Hi all,
We are hoping to move house in the next year or 2, mortgage currently 185,000 and current house value 360,000. We have just sold some share options and will be coming into approx. 50K that we will have to use as a deposit against a new house ( probably around the 500-520K value). I was going to put the money off the current mortgage but then realised I still need to have deposit when trading up even if we have equity on the house. We don't want to sell and then rent for a while as too difficult to get anywhere to rent in our area and also inconvenient to want to sell and buy on same day if possible. My question is, where should we put our 50K in the meantime, until we are ready to use it? ( can't move any sooner as husband has just started a new job and will be on probation for at least 6 months). Thanks for your help!
We are hoping to move house in the next year or 2, mortgage currently 185,000 and current house value 360,000. We have just sold some share options and will be coming into approx. 50K that we will have to use as a deposit against a new house ( probably around the 500-520K value). I was going to put the money off the current mortgage but then realised I still need to have deposit when trading up even if we have equity on the house. We don't want to sell and then rent for a while as too difficult to get anywhere to rent in our area and also inconvenient to want to sell and buy on same day if possible. My question is, where should we put our 50K in the meantime, until we are ready to use it? ( can't move any sooner as husband has just started a new job and will be on probation for at least 6 months). Thanks for your help!