Where can I stash my doe.

paye

Hi,

I currently have around £65k saved up, ( I will have atleast £85k when I sell my car next month). I've maxed out the santender 123 account, the rest is sitting in a useless barclays isa which is gaining a poxy 0.80% interest. I still have a mortgage with a balance of around £220k left on it. I can also easily save around £1500pm after paying everthing. Does anyone have any suggestions as to where I can invest my savings such as high paying interest accounts, p2p ( not to sure what this is).

Any advice welcome.

Thanks :beer:

Man_on_fire

paye wrote: »

Hi,

I currently have around £65k saved up, ( I will have atleast £85k when I sell my car next month). I've maxed out the santender 123 account, the rest is sitting in a useless barclays isa which is gaining a poxy 0.80% interest. I still have a mortgage with a balance of around £220k left on it. I can also easily save around £1500pm after paying everthing. Does anyone have any suggestions as to where I can invest my savings such as high paying interest accounts, p2p ( not to sure what this is).

Any advice welcome.

Thanks :beer:

P2p skips the banks and lend strait to others, but it splits up your money up between many different people to reduce risk of non payments. Google ratesetter or funding circle.

I would also look at setting up stocks and shares isa's with that type of money and your ability to save, much better off than myself, not moaning just stating a fact. Also look into maxing out your pension contributions.

colsten

What is the interest rate on your mortgage?

How old are you?

What is your tax rate?

What pension arrangements do you have?

What are your plans for your cash?

(and same questions for any spouse)

Kendall80

All that savings sat there not doing anything. At the least you couldve offset your mortgage with it. Payed less interest and reduced the term. The benefit would certainly beat 0.8% interest in an ISA.


Maxing out the annual allowance in a SIPP would give a great return too. Putting in 40k becomes 50k with tax rebate at basic rate. 10k for nothing. Although obviously you'd need to lock away your money til you retire for that one.


Then you have the other options such as making use of the 5%/4% interest current accounts, overpaying your mortgage, starting up a diversified S&S ISA (and adding to it monthly).

atush

Current accts, S&S isas, pensions anything would have been better than letting it sit like that.

mapk

atush wrote: »

Current accts, S&S isas, pensions anything would have been better than letting it sit like that.

Oh deer

paye

colsten wrote: »

What is the interest rate on your mortgage?

How old are you?

What is your tax rate?

What pension arrangements do you have?

What are your plans for your cash?

(and same questions for any spouse)

Love the picture ,

thanks for the replies all.

I'm 34, my misses is 30
Im on 40% tax mrs on 20% tax
I'm currently not paying anything into a pension pot at the moment, but my company puts in 8% of my salary into a pension pot. My wife currently dosen't have a pension pot.

We have no plans for the cash yet, I was thinking of purchasing a BTL, but seeing Mr osborne has bought in all these new tax legislations I think I'll give it a pass for the time being.

I'm currently at a loss and I would appreciate some advice in the best way to invest. Thanks for your time all :beer:

paye

Man_on_fire wrote: »

P2p skips the banks and lend strait to others, but it splits up your money up between many different people to reduce risk of non payments. Google ratesetter or funding circle.

I would also look at setting up stocks and shares isa's with that type of money and your ability to save, much better off than myself, not moaning just stating a fact. Also look into maxing out your pension contributions.

thanks for the tip on the 'ratesetter', will read into this further.
stocks and shares I need to do a bit of research on this. I don't know why but I always thought of stock and shares as gambling.

jimjames

paye wrote: »

thanks for the tip on the 'ratesetter', will read into this further.
stocks and shares I need to do a bit of research on this. I don't know why but I always thought of stock and shares as gambling.

It's certainly not gambling if you have a balanced portfolio and especially if you buy funds rather than buying shares directly. Yes the value will go up and down over time but this might give a bit more info on how that works.

https://forums.moneysavingexpert.com/discussion/5336097

Lots of sites for reading more such as https://www.monevator.com, using S&S ISA means the investments are protected from tax, unlike BTL.

TheTracker

I knew right from the gecko where you should stash your doe. It's in the bowl in the china shop. Watch out for escape goats.

colsten

Some of your spare money should definitely go into a pension fund as you get an instant boost, and it reduces your tax liability. Are you sure your employer pays 8% whilst you pay nothing?

Also your wife should urgently look into getting her pension provision sorted out.

Perhaps ask an IFA to help you with structuring your finances in a way that suits you and your partner.