Owning your own home

Phew. For a minute I was concerned that you'd be squandering that pint on just a lash

This is perfect timing, also considering using TTA.

I was inspired to find the old Barratt house we moved in to around 1999. It was terrible.

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yeah it isnt a serious consideration.... was just seeing what that kind of money can get outside the centre where I currently live

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What's the group feeling on the way interest rates and the property markets are going to go?

I've just had my max mortgage extended for a place to live and I'm pondering getting myself mortgaged up to the hilt to get out of a fairly toxic living situation which I currently find myself in. It's really tempting but I'm wondering if my desperation to get out is clouding my judgement.

Personally while I imagine the market in London will slow a little, I can't see it contracting in any meaningful way, and by the time I move out of any new place in four or five years time, I imagine it will by then have re-corrected itself. And if interest rates jump at least I'll be at the start of a two or three year fixed term mortgage, and in a place where I'm happy to live and work for a few years.

Does this sound wildly optimistic to anyone?

If I was mortgaging/remortgaging now I think I'd be looking for a 5 year fixed, but generally over that period I can't see house prices being down by the end of the term and if you choose an area 'on the up' you would expect to still see a decent uplift. Unless we really are seeing the first stages of global economic collapse London property is pretty insulated.

Does this sound wildly optimistic to anyone?

The whole attraction of primary residential property is that even if it goes down in value you can still live in it.

However, you have to be able to survive the "margin call" scenario, which is either reverting to SVR after 5 years (which could be 7%+) or have a low enough LTV that you could refinance even if the value goes down 10%+.

Interesting - did either give examples of what they produce for these figures before you press go ?

Yeah, it’s all online in videos and stuff. TTA and Resi.

I went 10, but it was still under 2%. I'm paying an extra £40/month compared to the best possible rate (2 years fixed) I could get, but it wasn't worth gambling to me.

Risk of interest rates going lower than what I was paying: very low
Risk of interest rates going higher than what I'm now fixed at in 2 years time when I've got to fix again: medium - high.

Who knows what it will look like in 10 years time, maybe I'll regret my choice but right now I feel it was sensible.

Worst case scenario, you're up to 2% worse off.

There's a pretty decent chance you'll be able to get a guaranteed savings return at a higher rate than your mortgage. It's already easy to get 1%

Worst case scenario, you're up to 2% worse off

Worst case scenario is you need to move house during the fixed rate period and pay an ERC of 5% or whatever because the lender's porting criteria have changed.

Has anyone ever had to have a slope stability assessment carried out as part of a house purchase?

We've just had a report back from Terra Firma recommending an assessmant because the house is in an area susceptible and based on their BGS mapping. Our survey didn't flag any issues and I'm just trying to work out if this is really needed, so I'd be interested to hear from anyone who's been in a similar situation.

Post some pics. @leggy_blonde will tell you if the vegetation looks old.

The only pics I have are from the listing
https://www.rightmove.co.uk/properties/119998472

The house is on a hill (as are most houses in Stroud) and the garden is uphill of the house. I’m just trying to work out if the cost of the additional recommended geological survey is essential, as it’s probably another 1500-2k

I'm not qualified to give you any advice. If it were moving you'd have cracks in the house if survey flagged no cracks i wouldn't be worried.. Check the small print on insurance. It's an old house and stood for a long time.
All a slope survey will do is a desk study and then look for signs of issues in person.

It does look like the wall on the street is moving a bit. But could be old movement. And looking on street view there appears to be remedial works, I'd ask the neighbours about this, as it's theirs.

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Look at the older Google maps, August 2010, shows them rebuilding that sandstone wall after removing a breezeblock one.

Thanks for this and good spot on the wall work.

I agree, if the survey had flagged issues I’d be concerned and would be more inclined to swallow the cost. I’ll ask about the wall and check that there are no issues with building insurance too.

If it were moving you'd have cracks in the house if survey flagged no cracks I wouldn't be worried

This. Those high level overview maps shouldn't be a reason to get a further survey or assessment IMO, it should be based on the individual property.

Yep, that’s my current thinking. Thanks

Think i asked before but maybe in the DIY thread, I’m after any advice or reccomendations for a type of stone (granite/silestone/terrazzo?) and a supplier/fitter who can do interior windowsills.

lots of kitchen worktop places come up on google but none seem to mention windowsills.
basically we have a long 4.5 m window with an original 50’s terrazzo sill but as we are insulating the wall it doesn’t project far enough out into the room to have a neat edge so want to replace it with something 30cm deep to allow a few cm of insulation board and a 2-3 cm lip projection.
this will allow the fitting of secondary glazing at the mid point but with a useful sill for plants/eames bird/other TMH tat.
no idea if corian/silestone is ok to use? will get a similar greige colour and doesn’t have to be real terrazzo just some texture not plain.
If it’s not extortionate we might do the bedrooms too as they are wooden and not great condition.
anyone done something similar?

pic of window, not the actual window but it’s in the same block.

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On the terrazzo style stuff - anyone used ‘Foresso’ or similar… a part wooden Terrazzo style thing
I quite like it