty of money behind him,worked very hard for 40+ years.....6 months after he retired he was dead at 66 years of age....(kidney cancer)...

[pikeman]

Certainly no guarantees. im 63 now so i suppose i should be thinking of retirement but long as im fit enough ill carry on working. I do save and invest but still enjoy my hobbys  have holidays and enjoy a beer on a weekend. My kids no doubt will make use of the money if i pop off early. lol

[dazmond]

Certainly no guarantees. im 63 now so i suppose i should be thinking of retirement but long as im fit enough ill carry on working. I do save and invest but still enjoy my hobbys  have holidays and enjoy a beer on a weekend. My kids no doubt will make use of the money if i pop off early. lol

good stuff mate.....i hope you ve still got plenty of productive working years left in you yet....the great thing about window cleaning is you can knock off early every day if you want(i do and im only 48! ).......

[pikeman]

cheers dazmond always enjoyed reading your posts. think you went to wfp the same year i started window cleaning. was always a bricklayer. love it wish i had done it sooner.

[deeege]

Certainly no guarantees. im 63 now so i suppose i should be thinking of retirement but long as im fit enough ill carry on working. I do save and invest but still enjoy my hobbys  have holidays and enjoy a beer on a weekend. My kids no doubt will make use of the money if i pop off early. lol

good stuff mate.....i hope you ve still got plenty of productive working years left in you yet....the great thing about window cleaning is you can knock off early every day if you want(i do and im only 48! ).......

Your not joking there Daz! I seen you driving home past Sainsbury’s at 13:50 today 😂😂

[Ooooooog]

It’s not hard to build a business up and sell it when you retire.

[NWH]

You’d be better off working in the business to some degree and having 2-3 guys working you could work 2 days a week and you could do that well over 65,as long as you are involved in the running you’ll get a good enough income to semi retire.
If you purchased 4 flats 25 years ago since the law change in taxes you would be giving 2 of them to the government if you decided to sell all 4 of them.
That ship has sailed people have made a fortune from buy to let’s,like anything the government soon stop it when see ££££££S for them.

[dazmond]

Certainly no guarantees. im 63 now so i suppose i should be thinking of retirement but long as im fit enough ill carry on working. I do save and invest but still enjoy my hobbys  have holidays and enjoy a beer on a weekend. My kids no doubt will make use of the money if i pop off early. lol

good stuff mate.....i hope you ve still got plenty of productive working years left in you yet....the great thing about window cleaning is you can knock off early every day if you want(i do and im only 48! ).......

Your not joking there Daz! I seen you driving home past Sainsbury’s at 13:50 today 😂😂

yep....id had enough by then Danny as it was cold,windy and wet...... ...i managed to get 28 granny flats cleaned and 4 large houses so it was a fairly productive day....

[Crystal-clear]

How do you lose money every month ?
[/quote]

Example 200k house 50k dep
150k mortgage
Rent £1000.00 mortgage on 150k about £800 a month over 25 years. As you correctly pointed out you cant deduct mortgage intrest as an expense that means you'll be taxed for a quick example around £600 (not a lesser amount as it was before)
So £7200 will be seen as income say 20% (depends on your tax bracket) £1440 tax but you're only receiving £2400 pa leaves about £900 or if it pushes you into 40% £2900 tax puts you -£500 before agent fees maintenance repairs voids you'll defo run at a constant loss. However you'll be paying back your capital as well so yeah in the long run otherwise a bigger deposit. It was better before the law changed.
the above calculation is purely vague and just used as a fast example..

I don't think property is a bad route to go on.
I just think people need to be very sensible about it and don't jump into a big mortgage unless you're in your early 20s then it will definitely pay off in about 15 years.

I like someone's post recently regarding working on your business more I guess there's no reason not to keep it going into retirement obviously you'll be employing full-time which should be a good goal keep capping your most efficient tax bracket rate so perhaps 50k keep rolling up money in the limited company and you'll always be able to keep paying yourself an appropriate salary technically as the many years go on. I think thats the best place to be really

As the years go on Another thing you could do if both are LTD is loan money from your window cleaning business to your property purchase bussniess (profits which you've stacked up only at corp tax) then in say 10 years buy out right
But then that's a lot of money not sure if it's that good for probably very little return!. Perhaps likewise loan from your limited company to another new business perhaps then you could create 2 sources of PAYE-Div income.

I just think when it comes to property you need to use a lot of common Sense and if you're looking for a rental it needs to be purely a bargain otherwise you need to walk away simple it has to make you a profit a small profit at least from day one don't get involved in the hype.

