Owning your own home

Yeah I did think of the 'conversational' arrangement but in more modest front rooms, it's hard to have seats not face the fireplace without wasting your precious radiant heat on warming the furniture instead of you. The seating still faces each other - side facing side or around a corner, but also with a view of the fire.

Can't really help except to say make sure you look at the numbers.

Your rate will be lower than a normal loan but don't forget the term is much longer. So worth checking what a normal unsecured loan from a bank will be vs adding to your mortgage actually works out as over the borrowed period.

I did for a loft conversion but it was just part of the normal remortgaging (fixed term had come to an end).

It was fine as the property value had gone up in the 3 years or whatever since I'd taken the mortgage out so still had plenty of equity against the loan. The mortgage provider wasn't particularly interested or concerned about me taking extra cash out, I just said it was for home improvement and that was it.

I doubt redecoration/bathroom will make much difference to the value. It'll probably be assessed on £/sqft and reference to recent sales rather than estate agent style.

If you're still in a fixed term then you're probably looking at an additional mortgage rather than remortgage which can be more of a faff. Otherwise, remortgage as you normally would at the end of the term and add an extra amount on.

Obviously you still need to be able to afford it, have the LTV, etc.

Fucking finally, our old door was very unsafe and can be kicked down easily as well as being very breezy, Brockley Glass seemed to do a good jobs by my gods their communication are terrible,

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you’re right about the term being longer but you can surely just overpay on the mortgage so it’s paid off in the term you want?

I.e. unless you’re banned from overpaying on your mortgage, then borrowing under that with lower % will still be better as you effectively choose the term over which to repay anyway

will the new bathroom and significant redecoration have added much value to the place?

Probably not, I'm afraid.

Prob in Edinburgh that kind of thing is still going on, Glasgow has cooled right down. Even a few flats on our street (older folk moving off to other places) that are on for under what I'd call normal (from before C19), either because they are cesspits (doesn't seem to affect the price at all, if anything bids go more mental for a doer upper) or to get more folk interested/more bids, hence the lower (still £180k+ offers over for a smaller 2 bed flat with some small work required).
Keep at it. Would advise to just keep it sensible, no matter how good a property you think it is, once you've scratched the surface you'll always find suprises.

We had offer of 380k accepted on a house listed for 350k (mad market, not in London) and are about to have the lender valuation done for the mortgage. We have 80k deposit (21% ltv). 300k loan.

If the lender comes back and says it's worth significantly under how fucked are we? We could probably scrape together another 10k worth of deposit and doubt seller would budge much, if at all, on agreed price.

Does lender primarily care about their stake being recoverable (300k)? Would I only need to worry if there was risk of them undervaluing to below 300k (v low risk)?

Any shortfall on the value you would need to make up with cash.

Worked example:

• you bid £380k with £80k cash on hand
  
• Lender values at £350k
  
• £30k of your deposit would go towards bridging the value gap (380- 350 = 30)
  
• You would be left with £50k deposit on a £350k valuation, i.e. £50k deposit, £300k loan, LTV of 14%.
  
  

You could probably find a mortgage at this LTV, but you would obviously have a higher interest rate.

I have done you a sensitivity table:

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I.e. unless

That's sort of the point. It depends on your mortgage terms. Depends on whether borrowing more changes your rate. Depends on etc. etc.

That's why it's such a pain to compare mortgages without software because there are always a whole load of costs and variables.

On the unsecured personal loan side £20k/7yrs @2.7% is achievable. That's basically what our previous mortgage rate was and iirc we had a chunky penalty for ending our mortgage.

Tl;Dr if gillies wants to borrow money they should look at all options in detail.

Ahh I see - I think the bit I was getting lost is that we would still be able to get the necessary mortgage with remaining deposit. It would just be a worse interest rate - we wouldn't necessarily be completely out of the purchase.

Thanks very much, big help

I added a table - it does look challenged if the valuation fell below £340k, as you would probably struggle to find a lender who would offer less than 10% LTV

These LTVs are (1-x) I think

Yeah that’s fair, obviously if the additional amounts under the mortgage aren’t good terms or you can’t overpay (for any reason) that might change things - I just thought that term of borrowing could be a bit misleading as most mortgages do allow overpayments so a borrower would typically have more flexibility than they might otherwise think.

“Do your research” is always good advice though

Yeah those LTVs are all backwards. 300k loan on a 380k purchase is 79%

Yes sorry - they are deposit to value 🤣

anyone had posh fronts done for their kitchen?
valchromat, ply, veneered ply, formica, fenix etc?
durability issues/fragility?
thinking veneered ply lower and some kind of colour for a few wall units (not many hate having them in my face while working.
this will be done from scratch with ikea/howdens cabinets

how are you not targeted on instagram by Plykea?

i’m targeted by just about everything at the mo as i’m trying to budget for a refurb and doing lots of browsing, though instagram is handy for local carpentry/furniture makers who do some nice work. and plumbers who like doing neat work and showing it off.

custom fronts look reasonable but it’s the non-wood surfaces i’m not sure about. place we looked at had a Pluck kitchen and they bumped the price up accordingly (we all know it doesn’t work like that) i just couldn’t see the value in it.

Walked up and had a look from the street. Beautiful building. Would love to know what you bought it for in 1988!

nothing wrong with a 55inch serif 😊

I knew the Togo was modular but didn’t realise it could transform itself too. Mad.

Sound like you’re after a 20+k kitchen from the sound of it!

https://cworkshop.co.uk/sheet-materials/
this company is good: showroom in NW London, detailed online quote builder, sheets/materials ranging from £-£££

no i don’t think it will cost that, most of the carcasses are there, ill strip most of it out, have plumber and electrician friend on board and hoping to persuade my cousin to come and spend a day or so fitting the cabinets (i’ll assemble those) /filler panels etc (he’s a carpenter/kitchen fitter but booked out and a bit far away)
tiling i’ll do myself and all the painting and fitting the doors.
yes it would be 20k if you got a london firm in and just handed them the keys and a mood board for inspiration.