What's the point??

mailmannz

After my house sale and clearing all my debts I'm left with a small sum of money (£30k) that I can do something with over the course of the next 6 to 12 months as I build up a deposit for my next house purchase.

So I've been looking at ISA's and savings accounts but am just left feeling that's there's not actually much point in p1ssing around because the cards are just so stacked against us mere mortals!!

There are high interest savings accounts but only for small sums of money (5% interest but only for £2,500) or high interest ISA's but you can only deposit up to £1000 initially then only add to it by £200 a month) or one of those new home buying LISA or what ever but you can only buy a house under £250k if you live outside London!!!!

But yeah, I know this is all first world kinda of problems but I'm just left feeling the cards are so stacked against savers that there is literally no point and I be better off just taking my chances with premium bonds as the calculator says I'd likely win £400 a year anyway!!!

Sorry for the rant.

Regards

Mailman

eskbanker

mailmannz wrote: »

high interest ISA's but you can only deposit up to £1000 initially then only add to it by £200 a month) or one of those new home buying LISA or what ever but you can only buy a house under £250k if you live outside London!!!!

Sorry to p1ss on your chips further but having just sold a house you're not entitled to a Help to Buy ISA or LISA (for non-retirement use) as these are for first-time buyers only, so those particular options aren't actually open to you at all....

Malthusian

You have £30k in the bank and anticipate that you will have enough for a house deposit in 6 to 12 months. You don't even need to pick up the cards.

Did the rant make you feel better? (Genuine question.)

Imvrasos

Just fill the high interest current accounts (Santanter/ Nationwide/ RBS) and then feed their regular savers. In your position, I would also consider short term P2P lending for 10-15% of your total sum.

Ray_Singh-Blue

Just stick it in the bank & spend your time finding a good house

chockydavid1983

You can fit most of your £30k in current accounts and regular savers that pay at least 3%

mailmannz

eskbanker wrote: »

Sorry to p1ss on your chips further but having just sold a house you're not entitled to a Help to Buy ISA or LISA (for non-retirement use) as these are for first-time buyers only, so those particular options aren't actually open to you at all....

That was a part of my rant the cards are stacked against us pretty much all the time. I guess the trick is minimising the number if cards in that stack!

Regards

Mailman

mailmannz

Malthusian wrote: »

You have £30k in the bank and anticipate that you will have enough for a house deposit in 6 to 12 months. You don't even need to pick up the cards.

Did the rant make you feel better? (Genuine question.)

Yes

I had a look at some new build properties near me and was bitterly disappointed by what was on offer! Ridiculously small houses on even smaller plots if land on narrow streets (so you just know parking is going to eventually be an issue and no change from £320k!! And this isn't even London!

But yes, felt much better after a good whinge ����

Regards

Mailman

EdGasket

National savings pay 0.75% from May which on a £1000 investment would just about buy a coffee and cake after one year investment! As OP says not worth the bother. S&S is the only way but not if you want to buy a house soon.

Anonymous101

mailmannz wrote: »

Yes

I had a look at some new build properties near me and was bitterly disappointed by what was on offer! Ridiculously small houses on even smaller plots if land on narrow streets (so you just know parking is going to eventually be an issue and no change from £320k!! And this isn't even London!

But yes, felt much better after a good whinge ����

Regards

Mailman

That's new build houses thought isn't it?
They are definitely not value for money in terms of plot size and floor area.

trailingspouse

Where are you based?

Round these parts, £320k would buy quite a lot of house. Our house has just been valued at £285,000 - nice area, 4 bedrooms, 4 floors, double garage, period features...