Buying a house (and renting for the proles)

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Errkal
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PostRe: Buying a house (and renting for the proles)
by Errkal » Sun Sep 24, 2017 1:43 pm

Photek wrote:
Errkal wrote:
Photek wrote:You're only young I presume I'm 40! I'll be 60 when the house is paid off, which isn't bad really. Could have gotten 30 year one but I want to enjoy some retirement! :D

Yeah am 30 next year, was able to get a 40 year when we took it out due to age.

Didn't know you could get 40year mortgages, actually not sure you can over here.

We were told you can any term as long as it ends before your retirement age.

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Kezzer
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PostRe: Buying a house (and renting for the proles)
by Kezzer » Mon Sep 25, 2017 10:12 am

what is shared ownership? Everywhere I look it seems to be "part buy, part rent" but there are no specifics.

Should it be avoided at all costs?

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PostRe: Buying a house (and renting for the proles)
by Moggy » Mon Sep 25, 2017 10:17 am

Kezzer wrote:what is shared ownership? Everywhere I look it seems to be "part buy, part rent" but there are no specifics.

Should it be avoided at all costs?


Basically it means you will own a certain percentage of the property (50%, 60% etc). You will therefore be paying a mortgage on the part you own and paying rent on the other portion.

If you want to then you can then buy extra chunks of the property and reduce the rent, up until you own it.

I don’t like the idea of it, but I’m not sure how good/bad a deal it actually is.

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BID0
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PostRe: Buying a house (and renting for the proles)
by BID0 » Mon Sep 25, 2017 10:41 am

I don't know much about them but someone in my family did that kind of thing with her Flat in North London many decades ago. She eventually fully owned it and now rents it.

I imagine price wise it works out more expensive than full owning (via a Mortgage) but not as expensive as fully renting (and having nothing left to show for it at the end of it)

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Kezzer
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PostRe: Buying a house (and renting for the proles)
by Kezzer » Mon Sep 25, 2017 10:42 am

So looking on property websites is the price advertised the full value of the property or just a percentage?

It's rather confusing. For example rightmove shows a property at £92000 which I can afford but it is marked as "shared ownership"

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Moggy
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PostRe: Buying a house (and renting for the proles)
by Moggy » Mon Sep 25, 2017 10:47 am

Kezzer wrote:So looking on property websites is the price advertised the full value of the property or just a percentage?

It's rather confusing. For example rightmove shows a property at £92000 which I can afford but it is marked as "shared ownership"


I’m not 100% but I’d imagine the advertised price is the percentage price.

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BID0
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PostRe: Buying a house (and renting for the proles)
by BID0 » Mon Sep 25, 2017 10:49 am

I really don't know enough but you can surely tell by comparing the price with similar properties?

I imagine the price listed is for your % of the property. You'd need to take a mortgage out for that amount of money and you can then figure out what your monthly repayments would be. Then you'd pay your monthly rent on top for the rent portion. Getting a mortgage might be difficult as it's part owned (maybe not, idk) and you'd likely need to know how much you will be paying in rent each month as that cost will affect what you'd be able to borrow for a mortgage.

It's worth asking whoever has the property listed, I can see it being complicated with who's responsibility is it with repairs/maintenance etc? Do you have to use a certain company for repairs etc etc.

Also the banks mortgage adviser might have some useful information and possibly even point you in the direction of questions to ask so you don't get caught out with something unexpected (such as who pays for building repairs)

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Lotus
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PostRe: Buying a house (and renting for the proles)
by Lotus » Mon Sep 25, 2017 10:49 am

Kezzer wrote:So looking on property websites is the price advertised the full value of the property or just a percentage?

It's rather confusing. For example rightmove shows a property at £92000 which I can afford but it is marked as "shared ownership"

The price you'll generally see is the price for the proportion you would own. If you read into the description that should give the full market value.

