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Best place to park deposit?
notverygoodwithmoney
Posts: 3 Newbie
I wasn't sure where was the best place to post this, as it is a question about both savings and mortgages, but mostly mortgages, I think!
We have come into some money (few 10s of £k), and will, once a house is sold (somebody else's house, currently on the market), come into some more. At this point we will put our house on the market and look to buy a bigger house.
We aren't sure what to do with the money in the meantime.
Credit cards etc paid off, obviously. Then we think we should use up our full ISA allowance, and then should we chuck the rest at our mortgage? Mortgage is a very low rate tracker. Or try to find a decent rate savings account? The money will (hopefully) not be sitting around for long, and we need it available for the next house purchase.
We will need some money for house-buying costs, but for the sake of the house purchase, will it make any difference if our deposit is money, or equity in the current house?
We are pretty clueless with money, hence the nn!
We have come into some money (few 10s of £k), and will, once a house is sold (somebody else's house, currently on the market), come into some more. At this point we will put our house on the market and look to buy a bigger house.
We aren't sure what to do with the money in the meantime.
Credit cards etc paid off, obviously. Then we think we should use up our full ISA allowance, and then should we chuck the rest at our mortgage? Mortgage is a very low rate tracker. Or try to find a decent rate savings account? The money will (hopefully) not be sitting around for long, and we need it available for the next house purchase.
We will need some money for house-buying costs, but for the sake of the house purchase, will it make any difference if our deposit is money, or equity in the current house?
We are pretty clueless with money, hence the nn!
0
Comments
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What about premium bonds?
Secure, easy to access, no tax, and you will probably get a little win and perhaps a big one.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Oh, we hadn't thought of that. Thank you.
Do you know if it's better for house purchasing to have cash rather than equity? Or does it make no difference?0 -
It won't make any differenceI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Great, thank you again!0
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