I am considering buying a home prior to selling mine. My intention was to sell my shares and pay cash for the new property. If I sell my existing house within 3 years I gather I am able to reclaim the excess stamp duty on the second property. So far so good.
My question is: do I really have to open 7 bank accounts to ensure my funds are protected? I gather the previous unlimited protection offered by the Post Office no longer exits.
Got a credit card? use our Credit Card & Finance Calculators
Thanks to Wasron,jfgw,Rhyd6,eyeball08,Wondergirly, for Donating to support the site
Paying for Second Home
Forum rules
Direct questions and answers, this room is not for general discussion please
Direct questions and answers, this room is not for general discussion please
-
- Lemon Quarter
- Posts: 4836
- Joined: November 4th, 2016, 2:24 pm
- Has thanked: 4860 times
- Been thanked: 2123 times
-
- Posts: 37
- Joined: November 10th, 2016, 7:27 pm
- Has thanked: 5 times
- Been thanked: 19 times
Re: Paying for Second Home
FSCS savings protection is up to £1million for 6 months when buying/selling a house.
https://www.fscs.org.uk/how-we-work/claims-process/temporary-high-balances/
https://www.fscs.org.uk/how-we-work/claims-process/temporary-high-balances/
-
- Lemon Quarter
- Posts: 3791
- Joined: November 6th, 2016, 10:25 pm
- Has thanked: 1197 times
- Been thanked: 1986 times
Re: Paying for Second Home
The FSCS does say extra protection is available Real estate transactions (property purchase, sale proceeds, equity release - relating to your main residence only. so I suppose it would relate to your main residence, but we decided not to take the risk.
We opened several savings accounts, plus premium bonds (which can take 6 days to get the money out of if you apply at the end of the month as you need to wait for the next draw!). Remember to keep a record of interest for your tax return(!)
The excess Stamp Duty was repaid within about a week of me applying online - you just need the SDLT reference number from the solicitors when you buy.
Paul
We opened several savings accounts, plus premium bonds (which can take 6 days to get the money out of if you apply at the end of the month as you need to wait for the next draw!). Remember to keep a record of interest for your tax return(!)
The excess Stamp Duty was repaid within about a week of me applying online - you just need the SDLT reference number from the solicitors when you buy.
Paul
-
- 2 Lemon pips
- Posts: 210
- Joined: February 15th, 2017, 5:49 pm
- Has thanked: 1 time
- Been thanked: 103 times
Re: Paying for Second Home
You can put up to £2,000,000 in the Direct Saver - so unless it's a particularly expensive house, that would seem to cover it. It's instant access online.
Who is online
Users browsing this forum: No registered users and 44 guests