Self Age 60
Retired public servant pension 36K potential to earn 20k - 30K in part time work but that results in a higher tax band which is then applied to tax on rental income
Spouse 55 private employment salary 26K
Savings including recent gratuity lumpsum 190K
Children aged 32 ,31 ,27 ,25, 21, 18 ,18 ,15 ,14, 12.
6 children living at home college school
Net monthly income 4200K excluding rental income
Ppr no mortgage worth 700K
BTL 1 valued at 330K mortgage 8k annual rental income 17136 less expenses tracker mortgage
BTL2 valued at 300K mortgage 160K annual rental income less expenses 17400
BTL3 valued at 90K no mortgage annual income 8640 less expenses
BTL 4 valued at 120K mortgage 28K nil rental income family member living there
Overseas property 75 k mortgage 20k used by family and extended family for holidays
Credit cards NIL
Car used car no loans
Wondering whether I should use my lumpsum to pay down some debt or whether to buy one more property and add to current portfolio and use the resulting income to supplement my pension.
Retired public servant pension 36K potential to earn 20k - 30K in part time work but that results in a higher tax band which is then applied to tax on rental income
Spouse 55 private employment salary 26K
Savings including recent gratuity lumpsum 190K
Children aged 32 ,31 ,27 ,25, 21, 18 ,18 ,15 ,14, 12.
6 children living at home college school
Net monthly income 4200K excluding rental income
Ppr no mortgage worth 700K
BTL 1 valued at 330K mortgage 8k annual rental income 17136 less expenses tracker mortgage
BTL2 valued at 300K mortgage 160K annual rental income less expenses 17400
BTL3 valued at 90K no mortgage annual income 8640 less expenses
BTL 4 valued at 120K mortgage 28K nil rental income family member living there
Overseas property 75 k mortgage 20k used by family and extended family for holidays
Credit cards NIL
Car used car no loans
Wondering whether I should use my lumpsum to pay down some debt or whether to buy one more property and add to current portfolio and use the resulting income to supplement my pension.
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