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2 year time horizon for house purchase
HarryGray
Posts: 179 Forumite
Hi guys,
I am currently saving to purchase a house for around 2 years time. We have 18 months of our rental contract left and then we will either buy a house then or waiting another 12 months (based on how much we've saved until now and then).
I have got about £25,000 saved up and hoping to have about £75,000 by the time we come around to buying (my partner has similar).
The problem is, we are currently in premium bonds, winning £25 here and there but nothing substantial. We have also maxed out our ISAs which are being used for our retirement planning and the stock market is not really an option given the short term time horizon.
Our question is are there any better opportunities for a smallish return on our money for the next 18-24 months other than premium bonds?
I am currently saving to purchase a house for around 2 years time. We have 18 months of our rental contract left and then we will either buy a house then or waiting another 12 months (based on how much we've saved until now and then).
I have got about £25,000 saved up and hoping to have about £75,000 by the time we come around to buying (my partner has similar).
The problem is, we are currently in premium bonds, winning £25 here and there but nothing substantial. We have also maxed out our ISAs which are being used for our retirement planning and the stock market is not really an option given the short term time horizon.
Our question is are there any better opportunities for a smallish return on our money for the next 18-24 months other than premium bonds?
0
Comments
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Premium bonds on average return 1.4%. Better rates are available from fixed term deposit accounts - https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/
However PBs are tax free whereas interest isnt. Note that you may not be able to get your money out before the fixed term ends, so choose your account carefully.0 -
Maybe a fixed rate account with a challenger bank?
https://www.aldermore.co.uk/personal/personal-savings-accounts/fixed-rate-accounts/0
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