Talk

Advanced search

Mumsnet has not checked the qualifications of anyone posting here. Free legal advice is available from a Citizen's Advice Bureau, and the Law Society can supply a list of local solicitors.

Proceeds from house sale

(5 Posts)
summerholsdreamin Thu 30-Mar-17 19:40:29

Unexpectedly at the last minute we are not going through with our purchase of a new house. Instead once we complete on our sale we will rent for a while,

My question is what to do with the proceeds of our sale? Will be approx £400k and whilst I appreciate interest rates are crap, still want to do what we can with it.

We will need reasonably easy access to purchase a new property when one comes up.

Any advice much appreciated,

Allthebestnamesareused Thu 30-Mar-17 19:46:37

Make sure you split it between accounts so that you get full financial protection. I would also suggest buying maximum amount of premium binds for you and your DP if there are 2 of you. (£50K) we did this for a 3 month period and won shedloads! More than any interest rate would give us.

I just found this link for you and found that rather than Just £85k protection each some places give you £1million protection after life events (such as sale of residence)
www.moneysavingexpert.com/savings/safe-savings

summerholsdreamin Thu 30-Mar-17 20:21:37

Thanks All, that's loads to consider. Hadn't even thought about splitting it. Just assumed we'd stick it all in a bank account confused

wickerlampshade Thu 30-Mar-17 20:38:46

up to one million protected in a single account for up to 6 months for precisely this reason

www.fscs.org.uk/what-we-cover/compensation-limits/deposit-limits/

caroldecker Thu 30-Mar-17 21:09:41

It is unlikely you will find a house and complete in 6 months, so for protection you need to split it. Remember it is by banking licence, not institution list here
Also consider ISA's to reduce the tax bill on some of the interest. Premium bonds are tax free
Do you get any benefits? These may be affected by the capital sum.

Join the discussion

Join the discussion

Registering is free, easy, and means you can join in the discussion, get discounts, win prizes and lots more.

Register now