Where do we start?

claireac

Hi,

I'm new to this and was wondering what you'd recommend please.

We haven't had much mony for last couple of years due to kids and mortgage. We sold our house, found new one to buy, applied for 80% mortgage, mortgage company said yes in principle, dragged their heels big time, changed lending criteria and then offered us 60% mortgage. So we said no thank you and are now going to rent for a while and see what the market does. We got a good price for ours and have a reasonable amount of equity.

After paying off our debts (one of the purposes of the move) and paying 6 months rent in advance we will be left with about £15k.

We are looking at renting for 12-18 months to get a good idea of the housing market.

Where would you suggest we put this??

Thanks

debbie42

Have either of you used your ISA cash allowance yet? It's £3600 each for this year, so max that out first. Look at the guide here for some ideas as to where to put it.
http://forums.moneysavingexpert.com/showthread.html?t=401374

That takes care of around half of it. If you don't need access to the rest then I'd look into some of the fixed rate yearly "bond" savers as they are paying decent rates at the moment: 7% + is easy enough to find.