Staying track

db281

Hi All

Looking for some advice on savings and investments!

Im late 20s and live with my partner, who owns our home outright. There!!!8217;s no plans for us to move or buy together - so I am working on this basis!

I have just sold my home, and have the proceeds from the sale (£40k).

To continue building for my future as though I still own my own home, so that if I had to purchase my own house again in 3, 5 or 10 years time, I still pay the mortgage amount I used to pay (£450 a month) into my savings.

What can I do with all this money to maximise it? Never been in such a fortunate scenario before! In an ideal world, I would find a savings account that would pay me 5% on everything in it yearly.

I am trying to avoid the scenario of having to buy my own home again in 10 years time and being at a disadvantage because house prices have inflated at a rate greater than what I have saved (putting me back so many years!)

Buy to let isnt an option, after a disasterious tenant experience.

Any help or advice would be appreciated.

Cheers guys

Alexland

Sadly the best way to ensure your savings kept up with any house price inflation would have been to retained the property. Sure you can invest or save the money realised and add more but you have lost the potential growth on the borrowed money. Still you are no longer paying interest on the borrowed money so depending on what happens with house prices in the medium term you might be alright.

5% on a large lum sum is unlikely - these rates are only offered as sweeteners on small time limited accounts to lure in new current account applications and retain existing customers.

Alex