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  • FIRST POST
    • linsoft
    • By linsoft 5th Feb 18, 8:05 PM
    • 17Posts
    • 11Thanks
    linsoft
    Money after selling a house
    • #1
    • 5th Feb 18, 8:05 PM
    Money after selling a house 5th Feb 18 at 8:05 PM
    We own two houses and will be selling both of them this year so we can buy a super house and get rid of the liability of owning both houses.

    After capital gains tax (which we would love to avoid but do not think we can), legal fees and paying off a loan that was raised to decorate and spruce one of the houses up we will be left with about 100,000 for one of them and about 55,000 for the other. The first house has no mortgage on it which is great.

    So for step 1 we will have about 100,000, what is the best saving account to place this money in whilst step 2 (second house selling). We will not need instant access, but a months notices should be ok (if such a thing exists) as all the money is going to be used for our final house purchase.

    The other thought is to pay off our existing mortgage which is about 60,000 thereby saving ourselves the mortgage interest, but then we are in our early 50s so do not have a lot of working life ahead of us for securing further mortgages.

    Lots to think about and its a nice position to be in after 30 years of struggling to bring up children etc and often working more than 1 job.
Page 1
    • Zorillo
    • By Zorillo 5th Feb 18, 9:27 PM
    • 163 Posts
    • 86 Thanks
    Zorillo
    • #2
    • 5th Feb 18, 9:27 PM
    • #2
    • 5th Feb 18, 9:27 PM
    NS&I would be best for a short period with minimum hassle as it could accommodate the whole 100k without having to worry about the FSCS limit
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