Buying a house (and renting for the proles)

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Errkal
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PostRe: Buying a house
by Errkal » Tue Sep 19, 2017 9:23 am

Qikz wrote:
12k deposit?

To get a house anywhere near I live I need atleast 100k. God damn.


You don't need to buy a mansion!

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Moggy
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PostRe: Buying a house
by Moggy » Tue Sep 19, 2017 9:28 am

Drumstick wrote:
Moggy wrote:At 10%, that would mean the houses in his area are priced at £1million. Could be true I guess, but I am sure there are much cheaper alternatives. :lol:

You can do 5% deposit with Help to Buy. Stop trying to undersell his neighborhood.


Plebs that can't afford property over £1million should not be offered "help to buy". They lower the class of the neighbourhood and should stay in their slums.

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BID0
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PostRe: Buying a house
by BID0 » Tue Sep 19, 2017 9:35 am

They only lend 4-5 times your wage so he is probably right with 100k, to cover the amount the mortgage wont pay for. I had to pay nearly 40% deposit of my last house.

You couldn't use a 5% Help to Buy deposit in the South East. You would have trouble even buying a beach hut on the coast, they go for about £30k last I checked.

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Moggy
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PostRe: Buying a house
by Moggy » Tue Sep 19, 2017 10:07 am

BID0 wrote:They only lend 4-5 times your wage so he is probably right with 100k, to cover the amount the mortgage wont pay for. I had to pay nearly 40% deposit of my last house.


That’s a good point and might explain why Staydead needs the GDP of Luxembourg for a deposit.

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Qikz
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PostRe: Buying a house
by Qikz » Tue Sep 19, 2017 10:11 am

1 Bedroomed Flats around here cost 300k. I've looked at mortgage calculators and it always points at me needing about 100k deposit. It's insane.

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Drumstick
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PostRe: Buying a house
by Drumstick » Tue Sep 19, 2017 10:14 am

BID0 wrote:They only lend 4-5 times your wage so he is probably right with 100k, to cover the amount the mortgage wont pay for. I had to pay nearly 40% deposit of my last house.

You couldn't use a 5% Help to Buy deposit in the South East. You would have trouble even buying a beach hut on the coast, they go for about £30k last I checked.

I live in Sussex and used HTB to buy my house last year.

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BID0
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PostRe: Buying a house
by BID0 » Tue Sep 19, 2017 11:04 am

Qikz wrote:1 Bedroomed Flats around here cost 300k. I've looked at mortgage calculators and it always points at me needing about 100k deposit. It's insane.

Yeh it's pretty crazy! When I last moved the bank wouldn't loan me much at all. What they would loan me was based on repayments far less than what I was paying on my mortgage currently at that time, and I even had history of making those payment plus over payments. It can be really frustrating being penalised because other people aren't as good with money.

Drumstick wrote:
BID0 wrote:They only lend 4-5 times your wage so he is probably right with 100k, to cover the amount the mortgage wont pay for. I had to pay nearly 40% deposit of my last house.

You couldn't use a 5% Help to Buy deposit in the South East. You would have trouble even buying a beach hut on the coast, they go for about £30k last I checked.

I live in Sussex and used HTB to buy my house last year.

With a 5% deposit? You and whoever you may have bought it with must have a good salary

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Drumstick
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PostRe: Buying a house
by Drumstick » Tue Sep 19, 2017 11:11 am

Not really. We were both earning below the national average and our house was £260k. We saved hard for the initial 5% deposit and I talked the vendor into covering our stamp duty. What still just barely qualified.

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BID0
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PostRe: Buying a house
by BID0 » Tue Sep 19, 2017 11:16 am

Drumstick wrote:Not really. We were both earning below the national average and our house was £260k. We saved hard for the initial 5% deposit and I talked the vendor into covering our stamp duty. What still just barely qualified.

Nice!

