My situation is this, the children have flown the nest and it now seems a suitable time to downsize. To that end I put the house on the market, recieved a favourable offer, and exchange contracts in the next 11 days. Rather than dive in and buy immediately I'm renting with the intention of using up to 75% of the released capital to buy another property in the next 12 to 24 months.

The question is, where do I get the best rate of return on what, for me, is quite a lot of money? I think the maximum ammount of time I could tie it up for would be 28 days (in case I buy in an auction)? Are there any internet sites that cover this sort of thing?

Click on 'savings' in the menu at the top of the page...

John

assuming you are looking to just invest in cash ie a savings account, below is the link to moneyams savings comparator. Alternatively there is a link to the same on moneyfacts. When comparing rates, beware that some may have an introductory period and as soon as that finishes the rate will become uncompetitive. Also, once you have chosen account, keep an eye on the interest rate compared to the market leading rate at any time and change accounts if required.

Currently you should be able to get slightly better than 5%, though bear in mind interest rates are more likely to drop than increase in the next 6-12 months


http://www.moneyam.com/pfinance/index.php?page=Savings

http://www.moneyfacts.co.uk/menus/main/menu_savings.htm



If buying at auction, this is a good site which encompasses most property auction catalogues (though it requires a fee 20 i think)


http://www.auctionpropertyforsale.co.uk/

buy premium bonds. your money is safe and you might win the biggie!!!!

One other thing to add, from a tax perspective, if you havent used your isa allowances (you and spouse) then you should open these up and fully fund them

Thanks for your inputs. Strangly, instant access seems to pay much more than term accounts and the yield on monthly interest is not much less than the once a year ones. I think I'll end up picking several of each and a cash isa. I'll also try to contact that auction mag. I'd like to know that they give leads to every auction, if they do then it's money well spent IMO.

As a follow up may skill as a stock picker means that I probably wont be using up my capital gains allowance this year. Does anyone know anything about a thing called zeros? A chap in the pub said they were an excellent way of using up CGT. Of course he (or I) may well have been slightly the worse for wear at the time!

Cheers.

john39

house prices seem to be heading for a fall, arrears are increasing, reposessions to follow for sure...

Why be in a hurry to buy???

i would rent for a year, then check out the auctions...

John

the auction site i posted is on-line - ie the auction listings and all the lots are displayed on the website (or you can set email alerts by town or county) and you then contact the specific auctioneer if you want more details or to arrange a viewing. most of the listings and properties go on the website approx 3 weeks before the auction

as for zeros - personal advice would be to steer well clear

Fundy , what do you reckon on buying second hand endowments ?

Is it worth me looking into ?

My SIPP provider won't let me lay the Lions on betfair :-)

Dil

lol :-)