Owning your own home

Yeah I was nervous about a tiny boarded up pantry (less than 1sqm) and got the surveyor to open it up. Seems like it was just an awkward shape when the kitchen was modernised. I can't imagine a whole room.

Classic provincial french bants.

We discovered a third safe (hidden and locked) about 6 months after moving in. Sadly nothing in it, same as the other two.

Realise these are 2x questions for a mortgage broker but would really appreciate any bank holiday weekend advice please as can't chat to one...

Is a having a guarantor on your mortgage purely to help if you lack deposit or are struggling to get approved, or can you use them to borrow more than a multiple you have been offered (say 4.5x instead of 4x) offered to you?

If you get a further advance say 2 years into a 5 year fix, would you current lender offer you a similar rate and you'd have like a second mini monthly mortgage you'd renconile as one at the end of the 5 years? Or do they shaft you? Guessing can't go elsewhere for it by definition of a 'further advance'

Ordinarily a guarantor is there to carry the can if you default on the loan, as such is a considered undertaking. I am not sure it is used quite as much now, seeing as affordability criteria is generally applied and lenders are more responsible post 2008. It is usually sought by providers who offer it where the loanee is close to the affordability criteria, or subject to prior defaults. It is unlikely to increase your multiples in anyway, as by virtue of having a guarantor they require reassurance that the loan can be repaid. Although obviously different lenders will have slightly different attitudes to risk and price this accordingly. Also they will seek reassurance/check that the guarantor can repay in the event of a default.

With regards to additional borrowing on the property, a lot will depend on the mortgage provider, the LTV and if you have required a guarantor for the mortgage. Nationwide gave me a ‘further advance’ when I moved as they would not consolidate my borrowing, although they applied the affordability criteria to both loans.

Obviously a secured loan is different, expensive and probably best avoided, as with anything best to get professional advice and not that of a drunk!

~ Si

St Cross

Not many lenders at all doing guarantor mortgages at the moment.

You have several lenders doing joint mortgage sole proprietor mortgages, which is mainly to allow another person on the mortgage to add their income to the affordability, but keep them off the deeds, as this may incur stamp duty considerations.

You may also be referring to family deposit mortgages which some lenders did where the family would offer a charge over their home or savings/investments to offset a smaller (or 0%) offered by the children buying.

@small thanks :)
Think I will fix for 2 years and then look to borrow more when it is up, or get a 5 year with someone who will do me a further advance
Been googling and it is not right for me plus family not keen lol

@Acliff I was looking at JMSP - and do want to chat to a broker about these. I know someone who is self employed (fluctuating income) and was able to use that. Cheers for the info

Where did you buy the sleepers? Pretty expensive everywhere.

Gardoo, though they've gone up 50p since I bought. Delivery was £110 (!) but still worked out cheaper than more local places, including trade prices from a green oak framer pal.

Finally got around to ripping out the shitty built in wardrobe in the bedroom. This will likely be the last room we "finish" so just threw up the old Pax wardrobes we had in the flat. Couldn't store anything in the built in monstrosity as a combination of fucked roof, chimney cap, render and pointing (first two fixed, last two quoted for and will be fixed, soonish) meant there was shocking damp and mould inside it. Plaster is falling off in lumps. Some boxes they had left inside had welded themselves to the wall.

Rebuilding the tall Pax wardrobes with all the fancy internal drawers and shit, is a pain in the dick and took all day.

3 Attachments

And free firewood. Awesome.

Fuck knows what burning it would release to the atmosphere. I'll be using it to brace fence posts while the postcrete sets then taking it to the tip.

Thanks man! So much cheaper than anywhere else.

I'm in the process of getting quotes for a 3m-ish load bearing wall knocked down, a steel inserted, over-boarding the ceiling, plastering and making everything "good" plus the doorway into the room being widened (non load bearing) and making good.

Things not included are fixing flooring or installing doors.

First quote has come in at just over £6k which may or may not include plastering. That seems very high to me especially with the may/may not include plastering. Anyone done anything similar and can reveal indicative costs?

We're not London either, in Scotland.

I've not had similar done but have considered it.

Doesn't sound crazy high to me, but the other quotes will be the best comparison I reckon. You are getting other quotes?

Are you paying for engineer's fee, paperwork such as building warrant, etc in the ~£6k or are those additional?

It sounds fairly reasonable to me. Steels are ££ plus that's major destruction work (including disposal of lots of material) and then finishing it all up again; including new flooring etc.

Plus I guess there's the whole risk level of a build like that ie insurance for collapse etc.

Thanks @Soul and @Cupcakes - appreciate the response. I think we were maybe skewed by an off the cuff comment from a tradesmen and our architect that both said ~£4k. But, we're in the process of getting more quotes so can compare there for sanity checking too.

It doesn't include new flooring - I'm going to do all that myself. We've already paid engineers fees as he's done a bunch of other stuff for us for an extension. It does include building warrant though.

Maybe its not so bad then...we'll see what others come in at. Cheers!

£4-5k would've been my guess if not being finished with plastering

Of course definitely get another couple of quotes in... I have no idea what costs are like up north but would expect that to be relatively 'cheap' for London prices.

Yeah - London and south east tax is very real. Even within London prices vary for very similar work

Some would say that £4k and £6k are essentially the same - be worried by anything significantly higher or lower!

If it were my house I'd be interested in getting a contractor that was known to the architect and engineer, more than getting the cheapest. To some extent the way they conduct the work will affect how much mess and disturbance is created, and how much making good is therefore required.

Any top tips for picking an estate agent to sell our flat? (2 bed in SE6)

Had two valuations so far with different valuations and fees from Acorn (425k and 1.5% fee) and KFH (450k and flat 5k fee)

Do i just take the highest valuation? Or do I need to go out for a couple more vaulaitons from other estate agents?

Pick the one you find least revolting