Owning your own home

It is, as my old man says, "a load of Etonites applauding their own farts".

I like the cut of your dad's jib.

Aye, he has his moments.

Right. So.
Is this the place to talk about storage solutions, removals firms, and other moving stuff?
Is the home DIY thread the place to discuss how to store things in not very much space?

Looks like you put 5% down.
Government hypothetically put 15% down.
** Lenders still lend at 95% LTV**.
It is, as my old man says, "a load of Etonites applauding their own farts".

That's a pile of shit. I thought the point was to secure good rates with a smaller deposit.

I like the cut of your dad's jib.

#grooming

Right. So.
Is this the place to talk about storage solutions, removals firms, and other moving stuff?
Is the home DIY thread the place to discuss how to store things in not very much space?

It's not really about owning property. DIY is probably closer or a moving house thread?

I used Mortimer Removals outta Blackheath on a recommendation from this thread.

Old school mofo's, but very very good.
They also moved house for my sister a couple of weeks ago.

Would recommend.

Mortimer Removals. Will check them out.

Ideally, we'd have a lock up shed on the estate we're (hopefully) moving to. But there's no guarantee, and there's a few too many bikes to have on the balcony.
Big Yellow is one option, but I'm trying to find others.

I'll ask in the DIY thread about bike storage on an external balcony.

FINALLY completing on the 18th, what a mission, can't wait to go sofa shopping

FINALLY completing on the 18th, what a mission, can't wait to go sofa shopping

I'm completing on the 18th as well. Don't really want to go sofa shopping - pricey.

I'm completing on the 18th as well. Don't really want to go sofa shopping - pricey.

Fortunately it's been such a long-winded process we've saved up and ring fenced some funds for essentials; sofa, bed, washing machine, heated towel rail

As a prospective first time buyer who thinks the London property market is already over heating, the help-to-buy scheme makes me very sceptical about whether it is the right time to buy. Makes me inclined to wait for the scheme to end, interest rates to rise and the bubble to burst. What am I missing?

Nothing. Ultimately you need to read all that stuff and decide for yourself. My place will be around £200 cheaper to buy per month than to rent. So I'm buying.

As a prospective first time buyer who thinks the London property market is already over heating, the help-to-buy scheme makes me very sceptical about whether it is the right time to buy. Makes me inclined to wait for the scheme to end, interest rates to rise and the bubble to burst. What am I missing?

It could take years. how long was the last bubble for?

As a prospective first time buyer who thinks the London property market is already over heating, the help-to-buy scheme makes me very sceptical about whether it is the right time to buy. Makes me inclined to wait for the scheme to end, interest rates to rise and the bubble to burst. What am I missing?

The waiting part..

Also mortgage rate is made up of interest and capital repayment. The capital repayment goes back to you. I like to think of it as interest payments vs rental cost as apposed to mortgage vs rent. Interest payments vs rent is about 1:2 for me.

If you are really worried try to buy somewhere that you think you can live in for 10 years or more. This way you can ride out a volatile market or reduce the risk of negative equity through capital repayments. Don't get an interest only mortgage. Do get somewhere you can afford the repayment on.

" Do get somewhere you can afford the repayment on." when rates rise.

yes. although if rates get to 8% I will be losing some weight. And turning some tricks.

I have a five year model with all these inputs, and would be fine at my given mortgage level even if interest rates went to 10%.

One question; if interest rates went that high, presumably you would have benefited from significant increase in house price creating additional equity?

Why? No one could afford to buy it.

edit: forget it, not really sure what I am asking.

depends what's happening. If inflation is running high, driving the rate rise, you might be lucky and your earnings will go up with inflation. This could reduce the capital you owe vs your income significantly. House prices could stay the same in value (a real term decrease due to the high inflation), you would keep any equity (although it would be worth less in real terms) and the house price vs average wage becomes more inline, a much needed correction. Your mortgage payments have gone up, but thats OK - so has your earnings. This vaguely happened to my dad in the 70's. By his own admission he was very lucky.

If you're not lucky in this scenario, you're fucked.

Also this may be a gross simplification.

10% IRs = everyone fucked = everyone trying to sell = no-one buying = prices falling = even less reason for anyone to buy.

I think this is the most probable.

Just worked out what my mortgage would be at 10% and 12%.

:'(

Asking price offer on flat accepted (double what I paid for it four years ago), offer accepted on new house. No chain either end, just me in the middle, Mortgages arranged in principle on sale and purchase. All in the hands of the estate agent (same for both sales, so there's a nice commission) and the solicitors x 3, so what could possibly go wrong...?