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  • FIRST POST
    • annbarbs
    • By annbarbs 15th May 17, 2:40 PM
    • 312Posts
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    annbarbs
    Buying A Home Or Private Renting? Which Is The Best Option?
    • #1
    • 15th May 17, 2:40 PM
    Buying A Home Or Private Renting? Which Is The Best Option? 15th May 17 at 2:40 PM
    Hi Folks.
    It's been a long time since I posted here but I thought I must as I have some decisions to make.

    As some of you may know my mother died in November 2015 and left her house to me and my 2 sisters. My mum left a third of the house to the 3 of us.

    The house was sold and I got my inheritace a few months ago in December 2016.
    Which was 118k and as a result most of my benefits have been stopped.

    Except for my DLA and my Contribution Based ESA(which has been cut down from Income Related ESA because of my Savings being over 16k to Contribution Based only.) Which gives me an income of £214 a week.
    Which is £854 a month.

    But because my Housing Benefit Has been stopped completely I now have to pay all of my rent for my 1 bedroom Flat which is with the Housing Association myself.
    Which is £603 per calendar month. Which I am paying out of my DLA and ESA and I am using some of my savings to pay the bills and food.

    My Council Tax benefit has also been stopped because of my savings but my Council told me I may qualify for Council Tax reduction Benefit again under the grounds of Severe Mental Impairment depending on the medical report from my GP.

    But at the moment I am paying full CT myself but I don't mind as that is on £98 a month.

    But my biggest expense is my rent which although my £854 a month paying the £603 a month. Because I put my benefits aside for this, that only leaves me with £240 a month and my Utility bills including my broadband, phone and Sky TV come to about £250 a month.

    So of course I have to dip into my savings each month to cover my cost of living.

    As you know I fought hard to get my inheritace and I want to try to make it last as long as possible.
    And I also want to use it to make a new and better life for myself.

    So I am thinking of moving up North to Liverpool where the rents are cheaper and because I have been there several times and like the area.

    And I posted about that here:
    http://forums.moneysavingexpert.com/showthread.php?t=5576755

    But a some of the members were not very nice to me. Their comments were so negative.
    And they locked my thread and this has made me very upset since.

    Because despite me having mental Health problems I am perfectly capable of making my own decisions about what I do and don't want to do.

    And as such it is my right and my life and I have the right to move if I want to.

    And I will do what I want anyway no matter how many time you lock my threads. That is NOT going to stop me from moving if I want to.


    Some things have changed since I last posted. I have now found an NHS GP. And I have been very lucky in that this new GP I have gives me time and lets me have double appointments for 20 minutes.And she has spent longer than that with me.

    And my GP surgery always gives me appointments quite quickly. I have got an appointment within a week or 2. And the receptionists are also understanding towards my MH.

    So I have been quite lucky there as it took me a while to find the right GP but now I have done. But despite this there are issues here in my area with my health trust that I am unhappy with.

    My GP has refereed me back to my CMHT but they refuse to see me or take me back.

    Someone from the CMHT phoned me ( I don't know who he was) and spoke to me briefly and then said he does not think I need their services.
    And he told my GP this.
    The CMHT said I do not meet the criteria for their support Services.
    And the CMHT have decided this without even seeing me in person which is not right.
    So I won't be getting a keyworker or a psychiatrist because my CMHT don't want to know me it seems.

    I went back to my GP and told her this and she also is not very happy with my CMHT and has reffered me back again.
    But they have still refused to take me back.

    They did this before 2 years ago after I was discharged from my CMHT in 2014.
    My old GP refereed me back to my CMHT twice and they refused to even see me. Saying I am not ill enough.
    So they have done this to me before.

    Also sometimes my Housing Association are slow to do repairs. And when the communal water pump goes I have had to stay in hotels because I and the other tenants have been without any water supply.
    And often I am afraid to wash my hair in case the water goes of. As it does do every now and then because the contractors have not got to the bottom of what's causing the water pump to keep on breaking down.

    And the outside roof gutter pipe keeps on leaking because the workers do not fix it properly.

    I make a complaint and my HA sends them back again.
    And they have been back here 6 times in the last few months but they still have not done the job properly.

    And each time it leaks again I have to wait 2 or 3 months before they fix it again.

    So because of all of this I am thinking about moving.
    At first it was because of the money£603 I am paying but not so much now.

    As I have found that private rents here in Liverpool,are around £450 or £500 per calendar month. Which is not much less than I pay now.
    Only £150 or £100 less than my rent I pay here. So I am not going to save money in those terms.

