Deposit

JohnBravo

Hi All,

    I hope you are doing well during these strange times.

I have prepared the deposit for the mortgage. The agency, the broker and I think the solicitor have all seen the statements.

I don't think any of the lenders have been approached yet by the broker, my solicitor is waiting for the pack - a week has passed.

Of course the solicitor and the lender are the factors slowing the process considerably but I have no idea how this whole process plays over time and when is this deposit going to be needed again?

This money sits on the bank account like a duck.

Can anything be done with this money in the interim considering the ramping up inflation and how much this will lose value just within a month.

All indicates that we are on a brink of something big not just war in Ukraine which is just a smokescreen for all this mess that impacts all the commoners the most.

MWT

I wouldn't suggest trying to get too creative.

Hard to think of any risk-free 'investments' that will do much to counter inflation in the short-term and still give you immediate access when needed.

Don't be tempted to do anything that will damage the 'source of funds' status either, putting it into Premium Bonds in your kids names is a really bad idea for example...

[Deleted User]

putting it into Premium Bonds in your kids names is a really bad idea for example...

..........lol

JohnBravo

MWT said:

I wouldn't suggest trying to get too creative.

Hard to think of any risk-free 'investments' that will do much to counter inflation in the short-term and still give you immediate access when needed.

Don't be tempted to do anything that will damage the 'source of funds' status either, putting it into Premium Bonds in your kids names is a really bad idea for example...

Sure, I agree with you so I am not looking into investing in volatile things like cryptocurrencies but assets that only gain in inflationary conditions.
In first place I had to exchange gold just to show them the funds on the statement but it's kind of sad to watch this amount of money not to work especially when it depreciates in value while this solicitor/lender bureaucracy takes place.

This money is hard earned not some gifts or inheritance so sad to watch few months of your salaries to disappear from February to April just because after the Pandemic failure the Elite decided to reboot Ukrainian war and this time blame all the costs on Putin.

dimbo61

Are you a FTB ?
Have you got LISA,s ISA ?

Sistergold

The deposit needs to “sit” tight in an account which can be easily viewed and called on quickly. Buying a house is a process you just have to go with the “flow”. Basically don’t stress about the money you are losing for now. Hopefully the house will gain in value once bought and you recover your loses. It’s a home too and there is a priceless element of gain in enjoying your home. Good luck.