Investment advice

andy_r_lee

My partner and I have recently had a change in circumstance and have £100,000 extra available to us.

Our current financial situation is:
Joint Mortgage in Year 1 of a 5 year fix with roughly £130,000 outstanding on a 15 year term.
Savings
£5,000 in various saving account earning low interest
£3,000 in a UK Stocks and Shares ISA (currently adding £100 per month)
No other debts

We have already decided to spend £20,000 on two things we have always wanted, but i would like the money to help my two children in the future (15+ years time).

In the current financial climate with buy to let changing and low interest rates i am looking for some advice on best options or recommendations for advisors in the Staffordshire area.

Any help would be greatly appreciated

Andy

DrSyn

1. These may be of interest to you.

https://www.citizensadvice.org.uk/about-us/how-we-provide-advice/advice/search-for-your-local-citizens-advice/

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


2.Independent financial advice
For help in finding an independent financial adviser, contact one of the following organisations:

Independent Financial Promotions (IFAP)
Website: https://www.unbiased.co.uk

Institute of Financial Planning (IFP)
E-mail: enquiries@financialplanning.org.uk
Website: https://www.financialplanning.org.uk

Personal Finance Society (PFS)
E-mail: customer.serv@thepfs.org
Website: https://www.findanadviser.org

DiggerUK

Forget about the kids, who knows what they will want to do. Get yourself in a position that will allow you to provide when the time comes.

I would be surprised if your mortgage was a lower rate than savings. Pay off what you can, when you can, as soon as you can. That will improve cash flow by reducing repayments. Once that roof over your head is secure, you will be 'safe as houses' and in a position to survive whatever is round the corner.
With what savings you have, that plan would be achievable before fifteen years have passed.

You hint at buy to let.......:eek:..._

Pincher

The usual suspects of 3~5% accounts is a no brainer.
Should take care of £10k to £20k.

Then pension contributions that soak up the most tax rebate.

Then S&S ISA. From April 2017, it's £20k per person, so £40k for a couple. ~£30k ISA allowance, for two, this year, so you can be up to £70k in no time. If you can get 3% dividend from a fund, inside an ISA, i.e. tax free, and you are paying 2% interest on the mortgage, I wouldn't be overpaying.

enthusiasticsaver

High interest current accounts for the money you need accessible then look at overpaying into pensions and stocks and shares isas.

Overpay mortgage if on a high rate and there is no penalty but I guess if you are on a fixed rate the rate is competitive and there are penalties.

Pay in full isa allowance for this year for both of you.

I would not touch btl with a barge pole.

andy_r_lee

Thanks for all the advice, I had looked at personal financial advisers but most quote pension advice, and i wondered if anyone could recommend one.

I did wonder about buy to let and let someone else pay the mortgage which would then provide property for my children in the future.

Thank you for all the suggestions i will take a more detailed look into S&S isa.