warchest etc

[Old Greg]

Only an issue if you're considering selling any time soon. If you're in your "forever home" and don't have to sell, it doesn't matter.

Agreed, except for the missed opportunity of buying it cheaper, if you can time it right...

[mjcp]

will look into loans instead if I come to buying property time and I not got enough for deposit withdraw plus 6 months leftover.

Consider who the loan is to and from. An off the shelf loan from a lender to you will show on your credit rating, just when you're going through the mortgage process...

A loan from family/friend/PSC to you need not. A loan to your PSC (hint.. Bounce back loan scheme) wouldn't either.

M

[GhostofTarbera]

Only an issue if you're considering selling any time soon. If you're in your "forever home" and don't have to sell, it doesn't matter.

Unless you are out off work for a year, and need to sell


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[ladymuck]

Unless you are out off work for a year, and need to sell


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Rent a room before selling! Or rent the whole property out and move in with family if you really need to. Selling should be a last resort.

[LondonManc]

Agreed, except for the missed opportunity of buying it cheaper, if you can time it right...

You're not scootysnot's literate twin are you?

[xenomorph]

well there is a good chance that I go back to being a permie after buying like I mentioned.
yes I can loose my job still as a permie but risk are less then with contracting as usual
only issue with 12 month warchest is it will take a long time build that up and thus not make it possible to purchase a property.
Seeing as house prices are very likely to drop next year will be best time to do this.

[PCTNN]

well there is a good chance that I go back to being a permie after buying like I mentioned.

Or you can go permie before you buy. Last time I checked, banks had different rates for permies and contractors (with contractors' rates being higher) and some banks wouldn't even offer mortgages to contractors.

As for myself, I have a 24 month warchest, which I admit is a lot, but that's just because I don't have an expensive lifestyle so it didn't take long to get there. 12 months should be big enough, even in this challenging time.

I've got it spread around a couple of easy access / ISA's accounts. Virtually no interest earned but quick and easy to take the money out.

[xenomorph]

a lot of my money at the moment goes towards rent in London and bills. 60% dividends I pay myself goes on just that!

[Old Greg]

You're not scootysnot's literate twin are you?

I have better taste in hotels as well.

[ResistanceFighter]

Contracting for 10 years, only had two spells of no work which include the last 2 months of this pandemic.

Warchest for me needs to be around 6 months minimum

If you want to get on the housing ladder quickly and it's your first place, take a look at the help to buy scheme - 5% deposit with a low mortgage payment for 5 years before the interest on the loan part kicks in.
Do research around it first though as it's not for everybody