To save or not to save that is the question.

BunT1958

I am a complete money muppet so, please help me! I’ve sold my house and in a12 month rental contract to give me time to have a look around. I have found a fixer upper really quickly and just appointed a solicitor. There is a problem with getting sitting tenants out and my solicitor has advised me to hold off until that is sorted. In the meantime I have proceeds money from my last house. I have got premium bonds and put the max in an ISA but time is running on and I haven’t done anything with the rest and I’m conscious that I only have a six month safety net with the bank to move some. I need a short term safe place to spread it. I know about the 85k guarantee. Do I look for an account is no penalty for taking it out again as soon as things are sorted and that pays interest monthly as it’s not going to be in there for a year or does it not matter? Many thanks BunT

Mark_d

If you want a simple solution that gives you a reasonable return and complete security, then consider income bonds with NS&I.

FlorayG

Do you really mean "sitting" tenant? That's a tenant who is to remain in the house when it is sold . I assume you want the house to live in yourself, so the seller needs to remove the tenant not sell you the house with a sitting tenant

eskbanker

BunT1958 said:

Do I look for an account is no penalty for taking it out again as soon as things are sorted and that pays interest monthly as it’s not going to be in there for a year or does it not matter?

Yes, you should look for an easy access account with no withdrawal penalties, and no, it doesn't matter about annual or monthly interest, in that if you close the account any accrued interest will be added to your closing balance.

Brie

Yes - definitely don't progress while there is a tenant there unless you want to be a landlord/lady.  

BunT1958

Thank you all for taking the time out to give me advice 😊

dont_use_vistaprint

Brie said:

Yes - definitely don't progress while there is a tenant there unless you want to be a landlord/lady.  

This is how I got my dream home at an absolute bargain price. I not only proceeded super fast but I bought cash, I met the Tennant and introduced her to a number of rental estate agents that I’ve worked with and we all work together , meeting 2-3 times a week , taking her to viewings and got her out ASAP.

i even helped her move on the day :-)