Houses

[Wolfox]

52 minutes ago, Nod.E said:

Thanks for the advice. You've clearly been there and done it. You may even have the t-shirt!

 

Are you suggesting it would be possible to get a bigger mortgage beyond the cost of the property, to take into account renovation costs?

No…. Not suggesting that

 

in the short term - you’ll get no better than 15%
 

However, if you get a 2 or 3 year mortgage deal you are free to renegotiate after that time…

 

So 

house is £100k

you borrow £85k

invest £50k in renovations 

house now worth £150k

you can now borrow £127.5k Once you’ve renovated and had it valued

 

Do you see where I am going? So you can use a credit card in the meantime as you know you can pay it off with a bigger mortgage loan in the future

 

It may feel a little ‘risky’ to some, but, if you’re confident the value of you’re house will go up, then it should be fine

[Nod.E]

21 minutes ago, Wolfox said:

No…. Not suggesting that

 

in the short term - you’ll get no better than 15%
 

However, if you get a 2 or 3 year mortgage deal you are free to renegotiate after that time…

 

So 

house is £100k

you borrow £85k

invest £50k in renovations 

house now worth £150k

you can now borrow £127.5k Once you’ve renovated and had it valued

 

Do you see where I am going? So you can use a credit card in the meantime as you know you can pay it off with a bigger mortgage loan in the future

 

It may feel a little ‘risky’ to some, but, if you’re confident the value of you’re house will go up, then it should be fine

Ah I see what you mean now.

 

Basically when remortgaging equity release to cover the credit card amounts accumulated?

[Wolfox]

1 hour ago, Nod.E said:

Ah I see what you mean now.

 

Basically when remortgaging equity release to cover the credit card amounts accumulated?

You’ve got it

 

Not without some risk, but, makes your pot a bit bigger in the short term

 

you can buy all the materials from Travis Perkins and just pay for labour 

[Leicester_Loyal]

Anyone still looking? Nothing new that suits my needs has come onto the market for a few weeks in my area. Come January I'll have saved a 25% deposit though, that's my only positive from 2020.

[Greg2607]

we are back on the market after our chain collapsed on the day before exchange two weeks ago.  We need to agree a proceedable sale before the 2nd week of January to still secure the house we want (it's a new build.)  Ultimately, we don't think that will happen.  We fully expect to have to stay, but we've put it back on to give us every chance, how ever small the possibility. 

 

That being said, we also had a kitchen company round on Saturday to Measure up and have a design meeting booked for the 9th Jan.  If we end up staying, we'll be re-doing the kitchen and buying new sofa's, just to try and make ourselves feel better for staying put for the next 3-5 years. 

 

The difference between not being able to access Help to buy (so needing a bigger deposit) and having to pay stamp duty, equates to around £40k for us. Which we will now need to save to make the move happen.

[Izzy]

Has anyone ever 'ported' their mortgage? (moved house and taken your existing mortgage with you?)

 

We need to move next year but I'm quite happy with the deal we're on and cba to re-mortgage/change lender. Got a bit of cash saved to pay the difference on a bigger house so heard that porting might be an option?

 

[FoyleFox]

3 hours ago, Leicester_Loyal said:

Anyone still looking? Nothing new that suits my needs has come onto the market for a few weeks in my area. Come January I'll have saved a 25% deposit though, that's my only positive from 2020.

Oh yes. Nothing much added the last month that's of interest though. We've had no viewings the past month either. Given the new lockdown restrictions we couldn't view anything even if we'd received an offer anyway.

Great work on the deposit, if this sh1te carries on for much longer you'll be a cash buyer

 

37 minutes ago, Izzy said:

Has anyone ever 'ported' their mortgage? (moved house and taken your existing mortgage with you?)

 

We need to move next year but I'm quite happy with the deal we're on and cba to re-mortgage/change lender. Got a bit of cash saved to pay the difference on a bigger house so heard that porting might be an option?

 

That's exactly what we'll be doing and have done it previously, although a good few years ago.

[BeardyFox]

2 hours ago, Leicester_Loyal said:

Anyone still looking? Nothing new that suits my needs has come onto the market for a few weeks in my area. Come January I'll have saved a 25% deposit though, that's my only positive from 2020.

I'd been looking briefly at the end of summer but now looking properly. My landlord put my rent up by £130 last month, which now puts it way above what I could be reasonably paying on a mortgage. Theres very little in my price range in the area I need, probably one comes on a day but prices seem a bit high.

 

Recently my grans bungalow has become available as shes had to go in to a home. Its a genuine option in the village I currnently live in and would offer a lot of things but its not been looked after for the past 20 years, I looked round over the weekend and was trying to imagine the money youd have to spend to modernise it.

 

Really unsure what to do.

[FoyleFox]

4 minutes ago, BeardyFox said:

I'd been looking briefly at the end of summer but now looking properly. My landlord put my rent up by £130 last month, which now puts it way above what I could be reasonably paying on a mortgage. Theres very little in my price range in the area I need, probably one comes on a day but prices seem a bit high.

