Where best to save a house deposit until needed?

Kysa85

Hello,

My father has said that he will give us £20k towards a family offset mortgage for our first house. However, my husband went self employed 3 months ago so no one will consider giving us a mortgage right now. Where is the best place to put that money for the next 1 to 2 years until we can use it.

Also, I have a help to buy ISA. Is there any point paying into this if we will be using my father's £20k? Is there a better place to save my money?

Thanks

Eco_Miser

Can't you use the HTB ISA (and get the big bonus from the government) AND use your father's £20k?

Where to store it while waiting? If you definitely won't be using it in the next 12 months, use the best 1 year fixed account, otherwise use the best easy access account. You could get slightly more if you don't mind messing about with interest paying current accounts (Nationwide FlexDirect 5% if you've not had one before, TSB 3%) limited amounts, monthly pay in needed, and with Regular Savers (drip your money in monthly).