Large amount to save - but where do i keep it?

fusar

Hello,

I have also posted this in the "house purchasing" forum, so I hope you don't mind me repeating myself - you all seems so sussed with your money, that the more advice I get the better!? Thanks!

I bought my house without a mortgage a couple of years ago - after successfully renovating a couple of properties, which I still have and rent out. To cut a long story short, I have decided to purchase another property at auction that needs renovating and plan to purchase this at the beginning of February, and then sell it once modernised. In order to get the capital for this I have mortgaged my current property for £97,500. The house I am looking at is a terrace with a guide price of £50,000, however, I am sure that the price will increase to £60,000. If, for example, I purchase the property at £60K, I will have £37,500 left over (I plan only to spend £20k on the renovation). My question is.... where should I keep this money (£37,500) in the meantime, whilst renovating the property? In a normal bank account, if so will I be taxed on it? Could I invest the money elsewhere, maybe a high interest savings account ? I would need access to "chunks" of it as the house is being renovated, but could happily put 17k away for at least 6 months or more.

Any help would be really, really helpful!
Many thanks
Fusar

jamesd

High interest savings accounts are the way to go for this amount of time.

Robert_Sterling

Coventry Building Society have a current account paying 5.6% in the first year of operation.
Read the terms and conditions.
Includes a Debit Card