Buying a house (and renting)

Fed up talking videogames? Why?
User avatar
That's not a growth
Member
Joined in 2008

PostRe: Buying a house (and renting)
by That's not a growth » Fri Sep 04, 2020 7:01 pm

On the dream place?

User avatar
Moggy
"Special"
Joined in 2008
AKA: Moggy

PostRe: Buying a house (and renting)
by Moggy » Fri Sep 04, 2020 7:16 pm

That's not a growth wrote:On the dream place?


No, it's a real one.

Image
User avatar
That's not a growth
Member
Joined in 2008

PostRe: Buying a house (and renting)
by That's not a growth » Fri Sep 04, 2020 8:20 pm

Image

User avatar
Bunni
Member
Joined in 2009

PostRe: Buying a house (and renting)
by Bunni » Fri Sep 04, 2020 9:42 pm

Yeah the one we got a second chance on. 4 bedrooms, en-suite and downstairs loo, massive terrace facing the canal out back and underground parking. Unbelievable for someone from the south east.

User avatar
Rocsteady
Member
Joined in 2008

PostRe: Buying a house (and renting)
by Rocsteady » Sat Sep 05, 2020 11:00 am

Just trying to sort the internet then we're ready to move into a new rental apartment. Going from 53m2 to 76 so it's a real size improvement.

Much further from the city centre but we barely ever head in anyway. Plus it'll be calmer to walk our anxious/angry dog which will be nice.

Took the dog along for the first time a couple of days ago to try socialise her. She ran straight into the bedroom and dropped a massive shite, was a quality welcome.

Image
User avatar
Meep
Member
Joined in 2010
Location: Belfast

PostRe: Buying a house (and renting)
by Meep » Sun Sep 06, 2020 8:54 pm

I have saved enough for a deposit and am looking to buy probably next year or maybe this year if anything comes up. I am clueless about how to start with this as I don't know whether I need to apply for a mortgage agreement first or what. I know I won't get a mortgage unless the bank gets a report on the property but I suppose you get an estimated quote and go by then when looking around? Need to read up on this.

Kind of scared of moving too fast at the moment as I don't want to in-debt myself just before prices collapse like in the last recession.

User avatar
Curls
Member
Joined in 2008

PostRe: Buying a house (and renting)
by Curls » Sun Sep 06, 2020 9:17 pm

Meep wrote:I have saved enough for a deposit and am looking to buy probably next year or maybe this year if anything comes up. I am clueless about how to start with this as I don't know whether I need to apply for a mortgage agreement first or what. I know I won't get a mortgage unless the bank gets a report on the property but I suppose you get an estimated quote and go by then when looking around? Need to read up on this.

Kind of scared of moving too fast at the moment as I don't want to in-debt myself just before prices collapse like in the last recession.


Get a deal in principle my friend. Just put in some random figure of a property around your price range.

Say you have 20 K saved and want a house for 180 K, input it with them details. And then go house hunting. Then when you find a house you like, say you have a deal in principle. Once you've agreed on the house, then you get the 'real' mortgage.

My house should FINALLY get done this week.

User avatar
Moggy
"Special"
Joined in 2008
AKA: Moggy

PostRe: Buying a house (and renting)
by Moggy » Sun Sep 06, 2020 9:18 pm

Meep wrote:I have saved enough for a deposit and am looking to buy probably next year or maybe this year if anything comes up. I am clueless about how to start with this as I don't know whether I need to apply for a mortgage agreement first or what. I know I won't get a mortgage unless the bank gets a report on the property but I suppose you get an estimated quote and go by then when looking around? Need to read up on this.

Kind of scared of moving too fast at the moment as I don't want to in-debt myself just before prices collapse like in the last recession.


You can either shop around banks and look for the best deals, or use a mortgage broker.

I used London & Country ( https://www.landc.co.uk/ ) when I bought my flat and thought they were great. They shop around for you and it's free.

Image
User avatar
Curls
Member
Joined in 2008

PostRe: Buying a house (and renting)
by Curls » Sun Sep 06, 2020 9:26 pm

Also NOTE. Just because you have a deal in principle with a bank, it does NOT mean you have to get the mortgage with them. It'll be easier to, but it's not an nonobligatory thing. Do your homework, get a deal in principle from a good rated mortgage provider, find your house you like. Put your offer in, THEN once that is agreed, get your best possible mortgage sorted. Be that with whom it may and in a way you want.
I bought my first house recently and a Broker couldn't find me anything better than me shopping around the banks, so I just did it myself. But I like the financial shiz, others don't so that's down to you.

User avatar
Meep
Member
Joined in 2010
Location: Belfast

PostRe: Buying a house (and renting)
by Meep » Sun Sep 06, 2020 9:43 pm

I have no time for financial chicanery however my sister has a degree in property development so I will go by her recommendations.

