shercofray Posted March 13, 2015 Report Share Posted March 13, 2015 £500 pcm for a room in Harrogate, great room and location though so it's all good.. My mortgage was £290 on a £70k mortgage which is quite annoying. 1 Quote Link to comment Share on other sites More sharing options...
monkeyseemonkeydo Posted March 13, 2015 Report Share Posted March 13, 2015 Some of these mortgage numbers must be interest only or whatever? Otherwise I'm doing something seriously wrong!! Quote Link to comment Share on other sites More sharing options...
Brian Bleech Posted March 13, 2015 Report Share Posted March 13, 2015 £295 on a £50,000 mortgage over 20 yrs, 3.65% fixed over 5yrs. The house is worth about £100,000. Quote Link to comment Share on other sites More sharing options...
tomturd Posted March 13, 2015 Report Share Posted March 13, 2015 Some of these mortgage numbers must be interest only or whatever? Otherwise I'm doing something seriously wrong!! Yours should go down to under £800 ish if you get onto a 2.9% ish deal when your fixed period finishes, maybe less if you've paid some capital off (I'm skimming dangerously close to the end of my knowledge of mortgages here...). My tip: when it goes down to a more reasonable figure, keep paying what you are now. You'll knock years and years off your mortgage doing that. There's 10 year fixed ones out there now at 2.8%ish, so it sounds like the banks aren't too concerned about interest rates going up any time soon. Quote Link to comment Share on other sites More sharing options...
shercofray Posted March 13, 2015 Report Share Posted March 13, 2015 , My tip: when it goes down to a more reasonable figure, keep paying what you are now. You'll knock years and years off your mortgage doing that. . My tip: Pull any equity you have in a property out (to whatever you feel comfortable with 80-85% LTV) and use this to buy further properties which will make you money. It's not risky it's just spreading your equity accross assets which make you money rather than your house which costs you money. The additional interest on your personal mortgage is tax deductable too. Quote Link to comment Share on other sites More sharing options...
Skoze Posted March 13, 2015 Report Share Posted March 13, 2015 That's why you should move to Bristol Me and Faye have been thinking about it, we'll see where we end up with work though! Speaking of which, we're gonna be in Brizzle for a weekend over easter - beers? Quote Link to comment Share on other sites More sharing options...
Danny Posted March 13, 2015 Report Share Posted March 13, 2015 £700 PCM - 3 Bed Detached Bungalow / Double Garage (Probably worth about 180-200k) - Near Leeds Quote Link to comment Share on other sites More sharing options...
monkeyseemonkeydo Posted March 13, 2015 Report Share Posted March 13, 2015 My tip: when it goes down to a more reasonable figure, keep paying what you are now. You'll knock years and years off your mortgage doing that. Yeah we've been overpaying the whole time, £1300 for the first couple of years until the 1st kid came along and £1200 since then (and should also point out mine's also a 20 year period so that brings it up a bit compared with a longer term). Should be able to do exactly that though and get the term right down which should be nice a little later in life. Quote Link to comment Share on other sites More sharing options...
MadManMike Posted March 13, 2015 Report Share Posted March 13, 2015 Me and Faye have been thinking about it, we'll see where we end up with work though! Speaking of which, we're gonna be in Brizzle for a weekend over easter - beers? Go for it mate, this is the best place I've ever lived, so chilled Yeah is that the 2nd of April weekend? Should be about, drop me a message when you know the plan - I've got a new number so PM on here. Quote Link to comment Share on other sites More sharing options...
tomturd Posted March 13, 2015 Report Share Posted March 13, 2015 My tip: Pull any equity you have in a property out (to whatever you feel comfortable with 80-85% LTV) and use this to buy further properties which will make you money. It's not risky it's just spreading your equity accross assets which make you money rather than your house which costs you money. The additional interest on your personal mortgage is tax deductable too. Are you doing that at the moment? I have a house that I rent out, I overpay the mortgage on it even though I know I'll be shooting myself in the foot when it comes to my tax return. The bit that confuses me is, do I: 1. stretch the mortgage out as long as possible, paying the least each month but therefore paying the max amount of interest over the lifetime of the mortgage, but paying the least to the tax man (this is what everyone else does) 2. overpay the mortgage as much as possible, therefore paying (much) less interest over the lifetime of the mortgage, but more to the tax man I'm doing the second option, I just want to get it paid off so that it's not marked down as me having -£XX,XXX when I log into my online banking. Quote Link to comment Share on other sites More sharing options...
manuel Posted March 13, 2015 Report Share Posted March 13, 2015 Some of these mortgage numbers must be interest only or whatever? Otherwise I'm doing something seriously wrong!! 5%+ is a shitload these days... I've been lucky in that our first couple of house buying efforts fell through @5.75%, but then the rates dropped so I did 2 years at just over 4% and now I'm on around 3% for 5. We played a gambling game that we could bang enough value into the house over the first 2 years that we could go up a band in LTV, so as to reduce the costs or keep things similar if rates went up. We bought our wee victorian terrace at £185k revalued after 2 years to £210k (which I actually thought was pushing it!). Things in my area just went nuts though and the smaller house next door just sold for close to £295k and one a few down (similar size) just sold fast on at £340k which is just insane. So possibly over 50% up in under 4 years ? (Not sure that's a good thing) We have 158k mortgage at around £670/month. For perspective next door rents for £950 and is a shithole. 2 Quote Link to comment Share on other sites More sharing options...
