What to do with 120K GBP
Discussion
I find myself in the fortunate position of having 120K hitting my bank account later this week.
We had a couple of ideas of what to do with this money, the first was to buy a property needing some renovation and hopefully sell for a profit, but the 120K is less than I was expecting and I'm not sure if it'll stretch to buying and renovating down south.
Secondly is to put it towards a planned house move later this year, in which case I'd like to do something with it that will both ring-fence it for 3 or 4 months and hopefully give a bit of a return.
On to the questions:
Is it possible / worthwhile to get a small mortgage for renovating a property?
Otherwise what would be a good way to keep this money set aside and to get some kind of profit from this?
Any other ideas?
Cheers!
We had a couple of ideas of what to do with this money, the first was to buy a property needing some renovation and hopefully sell for a profit, but the 120K is less than I was expecting and I'm not sure if it'll stretch to buying and renovating down south.
Secondly is to put it towards a planned house move later this year, in which case I'd like to do something with it that will both ring-fence it for 3 or 4 months and hopefully give a bit of a return.
On to the questions:
Is it possible / worthwhile to get a small mortgage for renovating a property?
Otherwise what would be a good way to keep this money set aside and to get some kind of profit from this?
Any other ideas?
Cheers!
Thanks for the reply.
I think the maximum amount I would be looking to borrow would be 50K ideally less, giving a 150 budget with 20K for work. That's my thinking but it might be pie in the sky.
It's good to know that the option for a mortgage is there and we don't have to right the idea off. I have my retired Dad lined up to project manage it and he was looking forward to getting his teeth into it. I didn't want to let him down.
Premium bonds could be an option, there's the OH, myself and 2 kids so that would work.
I'm in east hants, right on the surrey/sussex border so about as far from wiltshire as it's possible to be.
Thanks for the offer to PM too, I'll have a chat with the wife and see how she feels about the mortgage option.
I guess I need to start looking at properties and get my nose out of the PH classifeds too!
I think the maximum amount I would be looking to borrow would be 50K ideally less, giving a 150 budget with 20K for work. That's my thinking but it might be pie in the sky.
It's good to know that the option for a mortgage is there and we don't have to right the idea off. I have my retired Dad lined up to project manage it and he was looking forward to getting his teeth into it. I didn't want to let him down.
Premium bonds could be an option, there's the OH, myself and 2 kids so that would work.
I'm in east hants, right on the surrey/sussex border so about as far from wiltshire as it's possible to be.
Thanks for the offer to PM too, I'll have a chat with the wife and see how she feels about the mortgage option.
I guess I need to start looking at properties and get my nose out of the PH classifeds too!
Rude-boy said:
You'll need to have owned the property for 6 months before you can sell it to anyone who might need a mortgage without lenders getting the jitters.
I would speak to an IFA and let them know your timescales.
Either that or stick it all on black.
Missed that amongst all the fantastic offers - thanks for this, useful to know.I would speak to an IFA and let them know your timescales.
Either that or stick it all on black.
Gassing Station | Finance | Top of Page | What's New | My Stuff