Houses

[Costock_Fox]

23 hours ago, Innovindil said:

So I got my house on a 5% mortgage at 3.8% fixed for 2 years. We're closing in on the end of the 2 years so I've been looking at remortgaging, getting offers from barclays (who we're with now) for £100 less a month over the same term. 

 

Is this normal? Is it because there's more collateral in the house? Seems odd. Wonder if I can shave some years off it to make it the same as what we're paying now so I don't get jibbed by the early repayment fees? 

 

Anyone knowledgeable can give me some advice please? 

Presume you mean you had a 95% mortgage? Yeah it’s normal, the interest rate they offer will probably be lower because your LTV would have reduced meaning less risk to them and also you have evidenced that you have been paying it which again means less risk.

 

Shop around, remortgaging is pretty straightforward so if you can get a better overall deal then go for it.

 

And yep, wise to keep repayments the same to reduce the term as you will save a shedload of interest in the long term.

[Rob1742]

On 28/08/2019 at 01:53, HappyHamza said:

I lurked on here for ages before finally signing up. Ages and ages ago somebody talked about which new build developers were most trustworthy in terms of the quality of their builds. 

 

Can anybody give a bit of direction now?

Depends on the individuals they get to build them in my opinion.

 

I had a David Wilson that was horrendous, but then I have taken new builds from so called lesser builders and they have been perfect.

 

It can literally depend on the site, the area and the staff they manage to get there.

 

I have probably put it on here before but I think on my DW most of the plumbing was dreadful, including two total floods happening. Toilets not working from day one, so the installer must have known he had failed.

 

One thing to always remember is the builder has an amount of money per house to spend if things go pear shaped. I’m my case they landscaped the garden due to all the issues we had, so they have a fund they can use to satisfy customers.

 

[z-layrex]

On 28/08/2019 at 01:53, HappyHamza said:

I lurked on here for ages before finally signing up. Ages and ages ago somebody talked about which new build developers were most trustworthy in terms of the quality of their builds. 

 

Can anybody give a bit of direction now?

New builds are ugly, cheap soulless boxes.

[Jon the Hat]

3 hours ago, z-layrex said:

New builds are ugly, cheap soulless boxes.

Mine is lovely.

[Legend_in_blue]

5 hours ago, z-layrex said:

New builds are ugly, cheap soulless boxes.

Jelson and Linden top that list.

[Otis]

6 hours ago, z-layrex said:

New builds are ugly, cheap soulless boxes.

Bit of a sweeping statement there

[Leicester_Loyal]

My plans of buying this summer seem to have gone up in smoke with all this happening. I'm hoping we can get something bought and move in before winter time, but who knows what will happen. The good thing is that the deposit money is there ready to go, so I'm just banking more every month atm, which means the mortgage will hopefully be slightly cheaper when we do eventually buy.

[Toddybad]

5 minutes ago, Leicester_Loyal said:

My plans of buying this summer seem to have gone up in smoke with all this happening. I'm hoping we can get something bought and move in before winter time, but who knows what will happen. The good thing is that the deposit money is there ready to go, so I'm just banking more every month atm, which means the mortgage will hopefully be slightly cheaper when we do eventually buy.

I'm in the same position. Hoping the market falls back tbh

[Costock_Fox]

Hoping this picks up soon otherwise my job will be ****ed.

[Heathrow fox]

There’s some pretty optimistic predictions out there.Slight drop then a bounce back.I remember a few years ago experts warning about the one property landlord.Those that have invested in a house to help in their retirement.Where the rent pays the mortgage and not much else.If all of a sudden it becomes more hassle than it’s worth,and people want to cut their loses.You could get the nightmare scenario of a sudden glut of properties on the market.We could have the perfect conditions for this on the horizon.

[Strokes]

17 minutes ago, Costock_Fox said:

Hoping this picks up soon otherwise my job will be ****ed.

You and me both buddy, I could  get in some serious financial decline if this doesn’t pick up soon.

I have overdue invoices outstanding, that I’m not sure I’m going to get now, which puts me in a bad place. I just hope there is some good news around the corner somewhere.

[Costock_Fox]

3 minutes ago, Strokes said:

You and me both buddy, I could  get in some serious financial decline if this doesn’t pick up soon.

I have overdue invoices outstanding, that I’m not sure I’m going to get now, which puts me in a bad place. I just hope there is some good news around the corner somewhere.

My job relies on people taking out mortgages so I would expect it to be slower than forecast and there was talk of the business needing to save a hell of a lot of cash so I think it’s likely going to be an issue for me.

 

Sorry to hear that, I hope the government insists banks support customers for a decent amount of time to stop people from getting into some real shit over this.

[Strokes]

8 hours ago, Costock_Fox said:

My job relies on people taking out mortgages so I would expect it to be slower than forecast and there was talk of the business needing to save a hell of a lot of cash so I think it’s likely going to be an issue for me.

 

Sorry to hear that, I hope the government insists banks support customers for a decent amount of time to stop people from getting into some real shit over this.

Any ideas what the forecast is for the housing market after the lockdown? I guess it’s pretty bleak. 

[Costock_Fox]

27 minutes ago, Strokes said:

Any ideas what the forecast is for the housing market after the lockdown? I guess it’s pretty bleak. 