    I am now at the moment as I write this here in Liverpool and I am staying in a hotel.
    I have been here up North for 2 weeks now since the 2nd May on Holiday.

    The purpose of this visit was to go and visit some letting agencies to look at flats and talk about it with them.
    So I can at least see what I would be letting myself in for if I moved to private rented.

    But because I have had to keep moving from hotel to hotel.
    Because every time I want to extend my stay the hotels I am at say they have not got any more rooms.

    I have not had a chance to do anything or visit the letting agents. Because most of my time has been spent packing my things, checking out of the hotel. Then checking into another hotel,then moving to another hotel again.
    So this visit to Liverpool is not going very well as I have been here in Liverpool for 2 weeks and I have not achieved anything.

    But the reason why I am posting today is with my situation, that I cannot work and that I must l pay rent out of my inheritance. Because I won't get HB again unless my savings go bellow 16k which they won't for a very long time.

    The question is would I be better off renting or buying a place?
    I have seen 1 and 2 bedroom flats and also 2 bedrom houses for around 50k to 70k.

    And I have been advised by both my Solicitor and EX-CMHT Social Worker. That if I am going to leave the HA I should use my capital to try to buy a property instead of renting with a private landlord. As at least that way I would have a secure home for life and would not have to worry about being evicted and being homeless.

    Also as I have now got about £109k left in my savings. If I bought a place for 60k I will have about 50k left over and will still get my reduced benefits of £214 a week.

    But I won't be paying any rent so that my £213 a week benefits would just go on bills not rent. So it won't eat up my inheritace so quickly.

    And I will not have wait around for a HA or a landlord to do repairs. I can get them done myself.

    Also I will be able to decorate.

    My HA lets me decorate my flat and I have done.I have painted my HA flat peach and lemon and it looks lovely.

    But I know that a lot of private landlords and letting agents don't allow you to paint or decorate. Which is one main reason why I have not left my HA flat for a private flat.

    Also I know that my inheritace won't last forever and one day I wil have to go back on HB and full benefits when my inheritace runs out.

    At least with my HA they won't kick me out when that happens. But a lot of private landlords and letting agents don't like DSS tenants. So when my money runs out and I have to go back on HB again, I could find myself homeless if my landlord throws me out.

    That's why I have been advised by my Solicitor and my Hosing Officer at my HA to buy a place if I must leave the HA rather than go for private renting.

    So any suggestions?
    I have been here in a hotel in Liverpool for 2 weeks and I have not got anything done. Except spend money on hotels which I cannot do forever so I will have to go back home to my flat soon.
Page 3
    • Red-Squirrel
    • By Red-Squirrel 17th May 17, 2:44 PM
    • 1,202 Posts
    • 2,984 Thanks
    Red-Squirrel
    Sorry, I didn't read the whole post, are you on your way home now?
    • Mojisola
    • By Mojisola 17th May 17, 3:32 PM
    • 27,626 Posts
    • 70,183 Thanks
    Mojisola
    I think leaving a HA flat to go into private rented accommodation is the wrong move because there is the risk that I could end up homeless again.

    I might as well stay in my HA and pay the £603 a month. At least in my flat I have a secure home.

    Yes I have found a very good GP who gives me time and is very supportive. She gives me double appointments for 20 minutes and she often spends about 30 minutes with me.

    And while it is true my CMHT say I do not meet the criteria for their services. They said they will still give me supporting letters for my benefits if I need them.

    And my EX- social worker I am still in contact has done. She helped me get my Disabled Freedom Pass renewed last year.

    She filled in the form for me and wrote a supporting statement and I got my pass again.

    A strange CMHT that does not know me won't do that.
    Originally posted by annbarbs
    It sounds as if you are coming to a decision about staying where you are - I honestly think that will be the best thing for you.

    Although you can't get help through the NHS, could your CMHT suggest someone who you could go to privately - you have the money now to pay for help.
    • getmore4less
    • By getmore4less 17th May 17, 5:58 PM
    • 28,815 Posts
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    getmore4less
    that is more expensive than an All inclusive resort including flights.

    You have achieved nothing with this exercise other than blow a couple of £k a very expensive holiday.

    You need to come up with a proper plan thought through properly before you go off on another adventure for nothing.
    Originally posted by getmore4less

    No I have not.

    All I have done is spend a lot of money and it was all for nothing.

    And because I cannot get up in the mornings and it takes me a long time to get out.

    By the time I do finally leave my room and go out. It is about 5 or 6 in the evening.

    So too late to go to the letting agent or do much else.

    So all I am doing here is sitting in my hotel room all day thinking or on my laptop.

