My apartment Project log

Dr House said:
Let me just be clear, yes I am 50 to 75k short but in the overall scheme of things its not that much. We should be able to get money from the bank when we need it. If not I have access to other funds, both of our parents have offered to help us should we need it (I do not want to take it unless we have no other
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Don't get it twisted, I enjoy this project. I'm sure you'll do well and I'm sure the outcome will be brilliant. But as with all discussions, I'm sure you'll agree a good discussion is one is where we discuss all aspects of the project. Especially with a project like this, finance is the key.

Banks are known to lend less especially in this climate. And hopefully this isn't the case, but your parents (and inlaws) circumstances can change. My advice is to get a written letter from your bank stating their commitment to lend you money in the future. Sure it's no guarantee but it would work in your favour should they want to pull out.
 
Rotty said:
Looking superb, will have to call up when it's done ( assuming its the one near us you were talking about ) :)
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Ype its the same one, You should stop over if you are in the area.

Ricochet J said:
Don't get it twisted, I enjoy this project. I'm sure you'll do well and I'm sure the outcome will be brilliant. But as with all discussions, I'm sure you'll agree a good discussion is one is where we discuss all aspects of the project. Especially with a project like this, finance is the key.

Banks are known to lend less especially in this climate. And hopefully this isn't the case, but your parents (and inlaws) circumstances can change. My advice is to get a written letter from your bank stating their commitment to lend you money in the future. Sure it's no guarantee but it would work in your favour should they want to pull out.
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Its not a huge issue. We have borrowed enough it get it finished but the extra money will just let me take it to the next level. Our LTV ratio will be very low after we have finished the work and I will have a second income to secure the mortgage against. If everything goes wrong I still have access to funds from other sources.
 
Looks like a great project! Thread needs updating (with gym and home cinema pics! :) )

Mentioning money on OCUK - the horror!
 
You broke the cardinal OCUK rule by mentioning your income/outgoing ratio. Shame on you. Shame, shame on you. Nice to see the usual cynics jump on it quickly.
 
Have subscribed to this, will be a very interesting read! I am in the process of waiting for my house to be built, can't imagine what it is like to have something already built that you can really make your own!

Those digital shower units are amazing, my MD has just had his bathroom / ensuite kitted out with it, very swish ;)

Have you been to any home build shows at all? There is one coming up in September I think at the Harrogate international centre, not sure if it is at the NEC also. Some very good products out there, and also some very good prices if purchased on the day!

Good luck with it all :)
 
Have you got planning permisison for any external alterations? As its a flat you have no Permitted Development rights, So replacement windows, and any roof alterations will require planning permission.
 
Looks like a great project and sounds like it will be done to a stunning spec.

On the funds issue it sounds like a complete non-issue to me. If your partner has borrowed at a sensible ratio and you will be in work soon I can't see a problem
 
Peño said:
I think you guys are reading into his life too much. If he wasn't confident that he could complete such a project in the first place, he wouldn't have started. I look forward to reading this thread over the next year!

On a side note: Why is there always an underlying tone of pessimism on these forums when something "ambitious" is posted? Everyone is quick to shoot people down.
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I think it is simply jealously.
When someone says 'I am about £50-75K short, but it isn't that much'
People often react, as that is a fair bit to most of us.


Good luck with the project, we'll be wanting plenty of pics and a diary of what was good, what was bad, and what to avoid in the future.
 
borich_planner said:
Have you got planning permisison for any external alterations? As its a flat you have no Permitted Development rights, So replacement windows, and any roof alterations will require planning permission.
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We have not got planning yet but we are going to apply for it next week.


Hikari Kisugi said:
I think it is simply jealously.
When someone says 'I am about £50-75K short, but it isn't that much'
People often react, as that is a fair bit to most of us.


Good luck with the project, we'll be wanting plenty of pics and a diary of what was good, what was bad, and what to avoid in the future.
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its still a lot of money to me however this is going to be my home for a long long time so I dont want to cut corners. Relative to how much the whole project is going to cost an extra 50ish K is not a huge issue.



Thanks for the kind words everyone. I will post pics as we go along
 
Dr House said:
we could only get 4.5 times her income.
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Hi.

Now I don't know you, or how much your incomes are, but the above comment is a dangerous one, if you intent to borrow even more.

I assume your income is also factored in on this mortgage?

It is a lovely looking apartment by the way so all the best. :)
 
PapaLazaru said:
Hi. :)

Now I don't know you, or how much your incomes are, but the above comment is a dangerous one, if you intent to borrow even more.

I assume your income is also factored in on this mortgage?
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Why's it dangerous?
Joint mortgage is usually around 3.5X so if one earner is on significantly more than the other, you get more money by doing a single applicant.


Nice project and can't wait to see progress pics..
 
AcidHell2 said:
Why's it dangerous?
Joint mortgage is usually around 3.5X so if one earner is on significantly more than the other, you get more money by doing a single applicant.
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Well unless the market has changed significantly in the last 5 years when I used to do mortgages, 3 x 1 + 1 x 1 was the normal, or 2.5 x 2.
 
This looks absolutely fantastic, and as i commented in the last thread, that is a serious floor space! I absolutely love the lift arrangement too. I am not a massive fan of apartments/flats, but that is one hell of an example so i cant help but love it.

My only concern is that you appear to be going very high end in terms of finish, long term you will not see a return on this additional investment. I would personally downscale and eliminate that shortfall.

Will follow with interest :)
 
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PapaLazaru said:
Well unless the market has changed significantly in the last 5 years when I used to do mortgages, 3 x 1 + 1 x 1 was the normal, or 2.5 x 2.
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If you "did" mortgages then surely you would realise that mortgages are in no way calculated on income multiples, and that they are infact based on affordability? :confused:
 
AcidHell2 said:
Why's it dangerous?
Joint mortgage is usually around 3.5X so if one earner is on significantly more than the other, you get more money by doing a single applicant.


Nice project and can't wait to see progress pics..
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Exactly. It's not like he's short of cash anyway, and I somewhat doubt he's stupid enough to get into a situation where he can't afford to live. :p

This sounds like a fantastic project, looking forward to seeing the progress pics and results.
 
Jez said:
No, not it is not?

What? In what way did you "do" mortgages? I dont understand your posts.
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I used to be a business manager at a bank and would refer clients to our mortgage hander if they wanted advice. That was a fair while ago as I left in 2005, but the income multiples above were the standard for our mortgage provider.

I have just read up online and I can see that the multiples are a lot higher than we could do at the time, but that was what our lender offered then.

Please accept my apologies.
 
:) Things have definitely changed since then, although i don't doubt that some lenders may still operate like that.
 
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