What To Do With 50K Short Term?

[DarceyK123]

To cut a long story short, we are helping Son get a bigger house, we released 50k from our own house ready for their move.

But unfortunately their seller has pulled out so he has to start looking again.

This leaves us with 50k in our current account, where would be best to put it for now? Obviously we would need to get at it in about 6 months (guess?)
So can't tie it up but we are uncomfortable leaving it in our current account.

Any ideas?

[gness]

I would buy Premium Bonds....x

[sunny-dave]

I agree - Premium Bonds - absoluetly safe and virtually instant access.

With 50k you'll almost certainly win enough to make the notional rat of interest - and you just might win a bit more

[Peter Pedant]

Any savings account with notice
I mean they are all pretty crap to be honest ...

Have you thought of transferring it to lover boy and this will allow him to say he has a deposit of a certain size for mortgage purposes ?

As none of us are immortal - you shoujld decide whether you are effectively gonna give the fella the money ( like when you die ) then transfer now
OR
you are lending it, and takine a %equitable share - which he repays when he sells - BUT such a way mitigates the effect of divoooooorce ! - since your share is never his so an ex wife cant get her hot little hands on it when a split occurs
( but you have a CGT charge in this case)

1% on £50k is 500 p.a. or £250 which is a drink or two
but not worth tying it up at long notice ( returning to your orig q)

[hellywelly4]

I did equity release about 15 years ago to help my daughter out. When eventually the opportunity to came to clear the debt I was horrified to find how it had increased. Please put the money back in your house and raise the money another way.

[DarceyK123]

Thanks folks, yes we could top up our Premium Bonds but we have a lot already.

Peter, we are giving it to our son now rather than when we pop our clogs! So we can see the difference it makes to his young family rather than never see the benefit.

[Peter Pedant]

Darcey - quig !
exactly this was discussed in the FT ( that would be Financial Times for jordy ) this week end - sat section

in the money section - by Lucy ( ka-ching!) CHing I think

and runs thro the options of giving and lending as I mention

No Jordy I am not on medication but perhaps should be
House ownership involves legal and equitable title
in this country - and making money available like this involves equitable right and title and not the legal side ....
and of course there are also possible tax implications

( and yes I have done this )

[ you're the one bewailing rude whingers on another thread arent you ?]

[Peter Pedant]

yes I have checked
the FT is on line but wants moolah
there should be a copy in your local library ....