Houses

[Daggers]

On 23/04/2022 at 22:40, Spudulike said:

I remember when our mortgage rate went up to 17%! Black Wednesday was frightening. I had colleagues at work basically thinking they had to throw in the towel and hand over their house keys to the bank. 

We did. It’s impacted everything since.

[Lako42]

On 28/05/2022 at 23:32, FoyleFox said:

Signs of stability in the prices rather than sky rocketing rises of the last 18 months, absolutely,  but unlikely to drop. According to the property industry news I've read. 

Tbf that is what they were saying before the last massive crash, nobody saw it coming, well a very select few (in terms of housing) 

 

If the cost of living keeps increasing at current rates and small the medium businesses start going pop then people start losing jobs. I can see a very real danger of a general downturn and there are not many tools left in the box for the tories to artificially support house prices if so. 

 

Only advice to anyone on here buying and asking is it a good time is to ONLY buy what you can genuinely afford with some buffer built in, do not get mortgaged to the eyeballs like many have as they will be the 1st to say goodbye to the bricks and mortar they have hinged their lives on. 

 

Could go the other way, could stagnate, but all three possible.

Edited 31 May 2022 by Lako42

[kenny]

2 minutes ago, Lako42 said:

Tbf that is what they were saying before the last massive crash, nobody saw it coming, well a very select few (in terms of housing) 

 

If the cost of living keeps increasing at current rates and small the medium businesses start going pop then people start losing jobs. I can see a very real danger of a general downturn and there are not many tools left in the box for the tories to artificially support house prices if so. 

 

Only advice to anyone on here buying and asking is it a good time is to ONLY buy what you can genuinely afford with some buffer built in, do not get mortgaged to the eyeballs like many have as they will be the 1st to say goodbye to the bricks and mortar they have hinged their lives on. 

 

Could go the other way, could stagnate, but all three possible.

It all depends on whether the mortgage companies have made the same mistakes as they did previously with sub-prime mortgaging. They have been very conservative in terms of lending this time, so lets hope they have been more sensible across the board.

[Lako42]

1 minute ago, kenny said:

It all depends on whether the mortgage companies have made the same mistakes as they did previously with sub-prime mortgaging. They have been very conservative in terms of lending this time, so lets hope they have been more sensible across the board.

Some of the mortgages i've seen handed out over the last 5 or so years haven't been very conservative. Wouldn't want to be in the shoes of at least 3 of my mates going into a sticky patch tbh. 

 

 

[Tommy G]

1 hour ago, Lako42 said:

Some of the mortgages i've seen handed out over the last 5 or so years haven't been very conservative. Wouldn't want to be in the shoes of at least 3 of my mates going into a sticky patch tbh. 

 

 

I'd have to agree with this, there are people on the housing ladder who really shouldn't be - but are propped up by help to buy scheme.

 

The idea is to make housing affordable but there will be  20-30% of homeowners who really are on a knife edge - struggling to afford it when times are good but are in this scenario - few grand on a credit card, their fixed rate is coming to an end in the next 12 months and household bills and cost of living creeping up. Could easily find themselves 300-400 a month worse off which will tip most over the edge and start defaulting.   

[CosbehFox]

I've bought and sold in the last month (well hopefully). 

 

Our house went very quickly - area of Birmingham what has improved substantially in the last five years, made 70% increase on value, it is however quite small and I would call two and half bedrooms. It was manic. 

 

We've had a bid accepted on a house in Cosby, had to bid 10k over the asking price to get it. Benefit is its been subject to a refurbishment/extension. Its noticeably how there is a ceiling though on price. Houses over that figure are reducing in price or simply aren't getting any interest. The supply seems to have slowed down significantly though in the last couple of weeks. 

[FoyleFox]

4 hours ago, Lako42 said:

Tbf that is what they were saying before the last massive crash, nobody saw it coming, well a very select few (in terms of housing) 

 

If the cost of living keeps increasing at current rates and small the medium businesses start going pop then people start losing jobs. I can see a very real danger of a general downturn and there are not many tools left in the box for the tories to artificially support house prices if so. 

