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Large deposit but no regular income

lula_mae · 2010-03-05 00:39:10

Hi, I hope i'm posting my question in the correct place. I have been fortunate enough to be left a large lump sum of money. I live in London, and rent. It would be great if I could use this money to buy a place and get on the property ladder (even if I buy to rent maybe). However, in my opinion it's short of the average…

Comments

ceh209 Posts: 877 Forumite

9 March 2010 at 4:34PM

Is there any reason you have to buy now?

Why not put it all in a savings account/fixed term bond/whatever, earn some interest. In the meantime you finish being a student, get a job so you have an income, and then you'll be able to get a mortgage AND you'll have slightly more of a deposit.

Voila! The only flaw in this masterplan is if house prices rise massively in the meantime, which is a whole other subject for debate...

Excuse any mis-spelt replies, there's probably a cat sat on the keyboard
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