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    • ellives
    • By ellives 10th Jul 17, 11:11 PM
    • 602Posts
    • 360Thanks
    ellives
    £160k and where to put it!
    • #1
    • 10th Jul 17, 11:11 PM
    £160k and where to put it! 10th Jul 17 at 11:11 PM
    Hello - in need of advice please. As a result of being terminally ill I have received some insurance payouts, the last a couple of hours ago.

    I do not want to commit to anything that may restrain me for obvious reasons - as it needs to be accessible to my wife once I die - and that could be 3-9 months prob at very best.

    So my thoughts are quick access, security and return.....

    Currently in Santander 123 which has a reasonable return on £20k

    Really appreciate some guidance.

    Evilles
Page 1
    • xylophone
    • By xylophone 10th Jul 17, 11:21 PM
    • 23,393 Posts
    • 13,595 Thanks
    xylophone
    • #2
    • 10th Jul 17, 11:21 PM
    • #2
    • 10th Jul 17, 11:21 PM
    It would be possible to have a joint and two sole Santander accounts.

    If DDs required, a couple of Tesco Savings Accounts for each of you would answer the purpose.

    A joint NS&I account could be used - the return is not great but £100,000 could be held there securely pending a later decision.

    http://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html
    • justme111
    • By justme111 10th Jul 17, 11:28 PM
    • 2,853 Posts
    • 2,738 Thanks
    justme111
    • #3
    • 10th Jul 17, 11:28 PM
    • #3
    • 10th Jul 17, 11:28 PM
    I think it is an IFA territory as presumably your wife will not spend them all in a couple of years and you do not seem to be familiar with investments. Wishing your time whatever you have left to be good.
    • ellives
    • By ellives 10th Jul 17, 11:37 PM
    • 602 Posts
    • 360 Thanks
    ellives
    • #4
    • 10th Jul 17, 11:37 PM
    • #4
    • 10th Jul 17, 11:37 PM
    Thanks for your swift replies.
    • ellives
    • By ellives 10th Jul 17, 11:44 PM
    • 602 Posts
    • 360 Thanks
    ellives
    • #5
    • 10th Jul 17, 11:44 PM
    • #5
    • 10th Jul 17, 11:44 PM
    I think it is an IFA territory as presumably your wife will not spend them all in a couple of years and you do not seem to be familiar with investments. Wishing your time whatever you have left to be good.
    Originally posted by justme111
    She will need it to pay off the mortgage as I am the key financial resource.
    • ellives
    • By ellives 10th Jul 17, 11:46 PM
    • 602 Posts
    • 360 Thanks
    ellives
    • #6
    • 10th Jul 17, 11:46 PM
    • #6
    • 10th Jul 17, 11:46 PM
    [QUOTE=xylophone;72820098]It would be possible to have a joint and two sole Santander accounts.

    If DDs required, a couple of Tesco Savings Accounts for each of you would answer the purpose.

    A joint NS&I account could be used - the return is not great but £100,000 could be held there securely pending a later decision.

    [url]http://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html

    NS&I - is this premium bonds? If so your feedback suggests it is secure although potentially poor return?

    Okay have now read he'd your response - I get it and I can see it is spot on, thanks
    Last edited by ellives; 11-07-2017 at 3:27 AM.
    • eskbanker
    • By eskbanker 11th Jul 17, 12:28 AM
    • 5,783 Posts
    • 5,663 Thanks
    eskbanker
    • #7
    • 11th Jul 17, 12:28 AM
    • #7
    • 11th Jul 17, 12:28 AM
    She will need it to pay off the mortgage as I am the key financial resource.
    Originally posted by ellives
    Could some or all of the money be used for paying off the mortgage now?
    • ellives
    • By ellives 11th Jul 17, 2:52 AM
    • 602 Posts
    • 360 Thanks
    ellives
    • #8
    • 11th Jul 17, 2:52 AM
    • #8
    • 11th Jul 17, 2:52 AM
    Sadly not as there is a significant ER fee. On this point t it is a 5 yr fixed - March 2017 (crap timing) with NW - do they ever show ant mercy if the circumstances are like mine? And reduce the ER fee?
    • ellives
    • By ellives 11th Jul 17, 3:11 AM
    • 602 Posts
    • 360 Thanks
    ellives
    • #9
    • 11th Jul 17, 3:11 AM
    • #9
    • 11th Jul 17, 3:11 AM
    Could some or all of the money be used for paying off the mortgage now?
    Originally posted by eskbanker
    PS we have a joint bank acc, she has full power of attorney and my current stance is to not alert them until I'm clearly poorly. It could be that this is 6 months plus away? At this point while she could continue to make full payments (perfect history btw) and reduce the mortgage and the ER fee over time, it seems a very unlikely arrangement as my wife alone would not secure the current mortgage amount single handed. Or might they look at her salary and a stash of cash? Again no as it'll trip the ER fee.

