Soldato
- Joined
- 21 Jan 2010
- Posts
- 4,073
I think the standard view is that extensions are not always good value for money, especially given current labpur/materials costs.
If you can, it's better to get a bigger house/ plot.
Mortgage Rate Rises
- Thread starter glenimp617
- Start date
I think the standard view is that extensions are not always good value for money, especially given current labpur/materials costs.
If you can, it's better to get a bigger house/ plot.
True. However if you are happy where you are and have no intention of moving then extension is obviously the way to go.
Yea, we're having the conservatory knocked down and a brick extension in its place to extend the kitchen/diner with one wall being bifolds opening out on to the patio.
My partner won't ever leave this place, so it's about making the house better rather than adding value.
My partner won't ever leave this place, so it's about making the house better rather than adding value.
Sometimes you just can't find a bigger house or plot especially when you'd trying to keep in the same school catchment. So for us building an extension is the only option
I was thinking that, or possibly go to a variable rate 2 year "fix" with no early repayment charge? I saw some for about 4.7% for 70% LTV but the money saving expert site claims something along the lines of "this deal is only available via a broker". Not sure what that means and how you then proceed.
The trouble is that SVR for me has obscene monthly charges due to high balance. After only a 2/3 months it will probably have been better to accept current rates even if they come down.
Barclays sub 4% on certain mortages
www.bbc.co.uk
Barclays cuts rates on some mortgages to below 4%
It is the biggest lender so far to offer cheaper deals as the Bank of England is forecast to make more interest rate cuts this year.
www.bbc.co.uk
only available to borrowers with a 60% loan-to-value and an £899 fee applies.
Ain't this the truth. The more requirements you have, the harder it gets to find what you want. We could easily get a house that fits all our needs within our budget...if it wasn't for the pesky kids needing an education.
Hoping that by the time we get a stonking great "final mortgage" rates will be closer to 3.5%. Come on world/Trump, don't **** this up!
If the rates drop down to 3.5% again, I will be looking at 2 sets of 5 year mortgages to pay off the house. I "should" be able to use to the money to make more that the intreast rate in the stock market.
If the rates are around 4%, I'll be looking at a final 5 year mortgage
We're in a bit of analysis paralysis at the moment. We have ~150k left on our mortgage. We aren't entirely sure what the housing/mortgage rate market is going to do in the next 3-4 years. My partner is happy to stay here for a few more years, pay down the mortgage aggressively and hope that house prices don't increase much. I am of the view that house prices will continue to rise and on the sort of houses we are looking at (£1m ish), a 5% increase is a lot of money so much of what we pay down will likely end up being lost in the price increase on the next house.
Lower interest rates and a calming of Trumps ******** would probably be enough to increase prices. Currently the housing market seems very slow despite us coming into peak season.
Do you need a different house? or do you want a different house? Houses are expensive to upkeep, the bigger they are; the more **** we buy to fill it with..
The mortgage on my house is less than two years of my salary, the value of my house is less than 4 years of my salary... I have no issues with where I'm living in at the moment, but I've been thinking of buying another place but doing so would mean that I won't be able to retire early, and TBH; even if I did move to a "nicer" place I would spent very little time to enjoy it.
I just want to pay off this place then save some cash and have a re-think... possibly buy a second place to move into and rent this place out or buy a second place likely to be a bungalow to rent out till I'm old enough to move into it then rent this place out. Chances are that I just pay off this place and used the cash to buy REITs until I need to move out due to old age. lol
and only for initial purchases rather than re-mortgages I heard.
It depends on the amount you're borrowing vs future plans. I'm trading off buying out the shared ownership part of my flat now that mortgage rates and rent have equalised which would mean taking out a mortgage of 60k, but if I was to move instead to a larger property I would have to get a mortgage for 180k. This would be an issue if I'd already locked in 60k on my current property where I'd have to either repay early, or port over and have a 2nd mortgage. I don't think I'd be allowed to take the full 180k now on a 200k flat while sitting on 120k cash waiting for the right house because that's the plan.
yep, i assume though if moving to a bigger/more expensive home and cannot match the LTV?
I don’t see why they wouldn’t lend. You can borrow as much as you like up to the maximum they are willing to lend. The amount of surplus cash you have in your bank is almost irrelevant.
If it were me*, I’d buy out the remaining flat of your house because selling a shared ownership property is a complete nightmare compared to just selling something you wholly own and that in itself is a complete pain in the proverbial.
Edit: *this is not legal advice and purely opinion.
Edit: the market for flats is already pretty restricted compared to houses, the less complex you can make it the better.
Last edited:
Oh its entirely want for the quality of life upgrade it would give us. More space for us, more space for the kids, room for another child if we have one. Bigger garden for the kids to play in. Parking that is guaranteed. Our house is lovely but its a bit small for us and housing around here is simply expensive.
£1m where we want to live gets you 160-200sqm of floor space. Usually off street parking. A good sized garden if you prioritise it and are a bit picky. Beyond that we could save some money by moving away from civilisation but then the tradeoffs are serious. I don't want to have to drive my kids everywhere. I don't want to have to drive everywhere myself. I need good internet for work etc.
In my situation I'm best keeping it shared, it's only a 1bed property but with larger than average rooms, has the same floor print as a standard 2bed locally, a window wasn't fitted where the 2nd bedroom would be as it wraps round a corner so the living room and bedroom split the additional space.
The non shared flats take time to sell, 5mo+ but the shared ownership ones are nearly instant because a single occupant or a couple on low income can afford to buy them, compared to the non shared which either need a professional couple who are not ready to start a family or someone downsizing. It's the same reason I bought it, at the time I could only get a mortgage for up to 125k but flats started at 165k. Got a larger flat for less commitment.
As much as I hate shared ownership and the concept behind it, at the time it was the only way of getting on the ladder without moving further away from work and family, I'd rather sell it as a shared ownership so someone else can have that opportunity providing I can find somewhere more suitable to live and it's going to improve my quality of life.
The non shared flats take time to sell, 5mo+ but the shared ownership ones are nearly instant because a single occupant or a couple on low income can afford to buy them, compared to the non shared which either need a professional couple who are not ready to start a family or someone downsizing. It's the same reason I bought it, at the time I could only get a mortgage for up to 125k but flats started at 165k. Got a larger flat for less commitment.
As much as I hate shared ownership and the concept behind it, at the time it was the only way of getting on the ladder without moving further away from work and family, I'd rather sell it as a shared ownership so someone else can have that opportunity providing I can find somewhere more suitable to live and it's going to improve my quality of life.