Houses

[Nalis]

3 hours ago, Raj said:

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

Absolutely bang on, it could be financially better to load a pension or other investments but its the relief of clearing a mortgage that is the biggest draw to a lot of people.

[Izzy]

28 minutes ago, Nalis said:

Absolutely bang on, it could be financially better to load a pension or other investments but its the relief of clearing a mortgage that is the biggest draw to a lot of people.

There's literally thousands of videos on YouTube about the pros and cons of paying off your mortgage vs investing (I should know, I've watched many of them )

 

Safe to say that it's probably a 50/50 split depending on who you listen to. Bottom line is it becomes a decision about emotion/peace of mind/relief vs finances.

 

I fall in the camp of relief and have spent the last two years ploughing everything I can into paying it off. Of course I could have invested that money instead, but that's the route that I chose being fully informed on both options.

 

Should have it cleared off by Xmas if all goes to plan 

[martyn]

Not done the maths, but for anyone with some time left on a low interest fixed mortgage, might it not be better put money into a regular saver rather than overpaying, and then paying the big lump some from saving at the end of the fix? Seen some products around with £500 max deposit per month paying 5% for a year, and rates won't be coming too far down from there I'd wager.

 

 

[dsr-burnley]

7 minutes ago, martyn said:

Not done the maths, but for anyone with some time left on a low interest fixed mortgage, might it not be better put money into a regular saver rather than overpaying, and then paying the big lump some from saving at the end of the fix? Seen some products around with £500 max deposit per month paying 5% for a year, and rates won't be coming too far down from there I'd wager.

 

 

That particular deposit earns £150 over the year.  The difference between that and the mortgage isn't going to change anyone's life.

[Tommy G]

20 hours 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.

I'm not saying all - I'm saying the poster paying off debt at 1.34% is not the best way to spend your taxed income. The poster was clearly interested in saving money in the future when interest rates go back up, and I was pointing out that there are much better ways to maximise wealth.

Edited 27 September 2022 by Tommy G

[VLC86]

Plenty of mortgage deals have been pulled today due to the uncertainty. 

[FoyleFox]

Final item on the house renovation to-do list (internally anyway) completed

Estate agent booked for tomorrow - hopefully worth more than we've spent!

 

Has anyone had internal insulation done to a conservatory? The cost to replace with a tiled roof isn't justifiable for our use of it, but I've seen a few adverts for insulation options. Prices are far more favourable and might be a viable option.

[dsr-burnley]

6 minutes ago, FoyleFox said:

Final item on the house renovation to-do list (internally anyway) completed

Estate agent booked for tomorrow - hopefully worth more than we've spent!

 

Has anyone had internal insulation done to a conservatory? The cost to replace with a tiled roof isn't justifiable for our use of it, but I've seen a few adverts for insulation options. Prices are far more favourable and might be a viable option.

I would have thought the cheap way is to sit in the conservatory when the sun shines and it's warm in there, and to sit somewhere else when the sun doesn't shine and it's cold.  Then you can insulate the conservatory internal door and walls and it doesn't matter how cold it gets.  Not applicable if it's used as a semi-greenhouse, of course.

[Tommy G]

On 21/09/2022 at 11:08, Tommy G said:

If you are getting a mortgage it's expected IR will rise 0.75% tomorrow so that will outpace any stamp duty decreases. The govt know this is coming so to keep traction in the market they will flash up a stamp duty cut which is an immediate cash benefit to a purchaser, even though most first time buyers will probably roll up the stamp duty in their mortgage product! Sorry to piss on your chips but this isn't life changing news.

Seems like KK is fufiling on his promise to make stamp duty a thing of the past by ensuring no one can get a mortgage 

[FoxesAreBlue]

On 18/09/2022 at 11:32, Happy Fox said:

Thinking of moving somewhere closer to London my work office is based in London and I am getting tired of travelling every week from Leicestershire ( I work hybrid) I know some places like Aylesbury / Bedford / Reading have reasonably priced properties 350k - 375k can anyone recommend a reasonably priced area and also easy commute to central London?

Depending which side of London and how you plan to commute, Reading or the surrounding villages/towns is perfect don’t rule out Wokingham for example and there’s a shed load of country side and stuff to do, easy commutes into town etc - I’m never coming back to Leicester that’s for sure

[yorkie1999]

1 hour ago, FoyleFox said:

Final item on the house renovation to-do list (internally anyway) completed

Estate agent booked for tomorrow - hopefully worth more than we've spent!

 

Has anyone had internal insulation done to a conservatory? The cost to replace with a tiled roof isn't justifiable for our use of it, but I've seen a few adverts for insulation options. Prices are far more favourable and might be a viable option.

