Buying a house (and renting)

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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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Moggy
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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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Jenuall
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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?

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

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

Yes, most mortgage providers have one tailored for their own products. I'm with Nationwide, so used theirs here: https://www.nationwide.co.uk/products/m ... calculator

If your bank doesn't have one MSE have a generic one (but you'll need more details). https://www.moneysavingexpert.com/mortg ... alculator/

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andretmzt
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PostRe: Buying a house (and renting)
by andretmzt » Wed Sep 25, 2019 10:35 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.


Good to know I'm not the only one. :lol: My girlfriend has to sell her place but that can wait for the moment. Luckily in a position where I can get help with a deposit. Second house stamp duty can do one though.

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Moggy
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PostRe: Buying a house (and renting)
by Moggy » Wed Sep 25, 2019 10:36 am

Jenuall wrote:
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:


My dispute seems to have just settled back down to where it has been for the last few years. After they served the forfeiture notice at the end of last year (and then strawberry floated themselves over by sending an invoice after it!) me and the lady upstairs saw a solicitor who agreed with us on every point, but warned us that going to court is very expensive. We would probably win, but probably isn’t really very reassuring when thousands of pounds are at risk.

It’s been nothing but stress, I would never buy a leasehold again and would advise other people to avoid it. There is way too much power in the hands of landlords and property management companies.

I figure I am going to just have to pay them in the end, but am avoiding it until I have to do it. Before I seriously look at moving I will probably try writing to them with a “I disagree with what you claim is owed but will settle out of court for 50%” letter and hope they go for it. The wankers. :x

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PostRe: Buying a house (and renting)
by Kezzer » Wed Sep 25, 2019 11:01 am

I am starting to get fed up with looking for a place. Like strawberry float am I buying just now (Mad expensive and I have no idea how long I will be in England for, + leasehold is a bloody scam!) but I keep getting constant rejections for my rent offers on flats.

the latest one is devastating, as I really had my hopes up. :cry:


strawberry float landlords. Shoot them all.

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PostRe: Buying a house (and renting)
by Oblomov Boblomov » Wed Sep 25, 2019 11:50 am

Absolutely overpay your mortgage if you can. The benefits will far outweigh any savings accounts you have, at least in the current climate, unless you have something ridiculous like a 0.5% mortgage.

I overpaid a lot very consistently and the resulting saving was considerable.

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Drumstick
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PostRe: Buying a house (and renting)
by Drumstick » Wed Sep 25, 2019 11:52 am

I can't yet afford to, but thanks for the advice and thank you to Winckle for the links.

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PostRe: Buying a house (and renting)
by Lime » Thu Sep 26, 2019 2:26 pm

Oblomov Boblomov wrote:Absolutely overpay your mortgage if you can. The benefits will far outweigh any savings accounts you have, at least in the current climate, unless you have something ridiculous like a 0.5% mortgage.

I overpaid a lot very consistently and the resulting saving was considerable.


I just inherited some money as my parents passed away, and it's the first thing I did - paid off 10%, which (if you take into account the savings in interest payments) made the money worth about 1.5 times as much, and I'll pay the mortgage off 2 1/2 years earlier. Will do the same for the next couple of years if I can.

I can't make out if that's sensible or boring of me. Probably both.

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Tomous
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PostRe: Buying a house (and renting)
by Tomous » Thu Sep 26, 2019 5:08 pm

Our vendors on the house we're buying want us to commit to a 2 week completion date despite searches and surveys not yet being completed. This is because their vendors are purchasing a house from a building company who wanted a "28 day turnaround" when the sale was agreed, assumingly because they're worried about their cashflow.

Everyone involved is acting like we're being unreasonable by not agreeing to this and now "the building company have lost patience so will pull out if you don't agree and the chain will fall apart".

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Tomous
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PostRe: Buying a house (and renting)
by Tomous » Thu Sep 26, 2019 5:24 pm

Tomous wrote:Our vendors on the house we're buying want us to commit to a 2 week completion date despite searches and surveys not yet being completed. This is because their vendors are purchasing a house from a building company who wanted a "28 day turnaround" when the sale was agreed, assumingly because they're worried about their cashflow.

Everyone involved is acting like we're being unreasonable by not agreeing to this and now "the building company have lost patience so will pull out if you don't agree and the chain will fall apart".



Small update on this, one of the estate agents text my wife who then meant to forward the reply to me, but accidentally sent it back to them, and called them "absolute rems" at the same time.

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PostRe: Buying a house (and renting)
by Lagamorph » Thu Sep 26, 2019 5:45 pm

Tomous wrote:
Tomous wrote:Our vendors on the house we're buying want us to commit to a 2 week completion date despite searches and surveys not yet being completed. This is because their vendors are purchasing a house from a building company who wanted a "28 day turnaround" when the sale was agreed, assumingly because they're worried about their cashflow.

Everyone involved is acting like we're being unreasonable by not agreeing to this and now "the building company have lost patience so will pull out if you don't agree and the chain will fall apart".



Small update on this, one of the estate agents text my wife who then meant to forward the reply to me, but accidentally sent it back to them, and called them "absolute rems" at the same time.

:lol:

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PostRe: Buying a house (and renting)
by Ad7 » Thu Sep 26, 2019 5:47 pm

:lol:

More like purple pricks amirite

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Dual
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PostRe: Buying a house (and renting)
by Dual » Thu Sep 26, 2019 5:48 pm

Tomous wrote:
Tomous wrote:Our vendors on the house we're buying want us to commit to a 2 week completion date despite searches and surveys not yet being completed. This is because their vendors are purchasing a house from a building company who wanted a "28 day turnaround" when the sale was agreed, assumingly because they're worried about their cashflow.

Everyone involved is acting like we're being unreasonable by not agreeing to this and now "the building company have lost patience so will pull out if you don't agree and the chain will fall apart".



Small update on this, one of the estate agents text my wife who then meant to forward the reply to me, but accidentally sent it back to them, and called them "absolute rems" at the same time.


:lol:

Tell them them to do one. Don't be bullied into anything.

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PostRe: Buying a house (and renting)
by That's not a growth » Thu Sep 26, 2019 5:49 pm

My manager at work once left a voice mail going too long and started bitching how he can never get hold of this guy, calling him all names under the sun. Got a call back pretty sharpish, with the guy being quite friendly.


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