Hi,
We are moving to a different part of the country in a couple of months, as I ditch my high paid IT job for a job in teaching (seems like a good idea at the moment - hope I feel the same way in a years time!).
Anyway, we have almost sold our house and are looking at making about £180,000 equity, which we were hoping to sink into a new house without the need for a mortgage (teachers dont get paid much!).
We are having trouble finding a house, and time is starting to run out. Looking at building society interest rates, it looks like I would get over £500 a month if I put this cash into a savings account (sound about right?), which would allow us to rent a house while we continue looking and not have to dig into savings.
Apart from the fact that we will be out of the housing market for a while, and so at risk of being priced out of the market, does anyone see any problems with this idea. It seems too good to be true to me, but then I suppose I have never had very much cash in my savings account, and so I am not used to making much cash from my interest.
Cheers,
Dave.