Owning your own home

Buses to Finsbury Park get really busy in the mornings and the train from Harringay/Hornsey is also pretty busy (it may eventually be sorted with new trains/timetables in the imminent future but it can be a struggle to actually get on a train), obviously not that much of an issue if you're cycling.

It still commands a hefty premium compared to Harringay just the other side of the railway line (although that is starting to catch up with organic stores and cafes).

That's not the secretary problem I normally think of people having...

I had to Google it.

But, you know, dirty forrun, so feel less bad.

Methodology:

Define a criteria to score a property
Visit three properties with no intent to offer, and score them to produce an average
For each subsequent property, score it and if it's more than 10% above average make an offer

I used a different methodology when buying my house, as I had two definite requirements. Had to be in Ely, had to have a double garage. There were three houses in Ely for sale with double garages, so I viewed all three in one day, and bought the one I liked most. Completed 3 weeks later. #csb

Solicitors are a nightmare.

Tell me about it. They are, almost exclusively, my professional clients. Preaching to the choir, bro.

ikr

Ok, with all this house price drop talk... say worst case happens and we are all down 35%, what would the best thing to do with a large lump sum? Over pay before? Over pay after? The lump sum is from capital on another sale. Do neither and just live in the place as planned? Brexit really is a pain in the arse...

Buy Euros.

Buy bitcoin

I’ve already thrown far too much into that Ponzi scheme!

Sell bitcoin, don't profit

Invest. I hear Midgets & Coke Pty. Ltd. are listing on LSE soon.

You need more sponsors

Ta, yes I remember looking at Harringay but I think you are right they are getting closer in terms of pricing.

Exchanged today! Fuck the haters! And those that got us into the Bretix in the first place.

If you're staying in the same place then it doesn't matter whether you overpay now, later or not at all.

Overpaying a mortgage over 100% LtV is throwing away money. If you think there is a risk of going into negative equity, best to keep your money somewhere else so you can cut and run from the property if needs be and come out with some savings.

First time I went to crouch end was last Saturday. I was vaguely conscious it existed, like many parts of London. But nothing more than that.

Crouch End is also an amazing short story by Stephen King with heavy Lovecraftian influences.

?? Under the UK mortgage system a debtor is liable even if the property value is less than the loan. You can't cut and run from the debt without bankruptcy or a CVA etc, can you?

It is different in the US where your advice would hold true...

Middle class conservatory it is then! Thanks chaps.

I've lived all over this part of the world. from Tottenham to Crouch end and everywhere in the middle.

I love it up here, now in Wood green which isn't quite as nice as the rest but definitely better. And I have 3 sheds,3 bedrooms, 3 floors and fake grass so it's a win really.

My folks live in Stroud green which if you can stretch too is nice for the ease of finsbury park and transport. Crouch end is lovely too tho.

For something between prices of Crouch end and Finsbury park I'd look at green lanes/harringay. Spent years on Green LAnes in my first flat and absolutely loved it.

Without knowing what the lumpsum is in relation to 35% its hard to give an accurate answer.

Do neither and just live in the place as planned

Given the uncertainty this is the safest strategy.

The advantages of overpaying are 1) guaranteed gain from long term interest savings, and 2) improving LTV for future remortgage.

You can work out 1) and decide if that is a better return vs savings, ISAs etc.

If the lumpsum is big enough to move your LTV into another category then it maybe worth considering. If it isn't then its irrelevant.

A bigger factor tho is I'm assuming the bulk of you and your partner's net worth is in UK property. If this is the case a large overpayment will further reduce any diversification you have. Generally diversification results in the best performance long term as it reduces losses.

The US is fully non recourse, yes, but in the UK there are a whole range of options that the bank will offer before going down the foreclosure route - term extension, restructure, forbearance etc. Even in forbearance banks will and do accept short sales, cash for keys and so on.

If you have a bit of cash set aside it might put you in a stronger position, especially if your loan gets sold to someone like the firm I used to work for.

Thanks for the reply, this is all way over my head to be honest... might talk to my mortgage guy because he has experience in explaining things to idiots.

Think our LTV is somewhere around 45%, maybe, the extra money could make it 55% or something in our favour, but then we couldn't blend the boundaries between the outside and the in, or some shit...