Owning your own home

Having a new combi boiler installed in two weeks. Some of the laminate in the kitchen is going to be coming up.
Do not want that 😬.

mate buying a second home in bristol the other week had to overbid 50k on a 275k place. so it's not just london that's still mental.

That link I posted this morning, to the flat in my building which is up for sale, has just been updated to "sold", @amey pointed out. That didn't take long...

We offered £40K over asking on a place after getting whipped into a bidding frenzy, got blanked by the agent for 48 hours and then told we weren't even in the running. Never been so relieved, it would have totally over stretched us, we've now bought a place £50K under and have cash moniez to renovate plus the mortgage is £300 less a month - that's a lot of bikes.

Value your sleep and peace of mind.

That link I posted this morning, to the flat in my building which is up for sale, has just been updated to "sold", @amey pointed out. That didn't take long...

Time to sell pal, Aston Hill is calling.

My sister took up her kitchen floor and found a decent sized bundle of heroin.
#TrueCSB

I'd love to, but I can't face a train commute. Plus I'm in a precarious situation at work at the moment and need that to settle down. It's also quite nice knowing that my mortgage here is so low. It's quite low pressure at the moment.

Also, prices are going up at such a rate. If this continues I'll be able to sell up and buy a decent house in Norwich without a mortgage.

Hey Duncs, sorry I wasn't clear. The figs I was stating were what our debt would reduce by at our various offers to date. I was trying not to mention specifics as to offers to avoid vulgarity. The uplift between our initial offer and our current is c.8%. I still think that's a huge movement. I still think it's a good price. And I 'm still a bit sick at having offered so much up in one go.

Thanks both. Noted.

@andyfallsoff Richard Hale. Left in '95. You?

Am tempted to pull the offer now. I genuinely think it's still a good price but I'm worried that we have been mugged out of a better one. I kind of want it to get accepted so we can get an independent valuation tho. Can always back out if that doesn't stack up right?

Sure, you can back out whenever you like. You could also play the cunt card and gazunder at the last minute depending on your moral values

Chamber pot?

To chamber pot, he chamber pots, she chamber pots, they chamber pot?

Just looking to get some thoughts on possibilities.

I bought a flat (top half of a Victorian terrace) 6 years ago.
My mortgage is up for renewal
Flat value has increased significantly so LTV will be decent in terms of getting a new deal (lower than 50% I reckon).
Some work needs doing to the roof of the house. I believe, although I haven't checked the terms recently, that I'm solely responsible for costs of the roof.
I'm thinking that as it looks like I'll have scaffolding up, etc that it may be worth a loft conversion.
Loft conversion will probably add another 30% or so to the flat's square footage.

What I'm pondering is mortgage/financing.
Get a new mortgage now, pay for the loft conversion from savings.
Pay for the loft conversion from savings, get a new mortgage after (I imagine better rates as increased LTV)
Increase the mortgage to fund the loft conversion.

Paying from savings is probably manageable but will be a little tight.

How amenable are lenders to increase mortgages for things like loft conversions?

Any thoughts?

Increase the new mortgage, the lender will be delighted to extend your debt, and a loft conversion is no risk for them, as if you default they repossess and remarket the improved property - so go for it.

Increasing your mortgage to cover the cost of a conversion should be very simple (especially with your estimated LTV). The issue is the length of time you'll be paying it off... Interest accumulation might even double the cost over the life of the term.

If you're going ahead you should definitely remortgage after the work for the reasons stated in your own post.

Then, you have two options for financing:

1. Pay for conversion from savings
   
2. Increase mortgage and then pay off some / not all of that increase with your savings
   
   

The first is the simplest but the second would leave you some of your savings whilst directly reducing your capital mortgage amount (leading to less interest etc).

Well it's been quiet all day. No news from dream house. Meh. Been researching other places for around our offer price and I still think we're in the right ball park. We saw two other places on Sat: one was funky but nowhere near as nice as the one we've made the offer on and the other we hated and was on for £25k more. I think I need to forget about the painfully shit way in which I capitulated and offered up the increase and just be confident that IF we get it, we offered a good price. If we don't get it, so it goes.

Sack ya job off and come weld stuff in my new man cave (s). We can make artisan shovels or something...

@Apone The waiting with no feedback is the worst, remember things always turn out for the best either way. #mumadvice

Sounds perfect. The only problem is my welding skill. Behold this Mini scuttle panel...

1 Attachment

Up the amps, less torch waving ;]

Seen worse bro, that's a shitty bit of metal to be patching, didn't they have anything that wasn't rusty?

@aggi, @Soul
Will have the same decision to make in 18 months when my fixed term is up.

Could you find a deal that doesn't have an early repayment charge - remortgage to cover the cost of the extension, then re-remortgage once it's done to take advantage of the post-extension improved LTV...

Excellent story! When I first fired up the heated seats in our used car, I was overwhelmed by the powerful smell of skunk. I was convinced I would find a dealer's stash hidden away, but no such luck...

Not really. Prep was really bad, metal was rusty, patch was dirty, welder wasn't dialled-in. This Saturday I'm having a go at cutting out a dent and patching a Vespa legshield. After the course I'd love to buy a rusty wreck to practice on and a MIG welder, but I don't have anywhere to play. Would like to move house to somewhere with a garage/garden/shed but £££...