Selling house, E100k profit, what should I do with it?

[Z100]

I'll spare you all the details, but I'm selling my house because of (non-financial) personal circumstances and while it could take an age to sell, it should eventually give me around a E100k profit on what I paid for it about 2 years ago.

Again because of personal circumstances I won't have to buy anywhere for now, so I have to decide what to do with the money. I know there's lots of advice on these boards on where to invest these kinds of sums but all I want to ask the experts is if they think I should get back on the blasted ladder asap?

To be honest I'm nervous about no longer being a home owner, despite my mortgage costs it was a huge comfort to actually own some bricks and mortar. But if I did buy again soon I wouldn't be living in the home (again, personal circumstances) for quite a few years, so I don't know if it would make sense to buy property over, say, investing the money elsewhere.

Again, I promise, I've read the investment advice, but I'd just like a few opinions on this particular situation. Thanks.

 

[Z100]

Re: Selling house, E100k profit, what should I do with it??

Sorry, another question to tag on to the above:

I was a first time buyer (2+ yrs ago) when I bought the property I now have for sale.

I'm never too clear on the issue of how long FTB's mortgage interest relief runs (7 years, as per another post tonight?) or how exactly it works - eg if I was now to buy a property with a non-FTB would I get any mortgage relief? Thanks.

 

[techman]

Re: Selling house, E100k profit, what should I do with it??

It's seven years from the date you bought your first property.

Don't know re. buying with a non-ftb.

Search the forum. Definitely came up before.

www.askaboutshares.com

 

[ClubMan]

Re: Selling house, E100k profit, what should I do with it??

Sorry, another question to tag on to the above:

I was a first time buyer (2+ yrs ago) when I bought the property I now have for sale.

I'm never too clear on the issue of how long FTB's mortgage interest relief runs (7 years, as per another post tonight?) or how exactly it works - eg if I was now to buy a property with a non-FTB would I get any mortgage relief? Thanks.

FTB owner occupier mortgage interest relief lasts for 7 years. Whatever you have not already used up is still available to you - i.e. c. something under 5 years - to start using again whenever you buy a new PPR.

 

[Z100]

Re: Selling house, E100k profit, what should I do with it??

FTB owner occupier mortgage interest relief lasts for 7 years. Whatever you have not already used up is still available to you - i.e. c. something under 5 years - to start using again whenever you buy a new PPR.

Thanks for that Clubman, I had no idea how it worked. Any thoughts on the worries of being propertyless as I speedily approach middle age? What would you do in my situation?