Is My Money Really Safe in UK Banks OR Should I rather gamble and buy a property

cells

I think this is a wind up but nonetheless. If you are thinking of buying this £650k house after costs and you have £700k in a bank account you must surely be living somewhere now.

If you are renting and this is a house you like in your shoes I would buy
If you already own a main home and you think you will get benefit and enjoyment in this bigger better home I would buy

The price of the house might go down, it might go up, but you will be living in a bigger better house which has some value above and beyond money

There are also good tax advantages to owning a main home
No Capital gains tax, larger Inheritence Tax Threshold soon for homeowners.

cells

Emidb wrote: »

Hi Adrian,

Can you please give me an example as I am truly stuck and cannot think much bigger!
Yes, It is a house we liked and wanted to buy in order to live in as it is bigger and better for my family.

It is more of a relgious thing, no interest without an investment.

I would buy the house and stop worrying.

If you are older (60+) it might be worth having a think about estate planning before making any decisions

G_M

Emidb wrote: »

It is more of a relgious thing, no interest without an investment.

Oh good grief!

If you must adhere to one of these Belief Disorders, why not tell us from the start - it clearly impacts on the sort of advice that is relevant!

Emidb

I think this is a wind up but nonetheless. If you are thinking of buying this £650k house after costs and you have £700k in a bank account you must surely be living somewhere now.

If you are renting and this is a house you like in your shoes I would buy
If you already own a main home and you think you will get benefit and enjoyment in this bigger better home I would buy

Yes, I do have another house that I live in with no mortgage. my only concern is that is it likely that the house prices will go down so much in the next 5 years that might end up making great losses?

Emidb

Oh good grief!

If you must adhere to one of these Belief Disorders, why not tell us from the start - it clearly impacts on the sort of advice that is relevant!

I am sorry

Emidb

I would buy the house and stop worrying.
If you are older (60+) it might be worth having a think about estate planning before making any decisions

I am only 35 so not that old

cells

Emidb wrote: »

Yes, I do have another house that I live in with no mortgage. my only concern is that is it likely that the house prices will go down so much in the next 5 years that might end up making great losses?

I dont think that is likely especially if like you say you will be living there for >10 years

Remember the last recession, 2008-2010? that was a global recession and possibly the worst one for nearly a hundred years. The brexit recession if it happens is going to be nothing close to that as most the world wont be impacted at all. How much did prices fall during that recession that was terrible ? 10%?

cells

Emidb wrote: »

I am only 35 so not that old

well then its quite possible you could be in that house for 50 years in which case its irrelevant if prices go down a bit next year. you can live in a nicer bigger house for 50 years and pass that on once your gone. A bigger nicer house is going to be more joyful than earning a percentage more in his or that investment

anyway its only a decision you can make your asking someone to try make your decision for you and you will get a wide range of views from people who think one extreme to the other so it wont be a great help

marksoton

It's a wind up thread. Next!

AdrianC

Emidb wrote: »

Can you please give me an example as I am truly stuck and cannot think much bigger!

The investments board is that way -> http://forums.moneysavingexpert.com/forumdisplay.php?f=17

It is more of a relgious thing, no interest without an investment.

So that's a yes - the only person "not allowing" you to receive interest is you. And you're already VERY flexible in your interpretation of that, going by your SJP pension investments - they don't appear to offer any Sharia-compliant products. If you're happy with their products, then you're happy with any equity- and unit-based products.