    So what's the point in me being here?
    I might as well go home.

    As I can do that in my flat without knocking up a big hotel bill.

    I am wasting my time being here as I am doing nothing except spending my money staying in hotels but not going out at the right time.

    Because I cannot get myself out of my room until very late in the day.
    My OCD does not help me get out any sooner.


    Originally posted by annbarbs
    What was the purpose of the visit?

    what was the primary goal you were trying to achieve with the visit?

    Why did it end up being 2 weeks changing hotels because you did not plan it to be two weeks at the start?
    • leslieknope
    • By leslieknope 17th May 17, 9:48 PM
    • 170 Posts
    • 216 Thanks
    leslieknope
    the staff are being friendly to you because they want you to leave good reviews for the hotel. that's customer service. because they are being paid to be nice and do a good job. and you cannot leave your rubbish and wet towels out in the hall and affect other guests - AND the fire safety of having rubbish in the hall. if you don't want housekeeping to come into your room then you need to take your rubbish and dispose of it yourself. and there will be a rail in the bathroom for towels, there is one in every premier inn.

    it's clear you're not in a stable mental health position to leave the support system you have, with your dr and community mental health team. stay where you are.
    CCCC #33: £42/£240
    DFW: £4355/£4405
    • gettingtheresometime
    • By gettingtheresometime 17th May 17, 10:32 PM
    • 2,362 Posts
    • 5,109 Thanks
    gettingtheresometime
    Annbarbs

    Can I also suggest, when you get home, you don't tell people there about your inheritance also.

    I know someone who also has mh issues as well and he seems to have 'fair weather friends' who seem to appear when he has money to buy drinks and disappears when the money has gone.
    Lloyds OD / Natwest OD / PO CC / Wescott cleared thanks to the 1 debt v 100 day challenge


    Next on the list - the Argos Card!
    • annbarbs
    • By annbarbs 18th May 17, 2:08 AM
    • 312 Posts
    • 132 Thanks
    annbarbs
    What was the purpose of the visit?

    what was the primary goal you were trying to achieve with the visit?

    Why did it end up being 2 weeks changing hotels because you did not plan it to be two weeks at the start?
    Originally posted by getmore4less
    My visit was to go to visit letting agency's to both talk to them about private rented flats and to look at properties. And to get to know the area I thought I wanted to live in more.

    But things did not go to plan because I never got out of my hotel room in time to go to the letting agents. And I did not know how to get to the addresses where the letting agents I had a list of were. Because I do not know my way around Liverpool.

    I had originally booked for 3 days at the hotel in Southport but because I never got to the letting agents. I kept on extending my stay but I still never got round to going there.

    Although I did get to go to the local Sainsburys big superstore in Southport. And also the big ASDA's in Birkenhead. I also found out where the 24 hour Tesco and big Sainsburys is in Birkenhead but I never went there. I only went to the ASDA but at least if I had have moved to Birkenhead or Southport I would know where the big supermarkets are.

    Because wherever I moved to I would still use them to do my weekly food shops as I do in Essex. So I would need to know where they are.

    But I never got round to going to any letting agents. Well as I said I don't think I wanted to go because I did not want to move. I only thought that I did.



    the staff are being friendly to you because they want you to leave good reviews for the hotel. that's customer service. because they are being paid to be nice and do a good job. and you cannot leave your rubbish and wet towels out in the hall and affect other guests - AND the fire safety of having rubbish in the hall. if you don't want housekeeping to come into your room then you need to take your rubbish and dispose of it yourself. and there will be a rail in the bathroom for towels, there is one in every premier inn.

    it's clear you're not in a stable mental health position to leave the support system you have, with your dr and community mental health team. stay where you are.
    Originally posted by leslieknope
    Yes there is a rail in the bathroom and I can also leave the wet towels in the bath. Then just phone down to reception and ask the cleaners to come and take them away.
    They would do that. And there are bins outside the hotel in the street. I could put my rubbish bag in that.
    So these are not issues I should get myself worked up about.

    No I don't have the support of the CMHT.

    Although I have minimal support from my Ex- CMHT Social worker in that I can contact her from time to time and she will help me with my benefits. But she is not giving me regular support and I do not have a keyworker because the CMHT say I don't meet their criteria.

    But I do have the support of my GP and I do have a home.

    A permanent home with my HA.
    Something I would not have with a private landlord.

    Since being here I have found out that Liverpool is not what I thought it would be.

    The people here seem friendly when you first talk to them but I have quickly found out that they are NOT.

