Best way to turn £10k into £50k to pay off my mortgage?

ukonlineshopping

I have managed to save £10k over the last few years and hope to pay off the £55k left on my mortgage and become mortgage free. The problem is I am currently £45k short!

I am looking for ideas to turn my £10k into £55k!!

Currently got it in shares, I have dealt in shares for over 15 years so know what I am doing but feel that the market will turn downward for the rest of 2011.

I am just over 30 so have been very lucky to get to this point anyway with the mortgage but we don't have much income and just wish to have a bit more freedom.

I am hopefully looking for some specific ideas rather than "start a internet business" but all suggestions welcome and thankyou to posters in advance.

Thanks
Ted

lincoln-potter

ukonlineshopping wrote: »

I have managed to save £10k over the last few years and hope to pay off the £55k left on my mortgage and become mortgage free. The problem is I am currently £45k short!

I am looking for ideas to turn my £10k into £55k!!

Currently got it in shares, I have dealt in shares for over 15 years so know what I am doing but feel that the market will turn downward for the rest of 2011.

I am just over 30 so have been very lucky to get to this point anyway with the mortgage but we don't have much income and just wish to have a bit more freedom.

I am hopefully looking for some specific ideas rather than "start a internet business" but all suggestions welcome and thankyou to posters in advance.

Thanks
Ted

There is no guaranteed recipe or option. If there was then everybody would be doing it, its all about what risks you are willing to take and if you are prepared to accept that you might lose some or all of what you stake.

you are still young so why the rush to get that finally bit paid off? slow, steady and safe is surely a better option?

ukonlineshopping

I think I just want to be debt free and having wiped 60% of it off just fancy doing that final bit, this will then give me the option to leave my job and perhaps start a business or have a couple of years not working.

I get your point though, spent the last few years saving pretty much all I had and not spending much and my focus has been on getting this mortgage down. Time to smell the roses maybe?

lincoln-potter

ukonlineshopping wrote: »

I think I just want to be debt free and having wiped 60% of it off just fancy doing that final bit, this will then give me the option to leave my job and perhaps start a business or have a couple of years not working.

I get your point though, spent the last few years saving pretty much all I had and not spending much and my focus has been on getting this mortgage down. Time to smell the roses maybe?

Well only you know your full circumstances, but how would you feel and cope if you went and lost 8K of that money on a risk too far?

Stocks and shares can get you seom gains even in times of hardship, but the quickest way to increase your money is to put it all on one turn of a roulette wheel. Not that I would advocate that, but its a sliding scale of risk and rewards.

You have done well getting to where you are so don't spoil it by trying to force that last part.