Investment of inheritance

sparkledi

Hello, I'm a newbe to forum. I've luckily inherited £66,000 and would like to know how to invest to get best rate of return. My mortgage repayments are 1.2% so don't know whether to pay that off? My cash Isa is up to date but should I get stocks and shares Isa? One scenario is that I probably won't need the money for 5 years. The other scenario is that I might need the money in a couple of years to help my son with a deposit on a house. Thanks for any tips.

Wilkins

If you think you might need the money in two years then you are best advised to leave the money in cash. Have a look on the main MSE site at the savings guide. Any involvement with shares/funds will involve short term risk. For 5 years or more then the latter is probably the best way to go.

Linton

Suggest you look at splitting the money into different lumps. You may want to help your son in 2 years, or use the money for something else in 5 years, is that ALL of it???

If you can identify part of the inheritance you wont need for at least 5 and preferably 10 years you could sensibly think about an S&S ISA. Other options include putting money into a pension. In either case ensure you have say 6 months available as cash to cover any emergencies.

sparkledi

Thanks - I should have said that my pension is fine. I like the idea of splitting it up - as my dad would have said don't put all your eggs in one basket!

atush

Pay off non mtg debt. put money for emergencies in easy access.


Rest of money in S&S isas, pensions and cash deposits depending on number of years required til access.