Completion Date & Where to put sell proceeds from BTL which is over the FSCS limit

20122013

It is great that NS&I is an option for me. 

May I also check this.

A I have a fully offset mortgage, would it be easier for me to

1. pay this off using my offset account so there is no mortgage on the property or will this delay things. The lender says this will take 2 days to do but then I am thinking whether there will be additional paper work for my solicitor to cross check ?

2. If my solicitor pays off my mortgage with the sell proceeds (then the money in my offset account will remain and it pays 0.1% interest. As I will not be able to do transfer it out for some months, hence I am thinking of option '1'.

BikingBud

user1977 said:

20122013 said:

Albermarle said:

20122013 said:

user1977 said:

20122013 said:

NS&I will be my first option but do they cover BTL proceeds, too? 

National Savings are "covered" in the sense that they're the government, so are (hopefully) the last people to go bust.

I see, but will it cover BTL (Buy to let)?  

The source of the money is irrelevant. If you put money in a NS&I account it is safe regardless of where the money comes from.

"Proceeds from second homes or buy-to-let properties are not covered"

That's a comment about banks or building societies covered by FSCS in the event they fail. Like I said above, National Savings is the government, it ain't going to "go bust".

But the Government is bust. 

It's just a shame that we have to pay the interest on the overdraft - last year the 4th largest spend from the tax take @11.1% only marginally behind pensions @11.4%.

But the commitments keep growing.