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Surplus cash – advice needed
mandm65
Posts: 556 Forumite
Hi guys
I was buying an overseas property & re-mortgage my house to complete the process. Unfortunately the deal did not go through but my re-mortgage did. While I am looking for alternatives I just like to put the surplus cash (approx 40K) somewhere where I can get decent returns, any recommendations? Please note that currently I am non-resident so can make use of offshore investments? cheers
I was buying an overseas property & re-mortgage my house to complete the process. Unfortunately the deal did not go through but my re-mortgage did. While I am looking for alternatives I just like to put the surplus cash (approx 40K) somewhere where I can get decent returns, any recommendations? Please note that currently I am non-resident so can make use of offshore investments? cheers
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Comments
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Did i ask the question in the wrong forum?0
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Use your ISA allowance and a reasonably good bet is to go with IceSave for both.Personal Responsibility - Sad but True
Sometimes.... I am like a dog with a bone0 -
cheers mate, will give it a go!
any other takers?0 -
Use your ISA allowance and a reasonably good bet is to go with IceSave for both.
You are not allowed to open an ISA as a non-resident. Furthermore, most onshore banks/BS will not allow you to open an account without a UK address.
In would suggest A&L IOM esaver currently paying 6.51%. If you have an EU address you will have to pay 15% tax on the interest or declare to your local tax authority, as per EU savings directive.In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:0 -
don't you have a 30-day cooling off time with the deal? No savings will equal the interest on a mortgage so it's worth investigating this possibiility.0
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No savings will equal the interest on a mortgage so it's worth investigating this possibiility.
The savings in my ISA get a higher rate than my mortgage? Additionally the if the OP can get the A&L esaver returns tax-free, then I think he may be able to beat his mortgage rate.In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:0 -
I believe you are right.You are not allowed to open an ISA as a non-resident.
I have a UK address, i thought my property in the UK would be my address!Furthermore, most onshore banks/BS will not allow you to open an account without a UK address.In would suggest A&L IOM esaver currently paying 6.51%. If you have an EU address you will have to pay 15% tax on the interest or declare to your local tax authority, as per EU savings directive.
What if i only have non-EU address, would i still have to pay 15% tax?0
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