Buying a house (and renting)

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Oblomov Boblomov
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PostRe: Buying a house (and renting)
by Oblomov Boblomov » Thu Sep 12, 2019 6:08 pm

poshrule_uk wrote:
That's not a growth wrote:
poshrule_uk wrote:
Oblomov Boblomov wrote:
Qikz wrote:
Oblomov Boblomov wrote:I'm getting some work done on my house. I say some, in total it's come to about £120k.

My wife is starting to feel sick because of the amount of debt we're going to be in. I am a little worried, but we're just going to open as many 24+ month credit cards as we can and pay them off over the next couple of years.

That's my cunning plan anyway :slol:.


I really don't think it's wise to do that especially with all the possible financial insecurity happening soon. Is there no way you can split it up into smaller amounts over a longer period? (ie don't do everything at once)

You're right, it's not wise. It is a bit of a concern.

It's all pretty much committed now. We're going to stick all the new appliances/furniture on these cards and then also our regular spending for a few months, until the big bills are out of the way. Hopefully then we'll have a year and a half or so to get the cards cleared. Could be quite the race against time to see off probably around £20k before the interest kicks in :dread:.

We're both full-time and without any dependents, so it should be doable, as long as circumstances don't change...


I'm sure you have done this but work out what your going to spend on credit, divide it by months to clear then you know the minimum payment each month to get it all sorted.


No! You should put aside that amount, but only pay off the minimal amount (assuming 0%). The different you put into an account that gives you interest, then you pay off the cards in the last month.


Your a stoozer are you?

I wouldn't say I'm incorrect, it just depends on what you're comfortable with and your relationship with money but that's a good shout

Stoozing is worth very slightly more than the square root of strawberry float all at the moment. We'll definitely be doing as you suggested, paying off whatever is reasonable each month to bring it down steadily as the 0% period runs down.

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Oblomov Boblomov
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PostRe: Buying a house (and renting)
by Oblomov Boblomov » Thu Sep 12, 2019 6:12 pm

Rocsteady wrote:
Oblomov Boblomov wrote:
Dual wrote:
Oblomov Boblomov wrote:I'm getting some work done on my house. I say some, in total it's come to about £120k.

My wife is starting to feel sick because of the amount of debt we're going to be in. I am a little worried, but we're just going to open as many 24+ month credit cards as we can and pay them off over the next couple of years.

That's my cunning plan anyway :slol:.


That doesn't sound sustainable mate. Are you having an extension built? Would. It be easier to remortgage?

Two. Would really rather not — only just got it down to five figures.

Holy gooseberry fool man :lol:

Party at yours when that's all done.

It sounds like a lot but at the end of it all, we'll just have a new (as in the actual area of the house didn't exist before) dining room and bedroom, with a new (as in new furniture/appliances) kitchen and bathroom. I highly doubt it's worth it if you look at it through a property development lens, but we plan on sticking around for a long time so the overall value isn't really our concern.

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pjbetman
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PostRe: Buying a house (and renting)
by pjbetman » Thu Sep 12, 2019 7:39 pm

Oblomov Boblomov wrote:
Rocsteady wrote:
Oblomov Boblomov wrote:
Dual wrote:
Oblomov Boblomov wrote:I'm getting some work done on my house. I say some, in total it's come to about £120k.

My wife is starting to feel sick because of the amount of debt we're going to be in. I am a little worried, but we're just going to open as many 24+ month credit cards as we can and pay them off over the next couple of years.

That's my cunning plan anyway :slol:.


That doesn't sound sustainable mate. Are you having an extension built? Would. It be easier to remortgage?

Two. Would really rather not — only just got it down to five figures.

Holy gooseberry fool man :lol:

Party at yours when that's all done.

It sounds like a lot but at the end of it all, we'll just have a new (as in the actual area of the house didn't exist before) dining room and bedroom, with a new (as in new furniture/appliances) kitchen and bathroom. I highly doubt it's worth it if you look at it through a property development lens, but we plan on sticking around for a long time so the overall value isn't really our concern.


Sounds like it will be great when it's all finished.

How are you raising the other £100k, if not a mortgage?

