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  • FIRST POST
    • erb66
    • By erb66 9th Jan 19, 8:29 PM
    • 8Posts
    • 1Thanks
    erb66
    Inheritance advice
    • #1
    • 9th Jan 19, 8:29 PM
    Inheritance advice 9th Jan 19 at 8:29 PM
    My first posting on this site so go easy on me please! 😊

    There are similar questions to mine elsewhere on the forum but my circumstances are a bit different to the examples I found so I thought I'd give it a go.

    My dear Mum sadly passed away last August and I am about to inherit approx 220k. My current personal/financial situation (its a sorry tale!) is as follows.

    I'm 52 and the wife is 50. Im self employed and earn about 35k net of expenses (but before tax). She earns approx 19k. She has virtually no pension savings and my pension arrangement is an Investment Platform with a decent sum in that I'm paying about 100 a month into at present (not enough I know, I'd like to increase this ideally when finances permit).

    Now for the gory bit. We rent our property (yes I know what you're thinking, AT YOUR AGE??). We also have no savings and joint credit card debt of about 40k. Long story!

    We live in Kent, my wife is Cornish and we want to use this life changing sum of money to move back down there for a fresh start, get debt/mortgage/rent free and be near to her parents again. This will obviously mean getting new jobs down there too either in advance of moving or once we're down there. So at this stage I've no idea what our income would be at that point but let's say for arguments sake, our joint income would be around 35-40k.

    So my thoughts are that with the inheritance we'd go along these lines:

    1 Pay off all Card debt
    2 Put 20k in a rainy day ISA
    3 Use the rest to cash buy a house outright. We've looked at houses in certain areas of Cornwall and can get the kind of place we'd be happy with for around 150k

    That's our thoughts anyway, be interested to hear input plus recommendations on where to put the money until we use it. From what I've seen on here already, a mix of filling an ISA and then splitting the rest across easy access savings accounts seems to be the way forward.

    OK, go!
Page 2
    • AnotherJoe
    • By AnotherJoe 13th Jan 19, 5:54 PM
    • 14,233 Posts
    • 16,936 Thanks
    AnotherJoe
    This was my htought for pulling the plug sooner. Holiday lets are empty this time of year and you might find a deal. But have to be out before June
    Originally posted by atush

    I'd say too late for that now, i was thinking more, rent somewhere say Oct this year til Apr 2020 and buys around then. OP packs job in around Aug-Sep this year house on market in a couple of months time.
    Please dont criticise my spelling. It's excellent. Its my typing that's bad.
    • erb66
    • By erb66 13th Jan 19, 5:59 PM
    • 8 Posts
    • 1 Thanks
    erb66
    I'd say too late for that now, i was thinking more, rent somewhere say Oct this year til Apr 2020 and buys around then. OP packs job in around Aug-Sep this year house on market in a couple of months time.
    Originally posted by AnotherJoe
    Just to clarify, we don't have a house to put on the market, we're currently renting. Which is part of the reason we were hoping to avoid renting somewhere when we move down there and buy a house outright, to greatly reduce monthly outgoings. We would have a sum of money put aside in an account to cover outgoings for, say, 6 months, to cover outgoings during the time it takes one or both of us to find a job (if not already done so)
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