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PostRe: Buying a house (and renting for the proles)
by Kezzer » Mon Sep 25, 2017 11:24 am

They don't for some reason, and it doesn't show what percentage - bastards.

Yeah - might be worth a phone.

Fake edit: Womp womp, just found the actual 'brochure' - looks like it is only for 40% of the property - shitters!

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PostRe: Buying a house (and renting for the proles)
by Moggy » Wed Oct 04, 2017 7:38 am

My mortgage fix is up early next year (probably just in time for the interest rate rise :x ) and we are going to be looking at moving. We are ok in a flat at the moment, but as my lad gets older we want a house with a garden. The thought of all the stress to come fills me with dread though.

Continuing to live in Bristol is going to be too expensive, house prices are insane here. So I have been looking at South Wales, the Severn Bridge tolls are about to drop in price and possibly go free in a years time and property is a hell of a lot cheaper over there. If I am not near a train station with direct access to Bristol, then when the bridge is free/cheap I can always drive to a park and ride and get a bus into central Bristol. I am used to walking to work though so an hour or so commute would be quite a change!

Looking around the Newport area, you can pick up a 3 bed semi for not much over £100k. :shock: I’ve heard bad things about Newport, but the property prices in the surrounding area (in beautiful countryside) are still affordable.

So yeah, I might be Welsh this time next year. ;)

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Errkal
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PostRe: Buying a house (and renting for the proles)
by Errkal » Wed Oct 04, 2017 7:53 am

Yeah but you'll be be in Wales, nearer to Pedz :dread:

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PostRe: Buying a house (and renting for the proles)
by Moggy » Wed Oct 04, 2017 7:53 am

Errkal wrote:Yeah but you'll be be in Wales, nearer to Pedz :dread:


Pedz is fine, it's Ad7 and Karl that I worry about. :dread:

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Errkal
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PostRe: Buying a house (and renting for the proles)
by Errkal » Wed Oct 04, 2017 7:57 am

Moggy wrote:
Errkal wrote:Yeah but you'll be be in Wales, nearer to Pedz :dread:


Pedz is fine, it's Ad7 and Karl that I worry about. :dread:

Ooo didn't think about that, yeah see I'm not sure this move thing it a good idea, sure it's cheaper in terms of money but everything else factored in....

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PostRe: Buying a house (and renting for the proles)
by Lotus » Wed Oct 04, 2017 8:57 am

Prices generally in Wales, Scotland and northern England are insanely cheap in comparison to southern England. Some of my colleagues live in Wales or Scotland and stay down near work (London) during the week, because the difference is that big. I could live like a king oop north if I moved.

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PostRe: Buying a house (and renting for the proles)
by Moggy » Wed Oct 04, 2017 9:05 am

Lotus wrote:Prices generally in Wales, Scotland and northern England are insanely cheap in comparison to southern England. Some of my colleagues live in Wales or Scotland and stay down near work (London) during the week, because the difference is that big. I could live like a king oop north if I moved.


It actually shocked me to see the difference in South Wales compared to the Bristol area. Just 30-40 miles away and you could easily save over £100k on a nice house with amazing views. Madness.

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PostRe: Buying a house (and renting for the proles)
by Lotus » Wed Oct 04, 2017 9:29 am

Moggy wrote:
Lotus wrote:Prices generally in Wales, Scotland and northern England are insanely cheap in comparison to southern England. Some of my colleagues live in Wales or Scotland and stay down near work (London) during the week, because the difference is that big. I could live like a king oop north if I moved.


It actually shocked me to see the difference in South Wales compared to the Bristol area. Just 30-40 miles away and you could easily save over £100k on a nice house with amazing views. Madness.

Aye. When I was looking a few years ago I worked nationally so it didn't really matter where I settled, and as such I was looking all over the place. As an example my budget could get me a 1 bed flat in the south (Oxfordshire), or looking 50-60 miles further north (Northamptonshire) I could've got a nice 4 bed detached in a good area. Staggering how much variation there is.

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