Is now the time to invest in property, or should you wait and see what happens in the housing market? Ask a fully qualified Independent Financial Advisor to answer all your money questions.

If you have a money question regarding your mortgage, pension, savings or more, our resident qualified Independent Financial Adviser is on hand to set your finances in order with expert advice and tips. Read on for this week's questions and answers.

Money Questions Answered: Property Advice

I am hoping to buy a new house shortly – I live in the South East. My first question is: should I wait and see what happens with the housing market and go for it. Secondly, what type of mortgage – fixed rate, tracker etc, do you think I should opt for?

Ask an Independent Financial Adviser: Jason Witcombe’s Answer:

I’m afraid that there is no “yes or no” answer to this – if there was, life would be very easy! Regarding purchasing a house, no-one knows what direction house prices are going in and don’t believe anyone who tells you otherwise. You just need to weigh it up against the alternative which is renting. Unless you would face the risk of getting into negative equity, the price of the house you live in shouldn’t really matter unless you want to sell it. If at some point you would like to move up the property ladder further, falling house prices would actually be better for you than rising prices.

In terms of a mortgage, this depends on your personal preference. Do you need the security of a fixed monthly payment? Do you want the facility to make regular overpayments? Do you want a mortgage that will offer a good long-term rate or do you want to remortgage every couple of years? Are you likely to move within the next 2-3 years? Speak to an independent mortgage adviser and they will be able to help you with this decision.

Money Questions Answered: Investments

If the stock market offers uncertain returns and the housing market has begun to fall – what and where do you think I should invest my savings?

Ask an Independent Financial Adviser: Jason Witcombe’s Answer:

No investment is 100% safe. Cash might sound safe but if you get 5% interest and are a higher rate taxpayer, you only get 3% in your pocket and my guess is that your expenditure goes up by more than this each year so cash can quite easily lose you money in real terms.

Over the long-term, those who take investment risk are generally rewarded by decent returns. You need to decide how long you are prepared to tie this money up for before you can make any decision about what to do with it.

Have a look at the 10 Personal Finance Tips on our website and also the investment section. This might help you to come to a decision. www.evolvefp.com

Also consider speaking to an independent financial adviser if you want some guidance in the decision making process.

Money Questions Answered: Russian Investment

I’ve heard that Russia is a good place to invest in currently as their economy grows? Are there any funds that you would recommend, or do you think the risks are too high? If so, what other areas should we be looking at for investment: I am hoping for returns in a three year period.

Ask an Independent Financial Adviser: Jason Witcombe’s Answer:

Three years sounds like a short timescale. I would generally only advocate equity investment to someone who is prepared to have their money invested for at least five years. Otherwise, you are gambling rather than investing. If you can make, say, 10% p.a. out of an investment, logic suggests that it would be just as easy to lose that amount too. How comfortable would you be taking a big bet on just one economy? Having all of your eggs in one basket is not generally advisable.

About our Resident Financial Expert

Jason Witcombe (pictured) APFS, CFPCM is a Chartered Financial Planner at Evolve Financial Planning. He has been awarded prestigious Chartered Financial Planner status, a qualification that only around 900 of the UK's 65,000 qualified advisers have attained. He is also a Certified Financial Planner and is an Associate of the Personal Finance Society, www.evolvefp.com

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