What would you do?
Discussion
Long story short.
I‘ve inherited my father’s estate and after all is said and done (with IHT) I’ll have about £750k by the Autumn once a property is sold. Our mortgage is roughly £240k (we have a lot of equity in it), so I’m thinking get rid of that (my wife had an inheritance so would not quite go halves but I reckon I’d stump up £140k of it) asap.
I have a very good final salary pension scheme, as does Mrs Diderot. We have a business together too. I’m not thinking of retiring within the next 4 years when I’ll be 62 so will still be earning, paying in, and running our Ltd. .
No other debts.
My instinct is to buy a rental property in the local area (say £350k) and then what? … that’s the question. Is buy to let a good plan given the new regs?
I have no experience in investing, but I’m fairly risk averse. I have been thinking about an investment car (probably not a good idea but could be a bit of fun too). But beyond that, what?
Yes, I’m going to get independent financial advice. I also have an accountant FWIW.
Thanks in advance.
I‘ve inherited my father’s estate and after all is said and done (with IHT) I’ll have about £750k by the Autumn once a property is sold. Our mortgage is roughly £240k (we have a lot of equity in it), so I’m thinking get rid of that (my wife had an inheritance so would not quite go halves but I reckon I’d stump up £140k of it) asap.
I have a very good final salary pension scheme, as does Mrs Diderot. We have a business together too. I’m not thinking of retiring within the next 4 years when I’ll be 62 so will still be earning, paying in, and running our Ltd. .
No other debts.
My instinct is to buy a rental property in the local area (say £350k) and then what? … that’s the question. Is buy to let a good plan given the new regs?
I have no experience in investing, but I’m fairly risk averse. I have been thinking about an investment car (probably not a good idea but could be a bit of fun too). But beyond that, what?
Yes, I’m going to get independent financial advice. I also have an accountant FWIW.
Thanks in advance.
Pay off the mortgage, invest the rest. Being a landlord is a job, a specialist job, and it can easily go wrong. I have absolutely no regrets about selling a rental property and investing the proceeds.
NB I wouldn't choose low risk; I think you'd be better off with medium or above in the long run.
NB I wouldn't choose low risk; I think you'd be better off with medium or above in the long run.
Thanks one and all. I should have said, no kids (we married late). In a way it d be much simpler with them. Do have nephews and nieces though, and I plan to help them out where I can obviously.
It s all a bit weird really. I m from working class stock and my parents have imparted an amazing work ethic - they did well in London and as an only child left it all to me. Both of them saw how hard I ve worked to get this far and so I have no guilt on that score thankfully. But I don t want to fritter anything away for obvious reasons.
Yeah being a landlord looks like a pain in the arse, but property should be a safe place to park some of the dosh.
As a mate of mine said recently, that s a life changing amount of money, and now it s about to land it is really beginning to sink in.
Car wise, I already have my pretty modest dream car - 991. But I could be seriously tempted by some other metal!
Thanks again chaps.
It s all a bit weird really. I m from working class stock and my parents have imparted an amazing work ethic - they did well in London and as an only child left it all to me. Both of them saw how hard I ve worked to get this far and so I have no guilt on that score thankfully. But I don t want to fritter anything away for obvious reasons.
Yeah being a landlord looks like a pain in the arse, but property should be a safe place to park some of the dosh.
As a mate of mine said recently, that s a life changing amount of money, and now it s about to land it is really beginning to sink in.
Car wise, I already have my pretty modest dream car - 991. But I could be seriously tempted by some other metal!
Thanks again chaps.
The reason I said Ferrari was that it didn’t sound as if you particularly needed the money given the strong pensions (beyond mortgage settlement and now maybe extended family gifts), added to that - you’re not 30 years old so any investment would leave me thinking ‘investing for what?, and with no kids, investing for who?
You’re at the point of life most folk invest for IMO but you’ve already got it sorted, this seems like icing on top, unless there’s some other area we aren’t aware of.
Half of the replies here would be appropriate for someone mid career with kids and no golden pension, BTL would be the very last thing I’d be doing. I make some assumptions that these pensions and business are likely to meet your retirement expectations of living.
You’re at the point of life most folk invest for IMO but you’ve already got it sorted, this seems like icing on top, unless there’s some other area we aren’t aware of.
Half of the replies here would be appropriate for someone mid career with kids and no golden pension, BTL would be the very last thing I’d be doing. I make some assumptions that these pensions and business are likely to meet your retirement expectations of living.
There is no way in heaven or hell that I would buy a BTL if I were in your situation.
The whole idea of money is to make your life easier, less stressfull, fewer things to worry about and a BTL with a w
ker of a tenant will have the opposite effect.
Remember Michael Gambons' speech in 'Layer Cake' about taking s
t?
t' for 'stress' and you've got the idea. Basically you've made it to the top of the Layer Cake Son... 
Max out your ISA if you haven't already done so, same for premium bonds and invest the rest in something low risk.
I'd be gifting amounts to nieces and nephews but not huge amounts, just enough to be life enhancing, not life altering, Giving them a hand up, not a hand out.
And for the love of Christ and all that is Holy do not buy a BTL!
The whole idea of money is to make your life easier, less stressfull, fewer things to worry about and a BTL with a w

Remember Michael Gambons' speech in 'Layer Cake' about taking s

Eddie Temple said:
You're born, you take s
t. You get out in the world, you take more s
t. You climb a little higher, you take less s
t. Till one day you're up in the rarefied atmosphere and you've forgotten what s
t even looks like.
Swap 's





Max out your ISA if you haven't already done so, same for premium bonds and invest the rest in something low risk.
I'd be gifting amounts to nieces and nephews but not huge amounts, just enough to be life enhancing, not life altering, Giving them a hand up, not a hand out.
And for the love of Christ and all that is Holy do not buy a BTL!
Ok in the absence of kids I'd go ARCC, AV, BATS, CCH, LGEN, MNG, PHNX, TW, VOD and LGTXA with some in the S&P, premium bonds and high rate saving accounts. Obviously after maxing ISAs and stuff.
Wouldn't touch a BTL with a barge pole.
ETA know jack s
t about investing so don't listen to me.
Wouldn't touch a BTL with a barge pole.
ETA know jack s

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