Proceeds of property sale
Discussion
Long time observer - First time poster.
Would appreciate some help please chaps.
We have just exchanged on the sale of our house and until we find our next project are going to have around 350k to put somewhere....
Can anyone advise on a good place for the cash (I'm thinking bank rather than under the mattress!)where its not only protected, but hopefully earns some interest.
We are looking for our next property so need something with relatively easy access, but probably not immediate.
Many Thanks!
Rick
Would appreciate some help please chaps.
We have just exchanged on the sale of our house and until we find our next project are going to have around 350k to put somewhere....
Can anyone advise on a good place for the cash (I'm thinking bank rather than under the mattress!)where its not only protected, but hopefully earns some interest.
We are looking for our next property so need something with relatively easy access, but probably not immediate.
Many Thanks!
Rick
The key thing is to spread it around sufficiently with different institutions, to ensure that it is fully protected by the government guarantee. Look at the Moneysavingexpert website for a guide to this, much easier if you can put it into joint accounts as the amount covered is higher.
If you are likely to need access to the money in the near future, then I'm sorry to say that you are not going to earn much on it, just spread it around into the best instant access accounts you can find. Other than that, make sure you max your your ISAs, open a Santander 123 account and a few other tricks, but don't expect a big return on cash, in fact you will probably be losing money once inflation is taken into account.
Even if you tie it up for a year, the rates still won't be great.
Best thing you can do is hurry up and buy another house.
Disclaimer - I am not an IFA!
If you are likely to need access to the money in the near future, then I'm sorry to say that you are not going to earn much on it, just spread it around into the best instant access accounts you can find. Other than that, make sure you max your your ISAs, open a Santander 123 account and a few other tricks, but don't expect a big return on cash, in fact you will probably be losing money once inflation is taken into account.
Even if you tie it up for a year, the rates still won't be great.
Best thing you can do is hurry up and buy another house.
Disclaimer - I am not an IFA!
Thanks for the help thus far, by 'project' we are looking for a property to renovate/extend.
It wasn't ideal to 'cash-out' but much of what we are looking for seems to be going to sealed bids where cash purchasers were beating us. We thought we would put ourselves in the strongest position by selling up.
Fingers crossed we wont have to wait too long!
It wasn't ideal to 'cash-out' but much of what we are looking for seems to be going to sealed bids where cash purchasers were beating us. We thought we would put ourselves in the strongest position by selling up.
Fingers crossed we wont have to wait too long!
It really depends on what we find. We know what it is we want our 'lifetime' house to be, but it maybe put of reach now - maybe one more move away as such.
We have seen a house that we could easily stay in for 20+ years, and put an offer in, but its a wreck and its advertised price is what its worth done as oppose to taking its state into account. The owner wouldn't take into account the 70k it needed spent on it!
We have seen a house that we could easily stay in for 20+ years, and put an offer in, but its a wreck and its advertised price is what its worth done as oppose to taking its state into account. The owner wouldn't take into account the 70k it needed spent on it!
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