    When I was on the Tube today coming back from Bootle I met 2 women who were also from the South of England like me. They were from Cambridge.

    They said they have not found the people in Liverpool friendly at all. They said they have found most people up here don't like conversation. And they did not feel comfortable here. And I have found that also.

    At home in Essex and in London I have got to know people. Such as the staff in the local shops, the bank staff and other staff where I go to restaurants and the launderette where I go and even the drivers on the taxi rank. Who I have talked to about my inheritance and my mothers will and other things.

    And they listen to me and even give me advice.

    But up here in Liverpool when I tried to talk to the people here about my getting a flat and try to talk about other things with them, they don't want to know.
    They don't seem to want to listen to me. Well they don't want to listen to me, they act like they want to get rid of me, even though they don't tell me directly but I can tell.

    That does not happen to me in Essex or even in London but it does here in Liverpool. In other words people up here in the North pretend to be friendly. But once you get into conversation with them they don't want to know.

    I have noticed that and so did those 2 women I met on the tube(the Liverpool's underground) who come from the South like me.

    So if I were to give up my HA to move to private rented up here not only would I not have a secure home, I would feel very isolated. Because I would not be able to have the conversations with people up here that I have in my home town and in the South where I am from.

    People up here are not as friendly as I thought. I have found that out.

    And some of the things I have seen in both Manchester and Liverpool are quite shocking.

    Up here in Manchester and Liverpool I have seen lots of homeless people and men sitting outside of banks and shops on nearly every street in the city centers begging for money.

    We have this in London also but not on as wide scale as here. Here in Manchester and Liverpool you see it a lot more and they are always outside the banks by the cash machines.

    So I am afraid to use a cash machine here because of this. I always go into the bank. And I advise anyone else who visits here to do the same.

    Not only that but I saw a man lying spark out on the pavement outside a bank in Piccadilly Manchester and people were just walking past him as if he was not there, Nobody took any notice of him. And this was in broad daylight in the afternoon in the busy shopping center with hundreds of people around in Manchester.

    And you see this a lot in Liverpool as well. In Liverpool city center you see men and women lying on the pavement and nobody takes any notice of them. They just walk past them.

    I was shocked to se this both in Manchester and in Liverpool.
    If the people in Liverpool are so "friendly" why are they leaving people lying on the pavement?

    They are not. It's all a lie. I have found out that Liverpool is not as friendly a city as the people here make out it to be.
    The people are not. They are more friendly in the South of England.


    I think it would be a mistake for me to live here. Even if I did get a HA flat up here, I don't think I would like it.
    I don't think Liverpool is the right place for me as I have said before.

    Annbarbs

    Can I also suggest, when you get home, you don't tell people there about your inheritance also.

    I know someone who also has mh issues as well and he seems to have 'fair weather friends' who seem to appear when he has money to buy drinks and disappears when the money has gone.
    Originally posted by gettingtheresometime
    No I should not tell everyone about my inheritace.
    I told the cleaners here in this hotel about it but I should not have done.

    I had £1600 in cash on my because I drew it out of the bank before I came here. Because I thought I would need it for a deposit for a flat.

    That's why I did not want the cleaners in my room.


    But I went to the bank today and I have now put that money away in my bank account.

    And I now take my bank books and debit cards and all of my cash with me when I go out.

    And I also take my 2 Mobile phones out with me because I don't trust those cleaners.

    I have also put a password on my laptop and have locked it away in my padlocked luggage bag.

    I don't normally do this but I am afraid those cleaner will try to steal my money and try to access my laptop.

    The cleaners are being far to familiar and friendly with me. I feel that something is very wrong there. As one cleaner was saying she can help me buy a place.

    And she does not know me, so why should she want to help me? I a stranger and she does not know me.

    And I told her about the inheritace so of course I have the right to be wary and not trust them.

    The cleaners might be trying to steal my money. They way they are being over friendly with me sounds too good to be true.

    That's why I don't leave any of my money and bank books and my passport in my room. I always take it with me whenever I leave my room or go out.

    I am not going to leave them in my room because I think the cleaners might steal them.

    So I will be glad to get away from this hotel.



    • getmore4less
    • By getmore4less 18th May 17, 5:33 AM
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    • 17,230 Thanks
    getmore4less
    what was the purpose of the visit?

    What was the primary goal you were trying to achieve with the visit?

    Why did it end up being 2 weeks changing hotels because you did not plan it to be two weeks at the start?
    Originally posted by getmore4less
    my visit was to go to visit letting agency's to both talk to them about private rented flats and to look at properties. And to get to know the area i thought i wanted to live in more.

    you knew before you left you would have problems getting out.

