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Come and talk to me about renting before finding our new house!!!....

(2 Posts)
Becaroooo Sun 24-Jul-11 08:27:23

....We would be paying less in rental than we are in mortgage payments atm and would have about 22-23k left in the bank for a deposit which we hope to add to over the months we rent.

We would also have no other debt (loans, cards etc)

Although I dont relish the idea of renting (we have 2 dc) we just cant find a house in the village we need to move to atm. All too small or out of our price range. We missed out on a couple of lovely ones before we sold ours so know that there are houses that would be suitable for us.

My thinking is that we rent for 6-12 months and keep looking for a house and not rush the decision.

We would also be in a good position to offer on a house ie. no chain, deposit, mortgage agreed etc.

Thoughts?

Where could be put the deposit money to make the most from any interest???

CogitoErgoSometimes Sun 24-Jul-11 09:24:20

Sounds like a good plan to me. You're right. By renting you're making youself a 'first time buyer' effectively, which will help when you find the right house. Prices are not rocketing upwards at the moment so, if you wait, you may even get a bargain.

Where to put your deposit money... If you're going to need it at relatively short notice, put the maximum into Cash ISAs (£5340 each) and see if you can find deposit accounts with say 60-90 days notice for the rest as you'll get a slightly better interest rate than instant access.

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