Where to put savings?

[Psycho Sonny]

If I end up without a job I need money, it's far easier to withdraw from bonds than it is to borrow against my house. My mortgage interest rate is 1.65% from memory so it's not exactly terrible.

I'd rather have 3 months minimum easy access money for a rainy day - especially in the current COVID-19 situation we are all in. Saying that my job is pretty safe at the moment but that's not to say it can change.

So you reckon you need what £100K easy to access cash if you lose your job? If not £100K then how much easy to access cash do you need to survive?

You can by overpaying your mortgage take a mortgage holiday and reduce the monthly payments.

Again I'm not seeing any reason why you can't overpay the mortgage by say £20K and then stick £80K into bonds.

 

[ChrisD.]

I'm not sure where this £100k figure has come from?

 

[Psycho Sonny]

I'm not sure where this £100k figure has come from?

It doesn't matter. What matters is how much you need and what you have invested. It could be 200K you have or 70K.

I used 100K as an example.

 

[CaptainRAVE]

Under the floor boards.

 

[glenimp617]

Under the floor boards.

Not all houses have floor boards these days, they started using those giant chipboard things a few years back. No idea where to stash my £35 now.