    What research did you do before you went, it would have been easy to find out where the letting agents were before you left and have a list of properties you were interested in seeing


    but things did not go to plan because i never got out of my hotel room in time to go to the letting agents. And i did not know how to get to the addresses where the letting agents i had a list of were. Because i do not know my way around liverpool.

    taxi

    i had originally booked for 3 days at the hotel in southport but because i never got to the letting agents. I kept on extending my stay but i still never got round to going there.

    But you knew that was not going to change so why stay?


    .........

    ........


    So i will be glad to get away from this hotel.
    Originally posted by annbarbs
    why are you still there?
    • carryheather
    • By carryheather 18th May 17, 5:54 AM
    • 3 Posts
    • 2 Thanks
    carryheather
    There are many calculations and write-up on these comparisons. But the most important things that you keep in mind you should look into your financial situation first as both going to cost you. First, seek an answer to these following questions:

    Is EMI of the house in which you are staying or wish to stay is affordable. If not, then staying on rent will save your money.

    Look at the things time and travel so rent a house can be good if you want to leave the place near your workplace, child's school which otherwise is not possible by buying a house.

    If you can evaluate above points you will be able to decide which is better for you in current scenario.
    • ViolaLass
    • By ViolaLass 18th May 17, 6:57 AM
    • 4,955 Posts
    • 6,813 Thanks
    ViolaLass
    Anyone else get the feeling that annbarbs will still be living in that hotel in a month's time?

    Annbarbs, you claim that you're well enough to manage your life but you can't even work out how to find an address in a new city or whether it's sensible to carry around £1600 in cash.

    Go home, go home, go home.
    • Norman Castle
    • By Norman Castle 18th May 17, 8:14 AM
    • 5,876 Posts
    • 4,620 Thanks
    Norman Castle
    No I should not tell everyone about my inheritace.
    Originally posted by annbarbs
    There's no need to tell anyone about it and you should stop focussing on it. You don't need to make changes because of it. Go home, put your money with banks with the best interest and live your life as you did before. Don't look for ways to spend this money. Don't spend it because you've got it. If you don't spend it now you will still have it when you need it.

    Go home, park this money and forget about it.

    • getmore4less
    • By getmore4less 18th May 17, 8:18 AM
    • 28,815 Posts
    • 17,230 Thanks
    getmore4less
    Anyone else get the feeling that annbarbs will still be living in that hotel in a month's time?

    Annbarbs, you claim that you're well enough to manage your life but you can't even work out how to find an address in a new city or whether it's sensible to carry around £1600 in cash.

    Go home, go home, go home.
    Originally posted by ViolaLass
    given she also tells everyone the long version of the story would not surprise me that this is contributing to the CMHT saying she does not need their support.

    People have been saying from the start(early 2016) that the young lady is not capable of making rational decisions and this latest episode just supports that.

    Although not ideal in the absence of others using the forum to bounce ideas may be useful even though it takes a while for stuff to sink in.

    Shame this latest venture only came to light part way through after it was all going wrong. The last relevant post in the saga was end of Dec then nothing till stuck in a hotel up north.

    If this idea of the trip had been discussed here first at least a decent plan could have been formulated before getting on the train, carrying £1600 in cash!
    • annbarbs
    • By annbarbs 18th May 17, 9:29 AM
    • 312 Posts
    • 132 Thanks
    annbarbs
    Why are you still there?
    by getmore4less
    Because I have paid for that room for the week, until Friday. So If I leave now I won't get my money back. I check out tomorrow.


    There are many calculations and write-up on these comparisons. But the most important things that you keep in mind you should look into your financial situation first as both going to cost you. First, seek an answer to these following questions:

    Is EMI of the house in which you are staying or wish to stay is affordable. If not, then staying on rent will save your money.
    Originally posted by carryheather
    What does EMI mean?

    Anyone else get the feeling that annbarbs will still be living in that hotel in a month's time?

    Annbarbs, you claim that you're well enough to manage your life but you can't even work out how to find an address in a new city or whether it's sensible to carry around £1600 in cash.

    Go home, go home, go home.
    Originally posted by ViolaLass
    Oh my God NO.

    They won't keep me on that long because this hotel has not not any more rooms after tomorrow, they are full up.

    And if I sat any longer it will cost me another £1000 if I stay another month and stayed there for months it would eat up all of my inheritace.

    So no way am I going to do that.

    I have got to go home.

    Sure I can come back here for short visits only-that is stay for a few days. But not for months and months. That is a waste of money.

