Owning your own home

Really? I think it's actually a pretty decent solution.

I don't like the arbitrary nature 'costs can be offset but not this special type of costs because DO WHAT I SAY.'

People who are just using massive interest only mortgages they can't afford who are pushing up the property prices have to sell up, and have a few years to realise it.

Banks wouldn't have lent the money if they couldn't afford it. In recent enough times, anyway. This group is comparatively small, and has little influence on house prices overall. But it was an easy target.

What type of property and what age? The vast majority of homebuyers survey reports I've reviewed have been fairly generic back covering exercises (reviewed for mates, I'm a Chartered Surveyor, no PI so can't survey). I'd always lean towards a full building survey where possible unless the property is pretty new.

Your tax bill must be a real burden.

its burden minus 65p now

Victorian townhouse top floor conversion (leasehold if that makes any difference). Worth getting the full fat report then? Wasn't sure what the best option was!

Not even going to get into the BTL ethics debate, far too boring.

Ideally yes. You'll have some repair covenants and most likely a service charge so you'll want a decent idea of the property's condition before purchase. You may also be able to use anything that pops up in the survey as leverage in terms of reducing the price, particularly in the current market.

The homebuyer survey reports I've read look like they've been knocked out by someone junior with a list of typical defects of a property of that age and construction. Not particularly informative and not particularly useful.

Right, think I get it...

So if I were to have a £100 a month mortgage, get £200 a month rent I'd have about £60 profit assuming I'd be in the highest tax band?

(£200 - £100) -40% = £60

I'm prob missing lots of finer details, but that sounds manageable, with the profit going into over payment.

Is that anywhere near right?

No, if you asking as of 2020.

If you have 200 quid rent (profit), at 40% tax you pay 80 leaving you 120
Then you pay 100 in mortgage (interest no longer tax deductible), leaving you £20

Ahhh got ya. So if your rent and mortgage were even you’d be a few quid worse off each year!

I guess it’s about balancing everything in your favour.

Cheers!

Who should be providing rental flats? Large residential companies with professional property management that can be regulated seems better than private landlords. Could be a good place for pension plans to invest to get regular income.

Coffee was more expensive than London in the tourist hole known as Bakewell.

I fucking love coffee but I'd rather go without than pay that shit.

But did you have a Bakewell Pudding?

Had a rank bag of chips there a couple of weekends back but no bakewells.

Huge mistake

Yes

That was about £5 too expensive which was why I skipped the coffee. It's not often I say to myself "you know what, i'll wait until I get to the motorway services for one instead.."

Sorry to ask again but...
Has anyone bought a house via online auction? Specifically https://www.networkauctions.co.uk?
I'm slightly apprehensive about putting down £3.5k immediately (assuming I even won the auction!) before seeing a survey or actually knowing much about the property!
Any guidance? Cheers, Joe

Homes under the Hammer on BBC at 10am every morning....

I don't think that's quite the same...any other thoughts?

Always visit the property and view inside. Always read the legal pack.

Always have a selection of appropriately pun-filled songs for any property-based scenarios.
(for example if there is a rat in your kitchen, or everything must change.)

You need to be able to complete the purchase twenty working days after the day you bid/win the lot. Otherwise you're goosed and probably lose your deposit too. So unless you've got the cash, or know for sure you've got a mortgage, it's a risk.

I haven't bought. I was thinking of selling through 'modern method' of auction which gives 60 days instead of 20 days (I think) but I thought it looked shady as fuck.

Mr_Swold definitely better adding to pension fund which if done correctly is tax free any money put to mortgage will just be held as lump sum until you finish paying the mortgage term. The bank or building society is not really interested in the amount they lend you but what they get back in interest which is how they make money they therefore will not offer you anything off for paying back early.

But if you pay off your mortgage five years early surely you aren't paying five years of extra interest?

You can choose to pay less interest or reduce the term of your mortgage and keep paying the same. Either way you’ll pay less.

Quincy I bought my house at auction which this site is though I had not seen before. Not sure where you got the £3.5k from you are required to pay 10% of the value at the fall of the hammer so if the house cost £100k you would need to come up with £10k on the day of the auction plus the charge of £900 for the auction. Yes and if you do not complete within 20 days you risk loosing that. If you need a mortgage it is possible to sort one out before the auction but mortgage companies do not like it much. I bid on the basis that I had 60% of the money up front only to find I could not get a mortgage because my house is next to a chicken shop. If you are really interested PM me