From: dave.dixson_nospam@bigfoot.com (Dave Dixson)
Newsgroups: uk.finance
Subject: Re: Property rental paid for by interest on savings
Date: 16 May 2004 14:51:10 -0700

dave.dixson_nospam@bigfoot.com (Dave Dixson) wrote in message news:<76c0e2e9.0405140437.41ec5554@posting.google.com>...
> 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.

Thanks for all the posts - you've give us a few things to think about
which we hadnt considered, though it sounds like it will work out ok.

As we will be moving to a different part of the country, we are
starting to think that renting for a short period before hand might be
a better way to go anyway, as it will give us more of a chance to
check out the local areas and keep more of an eye on the local
property market.

Cheers,

Dave.