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Investing my Inheritance Money

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So I've been fortunate to inherit £160k from my grandparents, the money is currently in an interest savings account. I have a 37 year mortgage at 4.59%, and money being paid into a workplace pension scheme by my employer and also a private pension.

With the money i obviously want invest to invest in other such as stocks and shares, funds for long term gain. I have used trading apps such as Trading 212 but this was only for short term gain. Can anyone recommend any good platforms or any ideas of what to do with the money, maybe invest in property even? Many thanks

Comments

  • jimjames
    jimjames Posts: 18,636 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    edited 14 July at 4:38PM
    Remember the saying: if it looks too good to be true it almost certainly is.
  • Albermarle
    Albermarle Posts: 27,762 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    You should first think about what your plans are for using the money.
    To retire early?
    To buy a bigger house?
    To reduce your mortgage ( a lot of people would see this as important to get a debt off their shoulders)?
    To have a lot of exotic holidays?
    Buy a Ferrari ?

    When you have an idea about what you want the money for, then it usually becomes clearer how to deploy it in the shorter term .
  • DRS1
    DRS1 Posts: 1,174 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Why is Trading212 for short term investment only?  Is it the name?
  • Hoenir
    Hoenir Posts: 7,714 Forumite
    1,000 Posts First Anniversary Name Dropper
    How much do you owe on the mortgage? When does the fixed term end? 
  • STMeister97
    STMeister97 Posts: 3 Newbie
    Name Dropper First Post
    @Hoenir £127k I think, we’ve just renewed on a 2 year fixed term. 
  • STMeister97
    STMeister97 Posts: 3 Newbie
    Name Dropper First Post
    @DRS1 It’s not specifically for that, I just mean that I’ve only used it for short term gains 
  • Hoenir
    Hoenir Posts: 7,714 Forumite
    1,000 Posts First Anniversary Name Dropper
    @DRS1 It’s not specifically for that, I just mean that I’ve only used it for short term gains 
    Trading can frequently incur short term permanent losses. No end of people try but few actually succeed in finding the Holy Grail. 
  • DRS1
    DRS1 Posts: 1,174 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    @DRS1 It’s not specifically for that, I just mean that I’ve only used it for short term gains 
    But if you are familiar with it and like the charging structure you could use it for longer term investments as well.  Lots of people do.
  • Bostonerimus1
    Bostonerimus1 Posts: 1,388 Forumite
    1,000 Posts First Anniversary Name Dropper
    Pay off all high interest debt.

    Put 6 months spending in the bank for emergencies.

    Pay off the mortgage. 

    Put anything left in your workplace pension in low cost multi-asset or index tracker funds along with what you would have paid towards your mortgage. If there is anything left over put it in a S&S ISA.

    Don't trade for "short term gain", it's easy to make a long term loss. So I would delete all trading apps from your phone.

    And so we beat on, boats against the current, borne back ceaselessly into the past.
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