I don’t to be honest.

[HowardsBulletHeader]

11 hours ago, Toddybad said:

I'm in the same position. Hoping the market falls back tbh

Here here. Anticipated to fall about 12.5% in the East Midlands apparently (I've only read one report, other news articles will be available I'm sure). 

 

When it comes back, could be quite the opportunity all round. Getting a lengthy fixed mortgage at a low rate would be nice too.

[Leicester_Loyal]

21 minutes ago, HowardsBulletHeader said:

Here here. Anticipated to fall about 12.5% in the East Midlands apparently (I've only read one report, other news articles will be available I'm sure). 

 

When it comes back, could be quite the opportunity all round. Getting a lengthy fixed mortgage at a low rate would be nice too.

On a personal level that would be amazing for me, especially with another 3-6 months of saving up. I can't see them going down by much, I think 3-5%, but that's still a huge amount of money in reality.

 

I've noticed a lot of houses that I previously saw have been taken off, I'd imagine not a lot of people fancy leaving it up for sale in the current climate.

[simFox]

If your trading up, it's good news, 10% off your own sale price will likely be more off the one you're buying. Just be prepared to accept a bit less.

 

I think it will be better overall anyway, houses have been over priced for years and we are overdue a correction.

 

People think they're better off because their own house has increased in value. Mine has gone up by about £70k but I'm no better off, the ones I want to buy have gone up too, by even more. 

[Heathrow fox]

3 hours ago, Strokes said:

Any ideas what the forecast is for the housing market after the lockdown? I guess it’s pretty bleak. 

Looked in depth on this.The predictions start from an optimistic 3% /5%With a 2021 bounce back,through to a disastrous 30% decade lasting slump.With unemployment likely to shoot up,I can only expect the worst tbh.

[Nalis]

Have a question regarding remortgaging.

 

We were intending on moving around remortgaging time next February but seeing as house prices might dip before they get back to their previous levels, we'll probably hold off and just moving later in 2021.

 

If you have remortgaged for a period (say 2 or 3 years) and you move house within that period, what happens? Do you automatically transfer it over to the new property or are you forced into paying an exit fee? Anything else I should be aware of from anyone's experience would be appreciated.

Edited 13 April 2020 by Nalis

[HowardsBulletHeader]

1 hour ago, Nalis said:

Have a question regarding remortgaging.

 

We were intending on moving around remortgaging time next February but seeing as house prices might dip before they get back to their previous levels, we'll probably hold off and just moving later in 2021.

 

If you have remortgaged for a period (say 2 or 3 years) and you move house within that period, what happens? Do you automatically transfer it over to the new property or are you forced into paying an exit fee? Anything else I should be aware of from anyone's experience would be appreciated.

I haven't had my own mortgage as I'm a first time buyer, but from the research I've done, I believe it depends on if your mortgage has the "porting" feature and also just general T&C of the mortgage for exit fees etc. 

 

Although if you port, you won't pay the exit fee I believe. Perhaps an admin fee but I'm not sure! 

 

Porting just means you keep all the terms of the mortgage i.e the rate, length etc and just put it on the new property. If the property you are purchasing is a higher value though you may be forced to change the rate, terms etc. 

 

I'm sure someone will be along to correct me if I'm wrong!

[Costock_Fox]

9 hours ago, Nalis said:

Have a question regarding remortgaging.

 

We were intending on moving around remortgaging time next February but seeing as house prices might dip before they get back to their previous levels, we'll probably hold off and just moving later in 2021.

 

If you have remortgaged for a period (say 2 or 3 years) and you move house within that period, what happens? Do you automatically transfer it over to the new property or are you forced into paying an exit fee? Anything else I should be aware of from anyone's experience would be appreciated.

Yeah you will be able to port your mortgage product over to the new property otherwise you will probably end up having to pay the early repayment charge.

[Otis]

23 hours ago, Costock_Fox said:

Yeah you will be able to port your mortgage product over to the new property otherwise you will probably end up having to pay the early repayment charge.

That's what we did, simple process.

Edited 14 April 2020 by Otis

[Costock_Fox]

9 minutes ago, Otis said:

That's what we did, simple process.

Yeah, it’s still a new application as such but if you are borrowing the same or less then banks tend to treat them on favourable terms.

[Leicester_Loyal]

Estate agents opening back up, anyone in a hurry to buy? I think I'll be sitting on my deposit, adding to it every payday and seeing where the market goes in the next 3/4 months.

[Footballwipe]

Feeling like we're going to pull the plug on our purchase.

 

The house we're buying are getting ever more frantic and want to complete. Our buyer is holding off as he wants to rent it out and being very non-committal with a view of the market (fair enough really, but the radio silence is frustrating). Tbh we'd rather he just said "no" and put everyone out of our misery. We might get there first, mind. The people we're buying from sent me five messages yesterday asking for info/updates, then a message at midnight saying we should remarket the property as this guy is messing us about.

 

Notwithstanding the overstepping in trying to tell us how to sell our house, the only reason we're buying is to upgrade. We don't have to move and this has gone on so long now we're tired, weary and feel like jacking it in to re-calibrate where we are in six months or so. Potential upheaval in the housing market has me with the jitters a bit, too.