Owning your own home

.

I don't follow what this means (and who you're replying to?)

Ignore - multitasking misread!

Are you locked into early repayment fees if you try and leave?

2% I think. 2% of what, I’m not sure!

To my simplistic brain that sounds like a pretty good deal if you're in your 'forever home' - less so if you have to pay through the nose to move house.

Often 2% of the original amount, rather than the outstanding

I need a socket installing at pretty short notice and as such am contacting randoms on mybuilder. What should I be asking for in this scenario, some sort of certificate of work?

We did it. We're in the new house. It's been a very long day and nothing is unpacked. We managed to completely fill a Luton, lwb Transit and a SUV.

You could ask for a minor works certificate. They will look at you like you're from outer space. Strictly speaking you should get one but they are very rarely given. If it's just a socket installed in an existing circuit there are no real regulatory problems, pretty much anyone trained in safe working can do it.

Yes, it is exactly the same except with a shorter term you have a higher minimum payment, whereas with a longer term you have a lower one.

Gives you flexibility to not overpay if you need the cash (at the expense of racking up more interest)

Note that by talking about a longer term I'm not talking about a longer fix, I'm talking about the overall mortgage term.

Reasons to avoid it:

1) you're old and you can't extend your mortgage term (usually they'll expect you to have paid it off by a certain age)
2) you aren't disciplined and will not overpay, costing you more in interest
3) you think you'll be rolling in cash during your term and might want to make the max overpayment - if you've already been overpaying a bit as part of this setup, you've used some of your "overpayment budget" (typically 10% of the total mortgage value each year but it varies)

Big up

It's actual a new circuit. There's a cable coming in to my loft, not sure where it comes from or if it's entirely suitable, but my best guess would be a circuit for an electric shower that was never installed.

If it does lead back to the CU then my plan was to use it to get power in to the loft, no idea if that's legit, hopefully a qualified electrician can tell me.

Been paying a mortgage for 35+ years and still 5 years to go.

Thinking about retiring and paying it all off (paying redemption fee) from the retirement lump sum. Had a mortgage back in 1992 but back then I had money left at the end of the month to cover.

With mortgage rates, inflation, energy, upcoming austerity and an economy that looks fucked I am tempted to pay everything off and live with my pension which goes up a bit with inflation.

If you do take your pension before your current mortgage deal is up, it’s possible that savings rates are higher than your current mortgage rate and deal.

As you are paying mainly capital back in the last 5 years and the interest is a small proportion, maybe worth considering clearing it at the end of your current deal, and hold any spare pension lump sum funds in a high interest savings, of which some around 4-5% are showing up.

You’ll have to pay the mortgage from your pension lump sum for a while, but basically you’re paying off the capital.

You would need a registered and qualified electrician (registered with a scheme) to install a new circuit. If the cable is 2.5 t&e then it would be fine for a socket, above that is also fine. They can establish the correct rating for the breaker by testing the cable and testing the installation to confirm. I guess it could be smaller twin & earth, i.e. a lighting cable which would generally be too small for a 13amp socket.

Depending on the age of your installation they may have to upgrade other aspects, very common to need a 10mm earth to the water/gas supply if your installation is over 15/20 years old.

Thanks, lots to ponder. At 62 years old I've seen a lot of boom and bust in the economy. I have the feeling that there's a shit storm coming and would rather not have to worry about a mortgage and actually own my four walls and roof and not Natwest lol

Thanks, I think it's 2.5. As happens it might be a bit moot as the reason to do it was too get everything in place to house the ONT for a fibre connection up there and avoid having the fibre line running down the front of the house and ONT in my lounge. Looking in to it a bit more I'm not sure that's possible as there's still the fibre splice box mounted on the outside wall and I doubt BT want to put that up high.

Those boxes are a pain. I had Community Fibre put one on the first floor because I already had some internal internet infrastructure there. I regretted it within a week but the deed is done. Painted it to match the walls and I don't see it/look at it anymore.

They've recently done the half the street and there are barely 2 installations the same.

Has anyone / is anyone considering exiting their current mortgage deal early? My fixed deal ends next May, I'm weighing up trying to pay the early exit fee, taking the hit, and starting a new fixed deal now. Rates aren't great at the moment but current predictions seem to be that be next May the BOE base rate might be 6% +.

We’re in the same boat but I’ve not looked at what the early exit fees are. Fix ends in June. Don’t really know what we’re going to do. Is overpaying as much as we’re allowed (and can afford) a sensible option to reduce the hit?

Either that or trying to extend the current fixed deal

Currently selling my flat.

Yesterday we had around 10 viewings so fingers crossed.

Anyone in a similar boat as clearly some headwinds and expecting the EA to earn their commission on any negotiation

Pretty sure these are discounted variable rate; rather than fixed rate.

Yep, realised that after looking them up properly. Best lifetime fixed I could find is 4.x%