Hi
I would appreciate any advice on what would be a good investment. First time posting so if I have gotten the wrong section, apologies. I am hoping to save towards a house in the future (3-6 years) and want to make the best long term decisions. I inherited a chunk of money recently (80K) and at present it is not doing anything. I have a mortgage with negative equity. 23 years left, Property worth about 120K mortgage, 175K tracker ECB+.75 (or 1 can't remember) currently earn 36K, no other loans or income.
Option 1:
Talked with the bank and they suggested a managed fund. I have no experience with funds or stocks but between the entry - exit - dirt and management fee and with many commentators suggesting a market crash is on the cards I'm not sure that this is a good option for me.
Option 2:
pay down mortgage and use the reduced mortgage to pay down further. I would like to keep this apartment as an investment in the future if I was to buy else where (to cover for my less than great pension situation) But the cost of the mortgage is very low, lower that any new mortgage is likely to cost when I look to move.
Option 3:
But an investment property now, and look to profit on this for the next few years. I'm finding it hard to make a decision, particularly given that my work is contract and that the contract is up in November, with no guarantee or renewal.
Option 4......
Any opinions welcome.
Forgot to mention that the mortgage is with BOSI so unlikely to get any movement or help from them. Also it is split into two as I took a top up to fund some further education.That accounts for 35K After I had drawn it down there was some kerfuffel over missing documentation. I told them at the time that I don't sign important documents twice and they would be best to find the original. Checked there a little while ago and there is only one burden on the property. Is that normal?
I would appreciate any advice on what would be a good investment. First time posting so if I have gotten the wrong section, apologies. I am hoping to save towards a house in the future (3-6 years) and want to make the best long term decisions. I inherited a chunk of money recently (80K) and at present it is not doing anything. I have a mortgage with negative equity. 23 years left, Property worth about 120K mortgage, 175K tracker ECB+.75 (or 1 can't remember) currently earn 36K, no other loans or income.
Option 1:
Talked with the bank and they suggested a managed fund. I have no experience with funds or stocks but between the entry - exit - dirt and management fee and with many commentators suggesting a market crash is on the cards I'm not sure that this is a good option for me.
Option 2:
pay down mortgage and use the reduced mortgage to pay down further. I would like to keep this apartment as an investment in the future if I was to buy else where (to cover for my less than great pension situation) But the cost of the mortgage is very low, lower that any new mortgage is likely to cost when I look to move.
Option 3:
But an investment property now, and look to profit on this for the next few years. I'm finding it hard to make a decision, particularly given that my work is contract and that the contract is up in November, with no guarantee or renewal.
Option 4......
Any opinions welcome.
Forgot to mention that the mortgage is with BOSI so unlikely to get any movement or help from them. Also it is split into two as I took a top up to fund some further education.That accounts for 35K After I had drawn it down there was some kerfuffel over missing documentation. I told them at the time that I don't sign important documents twice and they would be best to find the original. Checked there a little while ago and there is only one burden on the property. Is that normal?
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