Also, the credit cards that i've used with interest free deals, ask you for a 3% up front charge. Which is only £600 on £20k. So, once you've paid that, you'd not be in dire straits if you failed to pay it all off over 2 years or whatever period they set.

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PostRe: Buying a house (and renting)
by <]:^D » Thu Sep 12, 2019 7:56 pm

Oblomov Boblomov wrote:
Qikz wrote:
Oblomov Boblomov wrote:I'm getting some work done on my house. I say some, in total it's come to about £120k.

My wife is starting to feel sick because of the amount of debt we're going to be in. I am a little worried, but we're just going to open as many 24+ month credit cards as we can and pay them off over the next couple of years.

That's my cunning plan anyway :slol:.


I really don't think it's wise to do that especially with all the possible financial insecurity happening soon. Is there no way you can split it up into smaller amounts over a longer period? (ie don't do everything at once)

You're right, it's not wise. It is a bit of a concern.

It's all pretty much committed now. We're going to stick all the new appliances/furniture on these cards and then also our regular spending for a few months, until the big bills are out of the way. Hopefully then we'll have a year and a half or so to get the cards cleared. Could be quite the race against time to see off probably around £20k before the interest kicks in :dread:.

We're both full-time and without any dependents, so it should be doable, as long as circumstances don't change...


avoid sex then :lol:

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Errkal
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PostRe: Buying a house (and renting)
by Errkal » Thu Sep 12, 2019 7:58 pm

<]:^D wrote:
Oblomov Boblomov wrote:
Qikz wrote:
Oblomov Boblomov wrote:I'm getting some work done on my house. I say some, in total it's come to about £120k.

My wife is starting to feel sick because of the amount of debt we're going to be in. I am a little worried, but we're just going to open as many 24+ month credit cards as we can and pay them off over the next couple of years.

That's my cunning plan anyway :slol:.


I really don't think it's wise to do that especially with all the possible financial insecurity happening soon. Is there no way you can split it up into smaller amounts over a longer period? (ie don't do everything at once)

You're right, it's not wise. It is a bit of a concern.

It's all pretty much committed now. We're going to stick all the new appliances/furniture on these cards and then also our regular spending for a few months, until the big bills are out of the way. Hopefully then we'll have a year and a half or so to get the cards cleared. Could be quite the race against time to see off probably around £20k before the interest kicks in :dread:.

We're both full-time and without any dependents, so it should be doable, as long as circumstances don't change...


avoid sex then :lol:


Or live by the age old rule of up the bum no babies.

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Oblomov Boblomov
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PostRe: Buying a house (and renting)
by Oblomov Boblomov » Thu Sep 12, 2019 8:10 pm

pjbetman wrote:
Oblomov Boblomov wrote:
Rocsteady wrote:
Oblomov Boblomov wrote:
Dual wrote:
Oblomov Boblomov wrote:I'm getting some work done on my house. I say some, in total it's come to about £120k.

My wife is starting to feel sick because of the amount of debt we're going to be in. I am a little worried, but we're just going to open as many 24+ month credit cards as we can and pay them off over the next couple of years.

That's my cunning plan anyway :slol:.


That doesn't sound sustainable mate. Are you having an extension built? Would. It be easier to remortgage?

Two. Would really rather not — only just got it down to five figures.

Holy gooseberry fool man :lol:

Party at yours when that's all done.

It sounds like a lot but at the end of it all, we'll just have a new (as in the actual area of the house didn't exist before) dining room and bedroom, with a new (as in new furniture/appliances) kitchen and bathroom. I highly doubt it's worth it if you look at it through a property development lens, but we plan on sticking around for a long time so the overall value isn't really our concern.


Sounds like it will be great when it's all finished.

How are you raising the other £100k, if not a mortgage?

Also, the credit cards that i've used with interest free deals, ask you for a 3% up front charge. Which is only £600 on £20k. So, once you've paid that, you'd not be in dire straits if you failed to pay it all off over 2 years or whatever period they set.


Thanks. I certainly hope so!

I already had it. I bought a flat in Birmingham about 6 years ago and it turned out there had been quite a boom 5 years later when I came to sell it.

