What to do with 300k

WrongSideOf20

Hi!

I'm pretty new to this whole forum thing but I'm after some general advice really!!

My partner has recently come into some inheritance after losing a parent, along with 4 properties we have around 300k in cash. Having never had anywhere near this amount before (as obviously most people do not!) we don't know where to save it? Should we invest it? Are there any lower risk investments worth looking at?

Cheers

saver861

WrongSideOf20 wrote: »

Hi!

I'm pretty new to this whole forum thing but I'm after some general advice really!!

My partner has recently come into some inheritance after losing a parent, along with 4 properties we have around 300k in cash. Having never had anywhere near this amount before (as obviously most people do not!) we don't know where to save it? Should we invest it? Are there any lower risk investments worth looking at?

Cheers

I think you need a little more help than a post on this forum.

Four properties and £300k is not an insignificant amount of assets and, if you are not clear on what you should be doing, you would definitely need some advice in terms of an IFA, particularly if you don't have previous experience.

What you really need to be considering is the overall position of your circumstances, e.g. debt, mortgages, pensions etc. All of these factor into your decision making ... or should do at least.

As for the £300k, the first thing I would be doing is ensuring it is split and stored in accounts that are backed by the Gov £75,000 safety net until you find an eventual home for it.

AnotherJoe

saver861 wrote: »

What you really need to be considering is the overall position of your circumstances, e.g. debt, mortgages, pensions etc. All of these factor into your decision making ... or should do at least.

^^^ This. It shouldn't be looked at in isolation.

Eco_Miser

My condolences to your partner.

In the long term, you probably should invest, but now may not be the right time to think about that.

Also does your partner want the four properties? If they're let out, that's a business to run, if not, that seems a lot of property.

saver861 wrote: »

As for the £300k, the first thing I would be doing is ensuring it is split and stored in accounts that are backed by the Gov £75,000 safety net until you find an eventual home for it.

It's not actually the Government, it's the Financial Services companies that provide the FSCS guarantees.

You can get an actual Government guarantee, and just use one account, with NS&I.

DrSyn

I suggest you should take a look at the website below before you actually do anything.Lots of sound advice, I hope it is of use to you.

https://www.citizensadvice.org.uk/debt-and-money/getting-financial-advice


If it is for another area of the UK then go to the site below, chose the area and in the search box type " Financial Advice".


https://www.citizensadvice.org.uk

Andrew_Ryan_89

Give it to me.... Just a thought

atush

put the money in Ns and I now, to keep it safe and earn interest. Or 2 or more joint savings accts.

Then the properties need addressing, esp in the light of new taxation rules on BTL. So you'd need to give more information on these (ie were they just inherited, or had you owned them before? This will affect any CGI relief you migth get.

I agree, with a portfolio like that, you need an IFA.

Do both of you work/earn? Do you have pensions? This would be an obvious place to start.