That assumes we're going to have static childcare costs for the next 35 years.
That assumes we're going to have static childcare costs for the next 35 years.
That's all they have to go on, no? Also, aren't childcare costs front-heavy? I don't know, never had a child.
True, but it seems odd to extrapolate childcare costs (which have their own section in the application, so it's not just a generic "outgoing") to the full length of the mortgage, if that's the case.
Either way, we got the number we wanted after fudging the numbers a bit - which the woman at Nationwide actually told us to do, in not as many words.
Children seem to cause so much headache.
If your looking at a fixed deal then they expect that you will remortgage at the of the fixed term. Those calculations are really just to show you can pay the monthly repayments over the next few years.
I was looking at first time buyer ones that have an introductory rate of about 2%. The payments on that would be grand. Then it goes up to 5% and they jump massively. Are you expected to remortgage at the end of the discount period then? Is that not a massive pain in the arse?
It took us about 30 minutes online a few months before the end of the fixed period.
Oh, that's not so bad. I thought it'd be a massive ballache like the initial application all over again.
I think it probably is if you switch provider.
Oh so your same provider was offering lower rates? I thought they'd be like 'lol, nah you're stuck on the high rate now'.
Nah. They don't want you to ask any questions once your fixed term ends. They'll whap you on a variable rate which is probably 2 or 2.5 times the normal rate and keep quiet.
Only makes sense to let that happen if you want the flexibility to be able to throw in some serious overpayments or flexibility to leave at any point without a fee.
I'm letting my mortgage sit in variable for both of the above reasons. Hopefully have it paid off by December if I sell some shares. Shame it's dropped about 40% in value since I bought it
In March last year I remortgaged as I was about to go into my provider's standard variable rate.
The new mortgage was with the same provider on another 2 years fixed and meant I pay less each month over the same term length. I can pay upto 10% extra with no extra charges too.
I fully expect I'll be doing the same again next year. It's only so much hassle as finding your last 3 months pay slips and answering the affordability budget questions. Takes a hour or so then just waiting for the paperwork, underwriting etc to be done.
It's wild reading this, I thought remortgaging your house was something you did when you were in an absolute state and were forced to. Had no idea people are shopping them round every couple of years, no wonder the market is mental and full of total sharks.
You should watch the Teen Titans Mortgage Re-Fi episode.
We've remortgage everytime a fixed-term has ended.
It's basically car insurance these days. Loyalty costs.
It's ridiculous. But we've saved atleast £70 per month by moving.
I'll think of this page every time I hear the news tie the health of the economy to the housing market now.
No viewings yet lol #quicksale
Ours have dried up too. We're dropping the price by £10k today.
Ive got an advisor in my emails now sorting out life insruance and all that.
Do you need life insurance if you don't have a partner and kids?
You don't have to, but it's advisable (if you are joint owner with someone else) as it will cover the mortgage in the event of one of your deaths.
Had the ADVISOR round today, basically I'm aiming for a 40k deposit and a max value of 200k.
A castle in the highlands then?
Do you go make an offer on a house first or get a mortgage agreement first? There seems to be conflicting advice online from various sources.
Get an offer in principle. There's alot of estate agents that won't even accept an offer without one having been obtained.
Is anyone else here in to their gardening?
I've pretty much neglected the house since I moved here in 2012 in terms of decorating/other nice stuff (basic things that make a house a home etc.) but have properly got into gardening in the past 2 years and it's made such a difference to sitting out the back.
Lawn? 100% love it mate
Plants? Sure
Weeding? Get fucked
I'm a twit
We'd dump a tonne of concrete in the garden if I had my way.
Would it be better to wait until after Brexit to buy a house?
Why wait for something that's taking forever to happen?
I'm in a similar boat.
I need to buy a house at some point. But I've lost so much money on my flat. Properly depressing. Only plus side being a potential house would be way cheaper than it would've been, so offset it a bit.
Fuck that waiting shit. Ive put down deposits already. Diving off in the deep end me.
I cant swim though.
Im after an apartment though. Not sure if that makes much difference.
Dunno.
One thing I will say about apartments though - it should be illegal to build them without balconies.
Mine does not have a balcony. Thats, not a feature that I was looking for. I struggled to find an apartment that had a bath. Seems like alot of apartments are being built with showers only. Ive ended relationships with girls because they don't take a bath and have showers only. Im disgusted.
My friend was almost scared into not buying because of Brexit, but surely if house prices fall by such an extent to make it worthwhile waiting then they will only have done so because of an actual economic crisis, in which case nobody will be lending you any money to buy even a cheaper one.
That's the bit the "let's hope the housing market crashes so we can buy" mob miss out.