Buying a house (and renting)

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Albear
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PostRe: Buying a house (and renting for the proles)
by Albear » Sat May 12, 2018 12:35 am

You talk to painters too much GG.

Someone comes to paint my room/house to do a job I offer them a cup of tea and maybe talk about last week's footie results.

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PostRe: Buying a house (and renting for the proles)
by pjbetman » Sat May 12, 2018 9:20 am

Jenuall wrote:Anyone had any experience using Purple Bricks to sell a house?

We're looking at moving soon and have heard that they are a good shout if you want to minimise some of the fees that would normally go to the estate agents?


There was a new one advertised on TV last night...could've sworn it was called 'No Sale' but a search has revealed nothing. Anyone else see it? Basically sell your house for 995 and no fee if you don't sell.

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PostRe: Buying a house (and renting for the proles)
by pjbetman » Sat May 12, 2018 9:24 am

KK wrote:They're actually selling those MAGA red caps in Poundland. For months now I've wondered who on earth is buying them and now I guess I have the answer!


Perfect for painting in!

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PostRe: Buying a house (and renting for the proles)
by Green Gecko » Sat May 12, 2018 1:30 pm

Albear wrote:You talk to painters too much GG.

Someone comes to paint my room/house to do a job I offer them a cup of tea and maybe talk about last week's footie results.

Indeed, unfortunately I know nothing about football.

And it wasn't the painter, I got the oddball wolf of the family instead. I'm still curious why. I'd really rather not know..

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Oblomov Boblomov
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PostRe: Buying a house (and renting for the proles)
by Oblomov Boblomov » Sat May 12, 2018 1:58 pm

That's pretty much my number one go to with any tradesmen. Cup of tea and a "so, do you follow the football...?" :lol: They usually do and I can happily ramble on for a while.

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Lagamorph
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PostRe: Buying a house (and renting for the proles)
by Lagamorph » Fri May 18, 2018 3:18 pm

Turns out paying off the Help to buy loans is a lot more complicated than they make out when you get one.
I was under the assumption at the time I got it that it was all handled through the mortgage provider and that was why only certain lenders participated in the scheme, and so redeeming it/paying it off was just a case of contacting the lender who'd basically handle the rest.

Turns out what you have to do is,
Get an independent valuation of your house at your own expense. Can't be an estate agent valuation though, has to be from an independent RICS registered chartered surveyor. That's probably going to cost £100-200
Then you have to hire a solicitor to do the legal conveyancing. That's another £400-500
Then there's a £200 redemption fee you pay to the help to buy company

You're in for nearly a grand before you even pay back the loan.

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PostRe: Buying a house (and renting for the proles)
by Drumstick » Fri May 18, 2018 4:15 pm

Lagamorph wrote:Turns out paying off the Help to buy loans is a lot more complicated than they make out when you get one.
I was under the assumption at the time I got it that it was all handled through the mortgage provider and that was why only certain lenders participated in the scheme, and so redeeming it/paying it off was just a case of contacting the lender who'd basically handle the rest.

Turns out what you have to do is,
Get an independent valuation of your house at your own expense. Can't be an estate agent valuation though, has to be from an independent RICS registered chartered surveyor. That's probably going to cost £100-200
Then you have to hire a solicitor to do the legal conveyancing. That's another £400-500
Then there's a £200 redemption fee you pay to the help to buy company

You're in for nearly a grand before you even pay back the loan.

Yes. We did this just before the end of last year, trying to get everyone to do what they need to do around Christmas holidays etc. :dread:

Don't forget that the government are also entitled to 20% of any increase on the value of your property!

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PostRe: Buying a house (and renting for the proles)
by Lagamorph » Fri May 18, 2018 4:27 pm

Drumstick wrote:
Lagamorph wrote:Turns out paying off the Help to buy loans is a lot more complicated than they make out when you get one.
I was under the assumption at the time I got it that it was all handled through the mortgage provider and that was why only certain lenders participated in the scheme, and so redeeming it/paying it off was just a case of contacting the lender who'd basically handle the rest.

Turns out what you have to do is,
Get an independent valuation of your house at your own expense. Can't be an estate agent valuation though, has to be from an independent RICS registered chartered surveyor. That's probably going to cost £100-200
Then you have to hire a solicitor to do the legal conveyancing. That's another £400-500
Then there's a £200 redemption fee you pay to the help to buy company

You're in for nearly a grand before you even pay back the loan.

