Buying a house (and renting)

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Wrathy
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PostRe: Buying a house (and renting for the proles)
by Wrathy » Wed Feb 28, 2018 9:36 pm

Oblomov Boblomov wrote:Oops, I assumed you were talking about the Help To Buy ISA, but now I realise you weren't!

Don't know too much about the other H2B scheme. I never really liked the idea of getting another loan on top of my mortgage. If you have the 5% deposit ready and are keen to go right now then it is likely the best option for you. Otherwise I would suggest waiting 12 months and opting for the LISA.


Well this is exactly why I'm asking for help... I have no idea what I'm talking about. :slol: It probably is the ISA to be honest, a quick look at other H2B is only for new builds and I'm not sure if there's a lot of qualifying properties around here. But I haven't really looked at the market yet or anything. I'm very unprepared.

Ultimately I just want to make sure I'm getting the best possible deal in terms of what gives me the most bang for my buck.

I guess it's worth exploring all the options. I don't have the deposit sitting around or anything, but when my grandparent's house is sold an amount of that money will be used towards it, so it's kind of unclear right now because this is a position I didn't expect or plan to find myself in.

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I Believe In Stool Bloke
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PostRe: Buying a house (and renting for the proles)
by I Believe In Stool Bloke » Wed Feb 28, 2018 9:44 pm

Wrathy wrote:
Oblomov Boblomov wrote:Oops, I assumed you were talking about the Help To Buy ISA, but now I realise you weren't!

Don't know too much about the other H2B scheme. I never really liked the idea of getting another loan on top of my mortgage. If you have the 5% deposit ready and are keen to go right now then it is likely the best option for you. Otherwise I would suggest waiting 12 months and opting for the LISA.


Well this is exactly why I'm asking for help... I have no idea what I'm talking about. :slol: It probably is the ISA to be honest, a quick look at other H2B is only for new builds and I'm not sure if there's a lot of qualifying properties around here. But I haven't really looked at the market yet or anything. I'm very unprepared.

Ultimately I just want to make sure I'm getting the best possible deal in terms of what gives me the most bang for my buck.

I guess it's worth exploring all the options. I don't have the deposit sitting around or anything, but when my grandparent's house is sold an amount of that money will be used towards it, so it's kind of unclear right now because this is a position I didn't expect or plan to find myself in.

Have a read through the mortgage section of the MoneySavingExpert website, there is a lot of very useful information on there.

I would personally suggest having a bit of patience and opening a LISA as soon as possible. You will have to wait a minimum of one year, but I think it will put you in a much better position afterwards. You will only owe money to the bank, rather than both the bank and the government.

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Curls
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PostRe: Buying a house (and renting for the proles)
by Curls » Thu Mar 01, 2018 12:22 am

Yeah I opened a Lisa last July...and I'll be looking to buy in the summer...perfect. I had money already in my H2B (maxed out) and have just transferred it all to Skipton. So I should get in 8k this tax year, and then be able to put in another 4k in april....Now I think that will give me a 3k bonus when I apply for mortgage in summer. If i can get the bonus for 18-19 tax year when I apply.

Ohh it's all very complicated isn't it. I wish mummy and daddy would buy my house for me.

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Wrathy
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PostRe: Buying a house (and renting for the proles)
by Wrathy » Thu Mar 01, 2018 9:40 am

It’s not so much about wishing mum and dad would do it for me as it is about being completely and hopelessly out of my depth. It’s all new to me so it’s genuinely helpful to hear how other people are navigating it and be pointed towards sites where there’s great advice. Part of my situation is the rental calendar (tenancy ends at the end of March, so I was thinking of staying for one year then buying to be ready to move once the new agreement runs its course) though I suppose I can just chuck a break clause in or see if they’ll go monthly in the event I do indeed need to wait 12 months or longer.

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PostRe: Buying a house (and renting for the proles)
by OrangeReindeer » Thu Mar 01, 2018 10:49 am

I have a help to buy ISA. I opened it before LISA was a thing, and I didn't really know about that until reading the last couple of pages. I won't be buying a house in the next year, so am I right in thinking I should move my help to buy isa into a lifetime isa? That seems to be the general advice?

Especially as the help to buy isa limit is 250k outside of London, which doesn't get much around here!

EDIT:

So there is still only one cash LISA (Skipton), and if I wanted to transfer my help to buy ISA into it this tax year... I'd have to do it by 11.59pm tonight. Lol

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Hime
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PostRe: Buying a house (and renting for the proles)
by Hime » Thu Mar 01, 2018 11:39 am

I used H2B (government loan) to get our house. We've effectively jumped 2 or 3 rungs on the ladder and hopefully won't have to go through the house selling/buying circus again anytime soon.

