I've inherited some money, what to do?

S

Sherlock

New Member

• Aug 12, 2018

• #1

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?

 

W

Werzle

Member

Location

Midlands

• Aug 12, 2018

• #2

Be wary of conmen.

 

M

Midnight plough boy

Member

Location

Hertfordshire

• Aug 12, 2018

• #3

If owning your own place is ultimately what you’d like to do, bank it, live less comfortably and save the excess until you have enough for a deposit.

 

J

Jam Tomorrow

Member

Location

Hardy Country

• Aug 12, 2018

• #4

Well thats an amazing coincidence , I am a banker in Lagos searching for relatives of the deceased billionaire Arthur Sherlock.........

 

michael N123

Member

• Aug 12, 2018

• #5

Why won’t 20k pay a deposit my first house was £120000 and I only needed 6 grand for the deposit ?!

 

chickens and wheat

Member

Mixed Farmer

Location

Boroughbridge, york

• Aug 12, 2018

• #6

split it , leave some in bank earning interest , buy some unit trusts. pay of any debts as first priority

 

Nearly

Member

Location

North of York

• Aug 12, 2018

• #7

and you're asking farmers?

 

milkloss

Member

Livestock Farmer

Location

East Sussex

• Aug 12, 2018

• #8

chickens and wheat said:

leave some in bank earning interest

Click to expand...

Er no, you’ll lose money in real terms most likely.

 

Adam@Rumen

Member

Location

Nantwich/Rishton

• Aug 12, 2018

• #9

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.

 

farmerdan7618

Member

Livestock Farmer

Location

Somerset

• Aug 12, 2018

• #10

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.

 

REStracTORATION

Member

• Aug 12, 2018

• #11

Get a mf35x multi-power restored
Better investment

Trust me

 

Campbell

Member

Location

Herefordshire

• Aug 12, 2018

• #12

Feeli'n lucky? Park it in premium bonds, until you have time to consider your options.

 

A1an

Member

• Aug 12, 2018

• #13

I would ask for the advice of a financial advisor and not a farming forum.

 

REStracTORATION

Member

• Aug 12, 2018

• #14

A1an said:

I would ask for the advice of a financial advisor and not a farming forum.

Click to expand...

This is actually the best advice

After getting a 35 restored

 

michael N123

Member

• Aug 12, 2018

• #15

Just buy a house to live in the mortgage will proberly be cheaper than your rent

 

7

7610 super q

Never Forgotten

Honorary Member

• Aug 12, 2018

• #16

I'd be happy to invest it for you in blue scrap metal....

 

W

Werzle

Member

Location

Midlands

• Aug 12, 2018

• #17

Adam@Rumen said:

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.

Click to expand...

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

 

Whitewalker

Member

• Aug 12, 2018

• #18

Why not just build on your 20k to make up a deposit. If you can live relatively comfortably then make some sacrifices and start saving. Make a goal towards a deposit you need.

 

chickens and wheat

Member

Mixed Farmer

Location

Boroughbridge, york

• Aug 12, 2018

• #19

milkloss said:

Er no, you’ll lose money in real terms most likely.

Click to expand...

I mean dont lock it all up in investments keep some readily available, selling an isa to release funds is not always great.

 

Shutesy

Moderator

Arable Farmer

Location

Essex/Herts Border

• Aug 12, 2018

• #20

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.