What to do with money in bank

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    What to do with money in bank

    My finances are quite straightforward - I have a buy to let mortgage of 150k on a flat worth 220k which is £335 a month and a rent of £750.
    I live at my parents but want to be out this year.
    I have a current account with 76k.
    My question is should I use this to buy somewhere to live or should I rent and invest the money elsewhere?
    Many thanks for any responses!

    #2
    I think you'll need it for a deposit on a place of your own, won't you? Well done for saving that much.

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      #3
      Thanks jk0 thats true if I buy a place to live instead of rent. It's expensive where I am so 70k would have to be 30% of a modest 230k property. I reckon I could borrow 150k max with my income.
      I asked the question as I'm not sure about having all my money in one basket (property). I wondered if there were other ways to generate an income if I were to rent instead?

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        #4
        I think there's a lot to be said for owning a home of your own. If locals still make a profit buying rentals on mortgages, any alternative investment you used to rent somewhere would need a fantastic return.

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          #5
          It would be pushing my borrowing to the limit to buy another property. I've ran an eligibility calculator with my max overtime and it says I could borrow 150k. So my budget would be 226 k . Doesn't buy much in Berkshire.

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            #6
            If you are willing to take risk investing in a managed high yield fund , you can get 7% on your £76K = £5000 and over. which helps to pay for renting your own place.

            https://www.barings.com/gb/individua...d/IE00B44M8N80

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