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    • beforeitstoolate
    • By beforeitstoolate 13th Jan 18, 8:55 PM
    • 4Posts
    • 0Thanks
    Best place for savings / Pension advice . Help
    • #1
    • 13th Jan 18, 8:55 PM
    Best place for savings / Pension advice . Help 13th Jan 18 at 8:55 PM
    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 .
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    • atush
    • By atush 13th Jan 18, 10:29 PM
    • 16,814 Posts
    • 10,493 Thanks
    • #2
    • 13th Jan 18, 10:29 PM
    • #2
    • 13th Jan 18, 10:29 PM
    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
    • By Bimbly 14th Jan 18, 9:11 AM
    • 72 Posts
    • 58 Thanks
    • #3
    • 14th Jan 18, 9:11 AM
    • #3
    • 14th Jan 18, 9:11 AM
    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.
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