Houses

[kenny]

1 minute ago, Voll Blau said:

Yeah, no fines. Just gathering under the guttering and upstairs windows on the rear wall. The other issue is are walls in general are darker than most of our neighbours, so wonder if it's part of the same problem.

 

Struggling to upload a pic. Will keep trying...

 

 

 

No-fines aren't normally damp. If you are getting moisture up there, then its likely to be an issue with the roof. Perhaps you have a leak somewhere near the eaves thats allowing water to get into the concrete.

[Voll Blau]

2 minutes ago, kenny said:

No-fines aren't normally damp. If you are getting moisture up there, then its likely to be an issue with the roof. Perhaps you have a leak somewhere near the eaves thats allowing water to get into the concrete.

Thanks. We've had the odd issue with damp in the rooms at the back but nothing out of the ordinary that can't be dealt with. We had a split in our tank in the loft (luckily managed to fix it quickly enough) a few months ago and the water that did escape drained down one of the beams towards the back of the house, so I'm wondering whether that could have contributed in some way.

[kenny]

6 minutes ago, Voll Blau said:

Thanks. We've had the odd issue with damp in the rooms at the back but nothing out of the ordinary that can't be dealt with. We had a split in our tank in the loft (luckily managed to fix it quickly enough) a few months ago and the water that did escape drained down one of the beams towards the back of the house, so I'm wondering whether that could have contributed in some way.

The external render/cladding typically stops rain ingress into the property. Conversely it also traps water, so its possible and water internally is sitting and making its way out slowly. That being said, mould is normally a sign of a longer period of water problems rather than just a leak.

[Voll Blau]

40 minutes ago, kenny said:

The external render/cladding typically stops rain ingress into the property. Conversely it also traps water, so its possible and water internally is sitting and making its way out slowly. That being said, mould is normally a sign of a longer period of water problems rather than just a leak.

Cheers for the advice, appreciate it.

[Sol thewall Bamba]

There's not a chance house prices hold fast with base rates at 6%. Your average mortgage holder's going to be paying £1000 a month in interest. We were planning on moving next year but that seems pretty suicidal now. 

Edited 26 September 2022 by Sol thewall Bamba

[VLC86]

26 minutes ago, Sol thewall Bamba said:

There's not a chance house prices hold fast with base rates at 6%. Your average mortgage holder's going to be paying £1000 a month in interest. We were planning on moving next year but that seems pretty suicidal now. 

Agreed.

 

And also the fact that affordability is getting very tight across the board. The only thing that will save that is the stress rate rules being loosened which will be another pump of hot air into the system which was brought in to stop careless lending.

[lcfc278]

40 minutes ago, Sol thewall Bamba said:

There's not a chance house prices hold fast with base rates at 6%. Your average mortgage holder's going to be paying £1000 a month in interest. We were planning on moving next year but that seems pretty suicidal now. 

Do you think if they drop they will drop significantly?

 

I was hoping to move in the next 6 months but mortgages have gone mad.

[VLC86]

Just now, lcfc278 said:

Do you think if they drop they will drop significantly?

 

I was hoping to move in the next 6 months but mortgages have gone mad.

The market is quite slow from where I’m sitting at the minute. Lots of houses are getting down valued now as well which points to prices starting to slow.

 

The government are trying to stop this from happening with the stamp duty changes but in my opinion it’s probably too little as it does little to help people who are eating into their deposits just to live at the minute.

 

I’m very risk averse so take this with a pinch of salt but I’m not sure I would be looking to buy at todays prices.

[lcfc278]

1 minute ago, Costock_Fox said:

The market is quite slow from where I’m sitting at the minute. Lots of houses are getting down valued now as well which points to prices starting to slow.

 

The government are trying to stop this from happening with the stamp duty changes but in my opinion it’s probably too little as it does little to help people who are eating into their deposits just to live at the minute.

 

I’m very risk averse so take this with a pinch of salt but I’m not sure I would be looking to buy at todays prices.

I've been keeping my eye in Rightmove/Zoopla for the last 2 or 3 months and I've noticed there's a lot of places being reduced in price and also less and less coming on daily.

 

I think I might just pay the difference between my current mortgage and getting a new mortgage now, to pay off as much as my mortgage that I can without penalties and then look to go again late next year or something. Hopefully everything will be getting back to normal by then.

