Currently very fortunate to live in a house with mortgage paid off .....BUT, no final salary pension with company , & current outlook for money purchase pension is so poor I had to look at other ways to invest money. The only thing I can think of with decent returns & tax free, is your personal property.
So managed to sell house privately STC & have looked at many houses, but find you just don't get much these days for your money
SOOOOO have decided to take a different route & have just had an offer accepted on a 1730's Farmhouse, with attached 1 bed cottage & self contained 1 bed annexe , which are currently rented out. Although I have to take out a mortgage of 5x my salary
, the income from the rentals pay 80% of the mortgage interest
So the plan is to run this as a business for 10-15 years, doing the main farmhouse up to higher spec & possibly look to extend 1 bed cottage in to 2 bed & sell off to decrease mortgage, or continue to rent & take the property rise over that period as pension investment, for release at some point by downsizing
Fingers crossed it all goes through, as I'm being quoted nearly £2k for full structual survey .....which I won't be happy to lose if the chain falls through
Anyone else made alternative plans to replace / subsidise the normal pension ?