How should I invest £30k?
- Thread starter TNGL
- Start date
I personally think so, but then that's just my thoughts, I'm not a mortgage adviser by any stretch of the imagination.
Harlington is always a good asset because of Harlington Upper, people in the area move to Harlington specifically to get their kids into that school, Flitwick I would say is also a good bet if that development goes ahead. I personally wouldn't live in Luton unless you're in a decent area like Wigmore.
Harlington is always a good asset because of Harlington Upper, people in the area move to Harlington specifically to get their kids into that school, Flitwick I would say is also a good bet if that development goes ahead. I personally wouldn't live in Luton unless you're in a decent area like Wigmore.
I'd hold off buying at the moment. At the extreme end you'd be able to get a property for say 200-something-k, that doesn't give you many good options at the moment.
Given the field you work in your salary ought to progress rather rapidly, why not go get a room in a flat share and enjoy London in your early 20s... you'll still be able to save plenty of money.
Given the field you work in your salary ought to progress rather rapidly, why not go get a room in a flat share and enjoy London in your early 20s... you'll still be able to save plenty of money.
Unfortunately, my degree did not teach me the intricacies of navigating the property market and so evaluating it as potential investment is somewhat difficult.
Interesting, I'll do my research and try to find out. To be honest, Redborne Upper School is more highly regarded than Harlington from what I've heard and quite a few kids have left privates such as BMS and Bedford High to come to it in the past.
I've lived in C. London for a decent period of time over the past 3 years and whilst I do eventually want to live in the capital, I think I will save significantly more sticking it out at home for a few more years. I can still enjoy London after work and on the weekends if I really want to. I do see your point about salary progression though, it might not be worth fussing over £Xk savings now if it will be dwarfed by a significantly higher salary in a few years.
Associate
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Spend most of it on hookers and coke. You can just waste the rest.
I wasn't related to the savings but rather the multiple you're able to borrow now vs say 4 years time... whether you stay at home or not I'd still hold off as your salary could more than double over that time period.
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Caporegime
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How is this even a question lol
30 grand would get you some pretty good anime and two really sweet katanas (for dual wielding) so you should probably do that.
30 grand would get you some pretty good anime and two really sweet katanas (for dual wielding) so you should probably do that.
So your advice is to save the money and build up an even bigger deposit, whilst living out in London? If so, what do I do with the money in the meantime?
Not really looking for reinforcement as such but I am quite set on staying at home for as long as possible...
You were talking about buying a property right? I'm saying you would seem to have rather limited choice when looking to buy a property in the first year of your first job after uni and it probably makes more sense to hold off a little. Do you desperately want to move out from your parent's house? If so why not get a room in a flat share? If not then why are you keen to buy a property?
I see. I don't desperately want to move out at all. I am keen to put the money to use as soon as possible so that it can generate some sort of return, with property being one of the options.
You would not be limited to buy property if you bought it away from London, think outside the bubble box that London is, i chucked down 45k deposit on a house and it's very nice with a low mortgage.
I'm considering commuter areas along the Thameslink line, if I do go down the property route that is.
Soldato
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Mortgage.
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/thread
Deleted member 651465
Deleted member 651465
Stay at home for 5 years whilst you save your pennies.
At £42k and living at home you should be able to tuck £1500 a month away without living like a pauper. That's £90,000 you'll have for basically doing what you're doing now and your only real effort is the initial setup of the standing order.
Combine the £30k with your savings and you've got a 50% deposit on a £240k house which will set you up for a tidy mortgage which you can overpay on. With a steady income you'll be clear of that by the time you're 35, which isn't bad going
At £42k and living at home you should be able to tuck £1500 a month away without living like a pauper. That's £90,000 you'll have for basically doing what you're doing now and your only real effort is the initial setup of the standing order.
Combine the £30k with your savings and you've got a 50% deposit on a £240k house which will set you up for a tidy mortgage which you can overpay on. With a steady income you'll be clear of that by the time you're 35, which isn't bad going
Stay at home for 5 years whilst you save your pennies.
At £42k and living at home you should be able to tuck £1500 a month away without living like a pauper. That's £90,000 you'll have for basically doing what you're doing now and your only real effort is the initial setup of the standing order.
