A large amount of savings

Keep_pedalling

Matilda1975 said:

Thank you all very much

Yes we have LPOA

She has SRP and a small private pension plus AA lower rate

Not needing nursing care atm

I think the care home is around £1K a week so her income of around £2400.00 a month will need topping up by about £1600.00 a month from the sale of the house money. We hope to get about £185,000.00 from the sale.

So you have enough to self fund for a good few years. I would split the proceeds into a number of accounts one instant access for the coming year and put the rest into fixed rate bonds over short to longer terms for future years.

I would not want to get into renting the property, its a lot of extra work and responsibility. 20% would need to be kept back for income tax and somehow you would need to cover for voids and non paying tenants.

Matilda1975

Thank you all again. This website is the best!

We dont want to rent the property out but we did look at what rent we might be able to get ....do you think premium bonds is a good option to stash some of Auntie's money safely?

Albermarle

Matilda1975 said:

Thank you all again. This website is the best!

We dont want to rent the property out but we did look at what rent we might be able to get ....do you think premium bonds is a good option to stash some of Auntie's money safely?

As already said, you need enough in easy access savings accounts to pay for 12 months care at least.
Premium Bonds counts as easy access. Max £50K and on average over 12 months you should earn around 2% . It might be a bit more or less, depending on your luck. Some other easy access accounts have a better rate of interest ( and some less). I am not sure how easy it would be to open an account as a POA. Like many saving providers, if you can do everything on line, it tends to go OK, but if you have to call them with anything ( which you may have to do as a POA applicant) then you need to be patient.......