Its hard to advise without knowing what you do but general consensus would be at your age and income bracket it will be wise not leave without securing another job first. You options really are either to find another role which you are more suited to within the firm or negotiate with your HR Dept, either offer to pay off the 3 month the alternative takes more balls Pal of mine had a similar 3 month notice clause he used his leave and MC to clear out least 1.5 months and join another firm midway during his absence.

Applying for a job without a current one already makes the potential employer look at you different, first thing they will think about is why the other firm didn't want you etc etc. Also we are going into an economic downturn do you really want to have no job security?

The only thing I will say is unless you have a solid stream or rec-curing income, great contacts in the industry who are willing to recommend friends to employ you or a huge pot of cash don't make any rash decisions.

I stopped working for a while back when trying some businesses, didn't work out and I can tell you the period I did not work I spent much more than if I had worked. Free time gives you more opportunities to spend or try reckless risk taking (not gambling).