Where to put money

gingerstu

Hello everyone,

I have a quick question regarding a short term savings plan...

My wife and I are selling our house and about to embark on a year of travelling.

We stand to make around £30,000 from the sale after mortgage and expenses are paid off. We plan to take £10,000 with us to fund our trip and would like to invest the remaing £20,000 so that we have a deposit for a property when/if we return.

We only plan to be away for roughly a year and I wanted to know your thoughts on where I should put the £20,000.

Any thoughts/suggestions are very much appreciated.

Many thanks,

Stu

missile

If you think you may return in 1 year, then it makes no sense to sell. As you have already identified there are costs assosciated with selling and what about your furniture and bellongings? I doubt you will be able to afford a house next year. You may want to equate these to the cost of borrowing £10,000 for a year.

I suggest you keep your house. You could look at renting it out?