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How soon is "next couple of months"? Personal geopolitical situation #3
The main reason for opening this issue - to showcase that I'm determined and I know my numbers.
Buying a house (5% downpayment)
I have opened https://www.gov.uk/lifetime-isa June 2019.
It's 25% government bonus towards the purchase of the first home, limited to £1000 of free money per year.
Usually, I'm not a big fan of the government but here the risk-reward ratio is reasonable. I don't expect UK government to go out of business in the next couple of months, not with the investment in nuclear submarines: https://en.wikipedia.org/wiki/Trident_(UK_nuclear_programme)
I understand their incentive to support homeownership - less money spent on social housing and welfare benefits.
I have all the paperwork in place:
The only reason why I haven't pulled the trigger is the cost: https://www.gov.uk/government/publications/fees-for-citizenship-applications/fees-for-citizenship-applications-and-the-right-of-abode-from-6-april-2018
Simple realisation that for now, noone is kicking me out of the UK and I'd rather preserve the capital for the downpayment for the house.
(and only then apply for a piece of paper)
Speculating how BREXIT with affect real-estate prices?
Deal or no-deal, any decision will remove uncertainty.
See the land registry data
Prices stagnated, market was frozen, now it's warming up again.
I'm ready to pull the trigger now if I find a suitable house, even without waiting till June to receive free money, even without waiting for the outcome of BREXIT negotiation.
Owning your own house gives has a number of advantages:
I need to admit that I’m over-exposed to one asset class - BTC, ETH, PNK diversifying in the crypto is still one asset class.
If I was to purchase a house right now I'd effectively be overexposed to one asset class too.
Surviving crypto winter and sell right now, just before the halving? Unsure, I'd rather participate in this bull run as well...
Keeping my existing job is necessary to obtain a mortgage.
That's why suggesting part-time 10 hours per week contracting work focused on the escrow.
This will be my chance to deliver quality work and negotiate a full-time role.
So far I paid £1 to activate the countdown.
End of tax year 2019/20 is 6 April 2020.
There are two scenarios:
Scenario 1: I apply for citizenship soon after I get the house.
Why you haven't opened the Lifetime ISA earlier you may ask?
I had an uncertain housing situation and wasn't sure which address to use. Frequent change of address - reduced credit score. Thinking about getting a landline: https://credit-score-rating.blogspot.com/2019/07/obtaining-landline-to-achieve-better.html
(I kid you not)