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Saving for the Future (& a Wedding!!).
GjrBartlett
Posts: 64 Forumite
Evening All Fellow MoneySavers
Advice & Ideas req'd....
Cutting a long story short, I purchased a studio flat in Essex in 2002, it stood empty until July 2005, during this time I used it as weekend bolthole, somewhere to come home to when possible from my work, (I'm in the Armed Forces).
From July 2005 till July 2007 the flat was/will be rented out through a management company, as I live in Scotland at present (Renting with my partner), In July 2007 I intend to sell the flat(finding a buyer permitted!), for approx £72k to 75k, outstanding mortgage £39k, After all fees, I should make approx £32k (ish).
What I need is advice where to save this money once I receive it, bearing in mind the following...
1) My partner & I hope to purchase the flat we are currently renting late this year for approx £125k.
Therfore I need a deposit from this money, how much is advisable to put down to get a good mortgage deal?
2) We plan to get married late summer 2009, so will need approx £10k from this money, from late 2008/early 2009 to start paying out for wedding...(Can't wait!!).
Current Investments & Savings we have...
My Maxi S&S ISA 2006/7 £1500.
Her Cash ISA 2006/7 £1000.
Joint Icesave Acc £2250 + £400pcm (£200 from each of us).
My Lloyds/FD Current Accs £2000 In total.
Her Abbey Acc.... None of my business!!
I intend to start saving into a Cash ISA from Apr 07, probably With ING or NS&I, putting as much away a month into it as I can.
Where is the best option to "Save" this money as opposed to "Invest" as our time scale is too short between now and House buying/Wedding.....
All advice is very much appreciated....
Kind Regards
GjrBartlett.
Advice & Ideas req'd....
Cutting a long story short, I purchased a studio flat in Essex in 2002, it stood empty until July 2005, during this time I used it as weekend bolthole, somewhere to come home to when possible from my work, (I'm in the Armed Forces).
From July 2005 till July 2007 the flat was/will be rented out through a management company, as I live in Scotland at present (Renting with my partner), In July 2007 I intend to sell the flat(finding a buyer permitted!), for approx £72k to 75k, outstanding mortgage £39k, After all fees, I should make approx £32k (ish).
What I need is advice where to save this money once I receive it, bearing in mind the following...
1) My partner & I hope to purchase the flat we are currently renting late this year for approx £125k.
Therfore I need a deposit from this money, how much is advisable to put down to get a good mortgage deal?
2) We plan to get married late summer 2009, so will need approx £10k from this money, from late 2008/early 2009 to start paying out for wedding...(Can't wait!!).
Current Investments & Savings we have...
My Maxi S&S ISA 2006/7 £1500.
Her Cash ISA 2006/7 £1000.
Joint Icesave Acc £2250 + £400pcm (£200 from each of us).
My Lloyds/FD Current Accs £2000 In total.
Her Abbey Acc.... None of my business!!
I intend to start saving into a Cash ISA from Apr 07, probably With ING or NS&I, putting as much away a month into it as I can.
Where is the best option to "Save" this money as opposed to "Invest" as our time scale is too short between now and House buying/Wedding.....
All advice is very much appreciated....
Kind Regards
GjrBartlett.
0
Comments
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GjrBartlett wrote: »Therfore I need a deposit from this money, how much is advisable to put down to get a good mortgage deal?
I spoke to an IFA last week and he said 10% of the purchase price.0
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