Houses

[Tommy G]

I see Habito are offering 7 x salary. There are some quite strict conditions, I think this will become more and more common as house prices continue to go up way more than earnings. 

[Wolfox]

10 minutes ago, Tommy G said:

I see Habito are offering 7 x salary. There are some quite strict conditions, I think this will become more and more common as house prices continue to go up way more than earnings. 

Blimey…. That’s a hell of a lot of debt to take on…. There’d have to be some strict guarantees on APR?

[FoxFromCoalville]

8 minutes ago, Wolfox said:

Blimey…. That’s a hell of a lot of debt to take on…. There’d have to be some strict guarantees on APR?

It’s currently available for a very select group, but I agree it will likely become more common with prices as they are

[Wolfox]

4 minutes ago, FoxFromCoalville said:

It’s currently available for a very select group, but I agree it will likely become more common with prices as they are

You’d have to be young and have a great income I’d guess, but, yes, it is likely to be a more common proposition (just scary multiples and debt burden)…. Even at those levels If you compare rent v mortgage equivalents, there is zero question as to which peoples best route is…

[Sly]

Ultimately, it’s more about what people can afford to pay.
 

You could have two households earning £150k a year,

 

One might be raging socialites, no children, all the money on cars, holidays, expensive clothes etc, spending money like they’ve got a money well in the back garden. Hardly any expendable income left for a mortgage. 
 

The second only social circle is the book club, saves all the money for the mortgage / savings and pays it off. 
 

If the banks can encourage the second group to continue spending rather than saving with higher mortgages, it’ll keep money flowing around the system. They need to keep people spending and they’ll only do that by offering higher mortgage rates to some. 
 

What that means when interest rates tip the other way though …..

Edited 4 January 2022 by Sly

[Tommy G]

The products they are offering start at 10-15 year fixed with no ERC....which could actually be quite flexible. 

 

Im seriously considering it. Prices arent going to slow down and Id rather benefit from growth on a 700K property than a £400K property

[Ian Nacho]

On 04/01/2022 at 12:57, Tommy G said:

I see Habito are offering 7 x salary. There are some quite strict conditions, I think this will become more and more common as house prices continue to go up way more than earnings. 

The most I can get from Habito is around 2.5 x salary bearing in mind I’m on a fixed term contract in an industry which is new to me. 

[Ian Nacho]

Viewing my first ever property today. Exciting times. 

Edited 6 January 2022 by Ian Nacho

[Ian Nacho]

5 hours ago, Ian Nacho said:

Viewing my first ever property today. Exciting times. 

Seemed a decent enough place even if the estate agent didn’t have a clue; the flat comes with off-road parking but when asked they didn’t seem to know where it was, all I got was “somewhere on X Street”. 

[danny.]

2 hours ago, Ian Nacho said:

Seemed a decent enough place even if the estate agent didn’t have a clue; the flat comes with off-road parking but when asked they didn’t seem to know where it was, all I got was “somewhere on X Street”. 

Gotta earn that £5k for 2 hours of work!

[FoyleFox]

2 hours ago, Ian Nacho said:

Seemed a decent enough place even if the estate agent didn’t have a clue; the flat comes with off-road parking but when asked they didn’t seem to know where it was, all I got was “somewhere on X Street”. 

And Estate Agents wonder why they get a bad rep...

 

Last time we moved there was a house we were very interested in, being sold on behalf of Solicitors as the builder had gone bust before completing the house. Standing in the 'garden' you couldn't really tell which land belonged to the property. It was either a small garden and a not included potential building plot or an excellent garden. The agent had no idea what land was included in the sale, flatly refused to find out unless we submitted an offer.

[Ian Nacho]

Just phoned up the estate agents to clarify where the car park included in the flat actually is and they still don’t really know. The woman said I will find out when the solicitor goes through the boundary etc. Piss poor. 

