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

Fishingtime

Dig a hole and put your money in it, then wait till brexit kicks in then you can decide what to do with your money

Emidb

It's a wind up thread. Next!

It is not at all and I do not think people have time to waste.

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%?

So are you saying, I will not be worse off even if I buy this house and live in it for lest say another 5 years +. I am geuninely seeking some advice in order to make up my mind by monday next week as the seller will not wait any longer and I am getting worried about what could happen to the banks and whether my money is safe in the banks or not?

Emidb

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.

No that is incorrect, I have taken very low risk and it is an investment/interest that is permissible. In any case, my aim here is not to invest my money in anything BUT to ensure whether it is the right choice for me to :

a) keep my money in the bank and wait until the economy and Brexit impacts settle down and THEN buy a house which I want
b) buy this house in order to secure my money as banks may not be the safest place to kee my money in.

marksoton

Just invest in some Hawala action...

Emidb

Just invest in some Hawala action...

I don't get that.

marksoton

Emidb wrote: »

I don't get that.

It's great. Google it.

cells

Emidb wrote: »

It is not at all and I do not think people have time to waste.


So are you saying, I will not be worse off even if I buy this house and live in it for lest say another 5 years +. I am geuninely seeking some advice in order to make up my mind by monday next week as the seller will not wait any longer and I am getting worried about what could happen to the banks and whether my money is safe in the banks or not?

nobody can tell you the future for certain. my view is the 2008-2010 recession was very bad and global and every country was impacted. The brexit recession if it happens wont be global wont impact the worlds financial system and wont be as bad. Then I ask myself how much did uk property fall in the last recession, about 10%, so why would I expect a larger fall this time when things look very unlikely to be as bad?

I dont think prices will fall, if they do I dont expect more than a 5% fall but at the same time they could rise so I wouldnt wait in the hope of getting 5% off.

If the deal looks go then go for it.

Thats my view

agrinnall

Put the money in a NS&I account and give the interest earned to charity. Or open non-interest paying accounts at 10 banks and deposit £70K in each. Or get a grip and start living in the real world like the rest of us rather than fantasy land.

Pixie5740

So you're wanting to buy a home, not an investment but a home. Stop !!!!ing the buyer around and just buy the bloody house already.

jimpix12

Why are you looking for financial advice on a forum and one concerned with property at that. Go and see an ifa or at least go over to motley fool.