I plan to buy a house in 1 to 2 years, where to put my money?

dwdy250 · 3 May 2019 at 12:18PM

Hi,

I recently received an inheritance of around 15k and plan on using this to put on a deposit for a small house/apartment. However I am currently in the process of changing careers and would like a year or so to adjust to my new job before taking on the responsibility of a mortgage as well. My question is where is a good place to put my money so that 1. i can't dip into it 2. i will benefit from a favourable interest. 3. i can add to it and 4. I can access it for no other reason than putting down a deposit on a house.

Thanks

foxy-stoat · 3 May 2019 at 12:38PM

You could buy Premium Bonds with £10,000 and £5,000 in Halifax saver for the monthly prize draw - thats what I would do.

The interest you will earn over a year or 2 won't amount to much.

[Deleted User] · 3 May 2019 at 12:42PM

Are you a first time buyer? There is the Help to Buy ISA, lots of info on this site.

AnotherJoe · 3 May 2019 at 1:50PM

HTB ISA , LiSA, one year fixed term savings account.

Zoology_Dragon · 3 May 2019 at 2:33PM

Put £4k in a cash LISA (not S&S with this timescale). The government will top that up with a extra £1k. You can then put in another £4 next tax year, which will be matched with a further £1k. Obviously check terms and conditions before depositing any money.

TSal · 3 May 2019 at 2:34PM

£4,000 into a Lifetime ISA (lots of information on the forums) each tax year whilst you are saving. The rest can go into Premium Bonds and stripped out as you save into the LISA.