What to do with £40,000 Savings? Watch
- Thread Starter
- 28-02-2016 10:55
- 28-02-2016 12:38
(Original post by KevinGates)
- 29-02-2016 12:56
I am 19 taking a gap year and have saved up £40,000 from working full-time since I was 16 whilst at school , saving 100% of any money I came into and getting involved in something that I now regret but it made me a huge amount of money for my age.
I am thinking of purchasing a Buy to Let Property with a 40% Deposit , however I know very little about investing and other options. I am looking for a long-term return over about 15 years with regular passive income.
There are several government schemes to assist first time buyers, but they don't apply to Buy to Let - I know that seems an attractive investment, but it would be good to get some advice on it as the Chancellor is making the tax regime on it much more adverse over the next few years and a lot of people are getting out of it.
Other possibilities are the websites that allow crowdfunding of small businesses, small loans to multiple customers and so on. They are not covered by the government's deposit assurance schemes, so you can get potentially wiped out, but they offer a better return than most savings plans.
It's enough to get a reasonable interest rate if invested as a bond, or as a long-notice ISA, assuming you don't need to spend the money in a hurry.