Luke Rainbird Posted April 21, 2015 Report Share Posted April 21, 2015 No plans to let them out at the mo. Certainly not out of the question a little down the line though Quote Link to comment Share on other sites More sharing options...
N.Wood Posted April 21, 2015 Author Report Share Posted April 21, 2015 In / around Plymouth? You and the missy? Nice to be able to do whatever you want with the place. 1 Quote Link to comment Share on other sites More sharing options...
Luke Rainbird Posted April 21, 2015 Report Share Posted April 21, 2015 Yeah with Soph in Ivybridge, so far enough out of Plymouth to not be in Plymouth but not so far out in the sticks to make life easier when I'm back and forth to Gosport etc for work. Won't be a forever kinda place, but for 5 years or so it'll be spot on with more than enough room to do what we want etc. That said, it's immaculate throughout so there's only so much we can do in terms of boosting the value of it ourselves. May seem a little odd when most people are looking to improve and renovate, but given I won't be around a huge amount we just wanted something cheap to maintain etc and this ticks the box nicely Quote Link to comment Share on other sites More sharing options...
dann2707 Posted April 21, 2015 Report Share Posted April 21, 2015 Congrats Luke man, looks lovely! 1 Quote Link to comment Share on other sites More sharing options...
Luke Rainbird Posted April 21, 2015 Report Share Posted April 21, 2015 Cheers bud. Not too shabby for a first house Mostly excited about BBQs in all honesty. Quote Link to comment Share on other sites More sharing options...
Tom Booth Posted April 21, 2015 Report Share Posted April 21, 2015 Kin ell rbird, looks major. Congrats bud 1 Quote Link to comment Share on other sites More sharing options...
Tony Harrison Posted April 22, 2015 Report Share Posted April 22, 2015 Damn, son! Looks amazing! 1 Quote Link to comment Share on other sites More sharing options...
Prawny Baby Posted April 22, 2015 Report Share Posted April 22, 2015 Bloody hell! Looks like a mansion! Top work Sir! Pics of garage required! 2 Quote Link to comment Share on other sites More sharing options...
Luke Rainbird Posted April 22, 2015 Report Share Posted April 22, 2015 Cheers gents. Only a relatively narrow single garage, unfortunately. As a result it'll be used more for the storage of the copious amount of bikes, surfboards, climbing gear and car parts that we have than for the car itself I'm sure. Brick wall in bottom right of photo is a garage from another property that backs up against the bottom of the back garden. I'll be working out who owns that at some point at if I could pick that up down the line it'd be possible to make it a little bigger to work on cars etc inside. Will grab a few photos next time I'm up there - will be a few weeks before everything goes through properly but it's all off the market, no chain at either end etc so fingers crossed it should all be smooth sailing from here on in. Quote Link to comment Share on other sites More sharing options...
uk24 Posted April 22, 2015 Report Share Posted April 22, 2015 My mortgage is £1040. Quote Link to comment Share on other sites More sharing options...
monkeyseemonkeydo Posted July 28, 2015 Report Share Posted July 28, 2015 Ok, time for the old TF advisory service request again... Fixed rate mortgage deal is up in October so looking around. 10 year fixed deals at 3.14% don't look too shabby but... Our current mortgage is just over £1100 a month but we've overpaid since day 1, currently paying back £1200 pm. If we took out that 10 year deal over the remaining 15 years (started with 20 years) it would cost £958pm and we'd want to overpay as much as possible (though lenders seem to limit this to ~10% so £1054pm paying back when we'd like to stick to the £1200. If, however, we do the 10 year deal over 10 years it bumps the payment up to £1322 but in 10 years we'd be mortgage free and I reckon we could quite happily stretch to the extra £100 a month. It kinda seems slightly no-brainery to me but is there a reason why we shouldn't try and get rid of the mortgage ASAP? Quote Link to comment Share on other sites More sharing options...
Mark W Posted July 28, 2015 Report Share Posted July 28, 2015 If you can afford the extra £100 a month then surely smashing that f**ker out the park in 10 years is the way to go? I realise that this is no real help, but yeah - I'd go for that option if I were you guys! Quote Link to comment Share on other sites More sharing options...
manuel Posted July 28, 2015 Report Share Posted July 28, 2015 Hard times? Also I guess you could gamble on long term low interest rates ? I'm guessing a 5 or 3 year would be significantly cheaper to run, meaning @ £1300/month you could knock off big chunks earlier? Some maths to be done but you could end up quite a bit inside 10 years? to be honest if you can do it and it's not going to limit your life in any way then it does seem a pretty simple decision. Quote Link to comment Share on other sites More sharing options...
monkeyseemonkeydo Posted July 28, 2015 Report Share Posted July 28, 2015 Actually, thinking about it it would make more sense to enter at a 15 year term and over pay, assuming the deal allows it. That would be far more flexible in theory but I think I'll need to have a chat to Mr lender man... 1 Quote Link to comment Share on other sites More sharing options...
