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gruffydd

Get Ready For Ir Hikes

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Is there no let up?

I'm sure many of you will agree it is very frustrating not knowing how much interest you will be getting on your savings from month to month. :P

Indeed, I should really stop overpaying and get a good account, the difference between my fixed rate and current saving rates is starting to get significant :)! I guess we're alright, Jack.

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Indeed, I should really stop overpaying and get a good account, the difference between my fixed rate and current saving rates is starting to get significant :)! I guess we're alright, Jack.

When you say overpaying, presumably you mean your mortgage? I will soon be in a position where I could pay off a significant chunk of the mortgage (about 25%) due to relocation. However, there will be a 5% penalty for doing so for sums over 500 quid. I could stick the money away in a >5% account for the next 3 years, but a part of me wants the satisfaction of seeing that mortgage reduce by a significant amount. Thoughts, opinions? My mortgage rate is 4.79%.

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Indeed, I should really stop overpaying and get a good account, the difference between my fixed rate and current saving rates is starting to get significant :)! I guess we're alright, Jack.

:lol:

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:lol:

Alright Jack - certainly. We sold our BTL last year, and paid off our mortgages. Now debt free we can watch as the new BTL 'experts' who think we were idiots to sell, show us how much money they are going to make. When they all panic and sell causing a crash, we should have our endowment ready to buy a BTL (or more likely actually do some work renovating a property and sell it). What the muppets don't understand is that in property investments timing the market (if you are lucky enough to be able to) is everything.

Just about everyone I talk to has a relative who has just bought a BTL. They simply can't understand why anyone would want to sell now. Oh dear oh dear... A lot of idiots are going to get burnt very badly. And the same stupidity that got them to buy at the top of the market will swing into action to persuade them to sell at the bottom.

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So long as you're happy to accept a steep decline in property values over the coming years, I would say keep it going, as hyperinflation will erode away the rest for you. Furthermore, don't leave your savings in the form of cash as that will be trashed as well...

What asset would you suggest?

Edited by Disillusioned

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First of all, please accept that I'm in no position to offer anyone financial advice, especially when I'm not familiar with their personal circumstances, finances, tolerance to risk, etc.

No doubt the goldbugs will tell you to throw it all into gold and IMO, you could do worse. Nevertheless, as a general heuristic, try spreading it around a bit amongst various hard/tangible asset classes, here and abroad.

The world of investing is full of options no matter what stage of the business/credit cycle we happen to be in, so my best advice is to do lots of research, weigh up all the arguments either for or against and then decide which approach is best for you.

A few examples of potential investment areas you might like to consider range from commodities, rare collectibles e.g. art, quality antiques, stamps, coins, sporting/cinematic memorabilia, precious stones especially flawless yellow coloured diamonds atm, comics, even fauna and flora if you're that way inclined, etc., foreign property/land (no matter what happens, land values are always going up somewhere, but beware of political risks, etc.), etc.

The things I would personally tend to avoid would include cash of any denomination as we're in a historically unique position right now whereby all the world's paper currencies are 100% fiat i.e. they receive no backing from either gold or silver. However, if you must retain some cash funds, I would go for a Swiss bank account myself.

Anyway, I hope that wets your appetite and no doubt there are millions more things out there that one could put their money into in order to protect it from debasement, so you should consider first of all, investing into some good sources on the subject...

Top advice. Ta.

...gets head down and starts doing some research...

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