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Where to put £20,000-£30,000
tafkam
Posts: 10 Forumite
After years of struggling with debts, and finally feeling sorted, I have found myself alone with an unaffordable mortgage. Consequently it appears likely I need to sell my house. This should hopefully leave me with something in the region of twenty to thirty thousand pounds from the equity.
Obviously at some point in the future I hope to be able to buy again, so need to be able to save this money for that time.
Presumably I should put the first £3000 into an ISA straight away, and keep transferring £3000 each year to that ISA as time goes on from wherever else it is.
But where else should it be? Is it really as simple as just finding the highest rate savings account, and maybe switching around once a year or so as rates change? Or should I be considering other options?
Obviously at some point in the future I hope to be able to buy again, so need to be able to save this money for that time.
Presumably I should put the first £3000 into an ISA straight away, and keep transferring £3000 each year to that ISA as time goes on from wherever else it is.
But where else should it be? Is it really as simple as just finding the highest rate savings account, and maybe switching around once a year or so as rates change? Or should I be considering other options?
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Comments
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After years of struggling with debts, and finally feeling sorted, I have found myself alone with an unaffordable mortgage. Consequently it appears likely I need to sell my house. This should hopefully leave me with something in the region of twenty to thirty thousand pounds from the equity.
Obviously at some point in the future I hope to be able to buy again, so need to be able to save this money for that time.
Presumably I should put the first £3000 into an ISA straight away, and keep transferring £3000 each year to that ISA as time goes on from wherever else it is.
But where else should it be? Is it really as simple as just finding the highest rate savings account, and maybe switching around once a year or so as rates change? Or should I be considering other options?
I cant see much wrong with that. Best paying accounts are currently ICICI, ICESAVE & Sainsburies. I wouldnt mess with equities unless you can be sure you can avoid touching it for 5 years plus.0 -
£3,600 from the 2008/9 Tax Year.Presumably I should put the first £3000 into an ISA straight away, and keep transferring £3000 each year to that ISA as time goes on from wherever else it is.
http://news.bbc.co.uk/1/hi/business/6475891.stmTime has moved on (much quicker than it used to - or so it seems at my age) and my previous advice on residential telephony has been or is now gradually being overtaken by changes in the retail market. Hence, I have now deleted links to my previous 'pearls of wisdom'. I sincerely hope they helped save some of you money.0
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