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Best way to invest £160k?

(17 Posts)
BostonIvy Tue 28-Oct-14 12:24:27

I am a single mother with 3 DC. I am a SAHM, DH left us last year and I have since been claiming housing benefit.

I am due to inherit £160k shortly and would like to invest it in property. DH and I renovated a house before we separated and I would like to do it again.

Would this be the best way to invest it?

Thanks

IsabellaofFrance Tue 28-Oct-14 12:42:57

I think that if you own a property, you cannot claim benefits on another, whatever you did with the money would probably affect your claim though.

Maybe speak to an IFA?

SkylerShah Tue 28-Oct-14 14:26:56

There are a great deal of ways in which you can invest that money, I have a friend who is a self-employed financial advisor, and regularly makes investments that are almost beyond belief. Investment is a vague word however. You could invest that money into a number of things, such as banking, finance etc. But you could also invest it in yourself. It's not as selfish as it sounds, especially when your rewards could enter every aspect of your life, including your income.

Spindelina Tue 28-Oct-14 14:51:49

Have you seen this thread?

Similar question but with a bit less at stake.

MelanieCheeks Tue 28-Oct-14 14:56:13

I suggest you go and chat to an independent financial advisor, who will look at your particular needs and situation.

TalkinPeace Tue 28-Oct-14 17:57:27

with £160k in assets you'll be out of HB land.

Are you in rented or mortgaged?
in which case, first off pay your own mortgage off
then all spare funds into tax free investments such as ISAs
or buy a property and use "rent a room" to generate income from it.

but yes, you'll need a GOOD IFA to look at your full options

theposterformallyknownas Tue 28-Oct-14 18:10:40

I would disagree on the Financial advisor, they are not you.
As long as you weigh up the facts and do your research you won't go wrong unless you invest in stocks and shares and then you'd need assistance.
Go for your house, as somebody else says, with this sort of money it would affect your benefits anyway.
You don't say if you are in the position to work or not, but working pt will cover much of your needs and if your income is low you'll still be entitled to cb and tax credits as a home owner.
it is security for you and your family and unless you sell a house at the worst time you'll always make a huge profit long term.

BostonIvy Tue 28-Oct-14 19:20:22

Thanks guys. I'm in rented, so yes the HB would cease, but I don't want to fritter the whole amount away on rent, yet it's not enough to buy a house... I feel a bit stuck as for what to do!

AnotherEmma Tue 28-Oct-14 19:33:52

Definitely use it to buy a house, it's by far the best thing to spend your money on. You might be able to get a small mortgage depending on the other income you have from benefits etc. Maybe the Citizens Advice Bureau would be able to advise you on how your benefits will change after you inherit the money? As you will probably still get child benefit and other things even if your housing benefit stops. Does your ex husband pay child support? Could you get a part time job as someone else suggested?

AnotherEmma Tue 28-Oct-14 19:34:47

PS Are you and your husband divorced or separated?

magicpixie Tue 28-Oct-14 19:49:05

could you afford a flat in your area for 160 if you cant afford a house

Mampire Tue 28-Oct-14 19:53:26

How far away would u have to move before 160k would buy u a hse??

TalkinPeace Tue 28-Oct-14 20:13:46

Boston
Hmm, tricky.
Your best bet, even with the market as shitty as it is
is to go for bricks and mortar
So
where you are £160 k goes nowhere ....
where did you go to University / towns where you used to live / where parents live
a decent BTL type house is an option

OR
buy a house/big flat that needs a LOT of work and move into part of it, doing up as you go and then offset by rent a room

BostonIvy Wed 29-Oct-14 08:39:52

DH and I are separated, not divorced. Could probably get a 3 bed ex council house in a very cheap area... Would love a do-upper but live in an expensive city in the South West so prob wouldn't even be able to get that unless move further out, perhaps that's an idea, for now?

One bed flats sell for about £180k here!

Not sure if I could get a mortgage on tax credits/maintenance alone, would likely need a part time job?

AnotherEmma Wed 29-Oct-14 21:09:37

I'm not an expert but I think if you get a divorce that would include a financial settlement. So if you and your husband had property or other assets then you may be entitled to some. This could mean you have money in addition to the £160k to buy a house?

minibmw2010 Tue 04-Nov-14 12:49:29

If you aren't divorced before you receive the inheritance, can your STBXH make a claim on it?

Wilford Tue 04-Nov-14 12:55:03

Yes he would be entitled to half

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