Any financial advice

makingmummyproud

I'm 29 and both my parents have died resulting in me being left 30k,
At the moment I have a mortgage and I am unemployed, as I was carer during my mums cancer.
I don't want to invest in my mortgage with my current partner as we took this on a 100% mortgage so if we ever split it would be a straight 50/50 split as I have been burnt before and lost 10k to a former ex on a previous home.:(
I am looking to get a good rate as I plan to buy a home of my own outright next year when my share of my mother's house is sold.
Could anyone advise what is best to do i.e, some in a ISA and savings or all in a savings account for 1 year?
I really don't want to mess this up as most people at my age wouldn't be able to afford to buy a house outright.
My Idea is to have a place I can call home that cannot be taken by anyone.
Sorry for the ramble MSER's.:)

Cautious_Investor_3

Hi

Sorry to hear about your parents.

Re the money, are you saying you want it back in one year's time so you can buy a house, along with the proceeds from your the sale of your mother's house?

If so then you really must go for a savings account rather than an investment which could fall in value before you need it.

If we have established that a deposit account (i.e. savings account) is the correct choice you should consider whether to go for a Cash ISA plus a one year fixed rate bond or just a one year fixed rate bond.

The rates on both are circa 3.10% at the moment, obviously if you are not a taxpayer then no tax would be deducted off either type of account, if you are a taxpayer then tax would not be deducted from the interest on the cash ISA but it would be on the fixed rate bond. I guess the taxpayer question depends on what the next year holds for you re employment.

If you are not a taxpayer and use a fixed rate bond then complete an R85 form so that interest is paid gross.

I hope that makes sense and is helpful!

The Cautious Investor

makingmummyproud

Thank you Cautious Investor for your very helpful and useful advice, Yes I would like it back in one year's time so I can buy a house, along with the proceeds from the sale of my mother's house.
I currently have a RBS bank account with a IAS account, Any Ideas who is the best at the moment? I'm not paying tax or claiming any benefits what so ever so I am unsure about the whole tax issue now and in the future when i gain employment.
I hope this info helps?