Moving back to the UK with cash - What would you do?
Discussion
OK, I created a burner account here as I guess this is a pretty personal topic and wanted to be open with the numbers (10+ year PH'r)
I am currently working in another country and have done for a decade. For a variety of family reasons we are considering moving back to the UK.
Through a variety of great things happening, after all taxes etc. it looks like we will have around £1m cash coming back with us. This includes the sale of a house but excludes pension accounts.
Some demographic info.. my wife and I are in our 40s with a couple of young kids (Sub 10 years old).
We would like to take life a little easier (We've both been in high pressure 'rat race' type jobs) but we know that we'll both need to work. I am considering a starting a. small consulting business in my industry rather than rejoining a large corporate again for example.
Some requirements:
- We'll need to live somewhere. Houses suitable for us are between £400k and £600k.
- We'll need to continue to save for retirement in some way shape or form.
- We are comfortable with the public schools in the area so will not be needing to pay for schooling.
We have a lot of flexibility, anything from being mortgage free and then buying investment property(s) to even squirreling it all away in some low risk investment and jumping back into property with a full mortgage with a small deposit.
What would you do? Looking for inspiration and ideas really at this stage.
I am currently working in another country and have done for a decade. For a variety of family reasons we are considering moving back to the UK.
Through a variety of great things happening, after all taxes etc. it looks like we will have around £1m cash coming back with us. This includes the sale of a house but excludes pension accounts.
Some demographic info.. my wife and I are in our 40s with a couple of young kids (Sub 10 years old).
We would like to take life a little easier (We've both been in high pressure 'rat race' type jobs) but we know that we'll both need to work. I am considering a starting a. small consulting business in my industry rather than rejoining a large corporate again for example.
Some requirements:
- We'll need to live somewhere. Houses suitable for us are between £400k and £600k.
- We'll need to continue to save for retirement in some way shape or form.
- We are comfortable with the public schools in the area so will not be needing to pay for schooling.
We have a lot of flexibility, anything from being mortgage free and then buying investment property(s) to even squirreling it all away in some low risk investment and jumping back into property with a full mortgage with a small deposit.
What would you do? Looking for inspiration and ideas really at this stage.
Well firstly I apologize for the spelling mistake in the thread title.. still PH is unable to allow us to change those!
Anyway, thanks (I think
) for the responses so far.
My preference was always to be mortgage free as soon as possible. What kind of rates are people getting back in the UK these days?
I'm guessing around 6%-ish? To out perform the mortgage interest rate with an investment would take some doing (or risk) I'd expect so it's tricky to see that path working.
How is the BTL market these days? Any new rules / regs that make it easier or harder than a decade ago?
Anyway, thanks (I think
) for the responses so far. My preference was always to be mortgage free as soon as possible. What kind of rates are people getting back in the UK these days?
I'm guessing around 6%-ish? To out perform the mortgage interest rate with an investment would take some doing (or risk) I'd expect so it's tricky to see that path working.
How is the BTL market these days? Any new rules / regs that make it easier or harder than a decade ago?
Actual said:
Know Your Customer (KYC)
When I purchased a house after cashing in investments I had to jump through a whole load of anti money laundering checks at almost every turn.
You may have the cash but what about source of funds and will any bank take it?
Thats good to know. We are planning on hiring a financial advisor / tax specliast for this whole thing that deals in UK and our current countries finances. When I purchased a house after cashing in investments I had to jump through a whole load of anti money laundering checks at almost every turn.
You may have the cash but what about source of funds and will any bank take it?
Anything specific you can share with things to look out for?
the-norseman said:
Annonnynonyy said:
We are considering moving back to the UK.
Not sure where you are currently living but I wouldn't come back to the UK. Annonnynonyy said:
Actual said:
Know Your Customer (KYC)
When I purchased a house after cashing in investments I had to jump through a whole load of anti money laundering checks at almost every turn.
You may have the cash but what about source of funds and will any bank take it?
Thats good to know. We are planning on hiring a financial advisor / tax specliast for this whole thing that deals in UK and our current countries finances. When I purchased a house after cashing in investments I had to jump through a whole load of anti money laundering checks at almost every turn.
You may have the cash but what about source of funds and will any bank take it?
Anything specific you can share with things to look out for?
The risk is that a critical major transaction gets delayed by days for security and fraud checks during which time the funds are lost between accounts with sender and receiver completely in the dark because the security department won't divulge their process or reasons.
No problem if you borrow a few £M.
We discussed moving back to the UK 3 to 4 years ago. We weren't sure if we would get our green cards. When thinking about our plan if we didn't, one option was to return to the UK. If we did, I thought I would probably rent somewhere for at least 6 months.
Use that time to get established.
In your case, maybe you can both work part time? Maybe one full time the other not work outside the home etc.
Once established and back into daily life etc, I would look at buying something more suitable in due course.
I am glad we didn't return! All the best with your move.
Use that time to get established.
In your case, maybe you can both work part time? Maybe one full time the other not work outside the home etc.
Once established and back into daily life etc, I would look at buying something more suitable in due course.
I am glad we didn't return! All the best with your move.
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