You have £20K in savings

Dave_Rowtree

Buy a house below market value and rent it out?

It would depend on what stage I'm at in life - some years I would use it to not work for a year and go travelling, some years I would pay off debts/mortgage. Probably depends if you're happy where you are or not.

hopefulfooluk

Plough it into an outstanding £30K mortgage?

I'd stick every single penny of it into RBS stock. My next door neighbour said it can't possibly lose!!!!!!!

Can someone tell me how to buy shares please?


:rotfl::rotfl::rotfl::rotfl:

isofa

Wouldn't do any of your options currently...

malik999

Plough it into an outstanding £30K mortgage?

You have £20K in savings Would you...

For me:
Option 5 - Stick it in a savings account.

Blah99

Splash out and travel - you only get one life!?

Option 6 - keep it somewhere safe so you can afford your tax bill in a couple of years, thanks to Labour's ineptitude.

I voted for the holiday. I like vacations, and seeing as it's not my money, why not

Paul_Herring

Plough it into an outstanding £30K mortgage?

Option 7 - Stock market.

Richard_Cocks

Plough it into an outstanding £30K mortgage?

Out of the poor choices available, pay off the mortgage, but I'd rather try and find a decent place to save it first.

a7man

Buy a house below market value and rent it out?

I prob wouldnt go travelling but I would use it to move out of the UK and cover expenses while I look for a job elsewhere.

California, Australia or Dubai....!? hmmmmm

LongTermLurker

You have £20K in savings, would you...
Plough it into an outstanding £30K mortgage?
Buy a house below market value and rent it out?
Use it to upgrade your own home?
Splash out and travel - you only get one life!?

1 - bad idea to make yourself so illiquid. Good idea long term, but what happens if tomorrow's your rainy day?

2 - It would have to be a stunningly undervalued house to be going for £20k

3 - if you want it, do it, but not with the full £20k (see #1)

4 - indeed, but only for the very brave

I would say £20k is too small a figure to spend/lock up in this climate. Under normal times, I'd like to have half that in cash. In these uncertain times, I would leave it all in cash. If I had more, I'd invest some in funds.

If I was looking for a fixed rate now, I probably wouldn't bother because 4% interest isn't attractive to me so I'd rather keep the flexibility.

Animal_Jones

Plough it into an outstanding £30K mortgage?

Paid off the mortgage a few years ago,best thing i ever did.