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    Early Retirement - Help to Understand

    Hi, I'm 45 and we're trying to work out whether me retiring early makes sense and to understand how that works. I am a public sector worker who joined before 2004 and would have around 39 years' service at my retirement age of 60. My current salary is €100,000. We have children, eldest 12. My...
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    Property Purchase in Portugal

    Thank you. We are in our early 40s. We own our own home. The mortgage is on a low fixed rate and we overpay the maximum allowed each year. We owe the bank about 20% of the value of the house. I'm in the public sector and my spouse is in the private sector. We have two children. My spouse does...
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    Property Purchase in Portugal

    We go for three weeks in the summer. It's €8,000 a week which is where the €24,000 comes from. Your point about stamp duty is interesting but it seems that a lot of properties out there are owned by companies which reduces the stamp duty considerably. It would be important to get advice over...
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    Property Purchase in Portugal

    Yes we've been looking at that. We're spending €24,000 a year on holiday rentals. Mortgage rates seem to be around 3.5% in Portugal at the moment(!). We're hoping to borrow €700,000 over 30 years with a deposit of €300,000 which seems to be possible as the banks advertise that they'll go to age...
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    Property Purchase in Portugal

    Thanks for those comments. We don't plan to rent it out...this will be a home for us in the longer term...we're just accelerating the purchase because we can probably afford it now with borrowings, and all things being equal prices of property assets tend to rise over time, albeit they can have...
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    Property Purchase in Portugal

    Yes, we're looking into all of that. The aim is to avoid developments with crazy service charges.
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    Property Purchase in Portugal

    "No" and "Probably". We spend three weeks a year there in the summer which is now costing a lot to rent. We plan to retire in Portugal and would use it for long weekends here and there as well.
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    Property Purchase in Portugal

    Hi, We're looking at purchasing a holiday home in Portugal. Any thoughts or recommendations in terms of estate agents, banks, mortgage brokers, lawyers, etc would really be appreciated. Thank you in advance. B EDIT: In the Algarve I should have specified.
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    Views on our financial position please

    - Our salaries are now €80k and €145k. - I was going to be missing around a year of service at age 60 so we spent around €25k before tax relief buying that back. - His pension fund is now worth around €500k and it's invested 100% in a global share fund. - We sold our other properties. - The...
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    Views on our financial position please

    I thought I'd post an update!
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    Financing Overseas Property Purchase

    Thank you...that is most helpful!
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    Financing Overseas Property Purchase

    Hello, We are starting to look at options in terms of buying a house in the Algarve. Some of the ones we've seen are owned by companies...does anyone know why that's the case? And what are the banks like these days in terms of lending? We are looking to buy somewhere bigger to use now but also...
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    Views on our financial position please

    Hi Firefly. Thank you for replying. What would be the point? If one of us dies, there's a €1.25m property, a €250k property, and a €180k property, all debt free. Plus €480k tax-free if my husband dies or a meaningful lump sum if I die. Plus €12k per annum from the State. Plus a pension payable...
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    Views on our financial position please

    I am not sure that's fair, as over the course of the discussion I have zeroed in on building the emergency fund and diverting €12,000 a year / €1,000 a month towards the home mortgage. That's taking people's advice. Equally not a criticism, but what 36/37 year old has the ability to buy...
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    Views on our financial position please

    I'm not sure I follow you. Dealing with each point in the order you raised them: 1. We have a surplus €10,000 in our current account (separate to our income and outgoings). We're saving €500 a month and have €3,000 put aside. We'll be adding €25,000 to that in January. That'll be a €40,000...
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    Views on our financial position please

    Thank you all for taking time to respond. In relation to the shares/share options, it has always been his intention to sell them immediately. His role is very stable and he has plenty of options both here and further afield. In relation to what's left on our mortgage at 65/66 as someone...
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    Views on our financial position please

    Thank you for taking the time to respond. We will send them to national primary schools and private secondary schools, so you are right - We need to factor in €10-15,000 per year (or more) for that in around 8/9 years time. And then with college, who knows what the funding model will be by then...
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    Views on our financial position please

    Sorry Brendan, I understand you. My point is that if someone loses their job, they're probably better owing €700,000 and having €100,000 in cash rather than owing €600,000 and having no cash? thanks
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    Views on our financial position please

    No, for people who entered the public service when I did, it's 60. I'm not sure what you mean about our children? Whatever happens, they'll be comfortable. We have income protection, all our debts insured, and a payout of €480,000 if my husband dies. We chatted about paying down the mortgage...
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    Views on our financial position please

    Thank you Brendan. I think our broad plan may be in line with everyone's suggestions the more that I think about it. Once we have €50,000/€60,000 set aside for a rainy day, we will be paying an extra €500 a month off our home mortgage and an extra €6,600 a year with 1/3 of the bonus. That's...
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