Owning your own home

I hate chains, I just want to exchange to stop our buyers pulling out...

We still talking about houses here?

Thank you!

Finally pulled my finger out last night and went to see a mortgage broker. He was cautiously optimistic that there was someone that could help us (overseas income, contractor etc) Very nonstandard . This has cheered me right up :) The thought of actually having to borrow £500k though is mind blowing. It's a fuck ton of money.

And stamp duty! My lord, I feel as though I'm being reemed by the government every which way I turn!

It's just a shame they don't give it to you in cold hard cash in a briefcase first.

More painful, more expensive and a greater chance of being fucked over

It looks as if we'll need a mortgage purely to pay the stamp duty when we move out of London.

http://www.zoopla.co.uk/for-sale/details/39449809?search_identifier=31b96abbbac800f753aea0ccc22c4dd1#oDkTuUqa9obMXOCw.97

This is a couple of miles from my folks' place and on for exactly what we paid for our 2 bed maisonette. I would want it for the workshop alone!

There are bigger houses for the same money but none with a 46ft workshop

we're in the process of swapping our mortgage over to another provider before any interest rate increases bite us on the ass. Part of the process involved having the property evaluated by a surveyor who then puts a $£$ value on it. am i correct in presuming this value is more in keeping with reality than that supplied by an (spits) estate agent?

(jeezflynwifderangles)

yep

furthermore, is it safe to assume mortgage providers have no agenda to serve when it comes to providing a number?

i ask merely because the value provided by the surveyor seemed a little... generous.

Independent mortgage advisors wont/shouldnt have an agenda.

Have many flat white shops opened up since you moved? If yes then believe the number.

Depends on the definition of reality, Shirley?

Ours was recently valued by the bank at 1x, to actually buy it though would cost more like 1.8x.

costa coffee opened up a few months ago next to the stabby laundromat.

WE'RE RICH!

I guess this depends on who the surveyor works for. If you feel it is overvalued, that isn't necessarily a problem though is it? Gives you the flexibility to perhaps borrow more if you need.

IME bank valuation is close to 'reality' but never above it. In our case it was a diff of 5%.

Yes its the reservoir that feeds most of Bromleys clean water

Those statues...

dat shitter in the bedroom!

before any interest rate increases bite us on the ass

Interest rate rises (or the expectation of them) will already be priced in to the mortgage rate.

Literally leaving to go chat to our bank manager now, first time we've had to discuss remortgaging etc with them. All I know is the house has gone up 25% since we bought it, which should bring us into a better LTV bracket. Let's see how this goes then...

either way, our monthly repayments have gone down by over 200 queenquidz.

Surely a good thing. If they give it an absurdly high valuation then your loan to value just improves and you end up with a better rate...?