Yes. We did this just before the end of last year, trying to get everyone to do what they need to do around Christmas holidays etc. :dread:

Don't forget that the government are also entitled to 20% of any increase on the value of your property!

Yeah the bank reckon my house has increased in value by £30k in the last 4 and a half years (pretty sure they're over estimating it though) so they think I'll owe £35k on an original loan of £29k, s9 that will mean upping my mortgage to about £136k with a house value of £175k

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Hime
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PostRe: Buying a house (and renting for the proles)
by Hime » Fri May 18, 2018 6:27 pm

Lagamorph wrote:
Drumstick wrote:
Lagamorph wrote:Turns out paying off the Help to buy loans is a lot more complicated than they make out when you get one.
I was under the assumption at the time I got it that it was all handled through the mortgage provider and that was why only certain lenders participated in the scheme, and so redeeming it/paying it off was just a case of contacting the lender who'd basically handle the rest.

Turns out what you have to do is,
Get an independent valuation of your house at your own expense. Can't be an estate agent valuation though, has to be from an independent RICS registered chartered surveyor. That's probably going to cost £100-200
Then you have to hire a solicitor to do the legal conveyancing. That's another £400-500
Then there's a £200 redemption fee you pay to the help to buy company

You're in for nearly a grand before you even pay back the loan.

Yes. We did this just before the end of last year, trying to get everyone to do what they need to do around Christmas holidays etc. :dread:

Don't forget that the government are also entitled to 20% of any increase on the value of your property!

Yeah the bank reckon my house has increased in value by £30k in the last 4 and a half years (pretty sure they're over estimating it though) so they think I'll owe £35k on an original loan of £29k, s9 that will mean upping my mortgage to about £136k with a house value of £175k

That was always the risk with HTB though. Presumably your loan to value is better so you can get a better rate.

It's gooseberry fool to hear that it's another load of solicitors and gooseberry fool to start buying back but as we essentially used it to jump two rungs on the ladder it doesn't sound that bad. Better that buying and selling anyway.

Is it only one valuation that you need?

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PostRe: Buying a house (and renting for the proles)
by Lagamorph » Fri May 18, 2018 6:47 pm

Hime wrote:
Lagamorph wrote:
Drumstick wrote:
Lagamorph wrote:Turns out paying off the Help to buy loans is a lot more complicated than they make out when you get one.
I was under the assumption at the time I got it that it was all handled through the mortgage provider and that was why only certain lenders participated in the scheme, and so redeeming it/paying it off was just a case of contacting the lender who'd basically handle the rest.

Turns out what you have to do is,
Get an independent valuation of your house at your own expense. Can't be an estate agent valuation though, has to be from an independent RICS registered chartered surveyor. That's probably going to cost £100-200
Then you have to hire a solicitor to do the legal conveyancing. That's another £400-500
Then there's a £200 redemption fee you pay to the help to buy company

You're in for nearly a grand before you even pay back the loan.

Yes. We did this just before the end of last year, trying to get everyone to do what they need to do around Christmas holidays etc. :dread:

Don't forget that the government are also entitled to 20% of any increase on the value of your property!

Yeah the bank reckon my house has increased in value by £30k in the last 4 and a half years (pretty sure they're over estimating it though) so they think I'll owe £35k on an original loan of £29k, s9 that will mean upping my mortgage to about £136k with a house value of £175k

That was always the risk with HTB though. Presumably your loan to value is better so you can get a better rate.

It's gooseberry fool to hear that it's another load of solicitors and gooseberry fool to start buying back but as we essentially used it to jump two rungs on the ladder it doesn't sound that bad. Better that buying and selling anyway.

Is it only one valuation that you need?

From reading the info pack it seems to be just the one.

The bank did warn me some help to buy lenders require 3 so I've probably dodged a bullet on having to pay for 3 valuations.

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Zellery wrote:Good post Lagamorph.
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PostRe: Buying a house (and renting for the proles)
by Green Gecko » Fri May 18, 2018 7:28 pm

Trump guy is back soon. In the space of a 2 minute phone call he managed to rant about:

Something about having the "craps" so would have to be in the area anywhere to get something for that
The Royal wedding
That Megan Merkell is "American trash" (she's Canadian)
That she "just isn't a princess"

I managed to shut down the conversation by insisting I have no interest in the royal wedding (twice). Hopefully that's enough for now. The best part was probably painting some satin onto wood in advance of works but he had left it outside to dry and flies stuck to it, so he had to sand them (the flies) off and paint it again.

