Help please new to all this

NJS2016

I finally became debt free not so long ago and decided I needed to ditch my old user name as it doesn't apply to me anymore (very negative). Now I'm debt free I feel a bit lost I had a goal and now I'm a little stuck, I have £2000 I can invest somewhere as I am now saving for my deposit for a house, I lost my last house (repossessed) six years ago due to something I had no control over, that lead to me still owing but now it's all paid back.

I want to start again, so where's the best place to save I can put £250 a month away easily any advice would be great

xylophone

Saving rather than investing?

Would you be able to open a Nationwide Flexdirect account? This would open the Flexregular saver to you.

You would need to cycle in/out £1000 a month but this is as simple as FP out to another bank account and back again.

After a year, you could open a Tesco current account or two ( for the maturing regular saver and most of the cash in the Flexdirect current - you could keep the Flexdirect account to keep access to the regular saver if still available.

NJS2016

I don't think I could get a flexdirect at the moment as my credit rating is trashed at the moment maybe something to look at later down the line am I best to just put it in a high ish interest account at the moment?

AnotherJoe

Why not a HTB ISA? Free money.

TheShape

AnotherJoe wrote: »

Why not a HTB ISA? Free money.

OP has previously owned a property.

Eco_Miser

Regular savers listed here. The best need linked current accounts you probably can't get yet, but there are also stand-alone accounts.

For goals and encouragement, the thread "Save £12k in 2012" is now signing up for its sixth year (as "Save £12k in 2017"). You can actually target any amount you think achievable.

NJS2016

AnotherJoe wrote: »

Why not a HTB ISA? Free money.

Unfortunately they are for first time buyers, and I lost my first home due to repossession.

NJS2016

[QUOTE The best need linked current accounts you probably can't get yet, but there are also stand-alone accounts.

For goals and encouragement, the thread "Save £12k in 2012" is now signing up for its sixth year. You can actually target any amount you think achievable.[/QUOTE]
Thank you that was what I was looking for I am going to look into it over the weekend, I am going to join a few challenges to keep myself going I think I am looking at a deposit of about £10000 as the houses I am looking at are about £80000 will £10000 be enough can anyone advise? I can't remember what I put down all those years ago

eskbanker

NJS2016 wrote: »

I am looking at a deposit of about £10000 as the houses I am looking at are about £80000 will £10000 be enough can anyone advise? I can't remember what I put down all those years ago

It would be enough if you can get a 87.5% LTV mortgage, check with the MSE mortgage section and/or a mortgage broker, bearing in mind of course that property prices may have risen by the time you've saved your £10K....

d70cw6

fill up all the regular savers and higher interest current accounts first.

once done, start on the S&S ISAs

eskbanker

d70cw6 wrote: »

fill up all the regular savers and higher interest current accounts first.

once done, start on the S&S ISAs

Risky strategy for someone trying to save a £10K deposit for a mortgage, which is presumably likely to be needed in only about three years time, given OP is starting with £2K and adding at least £3K/year....