Didn't realise there was usually an up front charge, but at least it sounds like it won't be a huge amount. Will have to see how it goes. The first two cards are on their way now.

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Oblomov Boblomov
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PostRe: Buying a house (and renting)
by Oblomov Boblomov » Thu Sep 12, 2019 8:10 pm

Errkal wrote:
<]:^D wrote:
Oblomov Boblomov wrote:
Qikz wrote:
Oblomov Boblomov wrote:I'm getting some work done on my house. I say some, in total it's come to about £120k.

My wife is starting to feel sick because of the amount of debt we're going to be in. I am a little worried, but we're just going to open as many 24+ month credit cards as we can and pay them off over the next couple of years.

That's my cunning plan anyway :slol:.


I really don't think it's wise to do that especially with all the possible financial insecurity happening soon. Is there no way you can split it up into smaller amounts over a longer period? (ie don't do everything at once)

You're right, it's not wise. It is a bit of a concern.

It's all pretty much committed now. We're going to stick all the new appliances/furniture on these cards and then also our regular spending for a few months, until the big bills are out of the way. Hopefully then we'll have a year and a half or so to get the cards cleared. Could be quite the race against time to see off probably around £20k before the interest kicks in :dread:.

We're both full-time and without any dependents, so it should be doable, as long as circumstances don't change...


avoid sex then :lol:


Or live by the age old rule of up the bum no babies.

I think you'll find it's 'one up the bum, no harm done'.

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Corazon de Leon
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PostRe: Buying a house (and renting)
by Corazon de Leon » Thu Sep 12, 2019 11:20 pm

Yeah, where the strawberry float did your one come from Errkal?

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PostRe: Buying a house (and renting)
by <]:^D » Fri Sep 13, 2019 6:46 am

up the bum no babies :lol:

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Errkal
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PostRe: Buying a house (and renting)
by Errkal » Fri Sep 13, 2019 7:04 am

Corazon de Leon wrote:Yeah, where the strawberry float did your one come from Errkal?


Pretty sure Lily Allen said it on a Graham Norton Show episode once.

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andretmzt
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PostRe: Buying a house (and renting)
by andretmzt » Wed Sep 25, 2019 9:33 am

I'm moving to Southampton for work in late October and about this time last week I was planning on renting with my partner as I thought I'd have a hand with rent from my company. Had a chat with the work guy and it turns out my company won't help (why didn't you say that before you tosser, I have wasted over a month planning to rent :x ). So instead of viewing houses to rent on Monday, I had to call all the estate agents and tell them I now want to buy and two days later I am about to put an offer in on a house and I still have no strawberry floating clue what I am doing. Got a solicitor, got a financial adviser, got the estate agent....I don't need anything else right? :shifty:

To think I was happy to just rent a week ago and now I'm about to go buy a bloody house. Most I have ever spent on a single thing is £2000....

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Winckle
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PostRe: Buying a house (and renting)
by Winckle » Wed Sep 25, 2019 9:37 am

Anyone here overpaying on their mortgage to reduce their overall interest payments, length of mortgage etc? We recently upped ours by £100. It's not a huge amount but it seems to take a lot off the mortgage, and given the awful state of savings accounts right now it seems like a good way to make money work for us.

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Moggy
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PostRe: Buying a house (and renting)
by Moggy » Wed Sep 25, 2019 9:47 am

Winckle wrote:Anyone here overpaying on their mortgage to reduce their overall interest payments, length of mortgage etc? We recently upped ours by £100 recently. It's not a huge amount but it seems to take a lot off the mortgage, and given the awful state of savings accounts right now it seems like a good way to make money work for us.


Yeah I have been overpaying pretty much since I took the mortgage out. I was overpaying £100 a month a few years ago, but money is tighter now so I dropped it to £10 a month. It all makes a difference though.

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Jenuall
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PostRe: Buying a house (and renting)
by Jenuall » Wed Sep 25, 2019 9:49 am

Winckle wrote:Anyone here overpaying on their mortgage to reduce their overall interest payments, length of mortgage etc? We recently upped ours by £100 recently. It's not a huge amount but it seems to take a lot off the mortgage, and given the awful state of savings accounts right now it seems like a good way to make money work for us.

