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spend or save?
c.fozzie
Posts: 3 Newbie
Hi, basically I had to borrow ten thousand pounds from my mortgage lender using an interest only loan which at the moment equates to 15 a month. Through inheritance I have now got the money to pay back the loan. What should I do, pay off the loan or can I do something with it where I could possibly make the money work for me? I thought that if I can invest it, it would have to be short term just in case the interest rates rise.
Thanks in advance.
Thanks in advance.
0
Comments
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Pay off the loan.
Investments are for the long term.0 -
As kingmonkey says, investments are long term. Also, what you're effectively considering is gearing, where you borrow money to invest in the hope of making a gain - if it works, fine but if it doesn't, you still owe the money.
You could of course, if your mortgage allows, pay off part of the loan, but if you really want it to be short term then you need to stay in cash.You've never seen me, but I've been here all along - watching and learning...:cool:0
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