User avatar
Curls
Member
Joined in 2008

PostRe: Buying a house (and renting)
by Curls » Sun Sep 06, 2020 9:44 pm

Get a broker then, or your sister to do it.

User avatar
Jenuall
Member
Joined in 2008
AKA: Jenuall
Location: 40 light-years outside of the Exeter nebula

PostRe: Buying a house (and renting)
by Jenuall » Mon Sep 07, 2020 10:08 am

I'll second Moggy's recommendation of London & Country, we used them as our broker when we moved last year and they really helped smooth out that side of proceedings

Image
User avatar
Tomous
I Pissed My Pants
Joined in 2010
AKA: Vampbuster

PostRe: Buying a house (and renting)
by Tomous » Mon Sep 07, 2020 10:14 am

+1 for London & Country, echo Jenuall and Moggy's praise

Image
User avatar
Little Old Man
Member
Joined in 2008
Location: The moon.

PostRe: Buying a house (and renting)
by Little Old Man » Mon Sep 07, 2020 11:02 pm

Another one for London and Country. Even if you're going to use a more traditional broker (recommended to us) use L&C as a benchmark- both them and the 'IRL' broker gave us an agreement in principle within a couple of grand of each other.

Main advantage of the traditional broker is that he gave us a lot of advice and points to think about whilst discussing the outcome of the AIP straight off the bat.

User avatar
Lagamorph
Member ♥
Joined in 2010

PostRe: Buying a house (and renting)
by Lagamorph » Thu Sep 10, 2020 1:30 pm

I may be looking to become "that guy" next year and investing some of my savings in a deposit on a Buy-to-let Mortgage and buying a flat to rent out.

Decent 2 bedroom flats can be picked up for about £50,000 around here and would probably rent for £250-350/month.

Lagamorph's Underwater Photography Thread
Zellery wrote:Good post Lagamorph.
Turboman wrote:Lagomorph..... Is ..... Right
User avatar
Moggy
"Special"
Joined in 2008
AKA: Moggy

PostRe: Buying a house (and renting)
by Moggy » Thu Sep 10, 2020 1:34 pm

Lagamorph wrote:I may be looking to become "that guy" next year and investing some of my savings in a deposit on a Buy-to-let Mortgage and buying a flat to rent out.

Decent 2 bedroom flats can be picked up for about £50,000 around here and would probably rent for £250-350/month.


I can sell you a flat if you really want one....

Image
User avatar
Lagamorph
Member ♥
Joined in 2010

PostRe: Buying a house (and renting)
by Lagamorph » Thu Sep 10, 2020 1:35 pm

Moggy wrote:
Lagamorph wrote:I may be looking to become "that guy" next year and investing some of my savings in a deposit on a Buy-to-let Mortgage and buying a flat to rent out.

Decent 2 bedroom flats can be picked up for about £50,000 around here and would probably rent for £250-350/month.


I can sell you a flat if you really want one....

I somehow doubt you're going to let it go for £50k

Lagamorph's Underwater Photography Thread
Zellery wrote:Good post Lagamorph.
Turboman wrote:Lagomorph..... Is ..... Right
User avatar
Moggy
"Special"
Joined in 2008
AKA: Moggy

PostRe: Buying a house (and renting)
by Moggy » Thu Sep 10, 2020 1:40 pm

Lagamorph wrote:
Moggy wrote:
Lagamorph wrote:I may be looking to become "that guy" next year and investing some of my savings in a deposit on a Buy-to-let Mortgage and buying a flat to rent out.

Decent 2 bedroom flats can be picked up for about £50,000 around here and would probably rent for £250-350/month.


I can sell you a flat if you really want one....

I somehow doubt you're going to let it go for £50k


It's strawberry floating tempting just to get away from the banana splits. Although £50k wouldn't cover the outstanding mortgage :lol:

Image
User avatar
Victor Mildew
Member
Joined in 2009

PostRe: Buying a house (and renting)
by Victor Mildew » Thu Sep 10, 2020 1:42 pm

5 paan

Hexx wrote:Ad7 is older and balder than I thought.
User avatar
Grumpy David
Member
Joined in 2008
AKA: Cubeamania

PostRe: Buying a house (and renting)
by Grumpy David » Thu Sep 10, 2020 1:54 pm

Lagamorph wrote:I may be looking to become "that guy" next year and investing some of my savings in a deposit on a Buy-to-let Mortgage and buying a flat to rent out.

Decent 2 bedroom flats can be picked up for about £50,000 around here and would probably rent for £250-350/month.


BTL is high tax on entry, duration and disposal. Plus can be very hands on as opposed to being "passive income".

Why not take advantage of tax efficient savings vehicles like a pension (salary sacrifice is incredibly tax efficient if your work offers this) or a LISA or ISA?

I personally wouldn't bother with a BTL unless personal income and rental income kept you below 50k and even then it still doesn't seem like a particularly appealing asset class to get involved with.


Return to “Stuff”