Newbie

moogyboobles

We are in the process of selling our house and going into rental. We will use the equity to pay off debts and go towards rent. Where would be the best place to put what is left? We want to keep some for when we buy again (when I go back to work, I am a stay at home right now).
Never saved a sausage before, never had money for all the bills let alone to save so haven't a clue about anything.

LittleVoice

What timescale do you have for when the earliest time is that you will need funds for house purchase again?

Does your normal earned income cover your regular outgoings so that you won't need to dip into your savings?

moogyboobles

No, that's the reason for selling. My husbands wages don't cover our outgoings. Sick of robbing peter to pay paul, fixed rate ending (and mortgage repayments going up an extra £300 a month which is over 80% of our income) have forced us into selling up. Our youngest starts school in about 2 years so we thought rather getting into more and more trouble use the equity to help those 2 years be more comfortable. Then I can go to work and things will be easier.
Hopefully we can repair the damage to our credit rating too.
Mainly the equity will go on our rent.
We hope to put aside 10K and not touch that for at least 2 years.