When did you spend savings on build?

A

aishling

Registered User
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Hi Guys,

I have approx 30k in savings and will be looking for a mortgage of approx 200k. Land was gifted worth approx 70k. I have to decide now where to put my savings as my fixed term account has matured. So just wondering when do you think is best to use my savings? Should we put it towards getting the build started ie foundations etc before drawing down on mortgage (so leave in a demand account at low rate) or use it to furnish the house/pay for kitchen (put in a fixed term account at better rate)? When did you use your own money??
 
aishling said:
Hi Guys,

I have approx 30k in savings and will be looking for a mortgage of approx 200k. Land was gifted worth approx 70k. I have to decide now where to put my savings as my fixed term account has matured. So just wondering when do you think is best to use my savings? Should we put it towards getting the build started ie foundations etc before drawing down on mortgage (so leave in a demand account at low rate) or use it to furnish the house/pay for kitchen (put in a fixed term account at better rate)? When did you use your own money??
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From anyone I know they draw down and use mortgage money first just in case they need extra money at end for extra's or unforeseen expense. Always handy to have such cash avaiable at furnish stage
 
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