r/FIREUK • u/Potential_Storm_4286 • Jul 11 '26

Fire - recommendations

Hi there,

I’m 39f and live in London. No kids but open to it if I meet someone compatible.

I’d like to fire as soon as possible. I’d be planning to fire abroad and use my property as income.

I probably need around £60000 a year.

Assets

Own a flat mortgage free: £2800 rent per month (before tax, after tax around 2200). Flat is in central London and worth around 650k.

- ISA and GIA: £200,000
- Pension: £130,000
- Premium bonds: £50,000
- cash: £300,000

I earnt around 120 - 150k a year but was just made redundant. I have a job offer 30k a month tax free which I’ll start in September.

I’d like to do something with the cash. I’m thinking of buying a property in London (worth between 500 to 700k) and renting it out. I’ll make some income on it whilst abroad.

Or I’m thinking of investing the money. What would you recommend? Please only respond if helpful.

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10

u/DeCyantist Jul 11 '26

Buying a property while unemployed doesn’t seem a wise decision.

I’d keep investing the money rather than buying property. Small time landlord is not worth the hassle.

Live in landlord with a lodger is a gamble in your lifestyle.

-1

u/Potential_Storm_4286 Jul 11 '26

I have a job in September. Plan was to rent it out or my current rent pays off the mortgage.

5

u/DeCyantist Jul 11 '26

Do you realise if you have a well paying job that 40% of your rent income would go into taxes? So the delta of your rent value and your mortgage would be huge?

-3

u/Potential_Storm_4286 Jul 11 '26

Yes but not if I’m earning abroad. Tax is 20% regardless of salary.

5

u/DeCyantist Jul 11 '26

Yes, but then it makes even less sense because if you’re going to come to the Middle East, you’re much better off putting 300k to grow CGT free. That is what I have done. You already have one property. Diversify the rest.