Moving to London Page 8

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  • nickthegun 11 Dec 2012 10:08:18 59,452 posts
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    My mortgage on a big 3 bed house in an expensive part of oxfordshire is around 550 a month.

    When we first bought it was almost a grand for a two bed starter home. We have managed it mainly through, during the good times, we didnt piss money away and overpaid the mortgage by 500 a month and then when we moved we ploughed around 40k of savings, ISAs, PEPs and what have you into the house, because the house was making more money.

    Basically, you can get your mortgage down if you keep an eye on the future. You dont immediately get the treats and holidays and whatnot but you then sooner get a better quality of life as you are paying more off.

    Again, this has nothing to do with me, my finanical advisor sorted it all out.

    Edited by nickthegun at 10:09:19 11-12-2012

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    He totally called it

  • elstoof 11 Dec 2012 10:09:15 7,000 posts
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    sport wrote:
    Hackney?!? Really?!?
    Welcome to the 21st century. The artists moved in years ago, now the gays are in the process. Gentrification at 75%.
  • Rusty_M 11 Dec 2012 10:11:27 4,648 posts
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    It's in the Slateford area of Edinburgh. The reason it's currently so low was I took a Base Rate Tracker mortgage at BR plus 0.99% just before the rate came crashing down. I got very lucky. My flat is also tiny. I need more space.

    Edited by Rusty_M at 10:12:29 11-12-2012

    The world is going mad. Me? I'm doing fine.

  • nickthegun 11 Dec 2012 10:13:23 59,452 posts
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    We had a weird one on the rates. When we took out the five year fixed rate, because we had 15% deposit, we made out like bandits for two years, tracked almost exactly for a year and then were over paying for two years.

    Now its ended we are on the boggest of bog standard tracker mortgages but because the interest rates are so low, there isnt another product that comes close to it.

    Edited by nickthegun at 10:14:06 11-12-2012

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    He totally called it

  • mrpon 11 Dec 2012 10:14:00 28,755 posts
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    Only tip I have, find a tasty mortgage product and hold onto it when you move house, ie: you port it to the new house. My APR is just 1.25% atm, and yes I'm overpaying where possible.

    Give yourself 5 or gig, you're worth it.

  • nickthegun 11 Dec 2012 10:15:22 59,452 posts
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    Another good thing about overpaying is that when my wife and I were both made redundant at the same time, we were able claim the overpayments back and use them as actual payments for six months, until we got back on our feet.

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    He totally called it

  • mrpon 11 Dec 2012 10:16:42 28,755 posts
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    Yeah dependent on providers some let you take payment holidays etc.. Works well in tough times.

    Give yourself 5 or gig, you're worth it.

  • mcmonkeyplc 11 Dec 2012 10:17:19 39,440 posts
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    1.25% FUCKING 1.25%?!

    Great scot, I'm being raped for being a first time buyer.

    Come and get it cumslingers!

  • elstoof 11 Dec 2012 10:17:49 7,000 posts
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    It's all down to the deposit you whack down though. 3 bed terraced house in N1, 1100pm here but my LTV is at the low end of the scale.
  • kalel 11 Dec 2012 10:18:00 86,962 posts
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    We went fixed about four years ago and in retrospect it was a huge error. Payed a fortune we didn't need to. Sucks, but we did it based on calculated reasons that made good sense at the time. You live and learn.
  • nickthegun 11 Dec 2012 10:18:27 59,452 posts
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    We were going to take a payment holiday, but interest still accrues during the period, so your payments go up at the end of it so we (I say we, she) did the sums and it was better to use the overpayments in the end.

    Would have been handy, though if we didnt have that option.

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    He totally called it

  • Dougs 11 Dec 2012 10:19:52 67,188 posts
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    kalel wrote:
    We went fixed about four years ago and in retrospect it was a huge error. Payed a fortune we didn't need to. Sucks, but we did it based on calculated reasons that made good sense at the time. You live and learn.
    Same here. I try not to dwell on it, we wouldn't have spent the extra cash more wisely, I'd have frittered it away. Got 6 months left.
  • sport 11 Dec 2012 10:20:12 12,694 posts
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    elstoof wrote:
    sport wrote:
    Hackney?!? Really?!?
    Welcome to the 21st century. The artists moved in years ago, now the gays are in the process. Gentrification at 75%.
    It's still grimm imo, as is most of the east end. Olympic regeneration? Tell me another one, Stratford is still a dump.
  • nickthegun 11 Dec 2012 10:20:15 59,452 posts
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    kalel wrote:
    We went fixed about four years ago and in retrospect it was a huge error.
    We worked out about even, as I say we did well for two years and got bummed for two years.

    Seemed like a good idea at the time but then who can predict a global financial meltdown?

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    He totally called it

  • Deleted user 11 December 2012 10:21:02
    Not gloating, but my interest rate is 0.87%.

    :D
  • mrpon 11 Dec 2012 10:22:17 28,755 posts
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    I've got a four room Sonos system.