 

Recently my grans bungalow has become available as shes had to go in to a home. Its a genuine option in the village I currnently live in and would offer a lot of things but its not been looked after for the past 20 years, I looked round over the weekend and was trying to imagine the money youd have to spend to modernise it.

 

Really unsure what to do.

£130 a month increase. Blimey, I think I'm being too kind to my tenants!

 

Refurbishing the bungalow could be a great long term option for you. Obviously, it depends if you've the budget to do any immediately necessary works. I'm not sure how feasilble it is in the current climate but could you get a builder to go and have a look to advise on costs?

I'd much prefer this as an option than something already done which we'll end up redoing most of it as it's not to our taste. On reflection, ignore the above advise, it sounds far more suitable for me

[Leicester_Loyal]

13 minutes ago, BeardyFox said:

I'd been looking briefly at the end of summer but now looking properly. My landlord put my rent up by £130 last month, which now puts it way above what I could be reasonably paying on a mortgage. Theres very little in my price range in the area I need, probably one comes on a day but prices seem a bit high.

 

Recently my grans bungalow has become available as shes had to go in to a home. Its a genuine option in the village I currnently live in and would offer a lot of things but its not been looked after for the past 20 years, I looked round over the weekend and was trying to imagine the money youd have to spend to modernise it.

 

Really unsure what to do.

Prices are at an all time high at the minute, it's ridiculous. An extra £130 a month rent is annoying, especially when it's essentially just dead money.

 

Depends on how the children feel about you buying it I guess. If they aren't purely financially motivated they could give you 10-15k off? You could then use this to completely modernise the place. Once done I'd imagine you're very very likely to get the money spent back in terms of increased house value.

[JonnyBoy]

4 hours ago, Leicester_Loyal said:

Anyone still looking? Nothing new that suits my needs has come onto the market for a few weeks in my area. Come January I'll have saved a 25% deposit though, that's my only positive from 2020.

 

with my help to buy i have more than enough deposit but i'm waiting until may/june hoping that house prices fall a little but i doubt they will!

 

Buying on my own which is twice as hard, but should benefit in long run as partner has a mortgage so plan is to rent hers out and she move in to mine in a year or so

 

has to be the worst year on record for a new first time buyer buying by themselves ? Covid and biggest ever recession, yet house prices are at an all time high and going up. Fortunately I am in a position where i can save whilst renting should be able to borrow enough to buy at £170 + but there is no help for so many people out there it is pricing so many people out and nothing is getting done about it 

 

Edited 21 December 2020 by JonnyBoy

[Big Dave]

2 hours ago, Izzy said:

Has anyone ever 'ported' their mortgage? (moved house and taken your existing mortgage with you?)

 

We need to move next year but I'm quite happy with the deal we're on and cba to re-mortgage/change lender. Got a bit of cash saved to pay the difference on a bigger house so heard that porting might be an option?

 

Yes, we have done that twice. Was simple. We had to borrow more both times, but took out additional borrowing when we did, and just remortgaged when our initial deal ended.

[newfox1]

4 hours ago, Leicester_Loyal said:

Anyone still looking? Nothing new that suits my needs has come onto the market for a few weeks in my area. Come January I'll have saved a 25% deposit though, that's my only positive from 2020.

Driving around, seeing more 'To Let' signs around than before. Landlords struggling to get tenants possibly with uni students going back, etc...

 

Also, seeing a few more landlords selling up on RightMove . 

 

Here's hoping for a return to normal prices pre lockdown. Unsure with this brexit mess, new mutant covid , unemployment etc.. what this will do to house prices, which are just going up and up. 

[Big Dave]

2 minutes ago, newfox1 said:

Driving around, seeing more 'To Let' signs around than before. Landlords struggling to get tenants possibly with uni students going back, etc...

 

Also, seeing a few more landlords selling up on RightMove . 

 

Here's hoping for a return to normal prices pre lockdown. Unsure with this brexit mess, new mutant covid , unemployment etc.. what this will do to house prices, which are just going up and up. 

I think the rental market is quite mixed. In the Desborough and Corby areas for example, there are hardly any houses on the market for rent, and those that are, are being let very quickly.

I could well imagine that larger towns and cities with big student numbers would have lots of spare rental stock.

[Big Dave]

I’m also looking at the moment for BTL properties, but prices are high, and not too much coming on to the market.

I know we are in the lead up to Xmas, but houses just don’t seem to be selling at the moment either - many have been on the market for months.  Maybe the prices are simply too high at present? Although I can’t see them falling in the New Year.

[newfox1]

 

Article's Saying prices expected to drop a little and this bubble gonna burst.

 

I'm hoping to find a place to buy in the next few months and hoping prices return to normal as I'm a first time buyer and looking for a place around the 200k mark but can't keep up with the prices.

