Money Advice/Opinions.

[conny]

Seeing that we don't have a Finance Board I am asking on here for some advice/opinions.
Let me make it clear that any decision I make will be mine and mine alone so you need not feel worried about what you say. I will not blame anyone for anything that goes wrong. (You may print this out to help your defence if you so wish! )

No, seriously though. I have a policy maturing late this year to go towards paying off my mortgage. However, due to the way things went belly up a few years ago it obviously didn't perform as well as expected.
What I want to do is invest it for another 5 or 6 years in a safe but high gain account of some kind where it will not be touched unless, God forbid, either me or the wife shuttle off this mortal coil.
I've been thinking about some sort of government bonds but do any of you know of a better place to stash it for that length of time.

All sensible answers appreciated though I know I'll get some begging ones.
Thanks lads.
btw, the amount will be around the 12k mark with any luck.

 

[cornishwizard]

the way things are at the moment i would try Premium Bonds

 

[oompah]

Do you still have a mortgage? if so pay a lump off of that.The way things are with the economy and no sign of any improvement sometime soon don't think you are going to get any high interest accounts with out some risk.We were in the same boat with our endowment drew it out and knocked a sum off our mortgage.

 

[conny]

Thanks Oompha, that was what we thought of doing but as it will be short we want to try and boost it up a bit before the second policy matures in 2016.

 

[dextrous]

Can you not leave it where it is and carry on payments (perhaps) until such time that it does reach the required level?

I'm led to believe (but am happy to admit extremely limited knowledge) that endowment policies - assuming this is one - tend to do marginally better that savings accounts. Not sure "high risk" investments are a wise idea TBH.

 

[oompah]

I know its your decision but do you want to take a risk?way up what you will save on interest payments against what you will receive on any investments made.

 

[dextrous]

Alternatively, there is a horse I know of due to run at Chester soon!

I'd invest, but I'm struggling to put food on the table for my wife and 19 children. Even if I could afford a potato, there's no way I could heat it up to cook it. Think I'd have to peel it and use the peel to make a new pair of trousers for my 2 year old daughter, and perhaps slice some of the rest of it to replace the wheels on my 4 year old son's wheelchair.

Just off now to the manchester ship canal to see if the rats have left anything to eat.

Times are tough conny, but I have my pride. If, however, you could possibly spare just a penny or two.....................

 

[PrenticeBoyofDerry]

It depends what type of mortgage you have and the interest you are paying.
The one thing I have been lucky with during the credit crunch, is that I have tracker mortgage and have been paying peanuts in interest.
So if it was me I would be looking to invest rather than pay off the mortgage just now.
Do you have any ISA? tax free savings, a good start.
You could also look at investment bonds, you can get these protected, but the gross profit will be less.
But Conny, it's worth getting a financial manager for advice, often there is no charge as they will get commission from the company they have recommend.
If that fails, I will look after your money for you, promise

 

[PrenticeBoyofDerry]

there is a horse I know of due to run at Chester soon!

It's not called "Slasher" is it?
I've heard it's going to pyss home

 

[oompah]

it's worth getting a financial manager for advice

With whats gone on isn't that the worst place to go?

 

[dextrous]

there is a horse I know of due to run at Chester soon!

It's not called "Slasher" is it?
I've heard it's going to pyss home

I'd heard it has a bladder problem too, but luckily they are giving it something which will cure this and make it fly too All legitimate (well it will be when the "random sampling" vet has been paid off)

 

[PrenticeBoyofDerry]

I'd heard it has a bladder problem too, but luckily they are giving it something which will cure this and make it fly too

I can see a horse flu pandemic coming on

 

[conny]

Thanks lads, joke ones cheer me up if nothing else!

First off, yes its an endonwment policy.
Don't know if we can leave it in place, will look into that.
Paying 0.5% interest at the moment but still paying the rest that we would have saved when it went down by standing order so biting into the capital as well. As has been said, savings rates are crap so not worth bothering with.
Don't want anything which is high risk, just secure but with a decent return rate. Not expecting to make mega bucks, just help it grow a bit more.

Thanks lads.
Will get back later, got to take the G/Kids home.

 

[dextrous]

Will get back later, got to take the G/Kids home.

Me too. I'm very lucky - they only live 3 days walk away and the supermarket has kindly given them some extra bedding (well cardboard boxes to be accurate) for the cold nights under the railway arches. If I could only afford some medicine for the elder's TB.........

 

[oompah]

Don't want anything which is high risk, just secure but with a decent return rate

If your house is secure with no risk?I think house price inflation will give a better return on your money.