£80k to invest - but where?

Kit1

letspretendforaminute wrote: »

That's £15,000 in Ratesetter

Sorry to jump in but what is Ratesetter? We have about £20,000 to invest short term and am looking at the best way to do this. We have paid off our mortgage and have pensions in place. TIA

xylophone

Sorry to jump in but what is Ratesetter?

https://www.ratesetter.com/

jimjames

Kit1 wrote: »

Sorry to jump in but what is Ratesetter? We have about £20,000 to invest short term and am looking at the best way to do this. We have paid off our mortgage and have pensions in place. TIA

As well as P2P lending there is also the option of S&S ISAs if you don't already have investments

badger09

jimjames wrote: »

As well as P2P lending there is also the option of S&S ISAs if you don't already have investments

Did you miss 'short term' jj?

Kit1 wrote: »

Sorry to jump in but what is Ratesetter? We have about £20,000 to invest short term and am looking at the best way to do this. We have paid off our mortgage and have pensions in place. TIA

enthusiasticsaver

We were in a similar position to you a few years ago when I came into a chunk of money and up until then was very risk averse to investing and our mortgage was already paid off and we had a share in a second property. You seem more switched on than I was when I started reading up about investing and risk and we started with stocks and shares isas.

We started with Vanguard LS60 but we are older than you so you may possibly wish to stick with what you have chosen for your son or go for a different type of fund altogether. With mortgage rates so low I personally would not go down the route of clearing it. As you say if you live in London and plan to move north then property prices are much cheaper there so unless you have plans to move in your current location there should be no need to keep as much as £80k in the accounts you currently have.

I also started investing in SIPPs 2 years ago and I retire (age 57) at the end of this year. That might be something you could look at too. High interest current accounts are good for saving your emergency fund but obviously you are already using those. We have a much larger amount than I am comfortable with in National savings earning a pittance but plan to put it into stocks and shares over the next couple of years along with my TFLS when I retire and the proceeds of a second property we are selling. I am not yet comfortable with P2P but am reading up about it at the moment and think this is something I will get into soon. Drip feeding is something I am keen on but there are differing opinions about whether this is best or whether time in the market is what counts.

Whatever happens though you seem to be in a really good financial position and well done for not blowing it all on expensive sports cars or whatever.

I agree with you that not putting all your eggs in one basket is a good idea. Personally in your position I would open stocks and shares isas for you and your husband and use these as separate funds to build up for retirement.

slowpoke_rodriguez

You could also open a SIPP for your son. £2880 invested this year would be topped up to £3600 by the govt. A few years of inputs will give him extra wiggle room with his finances in his 20s and 30s.

jimjames

jimjames wrote: »

As well as P2P lending there is also the option of S&S ISAs if you don't already have investments

Whoops, I did indeed

Lauren1986 wrote: »

Hi,
. We have about £80k sitting in ISAs and old accounts doing nothing and I'm thinking S&S ISAs may be the way forward.

Missed that the reply wasn't from the OP