The nervous wait to exchange....

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dLockers said:
What's your LTV?

Full percentage increases will take ages to achieve btw. We normally raise in fractions of a percentage.
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Ltv is 68pc

Just actually called l&c

What I didn't realise and what is really important is that I can lock in 6 months before end date (with most lenders.) I simply didn't know this.

So September rather than March.

At a cost Of 2k to remortgage now (etc + set up fees) vs 0k in September?
I'll probably wait until September.

If it had been March I'd be much more likely to remortgage now.

However for every 1 percent on my mortgage I'd pay 100 a month extra a month.

If take 5 years.
Break even would be 0.4 (ish) percent increase.
40(extra a month) *60 (months) = 2.4k

Like you said @dLockers I expect that's probably (hopefully) the most it will rise in 6 months.
 
Guys,

Can someone please check my maths?

Basic:
Property - £800k
Deposit - £152k
LTV - 81%
Mortgage - £2770, fixed for 5 years, 2.09%
ERC on existing Fix - £8kish.

Alternatively I could:
Property - £800k
Deposit - £152k
Port - £371k
To Finance - £276k
Mortgage -
1. Existing £1788, fixed for 2 more years, 2.34%
2. New Mortgage of £1142, fixed for 2 years (to match Port Mortgage), 1.79%
Monthly - £2930
Net Benefit - (£158 [the delta between the two proposals] * 24 months [the period]) £3.8k extra cost - subtract the £8k ERC that I wouldn't be paying, equals positive benefit of £4328. I.e. this route would save me £4328 despite the higher monthlies.

Or in other terms, I could pay a £4328 insurance policy to lock-in at 2.09%.

My big assumption on the alternate proposal is that you get the headline rate (1.79) when doing such porting+new borrowing deals.
 
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Firestar_3x said:
Your LTV is wrong, its ~81% as you are putting a 152k deposit down on a 800k house?
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Sorry you're absolutely right - put the inverse number. Fixed.

I guess an argument on the "alternative" proposal is instead of whacking the £8k into ERCs I whack it into deposit and get an 80% LTV (as I'm so close anyway) which drops the rate to 1.74% or £1107 a month - which makes the 'gamble' even better value for money.

Edit: in this scenario I guess it doesn't make any sense, as I am paying the £8k but only getting a 0.5% benefit (albeit the £8k isn't *poof*, lost to ERC fees).
 
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life insurance vs critical illness + life

what are your recommendations? We're both early 30s(31 here and other half is 33) healthy, non smokers etc with no known serious illnesses in family.

I'm tempted to go for life only, critical illness + life is near £200/month for both and seems silly.
 
Does your work or the other halves offer it through their benefit system? I had same and my partner got CI cover through her work for a lot less than we got quoted through our mortgage broker
 
We completed today :) house full of boxes everywhere so got the fun job of unpacking everything now and finding somewhere to put everything.

So glad everything is all sorted now and can enjoy our new home.

Strike themselves were fine and I'd use them again however their recommended solicitors weren't great from both ends and they just managed to get everything sorted in time but its been a stressful 6 months since house was sold.
 
maj said:
We completed today :) house full of boxes everywhere so got the fun job of unpacking everything now and finding somewhere to put everything.

So glad everything is all sorted now and can enjoy our new home.

Strike themselves were fine and I'd use them again however their recommended solicitors weren't great from both ends and they just managed to get everything sorted in time but its been a stressful 6 months since house was sold.
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I mean, how do you even pick out a good solicitor, looking at reviews seems like a mixed bag from all potential picks.
 
Hutchy said:
I mean, how do you even pick out a good solicitor, looking at reviews seems like a mixed bag from all potential picks.
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For the purchase of our house last year and sale of our flat this year, we were referred to the (different) solicitor firms by our mortgage broker / financial advisor. He's part of a FA alliance who also hold ratings for convenyancing firms and gave a list of comparable high rated but also competitively priced firms each time.

Both firms were very good, thankfully
 
grudas said:
life insurance vs critical illness + life

what are your recommendations? We're both early 30s(31 here and other half is 33) healthy, non smokers etc with no known serious illnesses in family.

