I just bought a house!

[Jay794]

95K @310 a month? What LTV/APR did you get?

Whats LTV? the mortgage rate is something like 2.5% fixed with 3 years then we negotiate.

Paid the solicitors fees yesterday and the mortgage place so they can do a survey on the house, getting expensive now

Can anybody recommend a decent place around Sheffield for Wood Burning Stoves?

 

[Deleted member 77746]

Whats LTV? the mortgage rate is something like 2.5% fixed with 3 years then we negotiate.

Paid the solicitors fees yesterday and the mortgage place so they can do a survey on the house, getting expensive now

Can anybody recommend a decent place around Sheffield for Wood Burning Stoves?

Loan to value, for example mortgage total value 80K, 10%=8K - LTV is 90% with a 8K deposit.

Did you put 5%/10%/15%/20% down?

I payed 450£ for my solicitors to sort it out with other rates it come to around 1100£

 

[Jay794]

ahh I see, well we got a 60k deposit and a loan of 57 for a 95k house we we've got money left over to do it up

Solicitor is £150 and Home Buyers + Coal mining survey = £375 (because Chesterfield was a mining town, we decided it was a good idea to make sure that if we were to build an extension on the house, it wont sink into a disused mine lol)

 

[Dr House]

ahh I see, well we got a 60k deposit and a loan of 57 for a 95k house we we've got money left over to do it up

Solicitor is £150 and Home Buyers + Coal mining survey = £375 (because Chesterfield was a mining town, we decided it was a good idea to make sure that if we were to build an extension on the house, it wont sink into a disused mine lol)

OMG who the hell have you found willing to do it for 150 quid?

 

[Jay794]

No the solicitors charge £150 for searches

Then, on top of that, I have to pay Darlington (the mortgage place) £375 to do their surveys on the house

Total £525, hardly cheap is it

 

[Deleted member 77746]

ahh I see, well we got a 60k deposit and a loan of 57 for a 95k house we we've got money left over to do it up

Solicitor is £150 and Home Buyers + Coal mining survey = £375 (because Chesterfield was a mining town, we decided it was a good idea to make sure that if we were to build an extension on the house, it wont sink into a disused mine lol)

Mine was 85% LTV. I put 15% down.

 

[Dr House]

No the solicitors charge £150 for searches

Then, on top of that, I have to pay Darlington (the mortgage place) £375 to do their surveys on the house

Total £525, hardly cheap is it

Thats still not bad at all, I think the going rate is about 1.5k plus search fees.

 

[Deleted member 77746]

My fees for solicitors all in was 1.2K - This was everything (searches + fees).

 

[dowie]

Deposit is £60,000 but thats only because thats that we'd saved up for. No idea what the lowest we could get but because of that the mortgage we're getting is awesome, less than £300 a month, minimum fee's for a 20 yeay mortgage

Eh? You've already saved up 60k towards a 100k house but you want a 20year mortgage for the other 40k? Surely a shorter term mortgage would be more appropriate.

 

[Jay794]

Eh? You've already saved up 60k towards a 100k house but you want a 20year mortgage for the other 40k? Surely a shorter term mortgage would be more appropriate.

no we're getting a 20 year mortgage for 57k, gives us some money left over to do the house up, it needs recarpeting and the kitchen needs updating.

If we had a shorter term we'd be paying more per month, which at the moment isn't exactly affordable, the length of the mortgage isn't an issues because on a 95k house, once updated, a 4th possibly 5th bedroom added, and a garage you're looking over 150k easily in a few years

 

[Deleted member 77746]

Mine was over 20 years too but already had a little bit cash to do it up.

 

[dowie]

Ah so you're not actually using 60k as a deposit. Good luck with it all, I used to live in sheffield - houses are certainly much more affordable there than in London.

 

[Dr House]

Ah so you're not actually using 60k as a deposit. Good luck with it all, I used to live in sheffield - houses are certainly much more affordable there than in London.

They are but I found that good quality upper / middle end houses in sheffield are still quite expensive.

For example this is a nice enough house but its it worth over half a million?http://www.rightmove.co.uk/property-for-sale/new-homes/property-37017545.html


Chesterfield is much cheaper and there are some good schools there also.

 

[Jay794]

My parents paid £25,000 for their house in Dronfield 25 years ago, it's now worth £450,000. Not trying to brag, I just hate how high house prices are these days lol

 

[Deleted member 77746]

My parents paid £25,000 for their house in Dronfield 25 years ago, it's now worth £450,000. Not trying to brag, I just hate how high house prices are these days lol

I know many people who have done this same thing. I don't think it's fair for the younger people to have to be brought up like this. I know wages have changed a lot but money means nothing these days since a lot of it isn't real just digital figures.

People between 40-70 have made mega profit on their houses.

My gran paid 2,000 pound for her 3 bedroom house and now it's 110k. crazy crazy crazy.

 

[Dr House]

My parents paid £25,000 for their house in Dronfield 25 years ago, it's now worth £450,000. Not trying to brag, I just hate how high house prices are these days lol

Dronrield is nice, my wife works there at the moment.

 

[sigma]

They are but I found that good quality upper / middle end houses in sheffield are still quite expensive.

For example this is a nice enough house but its it worth over half a million?http://www.rightmove.co.uk/property-for-sale/new-homes/property-37017545.html


Chesterfield is much cheaper and there are some good schools there also.

I think that house looks odd! Do not like the layout and kitchen and bathroom are too small!

 

[ash_scotland88]

no we're getting a 20 year mortgage for 57k, gives us some money left over to do the house up, it needs recarpeting and the kitchen needs updating.

If we had a shorter term we'd be paying more per month, which at the moment isn't exactly affordable, the length of the mortgage isn't an issues because on a 95k house, once updated, a 4th possibly 5th bedroom added, and a garage you're looking over 150k easily in a few years

And you no doubt looking at the difference between 95k and 150k to build a high quality extension.
I know our way loft extensions (easiest way to add more room) can sometimes not add any extra value. The space is poorly conceived, often meaning a room has to be used to put an extra room and bathroom up stairs so not gaining really anything extra in terms of number of rooms. Then individuals prefer to do it themselves as they have their own ideas how they'd like to do it and how best to use the space.
So a £20k loft extension doesn't always equal £20k+ final house value.

 

[Dr House]

I think that house looks odd! Do not like the layout and kitchen and bathroom are too small!

I agree I don't like it, just the point I was making is if you want to live in a good area with an ok ish house its still not cheap in sheffield.

 

[Jay794]

And you no doubt looking at the difference between 95k and 150k to build a high quality extension.
I know our way loft extensions (easiest way to add more room) can sometimes not add any extra value. The space is poorly conceived, often meaning a room has to be used to put an extra room and bathroom up stairs so not gaining really anything extra in terms of number of rooms. Then individuals prefer to do it themselves as they have their own ideas how they'd like to do it and how best to use the space.
So a £20k loft extension doesn't always equal £20k+ final house value.

My dads an electrican, he's been in the trade for 30+ years and as such, built up a decent working relationship between himself and builders, plumbers, painters etc.... so any work done on the house will be pennies thankfully