I have 20,000 to invest. What is my best option?

by , 21 May 2011

I inherited a property worth ?200,000 . Can I borrow using the property as a guarantee to set up a samll business?

Answers

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Hello radish,
I'm confused by your question. Do you want to invest the money in your business or somewhere else?
Do you already have the ?20000 or is it something you intend to borrow against your property?

by HSP, 21 May 2011

I want to put the money somewhere I can get a good rate of interest. I have ?20,000 that I will not touch for one year at least. Then in a seperate query I want to know if it is possible to borrow money to buy a rental property without having to sell the house I inherited. I am not working at present. Thanks

by radish, 21 May 2011

For the ?20000 you already have, if you are looking at anything less than 5 years, then Stock investment should be ruled out. Your best bet would be to go for a high interest savings account. From http://www.money.co.uk/savings-accounts/fixed-rate-bonds.htm, I think Barnsley building should suit your requirements.

Since you are currently not working, most main stream lenders will refuse to lend you either against the inherited property or the rental property you intend to buy, unless you can show them that you have a regular income with the ability to service the mortgage

by HSP, 21 May 2011
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