{"id":128530,"date":"2022-08-08T13:00:04","date_gmt":"2022-08-08T06:00:04","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/what-should-we-do-with-the-money-we-will-have-left-after-paying-off-our-mortgage\/"},"modified":"2022-08-08T13:10:55","modified_gmt":"2022-08-08T06:10:55","slug":"what-should-we-do-with-the-money-we-will-have-left-after-paying-off-our-mortgage","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/what-should-we-do-with-the-money-we-will-have-left-after-paying-off-our-mortgage\/","title":{"rendered":"What should we do with the money we will have left after paying off our mortgage?"},"content":{"rendered":"


\nWe are selling our flat to move to a different city but I am scared of losing our assets in the event of a banking disasterQ My husband and I are selling our flat to move to a different city. We\u2019ve accepted an offer but there is nothing currently on the market that we want in the area we want to move to, so we\u2019re planning to rent there until we find something. What should we do with the money we will have left after paying off our mortgage (about \u00a3500,000)? I\u2019m aware that if a bank collapsed, only \u00a385,000 is protected. Does that mean we should open five bank accounts? I am very risk averse and scared of losing our assets if there was another banking disaster \u2013 the world feels very turbulent at the moment.DLA For the first six months after selling your flat, you don\u2019t need to worry about losing your money in the unlikely event of another banking disaster. That\u2019s because The \u00a385,000 limit normally set by the Financial Services Compensation Scheme (FSCS) temporarily goes up to \u00a31m for high balances as a result of the sale of your main home and other life events, such as a large inheritance or a payout for voluntary or compulsory redundancy. After that, if you wanted to keep your cash in financial institutions covered by the FSCS, then yes, you would need to spread your cash between several accounts with no more than \u00a385,000 in each of them. Continue reading…
\n
\nSource : theguardian.com
\nRead more…What should we do with the money we will have left after paying off our mortgage?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

We are selling our flat to move to a different city but I am scared...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-128530","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-xr4","jetpack-related-posts":[{"id":57244,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/11000-cost-of-ending-mortgage-early-brings-reminder-from-banking-watchdog\/","url_meta":{"origin":128530,"position":0},"title":"$11,000 cost of ending mortgage early brings reminder from banking watchdog","date":"June 8, 2017","format":false,"excerpt":"\r Selling a house or switching mortgages to another bank early could get unwary home-owners into significant financial peril. In one case a man was asked to pay a total of $11,000 when he sold his house and paid off his mortgage earlier...\r \r Source : nzherald.co.nz\/Property\r Read more...,000 cost\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":121476,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/do-i-have-to-pay-capital-gains-tax-when-i-sell-my-flat-because-i-had-two-lodgers\/","url_meta":{"origin":128530,"position":1},"title":"Do I have to pay capital gains tax when I sell my flat because I had two lodgers?","date":"August 16, 2021","format":false,"excerpt":"\r I have rented out two rooms in my property for several years and the mortgage is paid offQ I\u2019ve been renting out two rooms in my flat in Devon for several years but am now thinking of selling it. 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