did i make mistake with 60k

actionmanuk

Got equity from sale of property. Have sold to rent for a bit as i believe get out now and wait for prices to drop as market is looking less stable.

Put the money into a Bradford & bingley 9 months account but only going to get 3.8% net profit. Could i have found better. I only want to invest money for a year max. Saw Halifax advertising 7% rate on a standard saving account, but their more involved ones offered less rates. Im confused could i have gotten any better rates?

Thanks

Peter-Pan_5

There are a lot of guys on here who will give you

excellent advice,if you were over 50 Northern Rock are

paying 5.1% Monthly gross,the Halifax one is a regular

savings account you can`t put in 60000k,what you have

isnt that bad

johnllew

4.75% Gross (3.8% net) isn't too bad but if it's now tied up for 9 months, there's no point worrying if you could have done better. If you can move to a better a/c, there are a few good ones here: Money£acts.

deemy2004

Got equity from sale of property. Have sold to rent for a bit as i believe get out now and wait for prices to drop as market is looking less stable.

Put the money into a Bradford & bingley 9 months account but only going to get 3.8% net profit. Could i have found better. I only want to invest money for a year max. Saw Halifax advertising 7% rate on a standard saving account, but their more involved ones offered less rates. Im confused could i have gotten any better rates?

Thanks

Alliance & liecester 5.35% = 4.28% net
On £60k thats an extra £228.

Theres also a Bradford & Bingley account which pays 5.5% and equates to an apr of 5.37% so slightly better than the A&L.

actionmanuk

Thanks for all of the responses, much appreciated. I guess that the deal i have isnt the best but aint that bad either.

Regarding the housing market i realise its a big gamble but really feel that prices arent sustainable. I bought 5 years ago and borrowed exactly 3 times my annual salary to buy. If i was in the same position now i would have needed 7-8 times my salary to get the same property.

IMO the trend is now going to move from buy to lets pushing the market up to people buying property abroad. With buy to letters deserting the market and 1st time buyers failing to raise the money prices can only but fall. Of course i could be wrong and house prices could again go up in the spring but by how much and for how long is anyones guess.

deemy2004

The support legs, one by one are being pulled from under the housing market.

The biggest legs have YET to be pulled !

I.e. we've not had any significantly bad news with regards the economy yet ! Just bits and bobs implying the dark clouds are gathering.

Greed is only slowly turning to fear.

King_David_2

The economy will go bang soon!

Then we will see exactly how many people are in over their heads when they get repossessed.

It's only a matter of time.