I've done this to our conservatory. Removed the roof, built a hiproof framework, plywood, roof membrane then tapco tiles, celotex insulation, then plasterboarded. Took about 3 weeks with help lifting stuff up. Cost was about £2500 for a 4 square metre conservatory plus 6 metre pitched roof joining to it with all the guttering, lights etc. I've used a small electric wall heater, but you dont really need it in,  it's now warm into the winter but cool in the summer, gives a usable extra room but with windows all round. I know firms are charging 10 grand plus to do it so someones making a killing.

Edited 27 September 2022 by yorkie1999

[Izzy]

On 18/09/2022 at 11:32, Happy Fox said:

Thinking of moving somewhere closer to London my work office is based in London and I am getting tired of travelling every week from Leicestershire ( I work hybrid) I know some places like Aylesbury / Bedford / Reading have reasonably priced properties 350k - 375k can anyone recommend a reasonably priced area and also easy commute to central London?

We're not far from Aylesbury but whenever I go into London I get the fast train from Leighton Buzzard as it's 28 only minutes to Euston.

 

For 350-375k in Leighton Buzzard you'd only get a 3 bed semi/terraced but it's not a bad town and only 20 mins to Milton Keynes and the M1.

[grobyfox1990]

On 18/09/2022 at 11:32, Happy Fox said:

Thinking of moving somewhere closer to London my work office is based in London and I am getting tired of travelling every week from Leicestershire ( I work hybrid) I know some places like Aylesbury / Bedford / Reading have reasonably priced properties 350k - 375k can anyone recommend a reasonably priced area and also easy commute to central London?

Houghton Regis, near a big Amazon depot, has reasonably priced housing. Tbh if you’re moving to some of these nondescript dumps, will you be saving much time, still got an hour + commute. Compared to the increased outlay on everything, is it worth it? When I leave work early to go to midweek games I can barely send an email on the train up to Leicester it’s so quick. 

[grobyfox1990]

On the other argument my hat is firmly in the ‘pay off the mortgage’ camp. As long as you’ve got a roof over your head which no one can take from you, you can play around with funkier things as much as you want 

[kenny]

4 minutes ago, grobyfox1990 said:

Houghton Regis, near a big Amazon depot, has reasonably priced housing. Tbh if you’re moving to some of these nondescript dumps, will you be saving much time, still got an hour + commute. Compared to the increased outlay on everything, is it worth it? When I leave work early to go to midweek games I can barely send an email on the train up to Leicester it’s so quick. 

I designed some very reasonably priced apartments 5 minutes walk from London Kettering station. 

[SpacedX]

19 hours ago, Izzy said:

Should have it cleared off by Xmas if all goes to plan 

It's certainly a very nice feeling.

 

The money freed up I'm now ploughing into AVCs.

[FoyleFox]

1 hour ago, yorkie1999 said:

I've done this to our conservatory. Removed the roof, built a hiproof framework, plywood, roof membrane then tapco tiles, celotex insulation, then plasterboarded. Took about 3 weeks with help lifting stuff up. Cost was about £2500 for a 4 square metre conservatory plus 6 metre pitched roof joining to it with all the guttering, lights etc. I've used a small electric wall heater, but you dont really need it in,  it's now warm into the winter but cool in the summer, gives a usable extra room but with windows all round. I know firms are charging 10 grand plus to do it so someones making a killing.

The £12k to replace the roof is why we're not considering it   

It's a fraction of that to insulate internally and retain the roof as is.

[FoxesDeb]

3 hours ago, kenny said:

I designed some very reasonably priced apartments 5 minutes walk from London Kettering station. 

I always thought London Stansted was pushing it, but London Kettering?!?

[lcfc278]

What a difference a few days makes. I think that's my mind made up for me, I'm staying put.

 

Record drop in available mortgage deals on the market and house prices expected to drop 10-15%.

 

When I looked a couple of weeks ago and the best rates were at 3.45%, I think even then it was at the top of my budget, dread to think what it will be like in a few months time.

[WigstonWanderer]

My wife and I have owned an investment property in Salisbury since 1995. It’s the only one we’ve got and embodies most of our retirement savings. With hindsight we’d have been better to sell it when we emigrated to Australia in 2002, but had so much to arrange that it ended up as a bit of a stranded asset, and it all seemed too hard to arrange to sell since. It’s now empty and we’ve been getting it decorated ready to finally sell.

 

The latest shitstorm over there might make this difficult if people can’t get mortgages. Just very bad timing

 

I was wondering if there’s an option to have it put under management for short term AirBnB type rental pending a change in market conditions, if selling it now becomes difficult.