Luke Rainbird Posted July 28, 2015 Report Share Posted July 28, 2015 15 and overpay gives you a little more comfort zone/buffer for sure. In all, are you looking to be in the same house for that long? Whilst it's unlikely that interest rates will change drastically in the next 3-5 years, 10 is that bit further than it's a little less certain. That aside, overpay by as much as you can realistically/comfortably afford, but if you find you're maxing out your 10% annual allowance, throw it in a savings account. When you come to remortgage, use it as an effective lump sum payment to drop your LTV even further Quote Link to comment Share on other sites More sharing options...
monkeyseemonkeydo Posted July 29, 2015 Report Share Posted July 29, 2015 I hadn't realised that the 10% is of the outstanding balance which we'd definitely be within. To be honest I don't know if we'll move anytime soon. In 10 years the boys will be 11 and 14 and I'm sure we could cope in the current place but even if we move the 10 years would still roll on and we'd just end up with a second smaller mortgage I imagine... Think I'll arrange a chat with Mr Nationwide. 1 Quote Link to comment Share on other sites More sharing options...
Luke Rainbird Posted July 29, 2015 Report Share Posted July 29, 2015 Check your individual "mortgage product details" </lame speak> as there are some that do things a touch differently, but usually you can overpay by 10% of the remaining mortgage per year (ie if you owed 100k, you could overpay 10k that year) so the amount is pretty substantial. If you do max it out then just stick it aside in a rainy day/next year's fund/etc. Makes more sense to use it to overpay a lump sum at the start of the next year, but could be just as handy as a holiday fund, or simply to hang on to until you remortgage at the end of this fixed period. NW will be able to advise you pretty well though I'd imagine. That said, be sure to look around a little too - there have been some crazy deals around if you've got a decent deposit/equity to carry forward Quote Link to comment Share on other sites More sharing options...
tomturd Posted July 29, 2015 Report Share Posted July 29, 2015 You could still do a 10 year fixed, but do it so you could pay it all off over 10 years but only if you overpay your full 10% per year. One thing I found out (it might be common knowledge) is that you can pay off lumps of your mortgage with no penalty when you're just on the standard rate. So if you had say, £10k you wanted to pay off, you can wait til the end of your deal, pay off 10k the day after (without penalty), then go back onto a new deal. So that's one thing to think about if you go for a 10 year fixed, you wont be able to pay off chunks of money until the very end. Quote Link to comment Share on other sites More sharing options...
TrialsIsHard Posted July 29, 2015 Report Share Posted July 29, 2015 Shout out to Brighton, who's rent is double what I was paying in Swansea Quote Link to comment Share on other sites More sharing options...
MadManMike Posted July 29, 2015 Report Share Posted July 29, 2015 That's because Brighton is twice as good as Swansea. Quote Link to comment Share on other sites More sharing options...
TrialsIsHard Posted July 29, 2015 Report Share Posted July 29, 2015 That's because Brighton is twice as good as Swansea. Incorrect, Brighton is at least twice as good as Swansea. Quote Link to comment Share on other sites More sharing options...
Kerrie-Anne Posted August 3, 2015 Report Share Posted August 3, 2015 We pay £450 mortgage on 50% of the house and then £350 rent on the remaining 50%.. Oxford is ridiculously priced. Quote Link to comment Share on other sites More sharing options...
monkeyseemonkeydo Posted August 3, 2015 Report Share Posted August 3, 2015 How does that work?! Quote Link to comment Share on other sites More sharing options...
Muel Posted August 3, 2015 Report Share Posted August 3, 2015 (edited) Shared ownership... Edited August 3, 2015 by Muel Quote Link to comment Share on other sites More sharing options...
Kerrie-Anne Posted August 3, 2015 Report Share Posted August 3, 2015 A housing association buy the house from developers then sell shares to a buyer.. we could only afford 50% after selling out 1st house and me going part time after having a baby so we bought 50% from then and pay them rent on the other.. In time we will buy the rest from them.. Once I go back to work full time etc. Quote Link to comment Share on other sites More sharing options...
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