Combine the £30k with your savings and you've got a 50% deposit on a £240k house which will set you up for a tidy mortgage which you can overpay on. With a steady income you'll be clear of that by the time you're 35, which isn't bad going
in 5 years time he'll likely be on >100k and with easily a £120k deposit - I think he'd be aiming a bit higher than a 240k house, frankly he could just about buy a 240k property now though given where he lives he'd not get much for that amount
Stay at home for 5 years whilst you save your pennies.
At £42k and living at home you should be able to tuck £1500 a month away without living like a pauper. That's £90,000 you'll have for basically doing what you're doing now and your only real effort is the initial setup of the standing order.
Combine the £30k with your savings and you've got a 50% deposit on a £240k house which will set you up for a tidy mortgage which you can overpay on. With a steady income you'll be clear of that by the time you're 35, which isn't bad going
A £120k deposit does sound juicy, although like dowie has said, I would probably be aiming to spend more than £240k.
Not really, I have a very good social life in my town and I've never struggled to have a very good social life when I've commuted into London for an extended period of time. London is great but the incentive just isn't strong enough for me at this point in time. Perhaps I'm just being stubborn and not realising it. Realistically, I know I could quite easily move out but I don't have an incessant desire to flee the nest. My girlfriend along with most of my friends live in Greater London but she won't be able to move out until a few years on anyway. I just don't get the feeling I'm missing out, you know?
Deleted member 651465
Deleted member 651465
He's 21. Staying at home for 5 years and slamming money in to a savings account is hardly going to cripple his social life in the grand scheme of things.
Yes he'd be living comfortably if he moved out but living at home would almost double what he could save and over those 5 years it would give him the opportunity to really build up a nest egg.
Regardless of the wage, I think it's a no-brainer but then I also don't see the need to ***** £30k and would probably save toward a deposit for a house. My figure of £240k was a ballpark figure given his potential to put away £120k, obviously if you have that much of a deposit and a good wage you're not really limited to what you could borrow (within reason).
Not entirely sure how far a £30k deposit will get you where you'd be looking to buy but if possible I'd look to invest in property. Living in your own place is, frankly, awesome. Meanwhile, I found living with my parents unbearable at that age (and my parents are awesome).
Having your own place and not paying rent is the true value (more so than the mere capital gained).
Best of luck with whatever you do!
Having your own place and not paying rent is the true value (more so than the mere capital gained).
Best of luck with whatever you do!
I was in a similar position to you when I left Uni at 22. I had £40k in the bank, salary of £34k and went to get a mortgage but was turned down by everyone thanks to health problems.
On the advice of a local finance man I put £15k in some savings funds and spent the rest on a sports car and enjoying my early twenties. Just back from a driving tour of Europe in said car, savings have had modest returns to cover the loss on the car (and then some) and a recent chat with my bank manager suggests they're now open to giving me a mortgage.
Therefore my somewhat bias opinion is to save some of it in something that's not property (too much risk and hassle for 22 year old me) and spend the rest on yourself. If you're smart with it you can make money as well as memories.
On the advice of a local finance man I put £15k in some savings funds and spent the rest on a sports car and enjoying my early twenties. Just back from a driving tour of Europe in said car, savings have had modest returns to cover the loss on the car (and then some) and a recent chat with my bank manager suggests they're now open to giving me a mortgage.
Therefore my somewhat bias opinion is to save some of it in something that's not property (too much risk and hassle for 22 year old me) and spend the rest on yourself. If you're smart with it you can make money as well as memories.
Luton house prices have gone crazy recently. A lot of people from London have sold up and buying 2+ properties here to sort out their retirements. Still a buyers market mind as I am pretty sure the house prices are steadily increasing here.
Very lucky to be in that position at that age, I'd agree with the rest and say stash it away on deposit. Especially if your parents are happy for you to live with them while paying small rent.
I had to move.oit at 23 and even at 50k+ at 26 it's going to take me a good few years to save up for a deposit.
I had to move.oit at 23 and even at 50k+ at 26 it's going to take me a good few years to save up for a deposit.