 

https://www.leicestermercury.co.uk/news/leicester-news/leicestershires-property-bubble-burst-early-4803115

Edited 21 December 2020 by newfox1
Link.

[BeardyFox]

1 hour ago, FoyleFox said:

£130 a month increase. Blimey, I think I'm being too kind to my tenants!

 

Refurbishing the bungalow could be a great long term option for you. Obviously, it depends if you've the budget to do any immediately necessary works. I'm not sure how feasilble it is in the current climate but could you get a builder to go and have a look to advise on costs?

I'd much prefer this as an option than something already done which we'll end up redoing most of it as it's not to our taste. On reflection, ignore the above advise, it sounds far more suitable for me

Think we'd be able to do the main bits, needs new windows on the front and the electronics looking at but it really needs gutting and starting again. Not sure if I'm letting sentiment get in the way of better judgement. Will see how things look in the new year. 

[BeardyFox]

1 hour ago, Leicester_Loyal said:

Prices are at an all time high at the minute, it's ridiculous. An extra £130 a month rent is annoying, especially when it's essentially just dead money.

 

Depends on how the children feel about you buying it I guess. If they aren't purely financially motivated they could give you 10-15k off? You could then use this to completely modernise the place. Once done I'd imagine you're very very likely to get the money spent back in terms of increased house value.

Exactly, she wanted to put it up by £220 but came to an agreement. 

My mum has said she would happily sell, but my uncle is cnt, he never visits and I can guarantee he won't come up to help sort things out but will want 50%.

I've seen a fully renovated one on the same street go for a lot of money so theres potential there. 

[Wolfox]

5 hours ago, Izzy said:

Has anyone ever 'ported' their mortgage? (moved house and taken your existing mortgage with you?)

 

We need to move next year but I'm quite happy with the deal we're on and cba to re-mortgage/change lender. Got a bit of cash saved to pay the difference on a bigger house so heard that porting might be an option?

 

I’m doing it…. Really not tricky and agreement was faster…. Try to line up any extended borrowing with term of the existing mortgage 
 

 

 

4 hours ago, FoyleFox said:

£130 a month increase. Blimey, I think I'm being too kind to my tenants!

 

 

There are plenty of rapacious b@stards out there…. When you’ve got nice tenants look after them 

 

A few extra quid v pissing people off is simply not worth it….   One of my tenants is my youngest school teacher too (just to add some complexity!!!)

[FoyleFox]

2 hours ago, Wolfox said:

 

There are plenty of rapacious b@stards out there…. When you’ve got nice tenants look after them 

 

A few extra quid v pissing people off is simply not worth it….   One of my tenants is my youngest school teacher too (just to add some complexity!!!)

Absolutely. Had all our tenants for 3 years now and touch wood, no trouble at all. Definitely worth protecting maintaining good tenants. Had planned a £35 - £50pcm increase this year but timing wasn't good with COVID so it'll have to be next year.

[Guest Fktf]

We really need to look how we can help people avoid renting for years on end. Understand it suits some lifestyles, but for me I was servicing someone else's mortgage for years whilst saving up a deposit for my own place. Over 20k rent in total, and the rent per month was higher than my mortgage repayment, even though I'm in a similar property. 

[Sly]

13 hours ago, BeardyFox said:

I'd been looking briefly at the end of summer but now looking properly. My landlord put my rent up by £130 last month, which now puts it way above what I could be reasonably paying on a mortgage. Theres very little in my price range in the area I need, probably one comes on a day but prices seem a bit high.

 

Recently my grans bungalow has become available as shes had to go in to a home. Its a genuine option in the village I currnently live in and would offer a lot of things but its not been looked after for the past 20 years, I looked round over the weekend and was trying to imagine the money youd have to spend to modernise it.

 

Really unsure what to do.

I’d take the bungalow! If you can save money and do basic modifications to make it habitual, then you’re potentially going to save money in the long run.

[Sly]

6 hours ago, FoyleFox said:

Absolutely. Had all our tenants for 3 years now and touch wood, no trouble at all. Definitely worth protecting maintaining good tenants. Had planned a £35 - £50pcm increase this year but timing wasn't good with COVID so it'll have to be next year.

I’ve left mine untouched for a few years. As I’ve got no mortgage on the properties they sit in, good (long term) tenants, I thought I wouldn’t rock the Apple kart.

[Sly]

We gave up looking for our forever home, as we couldn’t find anything that get right. The housing market is in a strange place, as I’m not sure when the inevitable crash comes from all of this. 
 

We’re at the stage of debating if we just build our own. 

[FoyleFox]

7 hours ago, Sly said:

I’ve left mine untouched for a few years. As I’ve got no mortgage on the properties they sit in, good (long term) tenants, I thought I wouldn’t rock the Apple kart.

Same, nothing since they moved in but with the cost of insurance, property rates (Council Tax to you) etc increasing we'd like to cover that.