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money for house deposit is in different saving accounts
putopao
Posts: 95 Forumite
Hi,
we are 1 1/2 months away from completing to our first house (if everything goes well) . My question is how can we put every savings in one account when the time of paying the deposit comes? How did you all do it? and how far from completion should i get that sorted? Thanks
we are 1 1/2 months away from completing to our first house (if everything goes well) . My question is how can we put every savings in one account when the time of paying the deposit comes? How did you all do it? and how far from completion should i get that sorted? Thanks
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Comments
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You don't need to put them all in one account.0
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Transfer into your current account, then from there either online (Faster) Payment or CHAPS to your conveyancer.Make sure you don't have to give advance notice on any of your savings accounts!You'll need to get 10% (usually) of the purchase price to the conveyancer in time for Exchange, and the balance in time for Completion.Have you got a book on house buying? It will help you understand the process in detail.
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oh so you mean when the time of paying comes, i can just directly send it to the solicitor's account little by little?0
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Why do you need to put it all in one savings account? All we did was transfer the required amount of money from our different savings account into our current account the same day as our exchange. (all our savings account transfers were immediate if the bank takes a few days then allow a few days e.g. Ford Money can take up to 2 days). Help to Buy ISA's are abit different as you need to allow time for the closing statement.FTB - April 20200
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ok ,understood . Thank you.0
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Never have more than 85k in one account; not even for a day!0
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Yes, I will send it directly to the sols after transferring it to current account.0
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Are you thinking FSCS?spoovy said:Never have more than 85k in one account; not even for a day!
In the massively unlikely event of a financial institution going south, it's going to be a fair haul before the FSCS pays out. And it's £85k per banking licence (which may be several retail brands), not just per account.
Oh, and the temporary high balance protection is £1m for up to six months...0
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