Advice on Inheritance - Trust Fund, buy to let?
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fionasmith14
Posts: 18 Forumite
Hello,
Im hoping to get some general advice. Unfortunaly my husband recently passed away. Our mortgage is cleared and we recieved various death in service payments. Roughly, i have around £370,000 which has been put into an offshore trust which i take £2,000 from each month for cost of living but the fund is still projected to grow despite that withdrawl. I also have another £156,000 which i have to invest. I have a financial advisor who is going to come back to me with his advice on where to invest this but i have been having some throughts and wanted to run them past you before i speak to him.
My advsior will likely tell me to invest the funds in a variety of long and short term stocks / shares / isa's but im wondering about the merits of a buy to let property if i were to take out mortgages which were then covered by the rent etc. In my area i could probably get around a 7% yeild. I know its probably more hassle for a similar return id get from what my advisor will sugest but i have had to suspend by university studies following my husbands death so I'm aware that having one or two buy-to-let properties will give me something to do until i feel like going back to Uni. Im 28 and retraining to be a teacher. I have no mortgage on my house which is worth around £400k and no debts but obviously no income other than the trust fund etc. I also get aound £500 a month is widowed parents benefits / child benefit. I dont have a substantial pension so i will be increasing my pension payments from the £2k trust fund money each month.
Ive probably missed out alot and know i should just speak to my advisor but seeing its Easter and it was playing on my mind wether a Buy to Let situation might suit me I thought i would ask? Would a mortgage povider even lend to me with no job at the moment despite obviously having the funds to cover the purchase price of any property which would likely be in the £150k region. Ill also be earning a teachers wage in 18months or so once i return to my studies. Likely in September.
Any advice / ideas / questions i should ask the IFA would be great. Thank you!
F.x
Im hoping to get some general advice. Unfortunaly my husband recently passed away. Our mortgage is cleared and we recieved various death in service payments. Roughly, i have around £370,000 which has been put into an offshore trust which i take £2,000 from each month for cost of living but the fund is still projected to grow despite that withdrawl. I also have another £156,000 which i have to invest. I have a financial advisor who is going to come back to me with his advice on where to invest this but i have been having some throughts and wanted to run them past you before i speak to him.
My advsior will likely tell me to invest the funds in a variety of long and short term stocks / shares / isa's but im wondering about the merits of a buy to let property if i were to take out mortgages which were then covered by the rent etc. In my area i could probably get around a 7% yeild. I know its probably more hassle for a similar return id get from what my advisor will sugest but i have had to suspend by university studies following my husbands death so I'm aware that having one or two buy-to-let properties will give me something to do until i feel like going back to Uni. Im 28 and retraining to be a teacher. I have no mortgage on my house which is worth around £400k and no debts but obviously no income other than the trust fund etc. I also get aound £500 a month is widowed parents benefits / child benefit. I dont have a substantial pension so i will be increasing my pension payments from the £2k trust fund money each month.
Ive probably missed out alot and know i should just speak to my advisor but seeing its Easter and it was playing on my mind wether a Buy to Let situation might suit me I thought i would ask? Would a mortgage povider even lend to me with no job at the moment despite obviously having the funds to cover the purchase price of any property which would likely be in the £150k region. Ill also be earning a teachers wage in 18months or so once i return to my studies. Likely in September.
Any advice / ideas / questions i should ask the IFA would be great. Thank you!
F.x
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