help with investing please

Redvandevil75

Hi all,
Complete newbie to investing and could do with some help getting started or pointing in right direction pls. Below I have put a bit of info about me

I am aged 41 and run my own business. I have a house with mortgage and two buy to let properties. Me and wife who also works in business put across £500 into pensions each every month and then end of year depending on business profits we top up pension contribution up to 25k each. Monthly income for me is around £3.5k after tax and I have just been saving in Santander 123 account. When year end approaches we can then award ourselves dividends.

Between us we have savings of about £85k in isa's and around 30k in my Santander account for emergencies. Over the past 5 years we have been paying down mortgage and have £87k left but since it is fixed until next year we can only pay 10%.

I would love some advice on where to start investing at least £30k in a stocks and share isa for the next 15 years. The remainder we could leave in cash isa.

I be grateful if someone could just point us in right direction. If you require more info please just ask. My dream has always been to be mortgage free by the age of 45 and I could pay off next year when fixed period ends but since rates are so low I think I can do better with the money saved.

Thanks in advance and sorry for long post

DiggerUK

Stick to getting the mortgage killed. Aim all your finances at that objective, once you have a secure roof over your head you can face anything. Best of fortune..._

greenglide

Are your pension contributions paid by your company? If not they should be!

bigadaj

Speak to your accountant, and maybe consult a local ifa.

bostonerimus

Both of you should read about investing and then I'd advise you both open stocks and shares ISAs with Vanguard and put it in something like VLS80....job done.

Redvandevil75

Thanks guys, was getting worried that I would not hear anything back. Yes company pays pension contributions. I have a meeting in November with a Skipton's financial advisor after they recommended I should have a meeting since I was paying off lump sums off buy to let mortgage. They recommended I be better off investing. I just wanted to get a idea before I met them so I don't sign up for something not needed. I have spent quite a lot of time reading the forums today and last night and vanguard is mentioned alot. Will be reading up on that next. Thanks again guys.

msallen

Skipton's fa will no doubt be tied to their products. Its worth seeing him to see what he says, but you will likely be able to get something better than he will try to sell you. Don't sign up to anything on the spot.

bostonerimus

Redvandevil75 wrote: »

Thanks guys, was getting worried that I would not hear anything back. Yes company pays pension contributions. I have a meeting in November with a Skipton's financial advisor after they recommended I should have a meeting since I was paying off lump sums off buy to let mortgage. They recommended I be better off investing. I just wanted to get a idea before I met them so I don't sign up for something not needed. I have spent quite a lot of time reading the forums today and last night and vanguard is mentioned alot. Will be reading up on that next. Thanks again guys.

Why do people always feel the need to go to a financial advisor? The advice to not pay off the mortgage right now is good as interest rates are so low, but do you really need to pay for advice in your situation? Stick the money in the bank for now and educate yourself about ISAs, pensions, funds and general investing. If you can run your own business you can certainly DIY invest and save money on financial advisor fees. You also might be interested in this article on the fees of Skipton

http://www.thisismoney.co.uk/money/article-4120650/Skipton-change-leaves-sour-taste-says-JEFF-PRESTRIDGE.html

aroominyork

Bear in mind Skipton’s likely business motivation. If you use your spare cash to reduce your mortgage they make less money from your reducing loan. Whereas if you maintain the mortgage and also take our investments through them, they earn from you on two different products.

brasso

Read the Tim Hale book plus something like the excellent Peter Mallouk book about the 5 Mistakes Investors Make.

A bit of knowledge is a great investment in itself.