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    This is a joint 10-week exercise covering England, Scotland, Wales and Northern Ireland. The request for views will close on 9 November.

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I've inherited some money, what to do?

Discussion in 'Agricultural Matters' started by Sherlock, Aug 12, 2018.

  1. Sherlock

    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?
     
  2. Werzle

    Werzle Member

    Location:
    Midlands
    Be wary of conmen.
     
    fredf and Still Farming like this.
  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.
     
  4. Jam Tomorrow

    Jam Tomorrow Member

    Location:
    Hardy Country
    Well thats an amazing coincidence , I am a banker in Lagos searching for relatives of the deceased billionaire Arthur Sherlock.........
     
  5. Why won’t 20k pay a deposit my first house was £120000 and I only needed 6 grand for the deposit ?!
     
  6. split it , leave some in bank earning interest , buy some unit trusts. pay of any debts as first priority
     
  7. Nearly

    Nearly Member

    Location:
    North of York
    and you're asking farmers?
     
  8. milkloss

    milkloss Member

    Location:
    East Sussex

    Er no, you’ll lose money in real terms most likely.
     
    graham99, KMA, tommyurray and 6 others like this.
  9. Adam@Rumen

    Adam@Rumen Member

    Location:
    Nantwich/Rishton
    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.
     
    Downtrodden Dad likes this.
  10. farmerdan7618

    farmerdan7618 Member

    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.
     
  11. Get a mf35x multi-power restored
    Better investment

    Trust me
     
  12. Campbell

    Campbell Member

    Location:
    Herefordshire
    Feeli'n lucky? Park it in premium bonds, until you have time to consider your options.
     
    stev, steveR, Hilly and 3 others like this.
  13. A1an

    A1an Member

    I would ask for the advice of a financial advisor and not a farming forum.
     
    Jim75, neilo, Bill the Bass and 9 others like this.
  14. This is actually the best advice

    After getting a 35 restored :ROFLMAO::ROFLMAO::ROFLMAO::ROFLMAO:
     
  15. Just buy a house to live in the mortgage will proberly be cheaper than your rent
     
  16. I'd be happy to invest it for you in blue scrap metal....
     
  17. Werzle

    Werzle Member

    Location:
    Midlands
    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
     
  18. Whitewalker

    Whitewalker Member

    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.
     
  19. I mean dont lock it all up in investments keep some readily available, selling an isa to release funds is not always great.
     
    exmoor dave likes this.
  20. Shutesy

    Shutesy Moderator

    Location:
    Stansted
    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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