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PostRe: Buying a house (and renting for the proles)
by Moggy » Sat May 19, 2018 4:03 pm

Green Gecko wrote:Trump guy is back soon. In the space of a 2 minute phone call he managed to rant about:

Something about having the "craps" so would have to be in the area anywhere to get something for that
The Royal wedding
That Megan Merkell is "American trash" (she's Canadian)
That she "just isn't a princess"

I managed to shut down the conversation by insisting I have no interest in the royal wedding (twice). Hopefully that's enough for now. The best part was probably painting some satin onto wood in advance of works but he had left it outside to dry and flies stuck to it, so he had to sand them (the flies) off and paint it again.


Since when did being born and raised in LA and having two American parents make you Canadian? :lol:

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PostRe: Buying a house (and renting for the proles)
by That's not a growth » Sat May 19, 2018 4:58 pm

I'm hoping for some advice. I'm considering buying my first place.

I've saved up about enough for a 10% deposit based on my estimates on what kind of mortgage I can get. Expect I'm not certain what kind of mortgage I can get. I was looking a filling in the form with London and Country to see what I'm eligible for, but I'm concerned. I'm on an hourly rate, but I never work my minimum (full time) contracted hours, I always end up with a bit more. Last month I was paid so much extra it would amount to about an extra £6k a year if it were the same each month. And also, I received a pay rise on my hourly rate only 3 months ago.

My concern is my most recent pay slip looks pretty good, but due to the recent pay rise I've not got much of a history at this wage and due to a decent amount being overtime isn't something I can guarantee I will always get (but has been consistent over the last year - just not to the amount it was last month which was a slight extreme but not unheard of).

I'm wondering if I will need to bide my time for a while longer until my history looks better.

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Grumpy David
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PostRe: Buying a house (and renting for the proles)
by Grumpy David » Sat May 19, 2018 5:11 pm

That's not a growth wrote:I'm hoping for some advice. I'm considering buying my first place.

I've saved up about enough for a 10% deposit based on my estimates on what kind of mortgage I can get. Expect I'm not certain what kind of mortgage I can get. I was looking a filling in the form with London and Country to see what I'm eligible for, but I'm concerned. I'm on an hourly rate, but I never work my minimum (full time) contracted hours, I always end up with a bit more. Last month I was paid so much extra it would amount to about an extra £6k a year if it were the same each month. And also, I received a pay rise on my hourly rate only 3 months ago.

My concern is my most recent pay slip looks pretty good, but due to the recent pay rise I've not got much of a history at this wage and due to a decent amount being overtime isn't something I can guarantee I will always get (but has been consistent over the last year - just not to the amount it was last month which was a slight extreme but not unheard of).

I'm wondering if I will need to bide my time for a while longer until my history looks better.



What is your new hourly rate?

What are your guaranteed amount of hours per week / month?

Is overtime hours the same hourly rate?

How many hours of overtime did you do in April? March? February?

Most lenders will average the last 3 months payslips and use an annual figure from that.

Also, most won't take 100% of overtime.

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PostRe: Buying a house (and renting for the proles)
by Moggy » Sat May 19, 2018 5:14 pm

That's not a growth wrote:I'm hoping for some advice. I'm considering buying my first place.

I've saved up about enough for a 10% deposit based on my estimates on what kind of mortgage I can get. Expect I'm not certain what kind of mortgage I can get. I was looking a filling in the form with London and Country to see what I'm eligible for, but I'm concerned. I'm on an hourly rate, but I never work my minimum (full time) contracted hours, I always end up with a bit more. Last month I was paid so much extra it would amount to about an extra £6k a year if it were the same each month. And also, I received a pay rise on my hourly rate only 3 months ago.

My concern is my most recent pay slip looks pretty good, but due to the recent pay rise I've not got much of a history at this wage and due to a decent amount being overtime isn't something I can guarantee I will always get (but has been consistent over the last year - just not to the amount it was last month which was a slight extreme but not unheard of).

I'm wondering if I will need to bide my time for a while longer until my history looks better.


I used London and County when I bought my place. They were good, they went through everything and found me a decent deal.

Give them a call/submit the form and see what they say. You’re under no obligation to actually buy anywhere, you can see what they think you’ll be able to borrow and get an “agreement in principle” that’ll give you a good idea of what you can afford.

