Buying a house (and renting)

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Moggy
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PostRe: Buying a house (and renting)
by Moggy » Mon May 11, 2020 2:39 pm

Bunni wrote:Maybe spending less on designer gear might allow you to buy a detached house?


He can afford to Eurostar to France just for a haircut, but not buy/rent a house.

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Moggy
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PostRe: Buying a house (and renting)
by Moggy » Mon May 11, 2020 2:41 pm



strawberry float landlords.

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Victor Mildew
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PostRe: Buying a house (and renting)
by Victor Mildew » Mon May 11, 2020 2:42 pm

Flats are just vertical terraced houses. Change my mind.

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Cuttooth
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PostRe: Buying a house (and renting)
by Cuttooth » Mon May 11, 2020 2:44 pm

No, not Hannibal. :(

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Knoyleo
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PostRe: Buying a house (and renting)
by Knoyleo » Mon May 11, 2020 2:44 pm

Moggy wrote:

strawberry float landlords.

No, not Hannibal. :cry:

Edit: lol cutty

Last edited by Knoyleo on Mon May 11, 2020 2:45 pm, edited 1 time in total.
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Qikz
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PostRe: Buying a house (and renting)
by Qikz » Mon May 11, 2020 2:44 pm

Victor Mildew wrote:Flats are just vertical terraced houses. Change my mind.


I live in a flat and thankfully it's horizontal. Using ladders to get everywhere would be gooseberry fool.

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Knoyleo
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PostRe: Buying a house (and renting)
by Knoyleo » Mon May 11, 2020 2:45 pm

Qikz wrote:
Victor Mildew wrote:Flats are just vertical terraced houses. Change my mind.


I live in a flat and thankfully it's horizontal. Using ladders to get everywhere would be gooseberry fool.

That's a bungalow

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poshrule_uk
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PostRe: Buying a house (and renting)
by poshrule_uk » Mon May 11, 2020 10:21 pm

Victor Mildew wrote:Flats are just vertical terraced houses. Change my mind.


Bungalows are just small houses

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Tomous
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PostRe: Buying a house (and renting)
by Tomous » Mon May 11, 2020 10:28 pm

Actually common misconception-houses are just large bungalows

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Chocolate-Milk
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PostRe: Buying a house (and renting)
by Chocolate-Milk » Tue May 12, 2020 12:06 am

Tomous wrote:Actually common misconception-houses are just large bungalows

Surely houses are several bungalows stacked, rather than one large one.

Sort of a Diglett/Dugtrio situation.

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Lex-Man
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PostRe: Buying a house (and renting)
by Lex-Man » Tue May 12, 2020 2:36 pm

I don't think I'll be trying to buy a house for the rest of the year at least.

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Cuttooth
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PostRe: Buying a house (and renting)
by Cuttooth » Tue May 12, 2020 4:06 pm

Chocolate-Milk wrote:
Tomous wrote:Actually common misconception-houses are just large bungalows

Surely houses are several bungalows stacked, rather than one large one.

Sort of a Diglett/Dugtrio situation.

Churches are large bungalows.

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That's not a growth
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PostRe: Buying a house (and renting)
by That's not a growth » Tue May 12, 2020 4:24 pm

Bungalows are decapitated flats.

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Ecno
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PostRe: Buying a house (and renting)
by Ecno » Tue May 12, 2020 4:26 pm

Has anyone tried to negotiate rent downwards when it's come to rent renewal, considering their landlord are unlikely to be able to get another tenant in?

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Grumpy David
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PostRe: Buying a house (and renting)
by Grumpy David » Wed Jun 17, 2020 8:46 pm

Mortgage market seems to cutting off all the 5% and 10% deposit options now. 15% quickly becoming the new minimum deposit. Although perhaps more bizarrely most lenders are allowing furloughed employees to apply rather than just not allowing this income to be used.

Meanwhile Rightmove's busiest ever day was the 27th May and apparently Estate Agents are very busy with new enquiries.

My fixed rate lasts another year and a half but it's a 2 bedroom flat with no garden so I expect any house price drop to have a disproportionate effect on that type of property compared with a NO1FFF type of large detached home with a spacious garden.

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Bunni
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PostRe: Buying a house (and renting)
by Bunni » Thu Jun 18, 2020 8:48 am

Viewing a flat on Sunday. It's beautiful, nice area, quirky decor, and I can get a mortgage for it.

It's gunna go so far over the asking price I'll never get it :(

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That's not a growth
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PostRe: Buying a house (and renting)
by That's not a growth » Fri Jun 19, 2020 11:00 am

I've got a help to buy ISA, and I'm going to hit the threshold required to get the full government bonus in October.

It's very likely I won't get a payrise any time soon, which is limiting the value of the mortgage I can get.

From what I can see, unless I'm willing the compromise on some aspect of what I want (at least 2 bed, not a high crime area, not a tiny terrace, garden not a yard, in an area that means I don't need to get a car (ok public transport, nearish to a supermarket and gym)) then I needed to be looking at homes that need work doing to them.

To maximise the amount of money I have for materials, but while trying not to pay through the nose on mortgage repayments, a 90% seems a decent balance (once they're readily available again).

It's likely £15k will be more than 10% of the value of the property I end up buying, will I be forced to use all the money in my H2B ISA on the deposit? It'll be good to know either way so I can plan accordingly.

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Grumpy David
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PostRe: Buying a house (and renting)
by Grumpy David » Fri Jun 19, 2020 11:07 am

That's not a growth wrote:I've got a help to buy ISA, and I'm going to hit the threshold required to get the full government bonus in October.

It's very likely I won't get a payrise any time soon, which is limiting the value of the mortgage I can get.

From what I can see, unless I'm willing the compromise on some aspect of what I want (at least 2 bed, not a high crime area, not a tiny terrace, garden not a yard, in an area that means I don't need to get a car (ok public transport, nearish to a supermarket and gym)) then I needed to be looking at homes that need work doing to them.

To maximise the amount of money I have for materials, but while trying not to pay through the nose on mortgage repayments, a 90% seems a decent balance (once they're readily available again).

It's likely £15k will be more than 10% of the value of the property I end up buying, will I be forced to use all the money in my H2B ISA on the deposit? It'll be good to know either way so I can plan accordingly.


Why wouldn't you want to use all the money in the HTB ISA as the deposit? The bonus amount is applied for via the solicitor so you don't get the bonus amount until completion instead of exchange of contracts where part/all of the deposit is normally transferred.

I would be working on the assumption that no 10% deposit options will be available in October with 15% being the minimum deposit you can put down.

The vast majority of lenders have withdrawn these 10% products and the few remaining options are essentially rationing the amount that can be applied for each day.

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That's not a growth
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PostRe: Buying a house (and renting)
by That's not a growth » Fri Jun 19, 2020 11:48 am

What I mean is if I wanted to put down early exactly 10% it might be less than £15k. While I could up my percentage to, say, 12%, to use the full £15k I might actually want to use this money towards, for example, building materials - since I wouldn't get a better rate on my mortgage for this minimal difference in LTV, it feels a better use of this money.

And I wasn't necessarily planning on buying in October, it's just that this is when I'll 'fill' my H2B. I would probably wait until 90% mortgages are common again.

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Drumstick
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PostRe: Buying a house (and renting)
by Drumstick » Fri Jun 19, 2020 12:10 pm

Just so you know, TNAG, the cost of building materials is going through the roof at the moment.

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