2nd job savings

rossdixon1984

so I am saving for a house move (date to be decided maybe anything from 6-18 months from now)

I want to save all my money I have taken from a second job. Approx £600-700 per month. I am looking for advice.

Current mortgage deal is 4% with 11 years left. Currently have an investment Isa and monthly saving accounts with Lloyds capped at £400pm and £250pm.

Thoughts ideas to make the money that I am bringing in from a second job to go further. Trying to keep away from fixed terms in case I need the money 6 months for now and it’s locked away.

I’m not in a higher tax bracket but earning approx 45-50k per annum. Got my emergency fund already in place too.

Anyone have any thoughts of how best I can make my money go further please?

Albermarle

An Investment ISA ( or any investment) is not suitable for money you will need in the relatively short term. The reason of course is that there could be a market crash between now and when you need the money, and there probably would not be time for to see out the recovery . So money you will need within 18 months should be in cash savings.

Investments are better when you have a long term outlook, which means minimum 5 years, preferably >10 years

Brie

What specifically are you saving for?

If it's a bigger mortgage in the future then why not make overpayments on your current mortgage? That is worth 4% APR.

Or pop the excess directly into an easy access account

Best savings accounts: 5% easy access or 5% fixed rate

jimjames

You mention investment ISA but not cash ISA? If you are close to the £50k tax band then any interest added to your income could tip you over that limit and house savings would suggest a higher amount of cash generating interest. If so then cash or LISA would be a good idea to reduce your tax liability.