I'm single but I've been lucky enough to get by with another person. I've just paid my mortgage off now though so I'm currently saving for a new place I can properly have on my own. Will probably wait for 2-3 years and see if there's another crash to jump in on.

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Drumstick
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PostRe: Buying a house
by Drumstick » Tue Sep 19, 2017 11:33 am

BID0 wrote:
Drumstick wrote:Not really. We were both earning below the national average and our house was £260k. We saved hard for the initial 5% deposit and I talked the vendor into covering our stamp duty. What still just barely qualified.

Nice!

I'm single but I've been lucky enough to get by with another person. I've just paid my mortgage off now though so I'm currently saving for a new place I can properly have on my own. Will probably wait for 2-3 years and see if there's another crash to jump in on.

O_o

Good work. We're currently looking into remortgaging when our fixed term comes to an end in order to assimilate the HTB loan and avoid the interest fees in a few years time.

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BID0
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PostRe: Buying a house
by BID0 » Tue Sep 19, 2017 11:59 am

Drumstick wrote:
BID0 wrote:
Drumstick wrote:Not really. We were both earning below the national average and our house was £260k. We saved hard for the initial 5% deposit and I talked the vendor into covering our stamp duty. What still just barely qualified.

Nice!

I'm single but I've been lucky enough to get by with another person. I've just paid my mortgage off now though so I'm currently saving for a new place I can properly have on my own. Will probably wait for 2-3 years and see if there's another crash to jump in on.

O_o

Good work. We're currently looking into remortgaging when our fixed term comes to an end in order to assimilate the HTB loan and avoid the interest fees in a few years time.

Yeh remortgaging is definitely a good idea whenever you can. Even if you don't overpay, with the house prices going up in the London area you'll get a nice chunk of LTV in your benefit

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Lagamorph
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PostRe: Buying a house
by Lagamorph » Tue Sep 19, 2017 12:02 pm

Does anyone have experience with owning a second property? I'm thinking of buying a flat in Leeds next year to massively reduce my commute. The amount I spend on Diesel (up to £300/month) will probably cover the mortgage on a one bedroom flat quite easily.

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jiggles
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PostRe: Buying a house
by jiggles » Tue Sep 19, 2017 12:20 pm

My initial 3 year fixed term was up this month for my mortgage, so the combination of
a) The mortgage no longer being for a brand new house
and
b) A £30k appreciation in the property value
have got me such an improved rate that it's reduced my monthly repayments by 35%. :toot:

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Squinty
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PostRe: Buying a house
by Squinty » Tue Sep 19, 2017 12:36 pm

jiggles wrote:My initial 3 year fixed term was up this month for my mortgage, so the combination of
a) The mortgage no longer being for a brand new house
and
b) A £30k appreciation in the property value
have got me such an improved rate that it's reduced my monthly repayments by 35%. :toot:


Crikey :shock:

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Green Gecko
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PostRe: Buying a house
by Green Gecko » Tue Sep 19, 2017 3:45 pm

Our landlord wants to move us onto a 1 month rolling contract with 2 months eviction notice for no apparent reason, for a 2 bed house. Great offer that :|. Been here 3 years now.

Obviously I've said no, it's a ridiculous idea. Who the hell can live with enough stuff to fit a 2 bed house knowing they in real terms have 6 weeks at a time to know they are in the same place, or even area? May as well live in a hotel. A caravan provides more security than that - at least you own the strawberry floating thing. :lol:

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Dual
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PostRe: Buying a house
by Dual » Tue Sep 19, 2017 4:11 pm

They're probably going to try and put your rent up GG. When you say no they'll activate the 2 months notice.

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Squinty
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PostRe: Buying a house
by Squinty » Tue Sep 19, 2017 4:21 pm

Yeah, I hate to say this, but it doesn't sound good.