Yeah it can be a good approach, especially as you say with savings not really being in a great place right now! We did a lot of this in out last place, really managed to get the balance down quickly. Moving to a new house blew that all out of the water, but it was worth it (or at least I keep telling myself that! :lol: )

Has your mortgage got any caps on how much you can overpay, they often have a limit on how much extra you are allowed to pay off annually?

Last edited by Jenuall on Wed Sep 25, 2019 9:50 am, edited 1 time in total.
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PostRe: Buying a house (and renting)
by Moggy » Wed Sep 25, 2019 9:49 am

andretmzt wrote:I'm moving to Southampton for work in late October and about this time last week I was planning on renting with my partner as I thought I'd have a hand with rent from my company. Had a chat with the work guy and it turns out my company won't help (why didn't you say that before you tosser, I have wasted over a month planning to rent :x ). So instead of viewing houses to rent on Monday, I had to call all the estate agents and tell them I now want to buy and two days later I am about to put an offer in on a house and I still have no strawberry floating clue what I am doing. Got a solicitor, got a financial adviser, got the estate agent....I don't need anything else right? :shifty:

To think I was happy to just rent a week ago and now I'm about to go buy a bloody house. Most I have ever spent on a single thing is £2000....


I bought my flat back in 2011 and I had no idea what I was doing. We looked at a few places, put an offer in, got a mortgage broker and solicitor and then it just sort of happened. Be prepared for a lot of delays and frustrations though, solicitors do not work quickly!!

I dread moving as I have no strawberry floating idea how to sell a place and buy a place at the same time. I am sure it’ll work out but it just sounds horribly stressful.

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Winckle
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PostRe: Buying a house (and renting)
by Winckle » Wed Sep 25, 2019 9:51 am

Jenuall wrote:
Winckle wrote:Anyone here overpaying on their mortgage to reduce their overall interest payments, length of mortgage etc? We recently upped ours by £100 recently. It's not a huge amount but it seems to take a lot off the mortgage, and given the awful state of savings accounts right now it seems like a good way to make money work for us.

Yeah it can be a good approach, especially as you say with savings not really being in a great place right now! We did a lot of this in out last place, really managed to get the balance down quickly. Moving to a new house blew that all out of the water, but it was worth it (or at least I keep telling myself that! :lol: )

Has your mortgage got any caps on how much you can overpay, they often have a limit on how much extra you are allowed to pay off annually?

Yes, 10% of the remaining balance.

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PostRe: Buying a house (and renting)
by Jenuall » Wed Sep 25, 2019 9:51 am

Moggy wrote:
andretmzt wrote:I'm moving to Southampton for work in late October and about this time last week I was planning on renting with my partner as I thought I'd have a hand with rent from my company. Had a chat with the work guy and it turns out my company won't help (why didn't you say that before you tosser, I have wasted over a month planning to rent :x ). So instead of viewing houses to rent on Monday, I had to call all the estate agents and tell them I now want to buy and two days later I am about to put an offer in on a house and I still have no strawberry floating clue what I am doing. Got a solicitor, got a financial adviser, got the estate agent....I don't need anything else right? :shifty:

To think I was happy to just rent a week ago and now I'm about to go buy a bloody house. Most I have ever spent on a single thing is £2000....


I bought my flat back in 2011 and I had no idea what I was doing. We looked at a few places, put an offer in, got a mortgage broker and solicitor and then it just sort of happened. Be prepared for a lot of delays and frustrations though, solicitors do not work quickly!!

I dread moving as I have no strawberry floating idea how to sell a place and buy a place at the same time. I am sure it’ll work out but it just sounds horribly stressful.

