£80,000 to save/invest - HELP!

Cosmic_Gazza

nadnad wrote: »

We have just agreed the sale of our house and fingers crossed if it all goes through we will have £80,000 left.
What should we do with it?! I'm really not up on savings and investments. Any advice would be very welcome.

Hi
I have £100000 to invest for my Dad to avoid the tax to be paid on his death, not to soon well after seven years I hope! that includes a flat in London.
I looked around for a couple of weeks and as in past threads, YES the halifax web saver over 4 years gives the best safe results 5.28% net if youdon't mind tieing it up. On £100000 thats over £5000 per year. Forget index linked and shares. Too risky. Have a look. No I do not work for the halifax, just an awful lot of research on the internet. Hope this helps.
Cosmic Gazza

meme_3

nadnad wrote: »

ok I'll give you the full circumstances -
we're building a house and for that have a £114000 mortgage. We've agreed the sale on the house we're in and should come away with £160000. However we will use £80k of that to finish our new house completely - ie floors furniture etc. So we will have £80k left over.

Have you built your own house before?
Is your contingency plan built in already?
Inevitably, you will spend more than you have budgeted for ... trust me, it just happens - there is always something that will crop up that you have not accounted for.
With this in mind, you are best to put the cash in a savings account for contingencies until you are finished.
Then look for longer term investments when you have moved in!!
Our build cost 25% more than we had budgeted for.
This was because of unexpected problems and also additional costs that were necessary to avoid having a home which was obviously 'done on the cheap'.
Good luck!! It's very rewarding, in the end.
Of course, if you've built your own home before, you'll already know all this, so the budget will account for it anyway.