[FoyleFox]

3 hours ago, Ian Nacho said:

Just phoned up the estate agents to clarify where the car park included in the flat actually is and they still don’t really know. The woman said I will find out when the solicitor goes through the boundary etc. Piss poor. 

Not sure why the agent can't just ask the vendor. It's a fairly critical piece of information when listing a flat with parking.  I'd be tempted to ask the vendor myself, drop a note in, or something. I'd be equally p'd off if I was the vendor, paying the agent, and they're not furnishing potential buyers with all the details.

[Raj]

My cousin is an independent  mortgage advisor if anyone needs any advice.

DM me and I'll hook you up!

[danny.]

1 hour ago, FoyleFox said:

Not sure why the agent can't just ask the vendor. It's a fairly critical piece of information when listing a flat with parking.  I'd be tempted to ask the vendor myself, drop a note in, or something. I'd be equally p'd off if I was the vendor, paying the agent, and they're not furnishing potential buyers with all the details.

You definitely need a solicitor to look at a map with a coloured outline on it too, to work out where the space is.

[FoyleFox]

38 minutes ago, danny. said:

You definitely need a solicitor to look at a map with a coloured outline on it too, to work out where the space is.

Legally, yes, definitely, to confirm when you're actually purchasing, but to even make an offer I'd want to know vaguely where the parking is in relation to the flat. Which the agent really should be advising on.

Edited 7 January 2022 by FoyleFox

[danny.]

34 minutes ago, FoyleFox said:

Legally, yes, definitely, to confirm when you're actually purchasing, but to even make an offer I'd want to know vaguely where the parking is in relation to the flat. Which the agent really should be advising on.

I was being sarcastic, there will be a plan somewhere with a big red outline which is your parking spot - literally anyone could look at this, at least for now to know where it is!

[FoyleFox]

Ha, yes, sorry. Obviously, the agent thinks you need legal qualifications to see the red lines

[Ian Nacho]

Seen a decent enough flat but the only concern is the annual costs. The service charge + ground rent is around £800 p/a which is relatively cheap but the extra parking space that I need costs over £1,000 a year. In terms of my budget I would probably be able to manage that, however, my concern is that if the service charge and ground rent go up to a normal price then I may have issues selling a flat with annual costs of over £2,500.

[kenny]

3 minutes ago, Ian Nacho said:

Seen a decent enough flat but the only concern is the annual costs. The service charge + ground rent is around £800 p/a which is relatively cheap but the extra parking space that I need costs over £1,000 a year. In terms of my budget I would probably be able to manage that, however, my concern is that if the service charge and ground rent go up to a normal price then I may have issues selling a flat with annual costs of over £2,500.

Service charges are a horrible con really. The prices should be linked to the length of the lease so you know you can't be shafted down the line.

[Ian Nacho]

Viewed my second flat today. Had everything I want. Could do with a little more space but I could be creative with storage solutions. Will be making an offer in the morning. 

[Ian Nacho]

gone through a broker to get mortgage, only 30k. Got a list of deals and the best one has the highest rate due to a 1k incentive meaning the total costs of the mortgage - the incentive make the mortgage better than cheaper interest rates. 

[KaspersSondico]

hi all looking to move back to the area after spending many years traveling the UK due to work. Loking for recommendations on any nice villages within say 10 mlles of the city that have decent transport liks. thanks!

[Julian Joachim Jr Shabadoo]

47 minutes ago, KaspersSondico said:

hi all looking to move back to the area after spending many years traveling the UK due to work. Loking for recommendations on any nice villages within say 10 mlles of the city that have decent transport liks. thanks!

 

How about Barrow? 10 miles to the city centre, right next to the A6 and has a train station. Nice place as well

[Wolfox]

4 hours ago, KaspersSondico said:

hi all looking to move back to the area after spending many years traveling the UK due to work. Loking for recommendations on any nice villages within say 10 mlles of the city that have decent transport liks. thanks!

Are you looking at proximity to motorway or  railway?  Most rural villages are not well served by buses