zed4
Prominent Member
Hello,
So, I'm 27, just bought my first house (which is big enough to stay in for many years) and have a good salary in a job I enjoy.
I've been saving hard with a First Direct 8% regular savers account since we moved in, in anticipation of the end of the fixed rate period of our mortgage. In 2 and a half years time we'll be onto a variable rate, so I wanted to have some money put by in case interest rates rise and we need to make an lump payment on the mortgage to reduce the LTV. So, that's in hand, and I have a bit left over each month and have been told I must pay into a pension!
So, talk to me about pensions. What do I need to know? I'm quite well clued up on savings, mortgages, properties etc. but know nothing about pensions!
How much should I be putting away? For how long should I be putting money away? Are there different types of pensions?
My girlfriend and I are also really keen on buying a second property to let out, as soon as we can afford to (her parents have numerous buy to lets), so I'm keen to continue saving for this as well. Not sure how realistic it is, as I don't know what I should be paying into my pension right now.
Any help appreciated.
Thanks,
Dan
So, I'm 27, just bought my first house (which is big enough to stay in for many years) and have a good salary in a job I enjoy.
I've been saving hard with a First Direct 8% regular savers account since we moved in, in anticipation of the end of the fixed rate period of our mortgage. In 2 and a half years time we'll be onto a variable rate, so I wanted to have some money put by in case interest rates rise and we need to make an lump payment on the mortgage to reduce the LTV. So, that's in hand, and I have a bit left over each month and have been told I must pay into a pension!
So, talk to me about pensions. What do I need to know? I'm quite well clued up on savings, mortgages, properties etc. but know nothing about pensions!
How much should I be putting away? For how long should I be putting money away? Are there different types of pensions?
My girlfriend and I are also really keen on buying a second property to let out, as soon as we can afford to (her parents have numerous buy to lets), so I'm keen to continue saving for this as well. Not sure how realistic it is, as I don't know what I should be paying into my pension right now.
Any help appreciated.
Thanks,
Dan