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  • FIRST POST
    zippygeorgeandben
    15,000 to invest and I don't know what to do
    • #1
    • 17th Jul 08, 2:21 PM
    15,000 to invest and I don't know what to do 17th Jul 08 at 2:21 PM
    Hello everyone,

    First time posting in this particular board. I hope you are all as friendly as the DFW's and the House Buying board, time will tell I suppose!

    I have recently been given 15,000 which is sitting in my current account and I am unsure as to what to do with it. I'm looking for any pointers here.

    I currently put 300 into my ISA each month so I've put about 900 in since the start of this financial year and this accrues interest on a monthly basis.

    Me and my partner have been studying the property market for the last 8 or so months now and realise it's best to keep renting at the moment before buying our first property. This 15,000 could come in very useful to help build up/towards our deposit and the quicker I stick it somewhere beneficial, the better (at least that's my thinking anyway). It could do with going into an account where it can be withdrawn at any time as if we find a property in 6 months time, I don't want to be in the situation where it can't be used as I am unable to with draw it due to the terms of the savings scheme.

    The alternative is to use part of this 15,000 to pay of a graduate personal loan (currently standing at 1400 but if i pay it off in full, I can pay only 1300 of it back, thus saving 100 pounds in the process) or fully pay off my student loans which stand at around 4,000 gathering annual interest at a low rate.
    I have just started paying these student loans back monthly as I am now over the threshold so I currently pay them approx 95 a month. I suppose I could pay off my student loans, my Graduate Personal Loan out of this 15,000 and the 220 a month I currently pay towards my GPL and student loans, I could put into my ISA thus increasing my ISA payment to 520 a month.

    I hope that made sense!

    Thanks for reading and any advice would be appreciated.

    Ben
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