To ask your advice re house buying?

[KimSpears]

i recently was lucky enough to inherit a sizeable house deposit - c250k. I am very grateful for this indeed!

My question is, where and how to invest it?

I'm 25, single, no kids with a grad scheme job in financial services in London. I'm on 30k and this is hopefully going to increase every year, contingent on exams etc being passed.

I currently live with friends and pay 650 or so per month in a nice house in a good area of London, which I like. I love the company and enjoy the experience of sharing although admittedly aspects of it can be annoying!

Just wondering what others would do in my position? Get a mortgage for a 1 bed in London (if possible - would be lonely though?), invest in another part of the country (?), leave in bank until I'm ready to buy with someone else in future? Once again I do recognise how lucky I am and am v grateful indeed!

To those being rude to the OP, please don't lose sight of the fact that an inheritance means someone has died. Have some compassion.

OP you might want to look at buying a new build flat off plan as they are excellent rental investments if well located. My investment 1 bed in E3 2minutes from the tube has let 3 times within a week of being advertised. When you are ready to step back from flat sharing life in a few years you can move into itvfor a while.

Thanks again all - I am looking at areas all over London but preferably within 40 mins of City Thameslink/Farringdon (where I work).

I love villagey areas e.g. Crouch End, Stroud Green but have been looking everywhere, would be great to live somewhere with more of a community feeling and I have always lived in North, but can go anywhere really!

Thanks again :) Any Phil and Kirstie-type posts with potential houses would be AMAZING! I have been finding them myself but help is so appreciated.

www.rightmove.co.uk/property-for-sale/property-62340968.html

Three bed apartment in Crouch End?

Do you definitely want to live in it straight away? With or without a lodger? 0prefer modern or period? How much can you/ do you want to borrow on top of the 250k deposit?

i am in Crouch End/Hornsey. The new Smithfield development on Hornsey High Street may be worth a look.

That flat in Crouch End is £350k cash only.

Best piece of advice to stick to is to buy the worst house in the best area for your money, not the best in the worst area.

Try South Woodham Ferrers or Burnham-on-Crouch in Essex. I love it there.

Advice on savings is usually spread over different things.
Common sense really so that you don't suffer a big loss of all savs if disaster happens.
So Isas at 15,000 pa (tax free when you cash in), property, savings in an investment fund though returns are probably poor at the moment but property can go down as well as up. And getting the money out of tenants isn't always straightforward.
Get some advice from a financial advisor.

A nice 2 bed in Crouch End is going to be about £500k minimum - see how much you can borrow on a 50% deposit maybe?