    So my thinking is that she will clear the mortgage (using cash funds available) and face taking a £12k hit on top via the ER fee - unless they show a bit of mercy, which I'm not sssuming - anyone have any real world experience of this?

    Thanks again - us brain tumour gang tend to not sleep regularly - this keeping me busy tonight lol��
    Last edited by ellives; 11-07-2017 at 3:26 AM.
    • Wookey
    • By Wookey 11th Jul 17, 9:49 AM
    • 803 Posts
    • 403 Thanks
    Wookey
    Does your mortgage not have an insurance built into it where on the event of one of you dying that the mortgage is paid of?

    12k is a big chunk of money to be paying in fee's, i would be inclined to sit it out for the duration of the term and put the cash into the highest paying accounts i could find whilst making some mortgage overpayments if allowed.
    Norn Iron Club member No 353
    • greenglide
    • By greenglide 11th Jul 17, 10:02 AM
    • 2,895 Posts
    • 1,867 Thanks
    greenglide
    According to the Nationwide web site an ERC is not payable if:-

    ......
    your mortgage is paid off following a critical illness claim in your name
    your mortgage is paid off following your death or that of your partner/spouse
    .....
    See here http://www.nationwide.co.uk/support/support-articles/manage-your-account/mortgage-early-repayment/early-repayment-overview
    Last edited by greenglide; 11-07-2017 at 10:02 AM. Reason: extra
    • ellives
    • By ellives 17th Jul 17, 7:09 AM
    • 602 Posts
    • 360 Thanks
    ellives
    Great - a solution. I've used some of the funds to pay off 10% of the mortgage and will pay it all off when I die and thus avoid the ERC - result!

    Now to get organised re: short term gain from the remainder - I aim to follow xylophone's advice.
    Last edited by ellives; 17-07-2017 at 7:13 AM.
    • RADDERS
    • By RADDERS 17th Jul 17, 9:22 AM
    • 158 Posts
    • 144 Thanks
    RADDERS
    Sadly not as there is a significant ER fee. On this point t it is a 5 yr fixed - March 2017 (crap timing) with NW - do they ever show ant mercy if the circumstances are like mine? And reduce the ER fee?
    Originally posted by ellives
    I used to work for a Building Society, if funds were received from insurance in the circumstances that you have described we would waive the Early Redemption fees.
    I would ring your provider and double check with them.
    • ellives
    • By ellives 17th Jul 17, 9:26 AM
    • 602 Posts
    • 360 Thanks
    ellives
    I used to work for a Building Society, if funds were received from insurance in the circumstances that you have described we would waive the Early Redemption fees.
    I would ring your provider and double check with them.
    Originally posted by RADDERS
    My wife will use my death in service payment plus crit payments to clear the mortgage so that'll work.... thank you all - this has been very useful at a difficult time.
    • Clive Woody
    • By Clive Woody 17th Jul 17, 10:54 AM
    • 4,394 Posts
    • 5,007 Thanks
    Clive Woody
    My wife will use my death in service payment plus crit payments to clear the mortgage so that'll work.... thank you all - this has been very useful at a difficult time.
    Originally posted by ellives
    I would suggest talking to NW now, I've had mortgages with them for some time and they seem a reasonable bunch to talk with. This may help when the time comes and make it easier for your wife rather than her having to explain the whole situation when she will be very upset.
    Rugby Union - The Greatest Game
    • ellives
    • By ellives 17th Jul 17, 11:02 AM
    • 602 Posts
    • 360 Thanks
    ellives
    Thank you - perhaps I need to do this after all - sounds like good sense.
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