shercofray Posted March 13, 2015 Report Share Posted March 13, 2015 Are you doing that at the moment? I have a house that I rent out, I overpay the mortgage on it even though I know I'll be shooting myself in the foot when it comes to my tax return. The bit that confuses me is, do I: 1. stretch the mortgage out as long as possible, paying the least each month but therefore paying the max amount of interest over the lifetime of the mortgage, but paying the least to the tax man (this is what everyone else does) 2. overpay the mortgage as much as possible, therefore paying (much) less interest over the lifetime of the mortgage, but more to the tax man I'm doing the second option, I just want to get it paid off so that it's not marked down as me having -£XX,XXX when I log into my online banking. I had a buy to let in Leeds but ended up flipping it to release a gain, so I can use it for other developments I have on, that's the long term plan - however in commercial property. It all comes down to what you want out of it and your risk perception. Personally, option 1 all day long, save for the next deposit using the cashflow and savings etc. You just need to think of the negative balance as good debt - as it's there because you are making money for having that debt! Look to buy somewhere that needs work, add value to it and pull out the additional equity - with the ultimate goal being leaving no cash in the deal. There's so much you can do with property though. Quote Link to comment Share on other sites More sharing options...
manuel Posted March 13, 2015 Report Share Posted March 13, 2015 My tip: Pull any equity you have in a property out (to whatever you feel comfortable with 80-85% LTV) and use this to buy further properties which will make you money. It's not risky it's just spreading your equity accross assets which make you money rather than your house which costs you money. The additional interest on your personal mortgage is tax deductable too. Just to clarify, you mean borrow more for a deposit on a new place, set against your current home ? Quote Link to comment Share on other sites More sharing options...
shercofray Posted March 13, 2015 Report Share Posted March 13, 2015 Just to clarify, you mean borrow more for a deposit on a new place, set against your current home ? Yes. Quote Link to comment Share on other sites More sharing options...
BJ. Posted March 13, 2015 Report Share Posted March 13, 2015 There's a new build I'm looking at buying in my local area it works out at around £86k with the new government help to buy scheme 5k deposit and the mortgage comes out at about £380 Quote Link to comment Share on other sites More sharing options...
haydon_peter Posted March 21, 2015 Report Share Posted March 21, 2015 $400 per month + hydro and internet/TV (Current exchange rate suggests that's about £210 for rent, the bills are less than £50 per month even through winter) for a shared room with ensuite bathroom in Whistler. The guy I share with works away in Alberta so about 50% of the time it's my own private room. There are 6 of us spread between 3 bedrooms, we have 3 bathrooms, a decent sized living area, a large driveway and it's only a 15 minute walk into Whistler Village. The house is fairly basic, we had a bad rodent problem at the start of winter and it can be a bit noisy with occasional parties but I can't really complain. Quote Link to comment Share on other sites More sharing options...
Tom Booth Posted March 21, 2015 Report Share Posted March 21, 2015 That's awesome Tic, did you sort the second round? Quote Link to comment Share on other sites More sharing options...
HippY Posted March 21, 2015 Report Share Posted March 21, 2015 Here in Northern Ireland we rented a house (3 bedrooms, ground plus 1st floor, good area) for £400, and now we are renting a house with 4 bedrooms, 2 large living rooms, a large kitchen and 2 water blocks for £600. both of them were 5-10 minutes by car to the nearest city (cities around 20K population, so quite small). They are not that much more expensive in the city too Those numbers seem large compared here, but then again, there are way more people/opportunities over there Quote Link to comment Share on other sites More sharing options...
Luke Rainbird Posted March 21, 2015 Report Share Posted March 21, 2015 To put this into perspective - I've just hired a hotel room in Edinburgh for one night at £198 1 Quote Link to comment Share on other sites More sharing options...
haydon_peter Posted March 22, 2015 Report Share Posted March 22, 2015 1 night in Edinburgh or nearly a whole month in a shared house in Whistler? I know which I would choose I got really lucky with this house though, most people are paying 50%+ more then me to stay in houses that are a bus ride away from the village (extra $$$ on bus pass and inconvenience!), the only people I know who are paying less than me are staying in staff housing which is basically university style dorms rooms with bunk beds. I still have no news on my 2nd visa, my current visa expires in May so hopefully they hurry up. I have job offers for the summer that are waiting on me getting a visa! 3 Quote Link to comment Share on other sites More sharing options...
Luke Rainbird Posted March 22, 2015 Report Share Posted March 22, 2015 Clearly the in Whistler, but I don't think work would reimburse me for that when I'm supposed to be working in Scotland Quote Link to comment Share on other sites More sharing options...
Ross McArthur Posted March 23, 2015 Report Share Posted March 23, 2015 shithole. Ok, thats enough profit for now. Get out and ride your bike Quote Link to comment Share on other sites More sharing options...
Prawny Baby Posted March 27, 2015 Report Share Posted March 27, 2015 Some of you guys appear to have pretty fecking HUGE deposits down on these places. Pardon my rudeness, but how on earth does anyone of our age manage to bang down a £50k deposit? living at home? family help? lottery win? Quote Link to comment Share on other sites More sharing options...
MadManMike Posted March 27, 2015 Report Share Posted March 27, 2015 I was thinking the same thing! I'm a million miles away from anywhere near that kind of money! No chance I can save for a deposit when I'm shelling out £1000+ on rent and bills a month. Quote Link to comment Share on other sites More sharing options...
Prawny Baby Posted March 27, 2015 Report Share Posted March 27, 2015 we've bought our own place, but the LTV is nowhere even close to those being suggested in this thread! Quote Link to comment Share on other sites More sharing options...
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