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safeman1978 | How to best utalise spare cash? |
Investment experts (and others ;-)
Given the distinctly dodgy economic circumstances we are in at the moment I fear the home I own is heading towards negative equity (although only slightly) and would like some investment advice/opinions on you are doing or would advise.
If my wife I have around £500 spare every month after expenses what would be the best way to utalise it financially:
1) Make overpayments on my mortgage on which my APR is 5.29% ( my mortgage allows this and recalculates after each payment)
2) Set up a pension
3)Invest in an ISA
4)Just save for a rainy day? We also plan to try and start a family in the next year or so.
I am leaning towards 1) but it seems like that the benefits will only be seen from this in the long term.
Cheers! |
 |
 
imicola
|
If I were you I'd probably make overpayments with £250 of it each month, and the rest I'd put into an ISA or savings account. I think the negative equity thing is not really a big problem unless you are planning on selling up in the next two years....I'm sure the market will come right again soon enough. However this depends on your mortgage arrangements - can you overpay without incurring a fee? And how much are you allowed to overpay by?
Even if you are going to sell and move on - the price of the house you are moving to will also have fallen, so it wont have that much effect.
My partner and I are in a similar situation...we are planning on putting in the maximum overpayments that we can to avoid that scarily large amount of interest which accumulates on a mortgage!! The sooner we pay it all off, the better in my opinion. Given that you are planning a family though, perhaps a bit of extra saved up would be wise! |
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Tertia
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Mortgage is the cheapest form of borrowing- look at any other borrowing you have loans, credit cards, store cards, catalogue accounts and pay them off first. Start with the one with the highest rate of interest.
Negative equity will only become a problem if you have to move- and it will certainly not be your biggest problem even then. (Raising a 25% deposit will be.)
£500 a month is enough to invest in shares - but only if you are comfortable with this. Try out on Yahoo Fantasy trader for practice first. Stick to companies that you know a bit about, and buy when you feel they are undervalued. (And please, never on the 'penny' shares!) - or when the market is in free fall :-( |
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D D
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I think you've answered this in Number 4.
All my friends who have had a family who had as you have 'spare' cash
simply no longer have. The costs of raising kids is enormous and my friends are not even lavish at all. They made some house alterations re bathrooms/ensuite and laundry facilities as well as getting alterations done re fencing safety and just lots of other bits. It all made the difference and then the spare ongoing cash was eaten up quite literally.
.Remember a mortgage is the cheapest form of loan.
Most people are woefully underprovided for re their pension in old age so I'd seriously condider that.
Yes to ISA too. |
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Cautious Norm.
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Overpayments. |
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traincloud
 |
I'm in the same boat myself with the house gone into negative equity and wondering what to do with some money. Well I came across this system that can leverage a small amount of money and make it larger if everyone participates. The idea is simple. You might be interested, if so visit http://www.peoplepowertoday.com |
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Callum M
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Set up an ISA its 6k tax free i think, or just pop into a savings accounts and forget about it for a few years. |
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benny20
 |
First I would eggressively pay off your debt. Once free of that, you'll be on your way to financial freedom. I'd start with the smallest debt and then once paid off, roll that extra $ and the payment into paying off the next debt.
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purplerazor
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You first option sounds really good- its more long term as you'd pay off you mortgage early. Also you can split the spare cash and invest in an ISA which you can subsequently reinvest. |
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Holy Crap!
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I'd invest in a dictionary. |
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