What to do with house sale cash while waiting for dream home?

IveSeenTheLight

MaxBruno wrote: »

We have sold our home and are moving into rented, til we find the perfect place.

Hi Max, is the rented place you are moving into on a AST.
This would mean you are liable for the rent for a minimum 6 months.
Do you have the flexability if your perfect place somes up within that 6 months?

MoneySavingSpender

Use this MSE tool:
http://www.moneysavingexpert.com/savings/safe-savings
To decide which banks have UK Gov. protection and are seperately protected, make a list of five which you like and have savings accounts which you like and none of which fall the same protection umbrella, £50k in each, therefore should one bank fail completely you still have access to £200k, while waiting for the fifth failed one and it's Gov. claim to be completed, I'd be tempted to go for monthly interest so that you can shift the interest into another savings or to your current account, whichever suits you best.
Five accounts and five interest payments might be alot of hassle though, as I understand it NS&I are the only "bank" which has no ceiling to it's Government protection, but I suggest you confirm that with them yourselfs.

I would also suggest living in a houseshare where the tenancy shouldn't be an AST, where you can give short notice to leave and still save, I've had and seen many couples at my house and our rented houses doing this to pretty much half (or better) the cost compared to getting their own flat, be sure to read the MSE tenancy guide and have a gander at http://www.shelter.org.uk.

I could help more if I knew your income, any relevant circumstances, any children, what exactly you're waiting for in the market, how come you moved out and decided to rent etc etc.

MaxBruno

Thanks indeed!
I hadnt even thought about the 6 month rental clauses!
Its tricky when you're expecting to move into a house and it suddenly disappears, I must admit the AST business passed me by.
I truly appreciate all of your guidance on the investment of the house cash.
I am inwardly digesting everything and taking each of your comments on board.
I will let you all know what the dragon thinks!

Many many thanks,
Max.

sinbad182

Trolling my post history again are we? Do you understand why that message was posted, or is your fuddled up mess of a mind giving up on you?