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Rocsteady
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PostRe: Buying a house (and renting for the proles)
by Rocsteady » Thu Mar 01, 2018 3:53 pm

I'll have to look into all that pish soon too, looking to buy a flat May/June time. Which is a sentence I never thought I'd live to write.

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Sleighamorph
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PostRe: Buying a house (and renting for the proles)
by Sleighamorph » Thu Mar 01, 2018 4:00 pm

The interest free on my Help to Buy is up this coming December, but my mortgage fixed interest is up in April.
Need to speak with the mortgage people to see if it's worth getting another 2 year fixed interest mortgage of a lower amount and paying interest on the Help to Buy for 18 months, or if it's worth paying £12,000 off the Help to Buy and then re-mortgage the remaining £18,000 before the interest kicks in.

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shadow202
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PostRe: RE: Re: Buying a house (and renting for the proles)
by shadow202 » Thu Mar 01, 2018 4:56 pm

Lagamorph wrote:The interest free on my Help to Buy is up this coming December, but my mortgage fixed interest is up in April.
Need to speak with the mortgage people to see if it's worth getting another 2 year fixed interest mortgage of a lower amount and paying interest on the Help to Buy for 18 months, or if it's worth paying £12,000 off the Help to Buy and then re-mortgage the remaining £18,000 before the interest kicks in.


Without looking into it too much I'd hazard a guess that it'd be cheaper to do the additional borrowing on your mortgage and pay of the HTB scheme and put that amount on its on product and the just wait until your fixed rate is up and change it.

Fake edit* if it is this April and lot of mortgage providers will let you change three months in advance and waive the ERC's so should be worth talking to your mortgage provider.

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PostRe: RE: Re: Buying a house (and renting for the proles)
by Sleighamorph » Thu Mar 01, 2018 5:02 pm

shadow202 wrote:
Lagamorph wrote:The interest free on my Help to Buy is up this coming December, but my mortgage fixed interest is up in April.
Need to speak with the mortgage people to see if it's worth getting another 2 year fixed interest mortgage of a lower amount and paying interest on the Help to Buy for 18 months, or if it's worth paying £12,000 off the Help to Buy and then re-mortgage the remaining £18,000 before the interest kicks in.


Without looking into it too much I'd hazard a guess that it'd be cheaper to do the additional borrowing on your mortgage and pay of the HTB scheme and put that amount on its on product and the just wait until your fixed rate is up and change it.

Fake edit* if it is this April and lot of mortgage providers will let you change three months in advance and waive the ERC's so should be worth talking to your mortgage provider.

Yeah it's this April, so will go and talk with Halifax in the next week or two. Might pop in next week and get an appointment setup and see what they recommend.
At least once the HTB is paid off I'll have a lot more choice when it comes to shopping around for my next renewal.

Lagamorph's Underwater Photography Thread
Zellery wrote:Good post Lagamorph.
Turboman wrote:Lagomorph..... Is ..... Right
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Grumpy David
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PostRe: Buying a house (and renting for the proles)
by Grumpy David » Thu Mar 01, 2018 5:11 pm

Halifax Product Transfer rates usually aren't as good as their new customer Remortgage products which themselves aren't usually the most competitive rates. I would have thought shopping around would be the best in terms of cost.

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shadow202
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PostRe: RE: Re: RE: Re: Buying a house (and renting for the proles)
by shadow202 » Thu Mar 01, 2018 5:12 pm

Lagamorph wrote:
shadow202 wrote:
Lagamorph wrote:The interest free on my Help to Buy is up this coming December, but my mortgage fixed interest is up in April.
Need to speak with the mortgage people to see if it's worth getting another 2 year fixed interest mortgage of a lower amount and paying interest on the Help to Buy for 18 months, or if it's worth paying £12,000 off the Help to Buy and then re-mortgage the remaining £18,000 before the interest kicks in.


Without looking into it too much I'd hazard a guess that it'd be cheaper to do the additional borrowing on your mortgage and pay of the HTB scheme and put that amount on its on product and the just wait until your fixed rate is up and change it.

Fake edit* if it is this April and lot of mortgage providers will let you change three months in advance and waive the ERC's so should be worth talking to your mortgage provider.

Yeah it's this April, so will go and talk with Halifax in the next week or two. Might pop in next week and get an appointment setup and see what they recommend.
At least once the HTB is paid off I'll have a lot more choice when it comes to shopping around for my next renewal.
If it's with Halifax then you'll 100% be able to change your product in the last three months. For additional borrowing with them you need to go through an application with your income and expenditure, all this can be done over the phone just have your latest payslip, latest three if you have overtime/car allowance etc paid monthly and all payslips that show bonus payments in the last 12 months with you because they will ask you to send these before the application starts and then have details of your financial outgoings, like credit cards, loans etc and you'll get a lending decision on the day.

