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Money released from sale of house
Minx1986
Posts: 88 Forumite
Hi,
Probably a more unusal question, but if my partner sells his house (which will return to him a healthy amount) what are the best options for keeping that money safe (and ideally earning interest) whilst we await my home to be sold. In an ideal world, both would be sold on the same day and used to purchase a house together but we can't see that happening!
Does anyone know if its common practice for mortgage companies to hold this money (effectively the deposit on the next place), ready for the next mortgage for a period of time?
Probably a more unusal question, but if my partner sells his house (which will return to him a healthy amount) what are the best options for keeping that money safe (and ideally earning interest) whilst we await my home to be sold. In an ideal world, both would be sold on the same day and used to purchase a house together but we can't see that happening!
Does anyone know if its common practice for mortgage companies to hold this money (effectively the deposit on the next place), ready for the next mortgage for a period of time?
26/05/2018 = I DID IT! I am DEBT FREE!
Debts repaid since 06/02/2015 = £23,079
Mortgage...forever!!!! - But who cares, when all I've ever wanted is my own place!:j
Debts repaid since 06/02/2015 = £23,079
Mortgage...forever!!!! - But who cares, when all I've ever wanted is my own place!:j
0
Comments
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No your partner needs to look at the best place/s to save the money.
Cash ISA,s regular savers, Lloyds/TSB current accounts.
Do you have an offset mortgage ? Are you on the SVR with your current lender ?
He could clear some of your mortgage if he trusts you and you are paying a higher rate than he could get from savings after Tax0 -
Mortgage companies do not hold your deposit.
Your partner needs to keep the funds on deposit with his bank.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 -
Mortgage companies do not hold your deposit.
Your partner needs to keep the funds on deposit with his bank.
I'm guessing this is a chargeable service, which would outweigh the interest earned?26/05/2018 = I DID IT! I am DEBT FREE!
Debts repaid since 06/02/2015 = £23,079
Mortgage...forever!!!! - But who cares, when all I've ever wanted is my own place!:j0 -
I'm guessing this is a chargeable service, which would outweigh the interest earned?
As far as I am aware it is not yet chargeable to give the Bank the use of your funds via a deposit account.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 -
I can safely hold your money if you would be interested ;-0)
Jokes apart, yes you could deposit the monies in the bank as mentioned above and you would probably earn interest on it as the bank would be using your monies.
Also, you could probably speak to your solicitor if you have one who might be able to hold your monies. Some solicitors do hold funds for their clients.0 -
Just keep it in an instant access saver account or something like that. You may be able to buy a bucket of chicken from the Colonel each month with the interest that you will get!0
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Depending on the amount, split it across accounts with different banks (and not those under the same parent umbrella) so you have maximum protection under the fscs scheme (currently 85K but dropping to 75K from January 2016).0
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