    There's no need to tell anyone about it and you should stop focussing on it. You don't need to make changes because of it. Go home, put your money with banks with the best interest and live your life as you did before. Don't look for ways to spend this money. Don't spend it because you've got it. If you don't spend it now you will still have it when you need it.

    Go home, park this money and forget about it.
    Originally posted by Norman Castle
    Well the DWP know I have got my inheritace and so do HB because I had to tell them. It is the law and they have stopped my HB and CTB as a result. But I knew that would happen.
    And my HA knows because I had to tell them why my HB has been stopped because I am now paying the rent myself.


    But you are right, there is no need for me to tell anyone else.

    And I should not have told the hotel staff. That was a stupid thing to do. I should not do it because one day I am going to tell the wrong person who might try to steal all of my money and I don't want that.

    But then they don't know where I live. Though I have not told my neghbors about it because a lot of them are on HB and they do know where I live. So I have not said anything to the neighbors about my inheritace.

    I did tell my GP that my mum left me some money when she died. And my HB and CTB has been stopped because the money made my savings go over 16k.

    But I did not tell the GP how much money my mum left me.


    Just that my mum left me some money so I cannot get HB now but I still get DLA and reduced ESA Contribution based only.

    And I showed my GP the claim form the Council gave me to fill in for Council Tax reduction Benefit. Which I may be able to claim on grounds of being mentally impaired.

    My GP says she will support me when my ESA and DLA come up for review. And she is willing to give the Council a medical report for mt CTB if they write to her.

    But I and the GP agree we should wait until my medical records come throgh before applying for CTB so the GP knows more about me and can write a good medical repaor to the Council.

    I have only just joined this GP practice 6 weeks ago at the end of March.

    So it's not been that long.


    I have had to split my inheritace up and have got half of it in one bank and half of it in another.
    Because banks can only guarantee 75k.

    But the only high interest accounts my bank has is bonds. In which the money is locked away for so many years. But I cannot lock the money away because I have got to live on it.

    And if I were to lock it away if I needed to get to it I would not be able to.

    But the accounts I have the money in are just regular or ordinary savings account that don't pay much interest.

    And I don't get any interest at all on my 2 currant accounts because the banks don't pay interest on those.

    I don't know of any other banks that have high interest accounts where you can draw out the money when you want. All of the banks I have asked at only have Bonds as I high interest where the money is locked away. And ISA where you can only invest up to 15k and you are only allowed 1 ISA account with any bank.

    So if you have an ISA with one bank for example, you can't have an ISA in another bank or anywhere else.
    1 ISA account only.

    Do you know of any banks that I can put my money in a high interest account where I can draw out or access my money when I want? Because I have not found any apart from at my own bank Nation wide which can offer me a Loyalty saver because I have been withmy bank for 15 years.

    But the Loyalty saver is the only one I know of that lets you draw out money when you want and pays a higher interest.

    But the interest in all banks is not very much. Even if I locked some of my money away in bonds I would only get about £350 a year which is not very much.

    So there is no where relay where I can get enough interest such as £1000 or £2000 a year.
    I wish there was.

    And even that's not a lot of interest for the amount of savings I have.
    Last edited by annbarbs; 20-05-2017 at 3:58 PM.
    • Norman Castle
    • By Norman Castle 18th May 17, 10:09 AM
    • 5,876 Posts
    • 4,620 Thanks
    Norman Castle

    Do you know of any banks that I can put my money in a high interest account where I can draw out or access my money when I want?
    Originally posted by annbarbs
    Many accounts offer better interest with penalties such as loss of 90 days interest for early withdrawal. You are very unlikely to need instant access to the majority of this money. Parking at least 80% of this money in an account with restricted access would be wise. As you no longer intend to buy a property in the immediate future there is no reason not to do this.

    • IAmWales
    • By IAmWales 18th May 17, 10:12 AM
    • 823 Posts
    • 1,733 Thanks
    IAmWales
    Please go home today. It doesn't matter if you lose a night's accommodation cost, you're not gaining anything by staying.

    All anybody here wants is for you to be safe. There is a train from Liverpool to London once an hour. Go to the station and get on one. If you have to wait a while buy yourself a coffee, or a sandwich and a cake to eat on the train.

    That's all you need to do today. Please let us know when you get back home.
    • annbarbs
    • By annbarbs 18th May 17, 12:51 PM
    • 312 Posts
    • 132 Thanks
    annbarbs
    given she also tells everyone the long version of the story would not surprise me that this is contributing to the CMHT saying she does not need their support.
    Originally posted by getmore4less
    My CMHT seem to think I am not ill enough to need their support.
    It's true that I am not on medication but that does not mean I don't need emotional support.