 

I certainly don’t want to get longer term tenants in again as this could make selling even more difficult in the future, particularly with possible legislation changes, and we will need the money within a year or two. Don’t want to leave it empty for an extended period. Anyone got any thoughts?
 

Edited 30 September 2022 by WigstonWanderer

[Nalis]

6 hours ago, WigstonWanderer said:

My wife and I have owned an investment property in Salisbury since 1995. It’s the only one we’ve got and embodies most of our retirement savings. With hindsight we’d have been better to sell it when we emigrated to Australia in 2002, but had so much to arrange that it ended up as a bit of a stranded asset, and it all seemed too hard to arrange to sell since. It’s now empty and we’ve been getting it decorated ready to finally sell.

 

The latest shitstorm over there might make this difficult if people can’t get mortgages. Just very bad timing

 

I was wondering if there’s an option to have it put under management for short term AirBnB type rental pending a change in market conditions, if selling it now becomes difficult.

 

I certainly don’t want to get longer term tenants in again as this could make selling even more difficult in the future, particularly with possible legislation changes, and we will need the money within a year or two. Don’t want to leave it empty for an extended period. Anyone got any thoughts?
 

Fixed 12 month rental contract? They might suit some people, depends on who is renting your gaff. Or rent to someone for 12 months to will sublet airbnb style as you say. No idea on tax consequences of this though.

[Bellend Sebastian]

6 hours ago, WigstonWanderer said:

My wife and I have owned an investment property in Salisbury since 1995. It’s the only one we’ve got and embodies most of our retirement savings. With hindsight we’d have been better to sell it when we emigrated to Australia in 2002, but had so much to arrange that it ended up as a bit of a stranded asset, and it all seemed too hard to arrange to sell since. It’s now empty and we’ve been getting it decorated ready to finally sell.

 

The latest shitstorm over there might make this difficult if people can’t get mortgages. Just very bad timing

 

I was wondering if there’s an option to have it put under management for short term AirBnB type rental pending a change in market conditions, if selling it now becomes difficult.

 

I certainly don’t want to get longer term tenants in again as this could make selling even more difficult in the future, particularly with possible legislation changes, and we will need the money within a year or two. Don’t want to leave it empty for an extended period. Anyone got any thoughts?
 

If you're likely to need the money over that time scale I'd try and flog it if I were you. I'm not aware that values are dropping significantly yet, but where they'll be in 12 or 24 months' time is anybody's guess.

 

The mortgage market might be on its arse but there are usually some cash buyers about (although less likely if high value property, obviously).  If you do manage to get rid, for the first time in forever you'll get a bit of a return on your cash savings

[WigstonWanderer]

1 hour ago, Bellend Sebastian said:

If you're likely to need the money over that time scale I'd try and flog it if I were you. I'm not aware that values are dropping significantly yet, but where they'll be in 12 or 24 months' time is anybody's guess.

 

The mortgage market might be on its arse but there are usually some cash buyers about (although less likely if high value property, obviously).  If you do manage to get rid, for the first time in forever you'll get a bit of a return on your cash savings

Not a high value property, and I’m prepared to sell it for a realistic price to get rid. But if it doesn’t go I need a plan B. Could easily be worse in 2 years time as you say.

[FoyleFox]

10 hours ago, WigstonWanderer said:

My wife and I have owned an investment property in Salisbury since 1995. It’s the only one we’ve got and embodies most of our retirement savings. With hindsight we’d have been better to sell it when we emigrated to Australia in 2002, but had so much to arrange that it ended up as a bit of a stranded asset, and it all seemed too hard to arrange to sell since. It’s now empty and we’ve been getting it decorated ready to finally sell.

 

The latest shitstorm over there might make this difficult if people can’t get mortgages. Just very bad timing

 

I was wondering if there’s an option to have it put under management for short term AirBnB type rental pending a change in market conditions, if selling it now becomes difficult.

 

I certainly don’t want to get longer term tenants in again as this could make selling even more difficult in the future, particularly with possible legislation changes, and we will need the money within a year or two. Don’t want to leave it empty for an extended period. Anyone got any thoughts?
 

Management of AirBnB is very time-consuming, short term lets require a lot of turnover cleaning, linen etc and you'd need to fully investigate the tax considerations being overseas. Although, you could try to do it as 1 month minimum stays rather than the weekend/week market.

 

The market is slowing for sales and mortgage rates aren't as favourable, but it's not that they aren't available. Just more expensive. Pre 2008, what is happening now with product withdrawals happened every couple of months when rates changed regularly.

 

If you want to sell, now is probably the time to do it.

[Raj]

Any conveyancing recommendations please??