How to invest £6000

Discussion in 'Finance, Property, Law' started by IS Ski Geek, Jun 28, 2007.

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  1. IS Ski Geek

    IS Ski Geek War Hero Moderator

    Have a bit of money set aside and I am wondering how I should invest it over the next 5 years.

    Option 1 - Pay it off the mortgage which is fixed at 5.9% for the next 2 years.

    Option 2 - Get and ISA in my name and one in the wifes name.

    Option 3 - Any other advice welcome but nothing to risky would still at least like to have the £6 grand with some profit.

    If any anyone has cunning idea please let me know
  2. Give it to me.

  3. I was in a similair position earlier in the year (without the mortgage).

    After speaking with the bank we went with the ISA`s. Of course you cannot put anymore into them so extra savings goes into a flexable high rate savings account.

    I find the ISA the best option for me as it accrues a good rate of interest but I can whip it out ready for a deposit against a mortgage when we are ready.
  4. Joss Acklands Spunky Bagpipe in the 3.30 at Kempton is a 20:1 dead cert...

    Seriously get to the Halifax and speak to a financial advisor. Its free governed by lots of rules so you don't get ripped off and they have lower fees than practically every one else.
  5. Erm, whatever happened to seeking advice from a qualified financial adviser???

    If you are determined to seek advice on here from non qualified bods, then you could always look at and start from there.

    If you do decide to go down the mini ISA route for both yourself and your wife, the maximum amount for both of you is 3k each.
  6. Last year I inherited some money. I went to an independent financial adviser (who also happened to be a personal friend).

    It turned out to be the best thing I could have done, and I can recommend the same course of action to you. He didn't take a slice of my money as his company gets a referral fee from whichever company or companies you invest with. I must emphasise the word independent though.

    If you don't like the advice you get you can always walk away and it won't have cost you anything.
  7. blue-sophist

    blue-sophist LE Good Egg (charities)

    ISA ... keep the money away from Broon and his grasping successor.

    IFA ... Excellent call.
  8. With interests about to rise standard advice is get rid of debts pay down mortgage and then go for the £3k cash ISA for both you and your wife.
  9. I'd go for the paying a lump sum off the mortgage option. As the matelot said, have a look at Martin Lewis is regularly on the radio giving sound advice.

    I've just cashed in my isa's in order to pay off the mortgage. I figured that any savings I would have invested would't even have been earning enough interest to pay the mortgage payments. By paying the mortgage off (or a chunk of it in your case) and investing the money I would have been paying, the interest earned would be mine......not the Woolwich.

    £6k in 5 would have paid around £1770 interest in mortgage payments (assuming the rates stayed the same).

    Pay off the £6k and invest the money at the same rate (you can get better though) would accumulate £2052 interest. At the end of your mortgage this is £6k less you have to give them to pay off the balance (if you are on an interest only mortgage)....and it's £1770 less of your money you've given them.

    I had about 12 years to go until I 'saw the light'

    This is my opinion (and Martin Lewis's). If you get any advice from a "free" financial adviser, remember they normally get paid a commision on the products they push....who's interests do you think they have at heart?
  10. I am an IFA based in Leicester, so the quote above rather annoyed me. Yes, there are t*ssers in the profession, but anyone who pushed a commissioned product rather than the right advice would get fired on my watch. The FSA, with their "Treating Customers Fairly" initiative would also kick butt if they were told. If you are given bad advice, complain - it makes my job easier, the fewer t*ssers the better for all.

    My advice, which is of course, only general, not based on your personal circumstances [but which is still unhelpful, given the fine line between generic comments and 'being seen' to be giving advice - sorry...Moderator]

    Or, as they said in 2002-2004, your investments may fall or plummet!

    If you are looking for an independent adviser, go to or give me a PM
  11. Invest in new boobs....then go on the "game" will get lots of interest!!!!!
  12. Jeremy...apologies...I reaslise that I was probably tarring a lot of good advisers with the same sh1tty brush.

    I would still be wary of free advice from IFA's...where and how do they get paid? Also, so called IFA's working on behalf of banks sounds a bit incestuous....would you disagree?

    This is just my perception, and I accept that your knowledge & understanding of the profession is far greater than my own.
  13. out@last the financial services industry in the UK is heavily regulated and anyone caught being as self-serving as you suggest would be severely slapped.

    There are plenty of descriptions of the different types of financial advisor on the Interweb, here for instance, which explain the differences between the various tyes of advisor far better than I could.

    As with all such advice, if you want confirmation go and get a second opinion after all it's free isn't it? :D

    Jeremy, however valid his point, should know better than to provide general financial advice on an unregulated website. F_S doesn't like that sort of thing. :censored: :eye:
  14. I,d invest it in beer & whoooers !! Supprised no ones said that yet !!!!!

  15. Good CO

    Good CO LE Admin

    ARRSE Donation? You could even have a free mug :)
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