Best place to save for mortgage deposit

Me and the missus have been paying money on rent now for over 7 years and its just dead money.We have gone through our finances and can save £500 a month,We have a little over £10,000 in the bank already from a Inheritance left to me but we need a extra £7,000 in for the deposit the bank required to get the mortgage size we want.
My question is where is the best place to save our money, ISA'S would be my first thought but I was wondering if anyone had any advice for us.

Thx

There's a Nigerian Prince who's been e-mailing me who has a cast iron safe as houses money making certainty if you're up for it

Valley Trash wrote:There's a Nigerian Prince who's been e-mailing me who has a cast iron safe as houses money making certainty if you're up for it

I was going to say under the mattress, but that's just a plain silly idea. So after careful consideration, my advice would be to stick it under the floorboards

OMG

All the intelligent people on this board and a Nigerian Prince & under the floor boards is the best you can come up with.

Ill let my missus know she will be overjoyed in knowing are money is in good hands

thewelshfella wrote: OMG

All the intelligent people on this board and a Nigerian Prince & under the floor boards is the best you can come up with.

Ill let my missus know she will be overjoyed in knowing are money is in good hands

Well it would be much safer than in a bank that's for sure

What about keeping a Nigerian prince under your floorboards to mind the money?

Two cash ISAs for sure, with unrestricted access........

I'll look after it for you if you like.

Signed

Honest John.

thewelshfella wrote:Me and the missus have been paying money on rent now for over 7 years and its just dead money.We have gone through our finances and can save £500 a month,We have a little over £10,000 in the bank already from a Inheritance left to me but we need a extra £7,000 in for the deposit the bank required to get the mortgage size we want.
My question is where is the best place to save our money, ISA'S would be my first thought but I was wondering if anyone had any advice for us.

Thx

It depends how long you'll realistically take to save another £7k.
If you're willing to tie your capital up for a fixed term, there are some savings bonds that will give a better return than a cash ISA.

As you only need just over a year to accumulate and then cash in your savings for a deposit, assuming you want to buy asap you have sufficient deposit, and with interest rates so low I would stick it in an instant access account so you are ready to pounce on a good house deal when it hits you. The amount of interest will be negligible in such a short time imho set against the ability to spend, spend, spend.

G-ster wrote:

thewelshfella wrote:Me and the missus have been paying money on rent now for over 7 years and its just dead money.We have gone through our finances and can save £500 a month,We have a little over £10,000 in the bank already from a Inheritance left to me but we need a extra £7,000 in for the deposit the bank required to get the mortgage size we want.
My question is where is the best place to save our money, ISA'S would be my first thought but I was wondering if anyone had any advice for us.

Thx

It depends how long you'll realistically take to save another £7k.
If you're willing to tie your capital up for a fixed term, there are some savings bonds that will give a better return than a cash ISA.

Thats the problem as it will only take 14 months to save a fixed term wouldnt be best I guess.The best intrest rate I can find Is just over 3% when its not fixed.Im down the bank next week so Ill see if I can speak with someone when im there and get the best rate possible.Thx for everyones help and advice