If it turns out that you need to save more, then you can always stop it there and get back to saving.

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PostRe: Buying a house (and renting for the proles)
by That's not a growth » Sat May 19, 2018 5:32 pm

Overtime is at the same rate as my hourly rate, but it doesn't "show" as overtime on my payslip. I'm contracted as full time at 37.5 hours a week and since we get paid monthly even if we did the same amount of hours each day then the pay would vary month to month based on the amount of working days. We basically get paid for every minute we're clocked in the building (at 1/60th of your rate), so if you take a short lunch or stay behind for a bit after work you get paid for this. Due to how busy my department is they're happy for us to do this. My payslip will just say something like "rate x 190 hours", rather than splitting it. I've done about 20-30 hours of overtime each of the last few months, but I would have to check to be sure on the exact figures.

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PostRe: Buying a house (and renting for the proles)
by Grumpy David » Sat May 19, 2018 6:05 pm

That's not a growth wrote:Overtime is at the same rate as my hourly rate, but it doesn't "show" as overtime on my payslip. I'm contracted as full time at 37.5 hours a week and since we get paid monthly even if we did the same amount of hours each day then the pay would vary month to month based on the amount of working days. We basically get paid for every minute we're clocked in the building (at 1/60th of your rate), so if you take a short lunch or stay behind for a bit after work you get paid for this. Due to how busy my department is they're happy for us to do this. My payslip will just say something like "rate x 190 hours", rather than splitting it. I've done about 20-30 hours of overtime each of the last few months, but I would have to check to be sure on the exact figures.


I hate payslips like that. Small employer?

Lenders will assume you might be pretending to be on zero hours (unless your payslip shows 37.5 hours somewhere on it?).

Get the employment contract confirming the legally guaranteed hours / letter from HR confirming it.

162.5 hours a month GT = whatever is over this amount = overtime.

Other than Natwest asking for 6 months of payslips, lenders will ask for 3 months of payslips.

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PostRe: Buying a house (and renting for the proles)
by Green Gecko » Sat May 19, 2018 6:36 pm

Moggy wrote:
Green Gecko wrote:Trump guy is back soon. In the space of a 2 minute phone call he managed to rant about:

Something about having the "craps" so would have to be in the area anywhere to get something for that
The Royal wedding
That Megan Merkell is "American trash" (she's Canadian)
That she "just isn't a princess"

I managed to shut down the conversation by insisting I have no interest in the royal wedding (twice). Hopefully that's enough for now. The best part was probably painting some satin onto wood in advance of works but he had left it outside to dry and flies stuck to it, so he had to sand them (the flies) off and paint it again.


Since when did being born and raised in LA and having two American parents make you Canadian? :lol:

I assumed my partner was correct about this :shifty:

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PostRe: Buying a house (and renting for the proles)
by That's not a growth » Sun May 20, 2018 10:12 am

Grumpy David wrote:
That's not a growth wrote:Overtime is at the same rate as my hourly rate, but it doesn't "show" as overtime on my payslip. I'm contracted as full time at 37.5 hours a week and since we get paid monthly even if we did the same amount of hours each day then the pay would vary month to month based on the amount of working days. We basically get paid for every minute we're clocked in the building (at 1/60th of your rate), so if you take a short lunch or stay behind for a bit after work you get paid for this. Due to how busy my department is they're happy for us to do this. My payslip will just say something like "rate x 190 hours", rather than splitting it. I've done about 20-30 hours of overtime each of the last few months, but I would have to check to be sure on the exact figures.


I hate payslips like that. Small employer?

Lenders will assume you might be pretending to be on zero hours (unless your payslip shows 37.5 hours somewhere on it?).

Get the employment contract confirming the legally guaranteed hours / letter from HR confirming it.

162.5 hours a month GT = whatever is over this amount = overtime.

Other than Natwest asking for 6 months of payslips, lenders will ask for 3 months of payslips.


Thanks for the advice. I've got a contract for the hours so sounds like I'm fine there.

I'm not even sure if I would want to be tied down to having to live somewhere for the next few years :fp:. But then I feel I need to have somewhere to live so might as well see what's possible. Like Moggy said, I'm not committing yet.

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Tragic Magic
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PostRe: Buying a house (and renting for the proles)
by Tragic Magic » Sun May 20, 2018 6:19 pm

What's a prole?


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