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warchest etc

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    #21
    Originally posted by LondonManc View Post
    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...

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      #22
      Originally posted by xenomorph View Post

      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

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        #23
        Originally posted by LondonManc View Post
        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


        Sent from my iPhone using Contractor UK Forum

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          #24
          Originally posted by GhostofTarbera View Post
          Unless you are out off work for a year, and need to sell


          Sent from my iPhone using Contractor UK Forum
          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.

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            #25
            Originally posted by Old Greg View Post
            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?
            The greatest trick the devil ever pulled was convincing the world that he didn't exist

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              #26
              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.

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                #27
                Originally posted by xenomorph View Post
                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.

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                  #28
                  a lot of my money at the moment goes towards rent in London and bills. 60% dividends I pay myself goes on just that!

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                    #29
                    Originally posted by LondonManc View Post
                    You're not scootysnot's literate twin are you?
                    I have better taste in hotels as well.

                    Comment


                      #30
                      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
                      Last edited by ResistanceFighter; 2 June 2020, 14:18.

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