How would you spend £180k?

[SomersetDreams]

just curious...

£30k wedding
£140k mortgage
£10k a few amazing holidays before we potentially have children

£180,000 I would buy approx 18 of these type of properties: www.rightmove.co.uk/properties/114007025#/?channel=RES_BUY

Outgoings:
With a £10,000 deposit, and interest only mortgage (fixed for 5 years) the payment would be £50 per month = £600 a year

Incomings:
Rental would be approx £110 a week, so £5720 a year

Incomings - outgoings = 5720-600 = approx £5000 per property. Multiplied by 18 properties is equal to a £90,00 income each year.

(Why anyone would pay their mortgage whilst interest rates are so ridiculously low is beyond me).

Pay off my mortgage, get a new bathroom and wallpaper my hall.

It would go a long way towards buying a house.

Would probably use a few grand for a holiday first actually.

@SunshinePie I was about the write the exact same thing about the mortgages. Why would you pay off a 2% loan when you can earn more interest than that on savings (with such a sizeable amount)?

@SunshinePie

£180,000 I would buy approx 18 of these type of properties: www.rightmove.co.uk/properties/114007025#/?channel=RES_BUY

Outgoings:
With a £10,000 deposit, and interest only mortgage (fixed for 5 years) the payment would be £50 per month = £600 a year

Incomings:
Rental would be approx £110 a week, so £5720 a year

Incomings - outgoings = 5720-600 = approx £5000 per property. Multiplied by 18 properties is equal to a £90,00 income each year.

(Why anyone would pay their mortgage whilst interest rates are so ridiculously low is beyond me).

Because I wouldn't need to work ft. I would own my home outright and nothing would change that. Why anyone thinks that other people should think the same as them is beyond me.

Pay off mortgage £75k
Get work done on house£15k
Take 6 month sabbatical so I can focus on finishing my professional accreditation. £4k
Have THE BEST holiday £1k
Buy a car£5k

Mmmm. Still £80k left... I should probably start a pension...

Probably go on a once in a lifetime holiday and then put towards my pension. Sorry to be boring!

£100k towards mortgage (because psychologically that’s important to me).

2 x new (to us) cars

A great holiday.

Redecorating/carpeting the house. Maybe towards the kitchen.

£10k to charity.

Right so “not having to work ft” outweighs £90k passive income

@SunshinePie

Right so “not having to work ft” outweighs £90k passive income

It is when you're disabled yeah

Pay off mortgage 100k
House improvements 20k
Holidays 10k
2k each to some family members 12k
Pay off credit cards 8k
The rest into savings 😍😍 god this would make me so happy and change my life so much. If only!

Right so “not having to work ft” outweighs £90k passive income hmm

£65k on extension and landscaping
£25k on amazing holiday
£20k on a car
£30k pay off mortgage
Rest in savings.

We've just done the top 2 (£15k hols tho) thanks to a smaller inheritance and selling some shares. Feel very lucky but also it really isn't as much money as you'd think.

Passive income means you don’t have to work!

@SunshinePie but there's also a service charge of 1230.92 per property to consider too!

@SunshinePie

Passive income means you don’t have to work!

I wouldn't want the stress. I have enough of that in my life. I wouldn't need to work if I paid the mortgage off. With DPs earnings and my PIP we'd live perfectly comfortably with a house that was mine.

Yeah but then your DP wouldn’t have to work either

[quote sweepeep]@SunshinePie but there's also a service charge of 1230.92 per property to consider too! [/quote]
Similar properties without service charge, that was just an example. Even so £70k passive income still not to be sniffed at..

@SunshinePie you are also going to pay some form of tax depending on how you run it. You are not walking away with 90j per year. Your maths is all off. You need to deduct over 12k in service charges and running costs etc.

Booze, blokes and fast cars.

The rest I’d squander.

(Thanks George).

@SunshinePie

Yeah but then your DP wouldn’t have to work either

He loves his job. He built it up from nothing.

That would pay off our mortgage... only £40k left. Redecorate, pay off all debt, put some away for a rainy day and a family holiday

£180k would pay my mortgage off and leave about £10k leftover which I'd spend on a nice holiday as we have no other debts and just over 3 months outgoings in savings already .

Without a £900 a month mortgage payment each month my savings would be looking very healthy in no time so I'd do some home improvements too over the next year.

Ah, I wish...!

I have £187k outstanding on my mortgage and enough in savings to cover the difference so I’d pay that off, live the mortgage free dream and consider going down to 4 days a week at work