[Shrek]

Your figures are completely off. I take it you don’t actually own buy to let’s so your just guessing. The majority of btl mortgages are interest only

https://mortgages.comparethemarket.com/buy-to-let?AFFCLIE=EI32&_gl=1*w7zbcw*_ga*eFNNbDI1S2JyMERhNkpTV3ctVTFsLVhJd3RRYUpRSDFFcU15TnVrRDFZWjRWN3A0RWpVLXdfeWVZMkY4bDVJVA..

If you are losing money then you need a new accountant

[Crystal-clear]

Your figures are completely off. I take it you don’t actually own buy to let’s so your just guessing. The majority of btl mortgages are interest only

https://mortgages.comparethemarket.com/buy-to-let?AFFCLIE=EI32&_gl=1*w7zbcw*_ga*eFNNbDI1S2JyMERhNkpTV3ctVTFsLVhJd3RRYUpRSDFFcU15TnVrRDFZWjRWN3A0RWpVLXdfeWVZMkY4bDVJVA..

If you are losing money then you need a new accountant

That initial rate though it's going to suck you in;)
Paying tax on money you're not receiving isn't fun.
I would avoid buy-to-let with a small deposit
But if whoever wants to jump in into that conundrum I hope it goes well.

Yep I've got plenty of experience with buy to let's
Profit is the key. Jumping into big mortgages on a buy to let is a risk even if it works during the short reduced initial rate term. What happens when tenant can't pay rent you have to evict repairs voids and you've got a big mortgage THAT IS TAXED.. I personally think it's a no-brainer

[Shrek]

I don’t think it’d be a struggle to pay another  £2-300 on top of my bills. If your going to sign up for a repayment btl then your asking for trouble because you’ve not thought about when the tenant moves out whether you can afford to pay the 2nd mortgage.
You’ve got lots of experience with btl but your figures are completely off? How do you work that out then?
You aren’t taxed if the tenant isn’t paying rent!

[Crystal-clear]

I don’t think it’d be a struggle to pay another  £2-300 on top of my bills.
You aren’t taxed if the tenant isn’t paying rent!

If anyone can make it work with  new rules on a low deposit I take my hat off to them!.

I really think retirement should be about building the business and continue to pay yourself a good salary for many years to come as above.

[Shrek]

Eggs in baskets 🧺, window cleaning isn’t everything and you should never really on 1 thing to feed your family. Property is a great investment as long as you think it through properly, don’t spend all the profit so you have a buffer for when/if a tenant moves out and don’t pay agents to collect the rent to bacs it to you

[Crystal-clear]

I don’t think it’d be a struggle to pay another  £2-300 on top of my bills. If your going to sign up for a repayment btl then your asking for trouble because you’ve not thought about when the tenant moves out whether you can afford to pay the 2nd mortgage.
You’ve got lots of experience with btl but your figures are completely off? How do you work that out then?
You aren’t taxed if the tenant isn’t paying rent!

Ok looks like my figers are totally off any experience I may have isnt relevant and incorrect.
Buy a rental with a low deposit  you'll make loads of annual rental profits your right I'm wrong.
Now need to set off to work chat laterz 

[Crystal-clear]

Eggs in baskets 🧺, window cleaning isn’t everything and you should never really on 1 thing to feed your family. Property is a great investment as long as you think it through properly, don’t spend all the profit so you have a buffer for when/if a tenant moves out and don’t pay agents to collect the rent to bacs it to you

You can't really do it yourself when you're busy at work a morning off to write them a letter that they're behind with rent go to post office que up or do a house inspection will cost you more money at work (time lost then the agents will charge).

Now I really need to clean some windows 

[Shrek]

I don’t think it’d be a struggle to pay another  £2-300 on top of my bills. If your going to sign up for a repayment btl then your asking for trouble because you’ve not thought about when the tenant moves out whether you can afford to pay the 2nd mortgage.
You’ve got lots of experience with btl but your figures are completely off? How do you work that out then?
You aren’t taxed if the tenant isn’t paying rent!

Ok looks like my figers are totally off any experience I may have isnt relevant and incorrect.
Buy a rental with a low deposit  you'll make loads of annual rental profits your right I'm wrong.
Now need to set off to work chat laterz 

I never said buy a rental with a low deposit I don’t know where you’ve got that from 
You also don’t need 50% deposit to make money, I don’t understand why your trying to put people off

[Dry Clean]

I don’t think it’d be a struggle to pay another  £2-300 on top of my bills. If your going to sign up for a repayment btl then your asking for trouble because you’ve not thought about when the tenant moves out whether you can afford to pay the 2nd mortgage.
You’ve got lots of experience with btl but your figures are completely off? How do you work that out then?
You aren’t taxed if the tenant isn’t paying rent!

