Owning your own home

Thanks! Mrs Hammer cried the first time we viewed it, last November. Moving out of London is scary but I think it's time. Plus we've reduced our mortgage and doubled our floorspace!

Two options with the same mortgage (2 year fixed at 1.14%):

Select a term of 10 years, pay £1,200/month
Select a term of 20 years, pay £650/month and overpay up to the £1,200.

Why am I considering option 2? Because overpayments come off the capital, not a combination of interest and capital.

Would this make sense to do?

Would this make sense to do?

Dunno, but you might get early repayment charges if you try.

Am considering doing the same - currently looking at Berkshire, Surrey and Hampshire, as is equidistant between respective families, plus we can get back into town for work, at least initially. Good luck with everything - must be hugely exciting.

Thanks, there's an inspiring thread somewhere about people moving out of London. We're still on the edge of a town centre, I'm not ready for full-on countryside yet and neither of us can stomach suburbia but it's within walking distance of nature, which will be nice. Commuting to London will also be a thing initially as long as I can cope with Southern Rail.

Not especially. The interest charged is a function of the outstanding balance and the interest rate only. If the rate is the same and you pay the same amount of cash per month, you end up in the same place.

Option 2 gives you flexibility if you want to pay less in future though of course.

It's in almost every pre-war house we viewed - apparently it stopped the plaster falling off when a bomb went off nearby... Dread to think what's under the paint!

Got outbid on a pokey 1 bed warner by £50k... Madness.

That's a lucky miss. We outbid the people who missed out on our place by £500.

Do you think you bought at the top of the market?

(unable to find "Leaving London" thread)

https://www.lfgss.com/conversations/283974 ?

ditto. tho we can probably extend to a shoebox with a back yard. mrs hell wants a dog. there's always the option of shipping off to trumpelvania if things get proper shitty here.

what's sydenham like these days?

I want a workshop, a shed and a three car garage. Maybe Eastern Europe?

Bosh, that’s the one

Had searched for “London” but only went back 6 months in time

I haven't lived in Sydders for about 18 months now, currently rocking it (in an organic chickpea stylee) in W4

Sydders

out.

whevs

'Nham?

ONE OF US. ONE OF US. Are you on the Lea Bridge Markhouse Road residents group on Facebook? I say join if you can - lots of anti cyclist stuff re: the cycle lanes, would definitely appreciate some backup

you weren't there, man.

I did 2 tours dude; Lower Sydenham and Kirkdale

You don't just forget shit like that

101st west norwood gentrification shock troops, semper farrow & ball. HOO-AH

@Dammit

Also check any limits on overpayment, most mortgages tend to allow you to overpay 10% of the outstanding balance (not the initial principle) every year before there's any charge (and then it's typically 2%). This restriction usually expires when the fixed deal ends, which means you can negotiate a new fixed deal with them (or someone else) and pay off an unlimited chunk of money at this point too.

My latest 5 year fixed deal finishes next July, hopefully they'll contact me again 3 months early to offer me another deal at a lower rate (currently 2.89%).

Amazing place. Enjoy!

Has anyone here rented out their homes themselves & avoided having to deal with estate agents?

Is it worth the effort?

Try the North.

I'm really looking forward to having a music room!