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Green Gecko
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PostRe: Buying a house
by Green Gecko » Tue Sep 19, 2017 5:16 pm

I've just found out the landlady has died and the son is the executor of the estate (before that he was basically pro persona), and so doesn't actually own the property making him unable to offer a longer tenancy. But I'm also aware that someone that comes into property with no work like that and with reasonable pairs needing to be carried out (leaking roof) is going to do whatever they can to maximise the revenue from it.

So yeah it doesn't look good, hopefully we can secure a reasonable rent for a longer term, but no way am I staying on a rolling contract for more than a few months, even if its at the current rent amount (which it is). That way they can increase the rent whenever they want. Technically the earliest time to leave would be January so I guess it's not the end of the world. A lot of what we have is good here though: nice garden (even if the weeds are strawberry floating insane), good brand utilities, low gas bills, simple layout to squeeze a ridiculous amount of stuff in and, of course, a spare room without breaking the bank that I can work out of.. The closest I can find is a 2 bed maisonette down the road but it's definitely a downgrade with no ground floor access or garden and sloping walls. :dread: Other than that its moving out of town were honestly nobody our age wants to live and thus becoming isolated with higher commuting expenses for me. There are 2 or 3 bed houses there (don't need 3 rooms) but where I am now it's basically impossible to find anywhere we have for the same money.. which is why the rent is probably going to go up.

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kommissarboris
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PostRe: Buying a house
by kommissarboris » Tue Sep 19, 2017 9:06 pm

Qikz wrote:
kommissarboris wrote:I bought my house!

I work for a bank, so I was able to get some staff promo's, like my rate is 0.25%, and no fees except for the surveyor and solicitor.

All went really smooth, except that I did it over the summer, in Northern Ireland all solicitors appear to shut down for two weeks while certain folk here like to march around banging drums, so that delayed things a little.

Slowly building the savings back up, 12K deposit I put down to make the mortgage small and the payments smalls, but I can over pay as much as I like. Took it over twenty years.

Might remortgage within the year and get an extension and make a larger bathroom, dunno though, next on list is to pay men to paint the whole place.


12k deposit?

To get a house anywhere near I live I need atleast 100k. God damn.


Yeah, 18 months to save it up, strange situation, i'm living in my Aunt's old house, she lives with my Gran and the house was supposed to be my inheritance. Unfortunately my gran is very sick, got Alzheimers and my Aunt had to come out of work to care for her, couldn't afford the house anymore but did get a granny flat for the two of them, no stairs, downsized, easier for my gran.

The house is the old family home, so she wanted it to stay in the family, so I had no option but to try and buy it. It was up for £85k, but she sold it to me for £80k, I only needed £8k to buy it but wanted to keep the mortgage payments under £300, so taking it to £68k allowed me to do that.

I live about 1.5 miles outside the city center of Belfast, quiet area, 3 bedroom, two bathroom mid terrace. Only thing I even really looked for in a house was a drive way which I don't have :( I know the area really well too which is a bonus, loads of shops, bus routes etc here.

Just by sorting out the 2 back gardens, painting the kitchen and DE-cluttering the house has increased it's worth with maybe £100 input from me and a little dirty work, so my Aunt got it valued at £85K, when I got it valued 18 months later for my mortgage they told me it's worth £90-£95K.

The rest of the house is getting redecorated by Christmas, well hopefully by thanksgiving then in the living room/dinning room which is all one massive 30 foot room I'm getting a hard wood floor in, in the new year.

IF it got valued at 100K I'd be tempted to sell and and move further out of the city, but I've just started a new share save in work with the GF, she's not on the papers for this house and she's got the first time buyer ISA so in 3 years if that all goes well we'll use that to buy a second place and rent this place but we'll see.

Joy of Northern Ireland, we are fairly cheap on the housing front.

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Pancake
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PostRe: Buying a house
by Pancake » Tue Sep 19, 2017 9:17 pm

'mortgage payments under £300', 'fairly cheap on the housing front'.

:lol:

I need to move. :(


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