Q&A

Answer a question



06 February 2013

saving for a deposit

I lived in New Zealand for 5 years and have a pension fund there that is worth about £4500, which I can withdraw because I have emigrated permanently (back to Scotland). My partner and I would like to save up a deposit for a flat in Glasgow, which might cost around £130,000. I earn a regular wage but my partner is self-employed and his income is irregular, so we have decided to use my income for rent, bills etc and his income for savings and holidays etc. We would hope to have saved our deposit (around £20K?) in 12-24 months. First Q: should I leave my pension money in NZ for the time being? The pension is in a 'conservative fund' which means that most of it is earning interest as cash and some of it is invested in the stock market. The interest rates there are a little higher, although there are no tax free savings accounts. Also, the exchange rate favours the pound at the moment - but obviously in time this could change. Second Q: As my partner's income is erratic, what is the best savings account for us to apply for - we would need one that can accept lump sums of up to £100-£1000 at irregular intervals. Third Q: Would it be better to consolidate all of our savings - my pension fund amount plus what we can save from my partner's income? Thank you!

  • REPORT This comment has been reported.

3 Answers

Answers


Do you want to answer this question? You need to be signed in for this feature

Answer a question


Copyright © lovemoney.com All rights reserved.

 

loveMONEY.com Financial Services Limited is authorised and regulated by the Financial Conduct Authority (FCA) with Firm Reference Number (FRN): 479153.


loveMONEY.com is a company registered in England & Wales (Company Number: 7406028) with its registered address at First Floor Ridgeland House, 15 Carfax, Horsham, West Sussex, RH12 1DY, United Kingdom.


loveMONEY.com Limited operates under the trading name of loveMONEY.com Financial Services Limited.


We operate as a credit broker for consumer credit and do not lend directly.


Our company maintains relationships with various affiliates and lenders, which we may promote within our editorial content in emails and on featured partner pages through affiliate links. Please note, that we may receive commission payments from some of the product and service providers featured on our website. In line with Consumer Duty regulations, we assess our partners to ensure they offer fair value, are transparent, and cater to the needs of all customers, including vulnerable groups. We continuously review our practices to ensure compliance with these standards.


While we make every effort to ensure the accuracy and currency of our editorial content, users should independently verify information with their chosen product or service provider. This can be done by reviewing the product landing page information and the terms and conditions associated with the product. If you are uncertain whether a product is suitable, we strongly recommend seeking advice from a regulated independent financial advisor before applying for the products.