Remortgage my house, money into pension, retire early?

[Schiff]

I`m with RobertT here, remortgaging is not a good idea, you still have to pay that mortgage wich is an added expense on long term even if it gives you some cash on short term.

If I was you, I would sell the house and buy a much cheaper 1 bed house or a flat in a cheaper area of UK or even in one of the cheap European countries and live off the rest of the money.

I did look into retiring to Spain as the climate appeals to me. However after selling my place and buying, there would be no spare cash from the move. Also Spanish tax allowances are much lower than U.K. and I think I could be financially worse off over there.

Is renting in Spain a possibility?

We have left the EU and the transition period finishes at the end of the year. Anyone wanting to retire to Spain will then need to apply for a non lucrative residence visa and will need to prove that they have sufficient pension/investment income (currently over 25,000 euros per year) in order to qualify for that visa. It is no longer as simple as finding somewhere to live and moving.

[Janet Brum]

I`m with RobertT here, remortgaging is not a good idea, you still have to pay that mortgage wich is an added expense on long term even if it gives you some cash on short term.

If I was you, I would sell the house and buy a much cheaper 1 bed house or a flat in a cheaper area of UK or even in one of the cheap European countries and live off the rest of the money.

I did look into retiring to Spain as the climate appeals to me. However after selling my place and buying, there would be no spare cash from the move. Also Spanish tax allowances are much lower than U.K. and I think I could be financially worse off over there.

Have a look at other countries like Turkey, Hungary, Bulgaria, etc, you`ll be surprised to see how cheap the houses are there and how nice and cheap the life is...

Bulgaria:
https://www.aplaceinthesun.com/property ... /18/page/1" onclick="window.open(this.href);return false;

Turkey:
https://www.aplaceinthesun.com/property ... /18/page/1" onclick="window.open(this.href);return false;


Lots of other countries to choose from: https://www.aplaceinthesun.com/search" onclick="window.open(this.href);return false;

And probably many more websites with cheap properties for sale on the internet.

[NorthernBoy]

I`m with RobertT here, remortgaging is not a good idea, you still have to pay that mortgage wich is an added expense on long term even if it gives you some cash on short term.

If I was you, I would sell the house and buy a much cheaper 1 bed house or a flat in a cheaper area of UK or even in one of the cheap European countries and live off the rest of the money.

I did look into retiring to Spain as the climate appeals to me. However after selling my place and buying, there would be no spare cash from the move. Also Spanish tax allowances are much lower than U.K. and I think I could be financially worse off over there.

Is renting in Spain a possibility?

I would consider renting if I was to move there, but my partner is dead against the idea. As mentioned above the tax allowances are not as good as U.K, so any move there would be done on a lifestyle choice rather than a large saving on the cost of living basis.

[NorthernBoy]

I`m with RobertT here, remortgaging is not a good idea, you still have to pay that mortgage wich is an added expense on long term even if it gives you some cash on short term.

If I was you, I would sell the house and buy a much cheaper 1 bed house or a flat in a cheaper area of UK or even in one of the cheap European countries and live off the rest of the money.

I did look into retiring to Spain as the climate appeals to me. However after selling my place and buying, there would be no spare cash from the move. Also Spanish tax allowances are much lower than U.K. and I think I could be financially worse off over there.

Have a look at other countries like Turkey, Hungary, Bulgaria, etc, you`ll be surprised to see how cheap the houses are there and how nice and cheap the life is...

Bulgaria:
https://www.aplaceinthesun.com/property ... /18/page/1" onclick="window.open(this.href);return false;

Turkey:
https://www.aplaceinthesun.com/property ... /18/page/1" onclick="window.open(this.href);return false;


Lots of other countries to choose from: https://www.aplaceinthesun.com/search" onclick="window.open(this.href);return false;

And probably many more websites with cheap properties for sale on the internet.

Janet, off the countries you mention we did actually consider Bulgaria, as its a country we like and visit regularly.

As you say property can be found very cheaply especially in some of the more rural areas. I know there are a number of british expats who have moved there into small villages and grow their own produce etc and live a more slower pace of life.

Whilst there is nothing wrong with this type of lifestyle it’s just not for us. Our plan is to stay in the uk and take 2 or 3 foreign holidays a year, probably in the winter to the Caribbean or south east Asia. We would then do some mini breaks in the uk and Europe during the summer months.

Thanks for your suggestions.

[Janet Brum]

Happy to help if I can and good luck to you :)