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How to invest 80k and make more money on it?

(14 Posts)
Christina22xx Tue 08-Dec-15 00:39:14

This is my inheritance money so i dont want to lose it or do anything stupid with it.
I currently live in a RTB Housing association property, i was thinking of buying it but as its in London it will be more and i cannot get a mortgage as i had a Debt relief order in 2014 which will be on my file for 6Years.
I also thought of starting a business but not sure in what.
If you can give me any advice i would appreciate.

I already have an ISA and savings and 100 in premium bonds but its hard with my previous credit history to get any decent accounts.

Tartyflette Tue 08-Dec-15 01:19:55

Santander pays 5 pct on deposits up to £20,000 I think. Don't keep all he cash in one account as the Bank of England has just cut the deposit guarantee amount to £75,000 from £85,000.
To invest for capital gain the traditional route is through stocks and shares (or unit trusts, which are basically packages of shares) but unless you are financially savvy it is a difficult area, even a minefield, and is certainly not for the short-term. You will also incur dealing costs when buying or selling shares.
Usual advice for new new investors is to start reading the financial pages of the papers (or the online equivalent).
If you ask your bank for advice they will often try to sell you their own financial products. It may be better to find an independent financial adviser even if you have to pay their fee. (I am not one, btw! - Just a former financial journalist.)

Christina22xx Tue 08-Dec-15 15:16:01

thank you i will have a look, really appreciate advice x

Salene Tue 08-Dec-15 15:18:28

Santander is 3% on up to 20000, we use there accounts as savings accounts we have 3 , 1 each and a joint one as make about £120 a month on all three

redstrawberry10 Tue 08-Dec-15 15:18:38

santander is 3%

WildStallions Tue 08-Dec-15 15:18:58

Best interest rates are from peer to peer lending companies, like ratesetters.

Research carefully. There are a lot of them.

WildStallions Tue 08-Dec-15 15:20:22

www.ratesetter.com/

VulcanWoman Tue 08-Dec-15 15:39:42

Would you consider moving and buying a property.

Christinax Tue 08-Dec-15 22:48:08

thank you everyone. I will check out ratsetter.
Vulcan i would, i was thinking of staying here until my DRO ends then moving so i can at least get a mortgage

VulcanWoman Wed 09-Dec-15 06:50:40

If you moved further North or the Midlands you can get a whole property for £80,000.

QuizteamBleakley Thu 31-Dec-15 10:54:25

Do you know any towns up north or in the Midlands? Personally, I'd look for a small 2 bed house, possibly with existing tenant, for 65 - 70k. Pay cash, save all rental payments for a few years and then sell the property on and use that & rental savings for your own place when your DRO finishes.

VertigoNun Thu 31-Dec-15 10:56:55

I think buying a small btl is wise too.

louisaglasson Thu 31-Dec-15 11:23:24

I've just seen an independent financial advisor and would highly recommend it. He did a free initial interview that was quite lengthy and we talked about what I wanted my money to do for me. He will do all the research for me as to where is best to invest and get the best return and his fee is really reasonable.

Manopaws Mon 11-Jan-16 23:41:40

RateSetter is great and can pay around 6% interest if you invest for 5 years.

They have a promotion at the moment and it you follow this link below when you have invested £1000 you will receive £50 Bonus

link.ratesetter.com/18umqry

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