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Investment acounts


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Old 14-02-2004, 11:25 AM   #1
libra
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Investment acounts

Mcamp999, hope you can assist me with this one because I am actually clueless regarding finances at the best of times.

We have bought a house and the mortgage advisor who is a South African who assists South African's with getting their feet on the property ladder, has recommended an Interest only payback option. We have accepted it due to the lower monthly payback benefits. We know that this is a house that is a foot in the door to the property market and have no intentions of staying there for 25 years, the family just won't fit in a 2 bedroomed semi forever and it is fine while they are young. Hopefully we can improve the property over the next couple of years anyway and still pay back everything owed with a bit over to spare for our move onwards and upwards. (Hope that makes sense - either that or we are playing with fire).

In the interum we would like to set up an investment account so that we do have money growing somewhere for the future - just in case, but are a bit unsure about where to start. Should we go to our bank and ask them about ISAs or whatever????
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Old 14-02-2004, 12:40 PM   #2
Andrew
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ISAs are a good way of investing simply because they are tax free investments. Essentially they do not differ from any other forms of investment and you can choose the type of ISA you want depending on your attitude to risk i.e. low risk - cash ISA with about 4% return, a nd higher risk stock exchange link investments. You can also have a mixture of these investments. There are certain restrictions on ISAs including maximum annual investments and number of ISAs

I'm sure others will add to this - but don't be put off by the name, it's nothing really complicated !
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Old 23-02-2004, 04:20 AM   #3
mcamp999
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The only thing I will add to that, is that the only sure way of repaying your mortgage, is obviously to go in on a repayment basis. I would do this if it becomes affordable.

An ISA is another way out, but your returns are not guarenteed. I also wouldn't speak to my bank about such an important matter, as banks are notorious for pushing their own products and often being overpriced and not giving the best returns.

Do some research on the internet, this site should help you in the first instance. Then, please ask any other questions http://www.google.com/cobrand?q=ISA&...www.fsa.gov.uk
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