    When I was with my CMHT Social workerbefore the CMHT discharged me in April 2014. I was seeing her every 2 weeks which I found very helpful as she was giving me emotional support. The psychiatrist I only saw once every 6 months which was always a different one so I never got to know the psychiatrist.

    But the CMHT discharged me in 2014 and the then psychiatrist said I am not ill enough to need their services.

    And my CMHT have been saying that ever since despite repeated referrals back to them from my GP. So the CMHT won't take me back again.

    But I still want to go home to my HA flat despite this.

    I like my flat despite my CMHT's refusal to take me back. And I like the area I am in. I am near the shops, it's a nice area and the HA is not too bad and the neghbors are nice.

    I think the HA understand me better know as most of the staff know I have MH problems. And I have gotten used to my HA and the comfortable home I have made for myself there in my flat.

    I am not going to be hounded out of what is my home by the CMHT's refusal to take me back.

    And even if I did move to Liverpool there is no guarantee that the CMHT up here will give me a keyworker or support either.

    They may say the same thing as my CMHT in Essex.
    So I could move up here and have the same problem.

    And I am not going to save money in a private rented flat up here.

    As I have found out, a 1 or 2 bedroom flat in Liverpool and the surrounding areas's are about £450 or £500 per calendar month.
    And that's only £150 or £100 less than what I am paying now with my HA at £603 per calendar month.

    So now I am not going to save much money in rent if I move up here.

    I still have to pay rent myself. Whether I pay £603 a month or £450 a month I am still paying it.


    And as we both know my inheritace is not going to last me forever so I will have to go back on HB and full benefits one day.

    Be it in 10 years time or 15 but that day will come when I will have to go back on HB.

    But at least if I stay with my HA when I do I will still have a secure home but with a private landlord I might not have.

    If I don't have any problems where I am living then why do I want to go through the hassle of moving. And removal vans the stress of it and high removal van costs?


    And the hassle of transferring my utility bills and energy suppliers? When I don't have any problems where I am living?

    As well giving up a secure flat to a flat which is not secure where I could be evicted at any time?


    If I go into private rented and end up having to move every 2 years or so. That would cost me a deposit each time and that would eat up my inheritace more quickly. As well as removals and storage costs.

    I have had quotes from several removal companies and it will cost me about £3000 to both move my furniture and my stuff from Essex to Liverpool including the overnight storage.

    Because of the long distance move.

    And that's another 3k gone from my inheritance as well as the 2k deposit I might have to put down for a private flat.




    If this idea of the trip had been discussed here first at least a decent plan could have been formulated before getting on the train, carrying £1600 in cash!
    by getmore4less
    Yes I have wasted my time and my money coming here.

    I did not have to stay up here for 3 weeks.

    I could have just booked for 4 days,gone to the letting agents in that time then gone home again.

    Or I could have just phoned the letting agents up from London and they could have told me if they had flats or not and what I needed to know.

    Even if I did go round to the letting agents today they may say they have not got anything.
    They have not always got flats they are not so easy to get just like that.

    So even if I had have gone to the letting agents it is unlikely I would get a flat within a few days. It can take weeks or even months to get a flat.

    So even if I were to stay here another week and go to the letting agents I won't get a flat right away.

    As I said it could take several months to get a flat and I cannot stay here in Liverpool that long.

    And I might not have got one anyway as I still would have to find a landlord or letting agent who would accept me.

    And that's not so easy.

    Although I am not on HB I am stil on DLA and ESA and cannot work.
    And some landlord and letting agents would consider that to be on DSS even though I am not on HB.

    And some private landlords only want working tenants and a lot want references and guarantors.

    So it is not so easy to get a private flat.

    Many accounts offer better interest with penalties such as loss of 90 days interest for early withdrawal. You are very unlikely to need instant access to the majority of this money. Parking at least 80% of this money in an account with restricted access would be wise. As you no longer intend to buy a property in the immediate future there is no reason not to do this.
    Originally posted by Norman Castle
    Well I have as I said before £55k in one Savings Account which is an ordinary account.

    £5000 in one Currant Account with my bank which my direct debits come out of for my bills.

    £3,600 in my other currant account and another saving account which my benefits get paid into by the DWP. that just has my benefits money in there.

    And the rest of my money is in another account with a different Bank which is also just a regular saving account. That has 44k in it.
    So I have about 108k but it is split up in different accounts.

    Some of it with one bank and some of it is with another.