[stretch1965]

2 hours ago, kenny said:

No-fines aren't normally damp. If you are getting moisture up there, then its likely to be an issue with the roof. Perhaps you have a leak somewhere near the eaves thats allowing water to get into the concrete.

#Voll Blau We have surveyed hundreds if not thousands of these all over the UK in social housing and we rarely see damp. even ones that have had external wall insulation fitted. Sounds like #kenny is on the money here.

[VLC86]

16 minutes ago, lcfc278 said:

I've been keeping my eye in Rightmove/Zoopla for the last 2 or 3 months and I've noticed there's a lot of places being reduced in price and also less and less coming on daily.

 

I think I might just pay the difference between my current mortgage and getting a new mortgage now, to pay off as much as my mortgage that I can without penalties and then look to go again late next year or something. Hopefully everything will be getting back to normal by then.

I was going to say it depends on your current situation but yeah if you currently have a house and want to upsize it may be a risk.

 

I could be very wrong, I was with Covid when I was talking about selling my house thinking the market would crash and prices drop.

[rachhere]

It's really concerning these projected rises in interest rates - for so many it's just going to seem like everything is spiralling out of control.

 

I am fortunate that our mortgage payments are relatively low, but its still obviously something we will need to plan for. We have three years left at 1.34%, at which point it will obviously be either a choice of variable or taking out a new fixed term. We can pay up to 10% in overpayments each year without penalty, and so I think over the next three years I will put in as much extra as possible to bring down the total owed.

[FoyleFox]

15 minutes ago, lcfc278 said:

I've been keeping my eye in Rightmove/Zoopla for the last 2 or 3 months and I've noticed there's a lot of places being reduced in price and also less and less coming on daily.

 

I think I might just pay the difference between my current mortgage and getting a new mortgage now, to pay off as much as my mortgage that I can without penalties and then look to go again late next year or something. Hopefully everything will be getting back to normal by then.

The summer is always a slower time in the market, but as you say, lots of reductions of property recently. A lot of those did seem ambitiously priced, though....one similar to ours went on a month ago for £150k more than we paid last year. It very rapidly had significant reduction.

[VLC86]

7 minutes ago, FoyleFox said:

The summer is always a slower time in the market, but as you say, lots of reductions of property recently. A lot of those did seem ambitiously priced, though....one similar to ours went on a month ago for £150k more than we paid last year. It very rapidly had significant reduction.

In the 4 years in my job the summer has never been so quiet. 

[Greg2607]

where we live, 2 houses identical to ours (new builds at the time) have sold for roughly £180k more than we paid in Sept 2019.... 

 

both in the last month... 

 

i suspect there is going to be a fall in values coming up in the next 12-18 months.  The issues in the economy are systemic and will take a while to play through, but they will play through. 

 

 

[Footballwipe]

Same RE: the slowness. As a professional nosey arse when it comes to prices in and around my area, I've noticed the bigger houses in New Lubbesthorpe just don't seem to be selling at all whereas previously they were flying off.

 

Not sure if new homes are suffering the same? Lots of sold outside houses being finished off but I do wonder what the housebuilders will do if the market slows right down when we're heading to those predicted interest rates.

[Sol thewall Bamba]

1 hour ago, lcfc278 said:

Do you think if they drop they will drop significantly?

 

I was hoping to move in the next 6 months but mortgages have gone mad.

No idea tbh. Have noticed all the big houses down here bought for 20K by baby boomers are all going up for sale as they desperately try to get off at the top of the curve. 

[yorkie1999]

4 minutes ago, Sol thewall Bamba said:

No idea tbh. Have noticed all the big houses down here bought for 20K by baby boomers are all going up for sale as they desperately try to get off at the top of the curve. 

Plenty of generation x and millennials stand to inherit a fortune then, having done literally fvck all to earn it. 

[FoyleFox]

1 hour ago, rachhere said:

It's really concerning these projected rises in interest rates - for so many it's just going to seem like everything is spiralling out of control.

 

I am fortunate that our mortgage payments are relatively low, but its still obviously something we will need to plan for. We have three years left at 1.34%, at which point it will obviously be either a choice of variable or taking out a new fixed term. We can pay up to 10% in overpayments each year without penalty, and so I think over the next three years I will put in as much extra as possible to bring down the total owed.

