Profits from house sale

trybius

Hi,

I'm currently in the process of selling a house, and originally we intended to purchase + sell at the same time.

However our purchase has fallen through, so as not to lose our buyers we have agreed to complete and move into short let accommodation.

This means that the equity from the property will be released to us - around £220k.

We are still looking to buy a house, but we are happy to wait until we find one we love, so we will be holding onto the money for between 3 - 9 months.

What is the best thing to do with the money? My first instinct was to split it into different accounts to protect it (due to the £86k protected limit by the government). However I guess we should be looking to get a return of something on it, to at least beat inflation?

Any advice on what we can do with the money that is 100% safe? Presumably we would need to access it with 8-12 weeks notice as well.

Archi_Bald

http://www.nsandi.com/savings-direct-saver or http://www.nsandi.com/savings-income-bonds

There's no way you can beat inflation with a savings account.

[Deleted User]

http://www.nsandi.com/savings-direct-saver

More than 25m people in the UK have savings invested with National Savings & Investments (NS&I), which is one of the best known and largest savings providers in the UK.

One of the main reasons for NS&I’s popularity is that it is backed by the government, which provides savers with peace of mind that 100% of their money is protected.

Savings held with other providers are protected up to a maximum of £85,000 per person (and per banking institution) thanks to the Financial Services Compensation Scheme (FSCS), whereas with NS&I there is no upper limit.

http://www.moneysupermarket.com/savings/nsandi-guide/

unless you want to jump through the hoops of splitting money across multiple current accounts, NS&I is the best option.

Archi_Bald

citricsquid wrote: »

unless you want to jump through the hoops of splitting money across multiple current accounts, NS&I is the best option.

Interest paying current accounts won't pay interest on £220K. The max you can get into sole accounts is no just over £50K. It is probably also not a good idea to go on an current account application spree if a mortgage is required within 3-9 months.