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Gifted £50k. Want to do something sensible, but not sure where to go from here

Hiya

A bit about me
I have a stable well paying job and house with £175k mortgage paying 1.79% on a tracker (will soon go down after these Base rate cuts)
No debts apart from £1500 on a 0% interest card until 2018.

I plan to treat myself with £1k of it and then do something smart with it.

Currently have it stuck in 2x Santander 123 accounts paying 3% pre-tax and the rest in Club Lloyds accounts.

I know there are a few financially savvy people here so would be good to get your thoughts on what to do? Or is it best left where it is?
I'm not a massive risk take btw, and don't have time to manage a portfolio of investments. As my mortgage rate is so low, it might not be worthwhile to pay it off.

Perhaps I could go shared ownership in a house? or?

Cheers!

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Invest in Bitcoins.

just give it to me :unsure:

Reply 3

vela1

I'd put down a deposit on a property. 2-3 bed terrace aimed at students. Overall rent you'll receive will be higher than usual because you'll charge per room with a communal kitchen/lounge etc. The rent will be able to cover the mortgage and you'll probably be making a few hundred profit every month. If its in the right location i.e next to a university you'll have no problem getting tenants every year.

Reply 4

Harold Godwinson

Go on a booze cruise to Mexico. Tijuana baby!

Reply 5

romansholiday

you could always donate to me... :smile:

Reply 6

Harold Godwinson

Gold diggers are out in force on this thread :h:

Reply 7

username1292215

You should definitely spend a good amount of it on traveling to a few countries, you can learn some valuable things.

Reply 8

xyz9856

Original post by AlmostNotable

Invest in Bitcoins.

terrible idea

Reply 9

JP298

Original post by Pipsico

Look into something called peer to peer lending. You could get a return of %10 if you lend to small businesses but if you go for the more well known companies you are looking at a return of 7% each year. Look up rate setter. I wouldn't bother using it to pay off the mortgage as you will be earning more money if you invest it wisely.

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Reply 10

AlmostNotable

Original post by xyz9856

terrible idea

Why is it terrible?

Reply 11

username2313507

Original post by AlmostNotable

Why is it terrible?

Value of Bitcoin fluctuates rapidly and is liable to be stolen by hackers. It lost more than half of its value a few months ago over a few days.

£50k could easily turn into nothing overnight

Reply 12

SugarCoatedCart

Original post by AlmostNotable

Why is it terrible?

He might make a huge loss, the risk is way too high.

Reply 13

SugarCoatedCart

Original post by Pipsico

You'll have better luck asking https://www.reddit.com/r/UKPersonalFinance

Reply 14

jamesthehustler

Original post by Pipsico

if I was you I'd invest in a business maybe not a start up as they can lose everything something running for a few years looking to expand
or
invest in a profitable hobby something like car restoration (stick to modern, quality, minor damage (cat c/d) cars and you can make a killing on things like jaguars, Mercedes and Maseratis)
and
put some of it into solid investments from legitimate providers so bullion by post for some metals or leibish for some investment diamonds

Spoiler

Reply 15

AlmostNotable

Original post by TelAviv

Value of Bitcoin fluctuates rapidly and is liable to be stolen by hackers. It lost more than half of its value a few months ago over a few days.

£50k could easily turn into nothing overnight

You don't know a lot about bitcoins.

Reply 16

AperfectBalance

Original post by AlmostNotable

You don't know a lot about bitcoins.

He knows far more than you considering he knows how bad it is to invest in them.
Sure you could make a profit but it is a serious risk

Reply 17

Zerforax

Other than putting some into a stocks and shares ISA potentially, I probably wouldn't do much different to you. Previously I might have said why not think about a buy to let but you'd have to factor in the extra 3% stamp duty as a second home and that you can only get relief on 20% rather than 40% of interest as before.

How much hassle do you want? Could just be lazy and leave as is and then apply it to your mortgage at a later date.