Rates have been at such an unprecedented low for so many years, I was just looking back at BOE rates, reduced to 1% in Feb '09, and then have been lower until May '22.  An awfully long time for people to be very comfortable and either forget or not know anything of the days of 5% plus interest rates.

 

I remember being absolutely gutted I just missed qualifying for a staff 5% mortgage when I joined a financial services provider in the1990's.

[Leicester_Loyal]

2 hours ago, rachhere said:

It's really concerning these projected rises in interest rates - for so many it's just going to seem like everything is spiralling out of control.

 

I am fortunate that our mortgage payments are relatively low, but its still obviously something we will need to plan for. We have three years left at 1.34%, at which point it will obviously be either a choice of variable or taking out a new fixed term. We can pay up to 10% in overpayments each year without penalty, and so I think over the next three years I will put in as much extra as possible to bring down the total owed.

Same here with regards to the overpaying, want to try and get the equity a lot higher in my house, giving me a bigger deposit for the next move. Got a payrise approved in July but I don't physically see the cash until January (it gets backdated, weird system) and onwards, so the lump sum I'll received in Jan can go straight towards that.

[Tommy G]

2 hours ago, rachhere said:

It's really concerning these projected rises in interest rates - for so many it's just going to seem like everything is spiralling out of control.

 

I am fortunate that our mortgage payments are relatively low, but its still obviously something we will need to plan for. We have three years left at 1.34%, at which point it will obviously be either a choice of variable or taking out a new fixed term. We can pay up to 10% in overpayments each year without penalty, and so I think over the next three years I will put in as much extra as possible to bring down the total owed.

You could do that but then forever chained to your mortgage. A lot of people strive to do this then drop dead at 60 either when they have finished paying their mortgage or retired. You'd be much better sticking more away in your pension pot, where you get 20% or 40% tax relief (plus growth opportunity each year historically of 5-10%) and drawn down at 55/57 25% of it tax free and clear your mortgage rather than sit there paying down something you will never benefit from unless you sell or downsize. 

 

The mindset in this country is MUST PAY OFF MORTGAGE AS QUICK AS POSSIBLE when in fact is isn't the best way to maximise your taxed income, in my view. 

[VLC86]

10 minutes ago, Tommy G said:

You could do that but then forever chained to your mortgage. A lot of people strive to do this then drop dead at 60 either when they have finished paying their mortgage or retired. You'd be much better sticking more away in your pension pot, where you get 20% or 40% tax relief (plus growth opportunity each year historically of 5-10%) and drawn down at 55/57 25% of it tax free and clear your mortgage rather than sit there paying down something you will never benefit from unless you sell or downsize. 

 

The mindset in this country is MUST PAY OFF MORTGAGE AS QUICK AS POSSIBLE when in fact is isn't the best way to maximise your taxed income, in my view. 

Surely pumping all of your cash into a pension could result in the same? I know you can take some back as a lump sum at 50 now but it risks the same.

[FoyleFox]

1 hour ago, Costock_Fox said:

Surely pumping all of your cash into a pension could result in the same? I know you can take some back as a lump sum at 50 now but it risks the same.

Unfortunately, that's the unknown risk with life. Save loads into a pension or paying off the mortgage early, but you might not make 40/50/60. But spend it all as you earn, and you might be cold and starving at 70 (you might anyway in the current crisis).

[Raj]

We paid our mortgage off a few years ago and its like a big noose off our heads.

We overpaid, overpaid and  overpaid whilst we could and before we had kids.

In my humble opinion it was the best thing we did.

I know what Tommy G means though, but sometimes  you have to do what mentally is best not just economically.

I now top up my pension when I can and safely invest in Premium bonds  which I nearly always have a win on every month.

Think you need to put a few eggs in alot of baskets in general.

GLA

Edited 26 September 2022 by Raj

[VLC86]

3 hours ago, FoyleFox said:

Unfortunately, that's the unknown risk with life. Save loads into a pension or paying off the mortgage early, but you might not make 40/50/60. But spend it all as you earn, and you might be cold and starving at 70 (you might anyway in the current crisis).

My thoughts exactly, which is why more people pay into their mortgage early than pension because it saves a bomb in interest