I'm sure there are people who have a great experience with it, but for me the move we made at the end of last year/start of this year was absolutely the most stressful experience of my life! :dread:

I am going to die in this house as I have zero appetite for going through that gooseberry fool again! :lol:

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PostRe: Buying a house (and renting)
by Moggy » Wed Sep 25, 2019 9:59 am

Jenuall wrote:
Moggy wrote:
andretmzt wrote:I'm moving to Southampton for work in late October and about this time last week I was planning on renting with my partner as I thought I'd have a hand with rent from my company. Had a chat with the work guy and it turns out my company won't help (why didn't you say that before you tosser, I have wasted over a month planning to rent :x ). So instead of viewing houses to rent on Monday, I had to call all the estate agents and tell them I now want to buy and two days later I am about to put an offer in on a house and I still have no strawberry floating clue what I am doing. Got a solicitor, got a financial adviser, got the estate agent....I don't need anything else right? :shifty:

To think I was happy to just rent a week ago and now I'm about to go buy a bloody house. Most I have ever spent on a single thing is £2000....


I bought my flat back in 2011 and I had no idea what I was doing. We looked at a few places, put an offer in, got a mortgage broker and solicitor and then it just sort of happened. Be prepared for a lot of delays and frustrations though, solicitors do not work quickly!!

I dread moving as I have no strawberry floating idea how to sell a place and buy a place at the same time. I am sure it’ll work out but it just sounds horribly stressful.

I'm sure there are people who have a great experience with it, but for me the move we made at the end of last year/start of this year was absolutely the most stressful experience of my life! :dread:

I am going to die in this house as I have zero appetite for going through that gooseberry fool again! :lol:


I was lucky before as I was renting a flat a 5 minute walk away from the one I bought and the flat I bought was empty so there was no chain.

Now when I move I will have to first fight or give in to the landlords of the building my flat is in (a very long running and bitter dispute!), then find somewhere out of the city, find somebody to buy my flat and then go through all of the stress of selling/buying/moving. I absolutely dread the whole idea of it.

Still it will be better in the long run so I really should get my finger out and start the process.

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Drumstick
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PostRe: Buying a house (and renting)
by Drumstick » Wed Sep 25, 2019 10:19 am

Is there a website that can show you in graphical form how beneficial overpaying can be if you pop all your numbers in?

One man should not have this much power in this game. Luckily I'm not an ordinary man.
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Jenuall
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PostRe: Buying a house (and renting)
by Jenuall » Wed Sep 25, 2019 10:24 am

Moggy wrote:
Jenuall wrote:
Moggy wrote:
andretmzt wrote:I'm moving to Southampton for work in late October and about this time last week I was planning on renting with my partner as I thought I'd have a hand with rent from my company. Had a chat with the work guy and it turns out my company won't help (why didn't you say that before you tosser, I have wasted over a month planning to rent :x ). So instead of viewing houses to rent on Monday, I had to call all the estate agents and tell them I now want to buy and two days later I am about to put an offer in on a house and I still have no strawberry floating clue what I am doing. Got a solicitor, got a financial adviser, got the estate agent....I don't need anything else right? :shifty:

To think I was happy to just rent a week ago and now I'm about to go buy a bloody house. Most I have ever spent on a single thing is £2000....


I bought my flat back in 2011 and I had no idea what I was doing. We looked at a few places, put an offer in, got a mortgage broker and solicitor and then it just sort of happened. Be prepared for a lot of delays and frustrations though, solicitors do not work quickly!!

I dread moving as I have no strawberry floating idea how to sell a place and buy a place at the same time. I am sure it’ll work out but it just sounds horribly stressful.

I'm sure there are people who have a great experience with it, but for me the move we made at the end of last year/start of this year was absolutely the most stressful experience of my life! :dread:

I am going to die in this house as I have zero appetite for going through that gooseberry fool again! :lol:


I was lucky before as I was renting a flat a 5 minute walk away from the one I bought and the flat I bought was empty so there was no chain.

Now when I move I will have to first fight or give in to the landlords of the building my flat is in (a very long running and bitter dispute!), then find somewhere out of the city, find somebody to buy my flat and then go through all of the stress of selling/buying/moving. I absolutely dread the whole idea of it.

Still it will be better in the long run so I really should get my finger out and start the process.

Has there been any more developments with your ongoing dispute? Seems like a right pain in the ass that one!

Yeah our first move was from a rented flat to a new build house just round the corner so there was very little stress - no property to sell, no chain to worry about, less stuff to move so no need for movers etc. It was bliss in comparison to the recent move! :lol:

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