I've inherited some money, what to do?

Sherlock

New Member
I've been lucky enough to recieve some money from a deceased relative, around £20k.
I'd like to invest it wisely
I live in a rented house and have an income to live relatively comfortably.
Ultimately I'd like to buy a property to rent out, but £20k wont pay a deposit.
Any good, serious suggestions please?
 

farmerdan7618

Member
Livestock Farmer
Location
Somerset
20k would comfortably cover a deposit on a first house, would be 15% on a 130k property, get you a 2 up, 2 down almost anywhere. If not big enough for you to live in, rent would more than cover interest on the mortgage, so rent out and repay capital slow enough to afford it, but quick enough to give you a large enough deposit to buy a house to live in.
Can't understand messing around with investments if you haven't bought a house to live in.
 

Werzle

Member
Location
Midlands
One of my better investments is a buy to let.

£15k down on a £65k house, plus £6k repairs. Mortgage is just over £200/month and tenant paying £550/month rent. Money back in 3-4 years (minus tax & maintenance) plus a £95k house in 25 years time all paid for.
With all these new builds going up your 65k house night only be worth 45k. Program on it not so long ago where a chaps 95k home had been revalued at 80k. Buy to let bubble might over
 

Shutesy

Moderator
Arable Farmer
The OP doesn't state where he/she is in the country. In some parts of the country you can't buy anything for £65k, round here £90k gets you a 1 bedroom flat in the local town, 1 bed flats go up to £150k, £160k gets you 50% of a 2 bed terrraced house, £200k gets you a 1 bed cottage, a 4 bed house is £450k. £20k deposit might not get the OP much, as they have said, depending on where they are located.
 

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