Where and how much interest?

noddynoo

We are going to sell our house and live in rented for a while for personal reasons.We will buy again if we can in a couple of years We will have about 250k and we don't know where to keep it.How much can we expect to get monthly from that amount?Thanks

Madiba_2

Just under £920 ish if you put it in ICICI HiSaver

kenshaz

noddynoo wrote:

We are going to sell our house and live in rented for a while for personal reasons.We will buy again if we can in a couple of years We will have about 250k and we don't know where to keep it.How much can we expect to get monthly from that amount?Thanks

House prices went up approx 9% last year.

Searcher2

kenshaz wrote:

House prices went up approx 9% last year.

So? The OP is having to sell for personal reasons. Don't try and make it worse! In any case the amount they went up last year is not necessarily a reflection of how they will do in the next 2 years. Or are you saying because they have gone up too much (and maybe with the hike in interest rates) the prices will come down?

kenshaz

Searcher2 wrote:

So? The OP is having to sell for personal reasons. Don't try and make it worse! In any case the amount they went up last year is not necessarily a reflection of how they will do in the next 2 years. Or are you saying because they have gone up too much (and maybe with the hike in interest rates) the prices will come down?

I am giving information ,make of it what you wish,but historical data is important relative to future decisions.They have £250,000 ,I am not going to rub salt into that wound,they must bear it on their own without it being made worse by me.I am totally unaware of their circumstances as are you.:rolleyes:
They may gain ,if prices drop and they re-enter the market or they may lose ,that is the nature of the beast ,and neither you or I have a crystal ball .

tom188

but historical data is important relative to future decisions

On the contrary past data gives little or no indication of what the market will do this year or next year or the year after. But thats a housing board type discussion.

I suggest the OP reads the Savings articles and looks at the best rates on Moneyfacts.co.uk/Moneysupermarket.com first then comes back if they have any questions.

noddynoo

I am not trying to play the housing market.i am trying to get advice on how much interest we will get as we may have to live on it for a while.In a few years we are not hoping houses have crashed or anything we are selling for completely different reasons.

tom188

I suggest the OP reads the Savings articles and looks at the best rates on Moneyfacts.co.uk/Moneysupermarket.com first then comes back if they have any questions.

Have you done this? If so then provide us with some informed questions if necessary.

Ball park, say IceSave 5.45%.
250000*0.0545/12=£1135pm. gross.
=908pm if basic rate tax payer
=681pm if higher rate tax payer

Dont forget that inflation will seriously erode the purchasing power of your 250000.