Help - savings advice needed

Hi people, I'm looking for a bit of advice if possible.

My wife and I have a small amount of funds (£7K) left over from the sale of our house. We recently went through a redundancy situation which left us in a difficult spot which resulted in us moving home and using up all savings we had at the time. We now live in a Help 2 Buy property which is due to begin repayments on a 20% Gov Loan in 5 years (£73,600). The interest we pay on this loan is 0% for the first 5 years, followed by a calculation of the RPI, plus 1%, charged at 20% of this calcuated figure. (I hope that makes sense!)

We're capable of saving circa £1K a month for the first 6 months, then circa £500 per month.


We're risk averse, and following the redundancy situation, we'd like to ensure we have some savings we can access (although we have an insurance which covers our full mortgage after 3 months unemployment). Does anyone have any suggestions on where we should place our funds and monthly savings?

I'm 36 and my wife is 30 with a newborn baby. We have no debts other than our mortgage (and H2B loan).

Thanks in advance.

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