 

Only advice to anyone on here buying and asking is it a good time is to ONLY buy what you can genuinely afford with some buffer built in, do not get mortgaged to the eyeballs like many have as they will be the 1st to say goodbye to the bricks and mortar they have hinged their lives on. 

 

Could go the other way, could stagnate, but all three possible.

I remember being offered way more than I felt comfortable with when moving some years back. As I'm old enough to recall the interest rate fluctuations of the 90's, I was conservative in my borrowing. But lots of people now have no experience of that and see big lending for big houses and max out.

 

Ideally, of course, you can borrow your max now and within a couple of pay rises have an adequate buffer. The problem at present is the cost of living is soaring beyond any payrise.

 

The number of houses being listed has increased this year, which should add stability to pricing.

https://propertyindustryeye.com/significant-increase-in-number-of-new-property-listings/

 

If you're looking to utilise the Help to Buy scheme, someone posted on this recently, it's ending early

https://propertyindustryeye.com/government-decision-to-close-help-to-buy-five-months-early-branded-disgraceful/

[StanSP]

Started doing some gardening in the new house. Lots of weeds and tidying up the grass. 

 

Ended up getting a blister on my thumb. A really manly one. As in, if it was like flu, it's actually manflu, as opposed to normal flu. 

 

So now I have to sit down and watch the cricket and give it a really good rest. Probably injured for the next 5 days. 

[Nalis]

12 minutes ago, StanSP said:

Started doing some gardening in the new house. Lots of weeds and tidying up the grass. 

 

Ended up getting a blister on my thumb. A really manly one. As in, if it was like flu, it's actually manflu, as opposed to normal flu. 

 

So now I have to sit down and watch the cricket and give it a really good rest. Probably injured for the next 5 days. 

You might only be injured for 3 days the way its going

[StanSP]

Just now, Nalis said:

You might only be injured for 3 days the way its going

There may be a miraculous recovery if so... 

[HighPeakFox]

2 hours ago, StanSP said:

Started doing some gardening in the new house. 

Sounds like a new roof might be job number one 

[StanSP]

7 minutes ago, HighPeakFox said:

Sounds like a new roof might be job number one 

Baby steps! 

[Ian Nacho]

Viewed a nice terrace today in Loughborough. Only potential obstacle is there is some vacant wasteland to towards the rear of the garden which is in the process of planning permission. It’ll be a 2 story property which may impact on privacy and reduce daylight; however, given the price I doubt I’d be able to find much better. 

[LCFCCHRIS]

Anyone had any experience with a house next to a pub?

Had an offer accepted on a house I really liked in a great location, but being next to a pub Santander rejected the mortgage

 

Someone suggested trying Halifax, but I'm not sure if to apply again or walk away, as they also said it will be down to valuer's comments, which I'll have to pay £100 for, for him/her to potentially comment on the pub straight away.

[Unabomber]

26 minutes ago, LCFCCHRIS said:

Anyone had any experience with a house next to a pub?

Had an offer accepted on a house I really liked in a great location, but being next to a pub Santander rejected the mortgage

 

Someone suggested trying Halifax, but I'm not sure if to apply again or walk away, as they also said it will be down to valuer's comments, which I'll have to pay £100 for, for him/her to potentially comment on the pub straight away.

Why would they reject a mortgage cos the house is next to a pub?!

[LCFCCHRIS]

1 hour ago, Unabomber said:

Why would they reject a mortgage cos the house is next to a pub?!

It's quite common apparently... I'd never heard of it either. All my finances checked out but as soon as the valuer notes down the proximity to a commercial property (pubs are in the worst tier apparently) they reject it. 

 

The idea is it will apparently be harder to sell if they had to repossess it. Also if the pub was to become more lively or rough it would decrease value.

 

It's terraced and attached to the pub which I suppose doesn't help. I am assuming they crack down on this a lot nowadays as the owner even commented on making sure my mortgage provider would accept it. 

Edited 16 June 2022 by LCFCCHRIS

[Bayfox]

55 minutes ago, LCFCCHRIS said:

It's quite common apparently... I'd never heard of it either. All my finances checked out but as soon as the valuer notes down the proximity to a commercial property (pubs are in the worst tier apparently) they reject it. 

