Mortgage Rate Rises

Yea, it's not lenders as such, effectively yes, but it's the valuers.

But yes you guys are pretty much correct, amy cosmetic changes, even stuff like new kitchens bathrooms etc doesn't really affect the value, maybe a few percent at best.

I get it all the time at work, people are like "but I spent a fortune doing XYZ".
 
Our cabin made no difference to lender valuation, but we had an estate agent over and he confirmed it added value to a potential sale price.
 
Deffo lower risk for me just to top up and pay 2k. I'll give them a call tho and see if they've reduced the rate at all in any case.
 
Unless it's an actual new room to the house where it would add value... customisation is just like modding a car... some people love it and some people hate it, you just got to find a buyer that's willing to pay for it.

My two up two down has been modded by the prevous owners, basically all the downstairs; living room, kitchen and loo has been knocked into one for open plan living. I'm quite used to living in open plan appartments, but the way they done it makes it so expensive to heat in winter. I couldn't believe it when I moved in and there was no heating fitted even thou the paper work says it was central heating, they ripped it out without replacing it..

IMHO, they made the kitchen/dinning area too big. The double oven cooker, one of the ovens have never been used, nor has the breakfast bar as it's badly place..
If I was going to do it, I would at least keep some of the wall between the two rooms and keep the hall way in. at the moment heating just goes straight upstairs.. once I payed off the mortage or come close to it, I'm looking at moving or undoing their changes while getting an extension done at the same time.

Beauty is in the eye of the beholder, what seems like a great idea like having a pond in the back garden.. it's just a nightmare for someone else to keep.
 
We are on a good fix till late 2026 so hopefully we will miss the worst of it and be able to maintain our current payments without making a huge over payment leaving more money in the renovation fund.
 
MrMarvelous said:
With HSBC (who my mortgage is with) you can do it once a year for up to 10% of the property value I believe.



Congratulations! Time to properly put your feet up and relax now. :D
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Thanks! Unfortunately however all the money previously assigned to my debt is now going to the first of two kids at University. Once the other one's done my disposable income will actually increase.
 
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glenimp617 said:
well done mate

other than a new bathroom, my money is going into savings to get mine off......think with a bit of discipline I'll be mortgage free at 50 which is 4 years away.....will be a weight off the mind which is the main thing for me. Maybe it will stretch out to 5 years with holidays and unexpected bills.
Not that long away really. Just in time for a midlife crisis :D
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More money to plough into a ludicrously extravagant racing rig ;)
 
Decision time.

2 year fixed will cost us £450 or so more a month.

5 year fixed £350 or so more a month.

Leaning toward the 5, but who knows.
 
CaptainRAVE said:
Decision time.

2 year fixed will cost us £450 or so more a month.

5 year fixed £350 or so more a month.

Leaning toward the 5, but who knows.
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Gamble but I'd personally go 2yr fixed. If you can afford the extra £350 or whatever then put that into savings for that two years. Then when remortgage take that chunk off.

In two years I feel we'll be down another percent at least. End day they aiming for 2% so I would work with that.
 
CaptainRAVE said:
Decision time.

2 year fixed will cost us £450 or so more a month.

5 year fixed £350 or so more a month.

Leaning toward the 5, but who knows.
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There has to be a simple calc that makes the risk abundantly clear/no maths required. I.e. at what point do you need rates to drop, and to how low, to recoup the period of £100 extra.

On the other hand, over 2 years, that's only £2.4k more; so it isn't exactly bank breaking.
 
dlockers said:
There has to be a simple calc that makes the risk abundantly clear/no maths required. I.e. at what point do you need rates to drop, and to how low, to recoup the period of £100 extra.

On the other hand, over 2 years, that's only £2.4k more; so it isn't exactly bank breaking.
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Yup, just going to go with the original plan I think and lock in for 5 years and extend the term to 30 to bring the cost down. We’ll pay a bit more in the long run, but this house will be sold long before the mortgage term is up and it’s only a commuting pad.
 
CaptainRAVE said:
Decision time.

2 year fixed will cost us £450 or so more a month.

5 year fixed £350 or so more a month.

Leaning toward the 5, but who knows.
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Imo the fact we've just seen a drop in rates makes it really unlikely it will U-turn and go back up again. So I'd definitely be opting for the 2 year in the hope of getting a better deal when that runs out.
 
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