Investing to provide a monthly income

Sea_Shell

You can't withdraw the Masthaven interest though can you? It might be credited monthly, but you can't make withdrawals during the chosen term.

dunstonh

Linton wrote: »

The OP wants some or all of the money in 5 years time for a house purchase.

Thanks. I answered based on the info in post #1. Not seeing the revised information that came later in the thread.

firestone

Sea_Shell wrote: »

You can't withdraw the Masthaven interest though can you? It might be credited monthly, but you can't make withdrawals during the chosen term.

it does say in t&c it can be paid monthly into another savings product or bank account but would double check anyway.Also noticed the term can start from 6 months

Sea_Shell

Thanks Firestone, just found this in the full t&C's...

5.4 Interest will either be paid into your nominated account or added to the balance of your fixed rate bond account in accordance with the instructions that you give to us when you open your account.

firestone

Sea_Shell wrote: »

Thanks Firestone, just found this in the full t&C's...

5.4 Interest will either be paid into your nominated account or added to the balance of your fixed rate bond account in accordance with the instructions that you give to us when you open your account.

just realised how i found payment options the other night not using t&c.Its by putting in an amount & picking a term if you then click monthly or yearly interest you get a quote and the product summery and apply box can then be used for the details

Bluenose123

Hi firestone, looking at masthaven site rate fir 5 years is 2.49% per year . Where did you 5.4%

Bluenose123

Just looked at Ford Money who are offering 2% for 12 month or 2.22% if lock away for 2 years which does seem competitive for risk free saving. For higher returns what are people's opinions of risks involved with p2p and best providers

firestone

Bluenose123 wrote: »

Hi firestone, looking at masthaven site rate fir 5 years is 2.49% per year . Where did you 5.4%

Not me but seashell quoting item 5.4 in the terms - sorry but that would be a good rate:)
As for your other question i have some p2p but like funds/shares it could come with risk to capital

Bluenose123

Another option I have considered is purchasing a property now in North East (around Durham/Darlington area) and letting it out . Can still get good property in that area for under 100k and would potentially give higher return over next 5 years and then after that time would have the option to move in to the property to live or sell it and buy somewhere else if the market is good. Would value any comments from people who let property out in this area of the uk with regards best towns to look at for renting and those to avoid .

justme111

If you do not want to lose capital p2p seems to be absolute madness to me; I reckon it is riskier from the pov of not having access to your capital than investments are.
If you do not mind that you may not want to sell the property ( ie not get access to your capital) in 5 years time and just move in - fair enough. If you thinking about selling it in 5 years - have you checked the expenses of 2 lots of transactions - I am not sure it is worth to buy property just for 5 years as expenses likely to wipe any profit from renting and hpi in the area seems to be low if now negative. Think about survey fees, solicitor fees, estate agent fees for selling , stamp duty, repairs