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PostRe: Buying a house (and renting for the proles)
by Sleighamorph » Thu Mar 01, 2018 5:13 pm

You're a little limited when you still have the HTB since not many providers do it I think. Halifax is who I'm already with, the only other lender I know off the top of my head are Nationwide who I think have a reputation for not very good rates in general from what I've heard.

Lagamorph's Underwater Photography Thread
Zellery wrote:Good post Lagamorph.
Turboman wrote:Lagomorph..... Is ..... Right
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shadow202
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PostRe: Buying a house (and renting for the proles)
by shadow202 » Thu Mar 01, 2018 5:15 pm

To be honest all rates/products mostly work out the same, some will have initial lower rates with fees and others will have higher initial rates with no fees. When you look passed the initial rate it doesn't work out top different all in all.

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Grumpy David
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PostRe: Buying a house (and renting for the proles)
by Grumpy David » Thu Mar 01, 2018 5:45 pm

Lagamorph wrote:You're a little limited when you still have the HTB since not many providers do it I think. Halifax is who I'm already with, the only other lender I know off the top of my head are Nationwide who I think have a reputation for not very good rates in general from what I've heard.


Nationwide are better on just about every LTV comparison.

And if you're raising capital to entirely eliminate the equity loan, it's definitely worth shopping around.

Check out Trussle or Habito. They're fee-free mortgage adviser firms fully online.

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PostRe: Buying a house (and renting for the proles)
by Sleighamorph » Sun Mar 04, 2018 9:12 pm

Going through all my housing documents in preparation for a re-mortgage and taken another look at my copy of the Land Registry documentation. Apparently I don't own the mining and mineral rights for half of my back garden, but I do own the rights for the other half.

As to the part tinted blue on the title plan the mines and minerals are excepted

And half of my back garden is tinted blue.

Lagamorph's Underwater Photography Thread
Zellery wrote:Good post Lagamorph.
Turboman wrote:Lagomorph..... Is ..... Right
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Curls
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PostRe: Buying a house (and renting for the proles)
by Curls » Sun Mar 04, 2018 9:15 pm

Wrathy wrote:It’s not so much about wishing mum and dad would do it for me as it is about being completely and hopelessly out of my depth. It’s all new to me so it’s genuinely helpful to hear how other people are navigating it and be pointed towards sites where there’s great advice. Part of my situation is the rental calendar (tenancy ends at the end of March, so I was thinking of staying for one year then buying to be ready to move once the new agreement runs its course) though I suppose I can just chuck a break clause in or see if they’ll go monthly in the event I do indeed need to wait 12 months or longer.



Hi Wrathy, I hope you didnt think my post was a sarci comment at you. I haven't read your posts in detail so if you were posting something along the lines of asking parents for cash then I apologise. We all have to do it these days!

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Dual
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PostRe: Buying a house (and renting for the proles)
by Dual » Sun Mar 04, 2018 9:39 pm

Lagamorph wrote:Going through all my housing documents in preparation for a re-mortgage and taken another look at my copy of the Land Registry documentation. Apparently I don't own the mining and mineral rights for half of my back garden, but I do own the rights for the other half.

As to the part tinted blue on the title plan the mines and minerals are excepted

And half of my back garden is tinted blue.


You live over an old mine!? :dread:

Hows that subsidence?

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Sleighamorph
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PostRe: Buying a house (and renting for the proles)
by Sleighamorph » Sun Mar 04, 2018 9:58 pm

Dual wrote:
Lagamorph wrote:Going through all my housing documents in preparation for a re-mortgage and taken another look at my copy of the Land Registry documentation. Apparently I don't own the mining and mineral rights for half of my back garden, but I do own the rights for the other half.

As to the part tinted blue on the title plan the mines and minerals are excepted

And half of my back garden is tinted blue.


You live over an old mine!? :dread:

Hows that subsidence?

Oh no it's not over an old mine. But if precious minerals were ever discovered in the land I apparently only own the mining/mineral rights for half of my back garden.

Lagamorph's Underwater Photography Thread
Zellery wrote:Good post Lagamorph.
Turboman wrote:Lagomorph..... Is ..... Right
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PostRe: Buying a house (and renting for the proles)
by Sleighamorph » Tue Mar 06, 2018 10:24 am

Going back to my mortgage, looks like my fixed rate actually ends in July. Is it normal for a 2 year fixed rate to actually last 2 years and 3 months? This happened last time as well.

Also thinking about it more I might just remortgage my entire Help to Buy and keep the £12k I have for a second property. Either buy a flat in Leeds to live in when I'm on shift at work, or a buy to let townhouse around here as a long term investment (I'm sure that'll be popular here.... :shifty: )

Lagamorph's Underwater Photography Thread
Zellery wrote:Good post Lagamorph.
Turboman wrote:Lagomorph..... Is ..... Right

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