    Give yourself 5 or gig, you're worth it.

  • kalel 11 Dec 2012 10:23:44 86,962 posts
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    On the plus side, again, the value of our house has gone up loads, which should help lots when it comes to the re-mortgage.
  • Rusty_M 11 Dec 2012 10:24:01 4,648 posts
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    Hindsight is always clearer. I was just about to go for a fixed rate deal, but the available deals suddenly changed and I went for a full term, fee free tracker. I won't claim this was good judgement. It was luck and listening to people who knew better.

    The world is going mad. Me? I'm doing fine.

  • elstoof 11 Dec 2012 10:24:14 7,000 posts
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    We fixed ours when they couldn't get much lower, got about 4 years left at a low low rate. The bank keep calling to remind us which is nice of them.
  • nickthegun 11 Dec 2012 10:24:21 59,452 posts
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    My brother lives near the emirates, five minute walk from highbury tube and I genuinely think hes given up any hope of buying anywhere. The 2 bed flat he lives in with his mrs is valued at nearly half a million and the five bed semi next door but one was recently sold for 1.5m.

    1.5 fucking million.

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    He totally called it

  • Dougs 11 Dec 2012 10:26:53 67,188 posts
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    nickthegun wrote:

    Seemed like a good idea at the time but then who can predict a global financial meltdown?
    This was our problem. We took it out just before it went to tits and could have had a great tracker deal but chose the certainty of payments. We only had 10% deposit, and our equity won't be much more when we come to remortgage. The other way I try to look at it is if we'd hung on for 6 months like I wanted to, we'd never have got a mortgage at all with such a small deposit.
  • Deleted user 11 December 2012 10:27:25
    To elaborate on how my deal is so good, I bought at the peak of the market and got a flexible tracker mortgage. So it tracks the base rate but can be switched to a fixed-term mortgage at any time for no additional cost. As the market has gone down the shitter since 2007, our mortgage repayments which were intially around 800 a month pretty much halved.

    Of course in theory the house should be worth less than when we bought it, but a formal valuation done early this year actually valued it at 20k more than we paid for it, so I have no clue what the score is.
  • elstoof 11 Dec 2012 10:27:39 7,000 posts
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    That's what you get round highbury fields, that's quite a low price for a semi detached there tbh. That's about 5 minutes walk north from where I am.
  • nickthegun 11 Dec 2012 10:30:25 59,452 posts
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    His problem is that he is used to living somewhere decent and central-ish, so to buy he would have to commute further and live somewhere worse which does not compute.

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    He totally called it

  • RyanDS 11 Dec 2012 10:30:55 9,249 posts
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    Fuck, my mortagge started at 7.8% and is now tracking at 5.69%.

    Fucking Leeds Building Society
  • LeoliansBro 11 Dec 2012 10:33:44 43,816 posts
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    nickthegun wrote:
    My brother lives near the emirates, five minute walk from highbury tube and I genuinely think hes given up any hope of buying anywhere. The 2 bed flat he lives in with his mrs is valued at nearly half a million and the five bed semi next door but one was recently sold for 1.5m.

    1.5 fucking million.
    He's picked a pricy spot though. Plenty of Zone 3 houses for half the value of his flat, nice ones too.

    LB, you really are a massive geek.

  • henro_ben 11 Dec 2012 10:35:48 2,215 posts
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    I've gone for a 5 year fixed, it will probably work out more expensive but it does at least give a fixed amount each month that I can budget for. It's still cheaper than renting!

    As I'm overpaying I reckon after 5 years I should have 40% equity so will hopefully be able to get a better deal.

    Or not, who knows, I'm just happy to have a home :-)
  • JuanKerr 11 Dec 2012 10:41:03 36,241 posts
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    Our 2 year fixed rate is about to expire soon, so I need to sort out a new deal. Any decent deals about? Thinking of changing to a tracker, but not sure I want to take the risk.
  • kalel 11 Dec 2012 10:45:20 86,962 posts
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    LeoliansBro wrote:
    nickthegun wrote:
    My brother lives near the emirates, five minute walk from highbury tube and I genuinely think hes given up any hope of buying anywhere. The 2 bed flat he lives in with his mrs is valued at nearly half a million and the five bed semi next door but one was recently sold for 1.5m.

    1.5 fucking million.
    He's picked a pricy spot though. Plenty of Zone 3 houses for half the value of his flat, nice ones too.
    I seriously can't understand why people live in Zone 1 or even 2. Well, normal people anyway. If you can afford a nice luxury place in town then good for you, but otherwise why live in a shithole near the centre when you can have a really nice place in zone 3? My comute from zone 3 to Soho is half an hour. Is that really so awful?
  • nickthegun 11 Dec 2012 10:45:27 59,452 posts
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    Ask your mortgage provider what it will default to when it expires and how much your payments will. As I said earlier, currently the nationwide default mortgage is cheaper than any other 'product' they offer for us, so we just let our fixed rate one run its course and did nothing after that.

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    He totally called it

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