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What to do with equity from house sale?
smorri4
Posts: 57 Forumite
Hi all. Hoping for some advice or signposting of where to look.
Basically we have sold our house and will be going into rented for 6-12 months whilst we find our next home (nothing on market locally that fits our needs and prepared to wait).
Upon completing we will have around 145k to come back to us after our mortgage is redeemed and i dont think its best just sat in our current accounts. Are most savings accunts still pretty rubbish in terms of interest rates? Is there anywhere else i coukd look to put this money temporarily where its safe and may earn some interest back?
Basically we have sold our house and will be going into rented for 6-12 months whilst we find our next home (nothing on market locally that fits our needs and prepared to wait).
Upon completing we will have around 145k to come back to us after our mortgage is redeemed and i dont think its best just sat in our current accounts. Are most savings accunts still pretty rubbish in terms of interest rates? Is there anywhere else i coukd look to put this money temporarily where its safe and may earn some interest back?
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Comments
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Not a lot of options I'm afraid. £50k each into premium bonds is about as safe as it gets. The higher returns you go for bring more risk.0
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£50k each in Premium Bonds?
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If you need the money in 6 to 12 months, then cash in the bank is a great place then keep the money. NS&I premium bonds would also be ok. you just want zero risk and don't worry about gains.“So we beat on, boats against the current, borne back ceaselessly into the past.”0
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£84k in Paragon Bank @ 0.41% remaining with Marcus @ 0.40% FSCS up to £85k0
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1. Max out premium bonds
2. Open up either a fixed rate or notice account for the rest of the cash, length of fox/length of notice period is down to you and your circumstances.
https://www.moneysavingexpert.com/savings/
"If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes” Warren Buffett
Save £12k in 2025 - #024 £1,450 / £15,000 (9%)0
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