Selling my house - what to do short-term with the money?

N

ndp

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I am selling my house at the moment but may not be buying my next house for up to six months, thereabouts. It should sell for about €500,000. What should I do with the money between the time it sells and when I buy the next house?
 
Will you have €500K or that less some outstanding mortgage amount? 6 months is too short for anything but a high rate deposit account in my opinion. Check out the Financial Best Buys forum for details of the best rates on offer at the moment. With a big lump sum you may be able to negotiate a special rate directly with a bank but (a) you may not get better than the high rates already on offer as a matter of course and (b) if you do approach a/your bank about this then be wary of any "advice" they might give you about what to do with the money as they are tied agents/sales people with a vested interest in selling you products (which may not necessarily be suitable for your needs/circumstances).
 
We're in a similar situation, although the time period is shorter. I approached the bank with whom we're going to arrange our mortgage and asked them to give me their best rate. I compared this to other institutions to ensure I couldn't get better value elsewhere. It turned out that it was the best rate, but if it hadn't been I'd have asked them to match it.
 
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