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Post by Deleted on Apr 1, 2018 21:09:30 GMT
It's way off P2P topic (as there is no way I'm lending it there) but I figured the great and the wise around here might think of something I've missed so ....
Selling up and moving to rented until the right property shows up where I'm off to, leaving a lump sum to find a home for. So what would you do with (non specifically) 250-500k that you could need again tomo, or not for months!
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Liz
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Post by Liz on Apr 1, 2018 22:21:49 GMT
The bank. £85k in each and all that. Or maybe premium bonds.
Anything else could be tied up long term or risk capital.
Not what you wanted to hear, I know. And I'm sure you already know this.
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Monetus
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Post by Monetus on Apr 1, 2018 22:37:32 GMT
£200k in Assetz Capital QAA or 30 day accounts (with 1% Spring bonus)
The rest in banks.
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Post by eascogo on Apr 1, 2018 23:04:27 GMT
£200k in Assetz Capital QAA or 30 day accounts (with 1% Spring bonus) The rest in banks. IIRC there was an upper limit of £99,999 in the 30-day account a year or so ago. Not sure if it still applies.
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Liz
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Post by Liz on Apr 1, 2018 23:07:14 GMT
£200k in Assetz Capital QAA or 30 day accounts (with 1% Spring bonus) The rest in banks. IIRC there was an upper limit of £99,999 in the 30-day account a year or so ago. Not sure if it still applies. The OP did say that there is no way he was investing the money in p2p.
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romy
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Post by romy on Apr 1, 2018 23:57:14 GMT
Unless somethings changed recently up to 1 million is protected by FSCS scheme for up to 6 months when you have a temporary high balence in certain circumstances. I was certainly told by my bank that selling house and temporarily having v high balence for a couple of months was covered when in that position a couple of years ago. Look at Fscs website to confirm. Saves having to split up into lots of different 85k bits.
Alternatively I seem to recall that some NS&I accounts are guaranteed beyond the 85k???
Not that any of these will give you an inflation beating rate of interest but would be safe...
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archie
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Post by archie on Apr 2, 2018 6:27:35 GMT
I'll look after it.  |
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Post by Deleted on Apr 2, 2018 7:48:31 GMT
Liz , to be fair that's exactly what I thought although as romy says I believe I'm covered up to 1million for 6months. I just wanted to take a consensus what others would do. Monetus, tempting, very tempting but 1. I'd be devastated if I couldn't access a lump that size when I want to buy and 2. I'll be hit by 60% tax outside IFISA so doesn't feel worth the risk for limited gain paul123 probably is the safest and easiest option, shame I'll only be bagging 0.38% archie I'll keep it in mind if all else fails 
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hazellend
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Post by hazellend on Apr 2, 2018 8:55:39 GMT
I would put it all with NSI (premium bonds then whatever else they have)
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Post by dan1 on Apr 2, 2018 11:26:20 GMT
jester - to maximise your return whilst maintaining 100% FSCS protection and instant access to your cash you could open as many high interest current accounts and regular savers (at least that allow you to withdraw penalty free) as possible and then topping up with instant access accounts such that you don't exceed £85k per institution. You may also be able to benefit from children's savings accounts. It all depends on whether you want the hassle or not. MSE and Moneyfacts are your friends (IMO of course). Otherwise, as others have said NS&I where you could also consider Income Bonds and you may as well max out premium bonds given your tax position. A nice 1st world problem to have of course Edit: by 'hassle' I was referring to operating multiple accounts not a child 
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Post by skint4achange on Apr 14, 2018 20:27:20 GMT
You could do what me and my wife are doing in 3 years time?
We are selling our family home as it is too big for us. We are then going to buy a 2 bedroom flat in the area that we will eventually come back to the UK for our final days on this planet but not move in.
The remaining money from the house sale is going to be used to buy a 45 foot blue water yacht so we can spend 5 years sailing around the globe.
The flat that we buy will be rented out so we will have an income from it too (Should be about a 6% p.a return)
It's not a bad plan if you like being on the ocean waves, but if not, probably not even worth considering!
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Post by Ace on Apr 14, 2018 22:33:33 GMT
You could do what me and my wife are doing in 3 years time?
We are selling our family home as it is too big for us. We are then going to buy a 2 bedroom flat in the area that we will eventually come back to the UK for our final days on this planet but not move in.
The remaining money from the house sale is going to be used to buy a 45 foot blue water yacht so we can spend 5 years sailing around the globe.
The flat that we buy will be rented out so we will have an income from it too (Should be about a 6% p.a return)
It's not a bad plan if you like being on the ocean waves, but if not, probably not even worth considering! No need to purchase the yacht. There are platforms on here that will lend you the money for as long as you like, and you never have to pay it back
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Post by skint4achange on Apr 14, 2018 22:38:36 GMT
But the yacht I am buying is only £75k and I want to borrow £150k, how ever will I manage to get that past their excellent DD? Do RICS do yachts?  |
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Post by Ace on Apr 14, 2018 22:48:56 GMT
Just say that you're going to gold plate the deck and that the GDV will then be £300k. That way you'll get a cheap loan for £150k due to the low LTV of 50%. Simples  |
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Post by skint4achange on Apr 14, 2018 22:56:09 GMT
Just say that you're going to gold plate the deck and that the GDV will then be £300k. That way you'll get a cheap loan for £150k due to the low LTV of 50%. Simples OMG!! 50% GDV! I must just buy a load of that myself if it is offered at 12%!
Oh, wait a minute.................................... 
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