Ok looks like my figers are totally off any experience I may have isnt relevant and incorrect.
Buy a rental with a low deposit  you'll make loads of annual rental profits your right I'm wrong.
Now need to set off to work chat laterz 

You will make very little in the short term, but how much rent will you be getting on the property in forty years time, we are talking about retirement plans and not short term gain.

[deeege]

Having a BTL or two on an interest only mortgage isn’t an option for a retirement plan though is it as mortgages will only be able to go up to 68-70 years old max. If there’s been no repayment provision you’ll have no choice but to sell them.

Unless I’m missing something?

[Perfect Windows]

If you're investing long-term, the evidence is that shares are a better purchase than property. Buy the lowest overall charge index fund in the lowest charge SIPP and forget it.

https://alanmillerscm.wordpress.com/tag/scm-direct/

If you're investing for your retirement short-term, you're stuffed whichever you choose. You need time to allow the magic of compound interest to work.  (And, frankly, if you're close to retirement you should be wise enough to know that 'get rich quick' never works out.)

Vin

[NWH]

You won’t beat property money makes money if you’ve got capital to invest you buy a property do it up and mortgage it for 6 months and then sell you’ll very rarely fail,I know this from the other side of the family that have done this countless times and still do it today.
Someone once said to me when I was about 16 you’ll never lose with bricks and mortar long term and he was right,I’ve bought and sold over the years and pardon the pun moved up the ladder,you lose with property if you can’t afford to sit on a particular property until the market changes. 

[KS Cleaning]

I don’t think it’d be a struggle to pay another  £2-300 on top of my bills. If your going to sign up for a repayment btl then your asking for trouble because you’ve not thought about when the tenant moves out whether you can afford to pay the 2nd mortgage.
You’ve got lots of experience with btl but your figures are completely off? How do you work that out then?
You aren’t taxed if the tenant isn’t paying rent!

Ok looks like my figers are totally off any experience I may have isnt relevant and incorrect.
Buy a rental with a low deposit  you'll make loads of annual rental profits your right I'm wrong.
Now need to set off to work chat laterz 

You’re  right, your figures are way off. Agents fees, maintenance, repairs etc etc are all tax deductible.

[G Griffin]

I'm going to die as soon as I retire or do a Hatton Garden job.

[Shrek]

Having a BTL or two on an interest only mortgage isn’t an option for a retirement plan though is it as mortgages will only be able to go up to 68-70 years old max. If there’s been no repayment provision you’ll have no choice but to sell them.

Unless I’m missing something?

You will have to think about whether your going to sell when your ready to retire or start paying the mortgage off as and when

[KS Cleaning]

Having a BTL or two on an interest only mortgage isn’t an option for a retirement plan though is it as mortgages will only be able to go up to 68-70 years old max. If there’s been no repayment provision you’ll have no choice but to sell them.

Unless I’m missing something?

Unless you’re needing the income from a BTL for a wage you are better with capital and interest mortgage. I’m in the process of re mortgaging my BTL’s just now and am getting an interest rate of just over 2%. The plan is to overpay then when the 5 years fixed term is up I will then decide what to do with the equity, twist or stick.

[Shrek]

Houses for £1 in durham- fill yur boots 🥾!

https://www.dailymail.co.uk/news/article-8024011/Britains-cheapest-houses-sale-nil-meaning-bought-nothing.html

[Crystal-clear]

You’re  right, your figures are way off. Agents fees, maintenance, repairs etc etc are all tax deductible.
[/quote]

They certainly are however it eats into your profits and with the new rules been taxed on basically a big section of the interest element of your loan and another expenses with a high loan ratio it could push you into a higher tax bracket (the section of the morgage which is technicalally an expense isnt tax detectable as it once was) it would be as making more profit when technically you're not receiving it if you know what I'm trying to say!
They made it harder you are worse off

In the above conumdrum it's not going to be inspiring put it that way..
Well unless you go long and this is about retirement but personally I wouldn't be excited

Different rules apply if you buy as a limited company you'll be able to deduct the entire interest element

Of course property can be rewarding I just don't think buying a buy-to-let with a small deposit is a good idea along with also all your other responsibilities and possibly dealing with eviction when you still need to pay the mortgage.
that's mainly it :!