    So you are saying that I could split my savings up further by opening more accounts with different banks and putting smaller amounts in those?
    Last edited by annbarbs; 20-05-2017 at 4:00 PM.
    • Slithery
    • By Slithery 18th May 17, 1:23 PM
    • 99 Posts
    • 103 Thanks
    Slithery
    So you are saying that I could split my savings up further by opening more accounts with different banks and putting smaller amounts in those?
    Originally posted by annbarbs
    No.

    They are advising you to put the majority of your money in a high interest account. You cannot access this money whenever you want to but you shouldn't need to touch any of this money in the next few years anyway.
    • annbarbs
    • By annbarbs 18th May 17, 1:54 PM
    • 312 Posts
    • 132 Thanks
    annbarbs
    No.

    They are advising you to put the majority of your money in a high interest account. You cannot access this money whenever you want to but you shouldn't need to touch any of this money in the next few years anyway.
    Originally posted by Slithery
    But I want an account where I CAN access the money whenever I want not one where I can't.

    My bank does have such accounts such as the Loyalty Saver.

    You have to have been with my bank for so many years to get this account. But as I have been with them for 15 years they told me I do qualify.

    With a Loyalty Saver you can only invest up to 50k. So I could put in say 40k. But you can draw out the money or make withdrawals any time you want. The same as you can with a regular saver but it pays a higher interest at 0.75%.

    Then there is the Instant Access ISA that banks have which pays also pays a higher interest.

    And you can have unlimited withdrawals with that as well. But you can only invest up to 15k. Or is it 20k now?

    But it is instant access like my other savings accounts but I also would get a bit higher interest on both the Loyalty Saver and the Instant Access ISA.

    But you can only have 1 ISA account.

    So you cannot have different ISA's with different banks.


    For example if I had an ISA with 1 bank I cannot open another ISA Account with another bank.

    1 ISA account only.

    The second bank I am with also have their own loyalty Savers if you have been with them for so many years.

    But because I have only been with them a few months I do not qualify.

    But maybe after I have been there for a year or so I might qualify for a loyalty saver or the equivalent with my second bank.

    I would only put my money in a high interest account if I had instant access to it.

    I do not want to lock it away or put it in an account that I cannot access.

    Because if ever I did need to draw out the money say if I did want to buy a place or rent or for something else, I would not be able to get to it. And I don't want that.

    Although I do not need to draw out all of that money I feel reassured and safe to know.
    That if ever I need to draw out I can get to it easy.
    Last edited by annbarbs; 20-05-2017 at 4:04 PM.
    • cjdavies
    • By cjdavies 18th May 17, 2:00 PM
    • 2,311 Posts
    • 2,114 Thanks
    cjdavies
    Yes that's why I am not keen on the idea of going into private rented.
    Because I know I would not have a secure tenancy. And could find myself homeless or moving around from flat to flat if the landlord threw me out.

    And I don't want that to happen.
    Originally posted by annbarbs
    Plus there is the added fees (for now EA fees) when moving to a new rented place and whether a landlord would rent to you.
    • Norman Castle
    • By Norman Castle 18th May 17, 2:06 PM
    • 5,876 Posts
    • 4,620 Thanks
    Norman Castle

    Well I have as I said before £55k in one Nationwide Savings Account which is an ordinary account.

    £5000 in one Currant Account with Nationwide which my direct debits come out of for my bills.

    £3,600 in my other currant account and another saving account which my benefits get paid into by the DWP. that just has my benefits money in there.

    And the rest of my money is in my Halifax Bank account which is just a regular saving account. That has 44k in it.
    So I have about 108k but it is split up in different accounts.



    So you are saying that I could split my savings up further by opening more accounts with different banks and putting smaller amounts in those?
    Originally posted by annbarbs
    You've got 99k in instant access accounts earning little interest. Most higher interest accounts have limited access and only accept smaller amounts. Its up to you how hard you are willing to work to maximise the interest but I suspect you can find better rates than you are getting.
    Restricting the access may also help you view the money as long term savings rather than available money.

    • Norman Castle
    • By Norman Castle 18th May 17, 2:13 PM
    • 5,876 Posts
    • 4,620 Thanks
    Norman Castle
    But I want an account where I CAN access the money whenever I want not one where i can't.
    .................................................. ....

    Although I do not need to draw out all of that money I feel reassured and safe to know.
    That if ever I need to draw out I can get to it easy.
    Originally posted by annbarbs
    From the rest of this post you seen to be doing ok with your savings but don't limit yourself to instant access accounts. Many have better rates for minor restrictions or penalties. If you do need the money it is available.

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