 

The idea is it will apparently be harder to sell if they had to repossess it. Also if the pub was to become more lively or rough it would decrease value.

 

It's terraced and attached to the pub which I suppose doesn't help. I am assuming they crack down on this a lot nowadays as the owner even commented on making sure my mortgage provider would accept it. 

Out of interest. When you say terraced and attached to the pub. It isn't in Rearsby is it?

[LCFCCHRIS]

4 minutes ago, Bayfox said:

Out of interest. When you say terraced and attached to the pub. It isn't in Rearsby is it?

Nope, but if there's one in a similar situation there you're interested in, just bear in mind my predicament.

 

[Bayfox]

25 minutes ago, LCFCCHRIS said:

Nope, but if there's one in a similar situation there you're interested in, just bear in mind my predicament.

 

Ah nah. I just know it's up for sale. Wondered if it was the same property, obviously not. I'd be well pissed if it was tho. The rowdyist the wheel gets is when the lads fall out over the rules of cards and poker on gold Cup day

 

Hope your predicament gets sorted for the best, 

[FoyleFox]

10 hours ago, LCFCCHRIS said:

Anyone had any experience with a house next to a pub?

Had an offer accepted on a house I really liked in a great location, but being next to a pub Santander rejected the mortgage

 

Someone suggested trying Halifax, but I'm not sure if to apply again or walk away, as they also said it will be down to valuer's comments, which I'll have to pay £100 for, for him/her to potentially comment on the pub straight away.

No direct experience but how have all of the people living next to or close to commercial properties and pubs purchased their homes if it's a blanket issue? Some lenders must be happy to do so. 

 

@Costock_Foxmight have an insider insight? 

[Spudulike]

I'm currently part way through having a single storey extension built and decided that it's time for a new boiler. Old one lasted 25 years but no doubt not as energy efficient as the modern models. Now the question is, what to go for. The plumber we are using has recommended an Ideal combi. Never had a combi before but seems the way to go. 

 

But what brand/model? Anyone with knowledge/experience or recommendations/advice? 

 

Cheers. 

[slymunn]

16 minutes ago, Spudulike said:

I'm currently part way through having a single storey extension built and decided that it's time for a new boiler. Old one lasted 25 years but no doubt not as energy efficient as the modern models. Now the question is, what to go for. The plumber we are using has recommended an Ideal combi. Never had a combi before but seems the way to go. 

 

But what brand/model? Anyone with knowledge/experience or recommendations/advice? 

 

Cheers. 

I had a worcester bosch 28i in my last house and got an ideal c30 boiler in my new house. 

 

Not really noticed one being better than the other or had an issue with either.

 

Know that might not be helpful but most are covered by warrenty/guarantees for a good few years now. 

[FoxesDeb]

24 minutes ago, Spudulike said:

I'm currently part way through having a single storey extension built and decided that it's time for a new boiler. Old one lasted 25 years but no doubt not as energy efficient as the modern models. Now the question is, what to go for. The plumber we are using has recommended an Ideal combi. Never had a combi before but seems the way to go. 

 

But what brand/model? Anyone with knowledge/experience or recommendations/advice? 

 

Cheers. 

Worcester Bosch would be my choice

[FoyleFox]

We've a Viessmann boiler. The 2 boiler engineers who've been to look at it - a routine check when we moved in and a winter service, said it is a brand they'd highly recommend.

[Milo]

39 minutes ago, Spudulike said:

I'm currently part way through having a single storey extension built and decided that it's time for a new boiler. Old one lasted 25 years but no doubt not as energy efficient as the modern models. Now the question is, what to go for. The plumber we are using has recommended an Ideal combi. Never had a combi before but seems the way to go. 

 

But what brand/model? Anyone with knowledge/experience or recommendations/advice? 

 

Cheers. 

We had a Vaillant installed last year. Had a few problems and wouldn’t really recommend. 
 

Oh, also, make sure the boiler you get has some kind of override option. 
 

Ours doesn’t, so will only work when there is a working wifi signal. (Didn’t check when we bought it, as I assumed nobody would be stupid enough to design such a system, so didn’t even know it was thing). 
 

We were without wifi for 3 days in Feb due to work in the road…so therefore we were without any heating.