Buying with part cash?

alm721

Hi we are currently buying a house and have about a 50/50 split between cash and mortgage. The mortgage part is no probs but the cash is spread out all over the place in various accounts. I obviously need to get it all together but wondered what the best way of doing this. It amount to about 100k. My plan was to get it all into 1 account and then sort it from there but is this inadvisable as the 'protected limit' is about 50k or would you not worry about this?
Thanks

scumboss

If you are worried put your money into Northern Rock or National Savings both are 100% guaranteed.

Swipe

I wouldn't worry about it in a UK bank but if you keep it in a joint account you are covered up to £100k anyway.

poppysarah

Or round it up into just two accounts

stolt

i have the same problem as you OP, currently just going through the motions with my purchase, got 275k as a deposit to put down and currently have 50k in each bank account for protection. Near to completion i was going to start transferring it into my abbey account so when the day comes i can then chap transfer it across to the solicitors. Was going to be a complete tightwad and bank transfer 10k from each account a day to the solicitors to avoid the chaps fee. But thats too much hassle and will take me ages!

Swipe

Why not use a bankers draft instead of chaps? hsbc charged me just £15 for one and my solicitor treated it as cleared funds from the moment I handed it over.

alm721

stolt wrote: »

Was going to be a complete tightwad and bank transfer 10k from each account a day to the solicitors to avoid the chaps fee. But thats too much hassle and will take me ages!

lol thats sounds like something I would try! :rotfl:but agree with the hassle and time issue. Will investigate the bankers draft option. How do these work? Never done one before.
Thanks

Swipe

alm721 wrote: »

Will investigate the bankers draft option. How do these work? Never done one before.
Thanks

You just walk into your bank with ID and they'll write you one out over the counter.

MX5huggy

Its basicly a pre cleared cheque

loulou41

Your post answered my query as well. I am still looking to buy and have cash spread over several accounts and I did cross my mind whether I should transfer all the money in one account only when the time comes. I bank with Nationwide and they do not do banker's draft. I did raise this issue with the solicitor's secretary and she did say, they accept banker's draft.

Swipe

loulou41 wrote: »

I bank with Nationwide and they do not do banker's draft.

My solicitor also said a Building Society cheque was a valid payment.