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Thread: The House Thread

  1. #701
    Administrator SvN's Avatar
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    That assumes we're going to have static childcare costs for the next 35 years.

  2. #702
    Senior Member Pepe's Avatar
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    That's all they have to go on, no? Also, aren't childcare costs front-heavy? I don't know, never had a child.

  3. #703
    Administrator SvN's Avatar
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    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.

  4. #704
    Senior Member SincereTheRebel's Avatar
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    Children seem to cause so much headache.

  5. #705
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    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.

  6. #706
    Senior Member Boydy's Avatar
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    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?

  7. #707
    Administrator SvN's Avatar
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    It took us about 30 minutes online a few months before the end of the fixed period.

  8. #708
    Senior Member Boydy's Avatar
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    Oh, that's not so bad. I thought it'd be a massive ballache like the initial application all over again.

  9. #709
    Administrator SvN's Avatar
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    I think it probably is if you switch provider.

  10. #710
    Senior Member Boydy's Avatar
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    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'.

  11. #711
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    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

  12. #712
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    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.

  13. #713
    Custom User Title phonics's Avatar
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    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.

  14. #714
    Senior Member niko_cee's Avatar
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    You should watch the Teen Titans Mortgage Re-Fi episode.

  15. #715
    Custom User Title phonics's Avatar
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    Quote Originally Posted by niko_cee View Post
    You should watch the Teen Titans Mortgage Re-Fi episode.
    This is mental:


    Meanwhile at the age of the target demographic I was watching:


    I didn't even try to find a particularly bad clip, that was the first english link that appeared.

  16. #716
    Administrator SvN's Avatar
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    Quote Originally Posted by Boydy View Post
    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'.
    I only had a 5% deposit when I bought - by the time 2 years had passed, my equity was above 10%, so my mortgage dropped by around £250 per month by remortgaging.

  17. #717
    Senior Member Spikey M's Avatar
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    We've remortgage everytime a fixed-term has ended.

    It's basically car insurance these days. Loyalty costs.

  18. #718
    Custom User Title phonics's Avatar
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    Quote Originally Posted by Spikey M View Post
    We've remortgage everytime a fixed-term has ended.

    It's basically car insurance these days. Loyalty costs.
    Just me or does this not seem the way a stable economy should run?

  19. #719
    Senior Member Spikey M's Avatar
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    It's ridiculous. But we've saved atleast £70 per month by moving.

  20. #720
    Custom User Title phonics's Avatar
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    I'll think of this page every time I hear the news tie the health of the economy to the housing market now.

  21. #721
    Senior Member Pepe's Avatar
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    Quote Originally Posted by phonics View Post
    Just me or does this not seem the way a stable economy should run?
    Which is why 'the economy' is not 'stable.'

    I am still planning to buy my house cash. I know it is not the most financially clever way of doing it, but I can't be arsed dealing with the nonsense.

  22. #722
    More successful than most Magic's Avatar
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    No viewings yet lol #quicksale

  23. #723
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    Ours have dried up too. We're dropping the price by £10k today.

  24. #724
    Senior Member SincereTheRebel's Avatar
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    Ive got an advisor in my emails now sorting out life insruance and all that.

  25. #725
    Senior Member Boydy's Avatar
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    Do you need life insurance if you don't have a partner and kids?

  26. #726
    Senior Member SincereTheRebel's Avatar
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    Quote Originally Posted by Boydy View Post
    Do you need life insurance if you don't have a partner and kids?
    Ive asked that question to him already and im waiting on an answer. I dont think you do. If i die, then the debt isnt passed to anyway becuase I dont have any dependencies.

  27. #727
    Senior Member Spikey M's Avatar
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    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.

  28. #728
    Senior Member Pepe's Avatar
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    Quote Originally Posted by Magic View Post
    No viewings yet lol #quicksale
    Might as well just let her keep it.

  29. #729
    Senior Member SincereTheRebel's Avatar
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    Quote Originally Posted by Pepe View Post
    Might as well just let her keep it.
    Its even cheaper to keep her.

  30. #730
    Senior Member Andy's Avatar
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    Quote Originally Posted by Boydy View Post
    Do you need life insurance if you don't have a partner and kids?
    Depends on who you're borrowing from but generally yes.

  31. #731
    More successful than most Magic's Avatar
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    Had the ADVISOR round today, basically I'm aiming for a 40k deposit and a max value of 200k.

  32. #732
    Senior Member Spikey M's Avatar
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    A castle in the highlands then?

  33. #733
    Senior Member SincereTheRebel's Avatar
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    Quote Originally Posted by Spikey M View Post
    A castle in the highlands then?
    Someone on here is already living in one. They even had a moat around their living quarters.

    I need to move to the highlands.
    Last edited by SincereTheRebel; 08-06-2019 at 06:40 AM.

  34. #734
    Senior Member Boydy's Avatar
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    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.

  35. #735
    Senior Member SincereTheRebel's Avatar
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    Quote Originally Posted by Boydy View Post
    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.
    I got my mortgage agreement first. Most sales people want the agreement before they let you put down a deposit.

  36. #736
    Senior Member Spikey M's Avatar
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    Get an offer in principle. There's alot of estate agents that won't even accept an offer without one having been obtained.

  37. #737
    More successful than most Magic's Avatar
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    Quote Originally Posted by Spikey M View Post
    Get an offer in principle. There's alot of estate agents that won't even accept an offer without one having been obtained.
    This. AIP you can't make an offer without one.

  38. #738
    Senior Member Alan Shearer The 2nd's Avatar
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    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.

  39. #739
    Isn't he banned? Baz's Avatar
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    Lawn? 100% love it mate
    Plants? Sure
    Weeding? Get fucked
    I'm a twit

  40. #740
    ram it up your shitpipe Giggles's Avatar
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    Quote Originally Posted by Alan Shearer The 2nd View Post
    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.
    Absolutely despise it. If I ever had my own house every single blade of green would be concreted/stoned/bricked as a matter of urgency.

  41. #741
    Senior Member Spikey M's Avatar
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    We'd dump a tonne of concrete in the garden if I had my way.

  42. #742
    Senior Member Boydy's Avatar
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    Would it be better to wait until after Brexit to buy a house?

  43. #743
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    Why wait for something that's taking forever to happen?

  44. #744
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    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.

  45. #745
    Senior Member SincereTheRebel's Avatar
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    Fuck that waiting shit. Ive put down deposits already. Diving off in the deep end me.

    I cant swim though.

  46. #746
    Senior Member SincereTheRebel's Avatar
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    Im after an apartment though. Not sure if that makes much difference.

  47. #747
    Senior Member Boydy's Avatar
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    Dunno.

    One thing I will say about apartments though - it should be illegal to build them without balconies.

  48. #748
    Senior Member SincereTheRebel's Avatar
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    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.

  49. #749
    Won the Old Board Lewis's Avatar
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    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.

  50. #750
    Senior Member niko_cee's Avatar
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    That's the bit the "let's hope the housing market crashes so we can buy" mob miss out.

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