Best place for savings / Pension advice . Help

beforeitstoolate

Can anyone please give me their views on the best way to go forward on my finances , a quick run down on my personal situation and finances .


- 40 years old soletrader looking to purchase my first property .

- Approx 27k a Year income .

- Mortgage in principle of 100k on a 200k property .

- Help to buy ISA opened with Natwest opened last year with 2k


- 160k cash in various accounts earning between 1.2 - 3% ( postoffice , Lloyds , Bank of scotland and Tescos.

- 25k in a standard Cash ISA earning 1.1% .


- 30k in my Natwest Soletrader Business acccount which I use to buy and sell Antiques ( around 20k in Stock ) .

- Have not used my ISA due to the help to buy ISA but could open a S&S ISA

- Biggest Concern that I have No Pension


A big chunkk of my finances will be going on the deposit on my mortgage .

I have been going around in circles not knowing where to start or who to speak to and becoming more stressed .

Any advice would be much appreciated .

atush

You need to start a pension.

This is a good idea in general, and even better if you decide to become a limited company rather than sole trader.

You have more than enough cash for your deposit and expenses regarding house purchase, and emergency pot. So should not only consider a pension immediately, but also perhaps a S&S isa too.

Bimbly

If buying a house way off in the future, then I would agree start the pension immediately.

If buying a house this year, then I would buy the house, then immediately start the pension.

This is because pension contributions reduce the amount of money a mortgage company will lend you. There may also be unexpected moving costs.

Start planning to put money into a pension now and make sure you do it when you move, even though you will have a lot of ther things to think about at that time.

I moved in my house (after a refurb) in September and upped my pension contributions this month.