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buy or rent
blewitt
Posts: 21 Forumite
Having just secured a buyer for my house who wants to move quickly, cannot now find a suitable property. Should I rent or wait for another buyer. Also if I rent, where should I put my funds.
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Comments
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Up to you and how long your buyer can wait for you to find somewhere.
If you do decide to rent, please do not put your money into Premium Bonds, it will make my chances of winning less.0 -
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For funds then https://www.nsandi.com/ savings accounts give protection on the full amount as opposed to the bank guarantees which i think are c.£85k if it collapsed.
That's probably most secure particularly if you expect it to be short term before you're buying again.
Only you can really weigh up the pros and cons of moving into renting based on things like how harder it was to find a buyer, are they willing to wait at all, likelihood of properties you want becoming available etc.0 -
FSCS protection is higher for temporary high balances - up to 1 million for 6 months.For funds then https://www.nsandi.com/ savings accounts give protection on the full amount as opposed to the bank guarantees which i think are c.£85k if it collapsed.
That's probably most secure particularly if you expect it to be short term before you're buying again.
Only you can really weigh up the pros and cons of moving into renting based on things like how harder it was to find a buyer, are they willing to wait at all, likelihood of properties you want becoming available etc.
https://www.fscs.org.uk/your-claim/temporary-high-balances/0 -
Rent, and put your money in NS&I.
We are doing this so we don't risk losing our buyer. If you are not that bothered if your sale falls through then by all means make the buyer wait but that could be risky. If you have sold and are in rented you will be in a strong position when buying.
However, do be aware most tenancies will be for a minimum of 6 months.0
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