Can I beat 3.39%?

Man_on_fire

Hi all Im after some advice, I have made a large amount from matched betting and and still continuing with it, but gradually my bookie accounts are being limited and shut down, so eventually I need to find somewhere else to invest my profit.

I would make use of the TSB accounts in my and my partner's names however as I already have a halifax reward bounce going around we are fast approaching the £300 limit allowed on interest before it affects our working tax credit allowance.

Since working tax credit is lost at a rate of 41p in the pound and this is adds to the 20% tax paid I am trying to figure out if I can find a way to beat my mortgage rate of 3.39%, either through use of an ISA or an investment that pays more after tax than the interest due on my mortgage, but at 61% effectively taxed, I don't know where to look that can beat my mortgages rate.

Does anyone know when p2p leading is likely to be allowed into our ISA allowances? Because this would be an ideal place to put my earnings.

Else I simply pay down my mortgage, I owe £82,000 currently and can pay off 10% per year and that would use up most of my profits, I just feel that I should be able to beat the interest rate by investing elsewhere with the spare cash.

Any thoughts? Thanks..

InvestInPoker

Man_on_fire wrote: »

Any thoughts?

How long did you last at Stan James?

Man_on_fire

InvestInPoker wrote: »

How long did you last at Stan James?

lol Sportsbook-wise not long, still can do their games offers though. So still drip feeding me some money every week touch wood.

InvestInPoker

Man_on_fire wrote: »

lol Sportsbook-wise not long, still can do their games offers though. So still drip feeding me some money every week touch wood.

Nice, they fully closed my account after I had a couple of bets on 99/98% books (I didn't arb them because that is throwing money away)

As for your question I would throw money at your mortgage if I was you mate but it's not the most efficient use of your finances that is for sure (and that is why you are asking in here). Hopefully someone will give you a better and more detailed run down of some ideas.

Archi_Bald

Man_on_fire wrote: »

I just feel that I should be able to beat the interest rate by investing elsewhere with the spare cash.

You could invest in your own skills and/or business and make a multiple of 3.39%.

Eco_Miser

Man_on_fire wrote: »

Since working tax credit is lost at a rate of 41p in the pound and this is adds to the 20% tax paid I am trying to figure out if I can find a way to beat my mortgage rate of 3.39%, either through use of an ISA or an investment that pays more after tax than the interest due on my mortgage, but at 61% effectively taxed, I don't know where to look that can beat my mortgages rate.

You need 8.7% gross to be better than overpaying your mortgage. P2p possibly? Or equity funds that pay no dividend, just a big capital gain could be a different approach.