3 Regular Savers Maturing

Cptralls

Hi All,
My HSBC regular saver matured today so I set up a new Regular saver at 2.75%, however, I have the money from the old saver and two more Regular savers that are maturing in days, what are my options? I will need around £15k (more if possible) around next January/February for a house deposit. My gut instinct is to pump it into Premium bonds but I am not sure if this is the best idea. Also, I would be interested in stocks and shares but I have no idea where to begin.
£15k is my share of the deposit, my wife will be matching it. Also we both have our own home, mine is rented and we live in my wife's home. Therefore we're not eligible for a LISA. 

My setup is below, any advice would be great.

HSBC Saver 3000 0.13%

HSBC Current Account £1,350.00

HSBC Regular Saver £250.00 2.75%

Raisin £10,359.34 1.50%

First Direct Regular Saver £3,600.00 5.00%

First Direct Current £0.00

Funding Circle £192.93

M&S Current Account £10.54

M&S Current Regular Saver £3,000.00 5.00%

TSB Current Account £1,500.00 1.50%

TSB Monthly Saver £750.00 2.00%

Premium Bonds £200.00

Coventry Regular Saver £1,900.00 1.85%

george4064

You’ve asked a lot of general questions which can be answered by reading through the various MSE guides.

Also, the Coventry Regular Saver rate reduced to 1.85% on 6 May 2020.

Archi_Bald

Your Coventry RS will now be 1.85% 

I would move the £3,000 out of HSBC, probably into the NS&I Income Bond account (1.15%), or if you fancy your luck, into Premium Bonds. Same for your maturing regular savers.

Don't consider stocks and shares unless you can leave your investment untouched for 5+ years, which from the sound of it, you can't.

grumiofoundation

Cptralls said:

I will need around £15k (more if possible) around next January/February for a house deposit. 

If you set up the HSBC reg saver, and presuming will do the same for FD and M&S and pay in the max each month this will be ~5000 locked away in these accounts come January - if you might need/want to use the money then this might not be the best idea?

DiggerUK

First things first. Lenders are expecting a 15% deposit now, so unless you are looking at a property for under £100k, you might not get your house purchase finances in order for a while longer yet. Also you seem to be all over town with your savings, far too many pots....and no LISA.
Tidy things up a bit..._

Cptralls

DiggerUK said:

First things first. Lenders are expecting a 15% deposit now, so unless you are looking at a property for under £100k, you might not get your house purchase finances in order for a while longer yet. Also you seem to be all over town with your savings, far too many pots....and no LISA.
Tidy things up a bit..._

£15k is my share of the deposit, my wife will be matching it. Also we both have our own home, mine is rented and we live in my wife's home. Therefore we're not eligible for a LISA. 

xylophone

https://forums.moneysavingexpert.com/discussion/comment/76866291#Comment_76866291
Is there any reason why you should not simply sell both properties and buy a family home?

DiggerUK

Cptralls said:

DiggerUK said:

First things first. Lenders are expecting a 15% deposit now, so unless you are looking at a property for under £100k, you might not get your house purchase finances in order for a while longer yet. Also you seem to be all over town with your savings, far too many pots....and no LISA.
Tidy things up a bit..._

£15k is my share of the deposit, my wife will be matching it. Also we both have our own home, mine is rented and we live in my wife's home. Therefore we're not eligible for a LISA. 

OK, no LISA possible.
Its still messy, you need a tidy up. The mortgage, as well as 'only' needing a 15% deposit is going to be tricky with you already having credit for the two homes. The mortgage company will assess your ability to repay on total outstanding debt, including overdraft facilities and C/C amounts available.

I see the coming economic period as very high risk, so I think xylophones' question  very pertinent. 

In fact I would say"three mortgages? are you crazy?" You need to tidy up your housing as well as your money pots..._

Cptralls

DiggerUK said:

Cptralls said:

DiggerUK said:

First things first. Lenders are expecting a 15% deposit now, so unless you are looking at a property for under £100k, you might not get your house purchase finances in order for a while longer yet. Also you seem to be all over town with your savings, far too many pots....and no LISA.
Tidy things up a bit..._

£15k is my share of the deposit, my wife will be matching it. Also we both have our own home, mine is rented and we live in my wife's home. Therefore we're not eligible for a LISA. 

OK, no LISA possible.
Its still messy, you need a tidy up. The mortgage, as well as 'only' needing a 15% deposit is going to be tricky with you already having credit for the two homes. The mortgage company will assess your ability to repay on total outstanding debt, including overdraft facilities and C/C amounts available.

I see the coming economic period as very high risk, so I think xylophones' question  very pertinent. 

In fact I would say"three mortgages? are you crazy?" You need to tidy up your housing as well as your money pots..._

My wife will be selling her property. 

DiggerUK

I've just read xylophones' link. Why not go for the übersecure position of a mortgage free, risk free, free for the rest of your life roof over your heads. 

Now I'm going to thkweem, SELL BOTH PROPERTIES..._ 

grumiofoundation

Cptralls said:

DiggerUK said:

Cptralls said:

DiggerUK said:

First things first. Lenders are expecting a 15% deposit now, so unless you are looking at a property for under £100k, you might not get your house purchase finances in order for a while longer yet. Also you seem to be all over town with your savings, far too many pots....and no LISA.
Tidy things up a bit..._

£15k is my share of the deposit, my wife will be matching it. Also we both have our own home, mine is rented and we live in my wife's home. Therefore we're not eligible for a LISA. 

OK, no LISA possible.
Its still messy, you need a tidy up. The mortgage, as well as 'only' needing a 15% deposit is going to be tricky with you already having credit for the two homes. The mortgage company will assess your ability to repay on total outstanding debt, including overdraft facilities and C/C amounts available.

I see the coming economic period as very high risk, so I think xylophones' question  very pertinent. 

In fact I would say"three mortgages? are you crazy?" You need to tidy up your housing as well as your money pots..._

My wife will be selling her property. 

So you will have to pay extra 3% SDLT on the purchase.

Back to the original question my suggestion still remains to keep as much cash as possible accessible if will/might be needed for house purchase (as mentioned above lenders may be asking for bigger deposit).