I'm tempted to go for life only, critical illness + life is near £200/month for both and seems silly.
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Never bothered with either, they always seem expensive and it would be better to plough that money into just paying off the mortgage quicker, effectively self insuring. £200/month would take literally years off the length of most mortgages.
 
dLockers said:
Is there any benefit/risk in picking the same solicitor as your buyer/seller?
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Benefit in speed I suppose? Can't see what the risk would be, unless there's laws that prevent it?


We had our survey done yesterday so I'm just eagerly awaiting the email with the report in, which should mean the mortgage company have had the valuation part and can issue our offer. It's been 2 months since we had our offer accepted and it's felt like an age for nothing to happen.
 
Hutchy said:
I mean, how do you even pick out a good solicitor, looking at reviews seems like a mixed bag from all potential picks.
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The reviews for Strike's (Premier Property Lawyers) aren't great but we didn't actually check reviews at the time. In hindsight we'd have probably picked someone local rather than 'online' as they were sometimes hard to get in touch with whereas if they were local we could have called in to speak to someone. Some of the reviews said they'd switched solicitor and had more progress in weeks than PPL had done in months. That said I'd imaging all solicitors have some disgruntled customers.

dLockers said:
Is there any benefit/risk in picking the same solicitor as your buyer/seller?
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That's what we did. Our logic being it's one solicitor dealing with the sale and purchase and in theory you'd think it would speed the process up as everything would be dealt with internally but even then it didn't seem to go to plan and took a longer than we first thought. That said our experience with PPL may differ to others and other solicitors.
 
Ruddy solicitor!!

They asked for proof of funds 6 weeks ago. I gave them what i had plus, they were the same company i sold my last house with 4 years ago!

They still want proof of funds!!

They have all the documents from that sale 4 years ago!

Surely they have the proof there!! Its the same company i used 4 years ago!
 
Biz.Kid09 said:
Update. Seller has asked me for another 50k or it's going back on the market. Pretty gutted to be honest and it's starting to take a toll on me, this being the second time things have collapsed.
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Update, another property has come up for sale directly opposite this one I was buying. 25k cheaper than the original price I had agreed. Chain free.

I have a viewing tomorrow, would feel very sweet if we ended up going for this one and I can knock on his door and welcome myself to the neighbourhood :D
 
koolpc said:
Ruddy solicitor!!

They asked for proof of funds 6 weeks ago. I gave them what i had plus, they were the same company i sold my last house with 4 years ago!

They still want proof of funds!!

They have all the documents from that sale 4 years ago!

Surely they have the proof there!! Its the same company i used 4 years ago!
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I feel this is more of you problem than a them problem.
 
LuckyBenski said:
I don't really see how anything from 4 years ago is proof of funds for right now.

TBH I wouldn't be surprised if I was expected to provide fresh bank statements considering the ones used in my mortgage application are now 4 months old.
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Yes, but...proof of funds come from the sale of my house 4 years ago, of which, these same solicitors dealt with!

Money hasnt been moved. It has sat in same account all those years. They were the ones doing the conveyancing. They were the ones who transferred the money to me.

How can they say they need more proof when it came from them?
 
koolpc said:
Yes, but...proof of funds come from the sale of my house 4 years ago, of which, these same solicitors dealt with!

Money hasnt been moved. It has sat in same account all those years. They were the ones doing the conveyancing. They were the ones who transferred the money to me.

How can they say they need more proof when it came from them?
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What info have you supplied ?

I’ve been saving for years and dumping a lot of money into my Monzo account pot, that pot had a good 30k that I moved after a few years to my hsbc savings account. So if you look at my statements it looks like I dropped 30k+ in a few days. Out of nowhere. But if you look at the last few years of Monzo statements you can see that money trickled in slowly.

another chunk came from me selling my car privately, that money again will raise a question as it got moved straight to my savings as I have no need for a new car so it’s better spent on house purchase now.

my papers just went to solicitors so I’m expecting them to ask me where it came from and all I can do is proof using my statements and explain why it got moved to hsbc in a big chunk.

car sale was private so other than transaction, what’s left of v5 and dvla email saying I don’t own it anymore I have nothing. Guess the signed receipt between me and buyer is also valid.

basically, like you, I expect a lot of hassle because of this. Even if all the savings are legitimate.

hence my question, what proof have they asked for and what have you supplied and realistically.. what’s the outcome if that is all you have.
 
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