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willv

Notice accounts before investing

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Hi guys,

I have around £100k that I want to invest in property in the months to come but I first want to see how things pan out with regards to the Covid+Brexit combination at the end of the year.

I've been looking at flexible savings accounts and some of 60, 90, 120 days notices. How long is it usually between the time I find a property and the time I need to pay the deposit? Do I need to stick to 2 months or can I go for 3 or even more?

Cheers,

Will

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Typically it could be as little as three or four weeks but it depends on the chain, urgency to sell and how quickly legal advisors move. One option is to consider the offset of what bridging would cost against the return on the investment if you were to catch up short. Having angel finance (i.e. a wealthy friend or family member) available to bridge the gap between needing the deposit and releasing investment should get around any issues. Be aware of financial compensation limits too so you'd probably want to spread your investment. Good luck!


Jerome
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Sorry, hadn't realised someone had posted an answer!

Thanks @TaxAntics - I don't have anyone who could lend me significant amounts so I'll just play it safe. Given the rates are so desperately low on saving accounts, it's really not worth it.

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