Newbie investor - where to start

kinsae112

I am due to be receive a redundancy payment from my employer for approx. £20k. We intend to use this as deposit for purchase of our home, however given house prices where we are, this won't go very far to the sort of deposits required for buyers.


So, rather that have this money sitting in a very low interest account, we are considering investing it in something (dunno where or what?!) so that it offers a 50-100% return or more. Sounds like a long shot, but there must be investments out there. Any advice welcome. Subject to us being able to get a mortgage, we'll be looking to buy a place end next year, so investment period would be approx. 1year.


...should also mention that I don't want to lose the money, so i'd need a guaranteed return ont he money I put in, and more.


Thank you

ColdIron

kinsae112 wrote: »

we are considering investing it in something (dunno where or what?!) so that it offers a 50-100% return or more

so investment period would be approx. 1year.

...should also mention that I don't want to lose the money, so i'd need a guaranteed return ont he money

Cough, splutter!

kinsae112

uh oh. okay maybe too ambitious, but trying to raise money for deposit, so maybe not as high, but I'm hopeful for a return that's a bit higher than most savings account out there

Drp8713

You want an investment that doubles in one year with no risk?

No chance im afraid.

It could happen if you went 100% into a risky asset class but the risk would be massive.

You shouldnt be considering investing if a. Your not willing to invest for at least 5, but more like 10 years and b. you dont understand risk. Which based on what you have said, you dont.

High interest paying current accounts will get you between 3 and 5% over the next year and thats where you should be looking

kidmugsy

kinsae112 wrote: »

it offers a 50-100% return or more. ... investment period would be approx. 1year.
...should also mention that I don't want to lose the money, so i'd need a guaranteed return ont he money I put in, and more.

If anyone offers you anything like that, report him to the police. He's a crook. Or standing for parliament.

kinsae112

okay, I'm clearly being too optimistic. So, its back to the drawing board to figure out how to raise more ££ for our deposit, if we can actually get a mortgage (

Eco_Miser

You can get 5% on 6.5k, 4% on £5k+$400pm, 3% on £35k, 6% on £300pm by opening multiple current accounts and regular savers, all described in threads on this board.
However the main way to get a deposit is to save hard. See various threads on this board for ideas and encouragement, and maybe look at the debt-free wannabe and mortgage-free wannabe boards for more inspiration.

kinsae112

Eco_Miser wrote: »

You can get 5% on 6.5k, 4% on £5k+$400pm, 3% on £35k, 6% on £300pm by opening multiple current accounts and regular savers, all described in threads on this board.
However the main way to get a deposit is to save hard. See various threads on this board for ideas and encouragement, and maybe look at the debt-free wannabe and mortgage-free wannabe boards for more inspiration.

Thank you. Havnt used this lovely site much but I'll have a browse to figure out where to find the 'wannabe' boards you refer to. Thanks for the advice

jimjames

stock_market wrote: »

If you want to get a good return than invest in stocks like apple,google,Exxon mobil.

I don't think that's very good advice for a new investor. Not only single stocks but ones outside UK which adds more complexity too.

kinsae112

jimjames wrote: »

I don't think that's very good advice for a new investor. Not only single stocks but ones outside UK which adds more complexity too.

Thanks both, but I actually wouldn't even know where or how to invest in such stocks, or any stocks. I'm a real novice

LanieK

Halifax ISA is 4%. Saffron BS has regular saver at 4% too. Both easy access.