Owning your own home

The survey was organised via our lender (Nationwide) as part of the mortgage process. Anyone have any experience with claiming back off a surveyor's insurance?

Did you pay for this survey, or was it something they had to do as part of their process?

If you paid for it, or it was positioned as something NW did for you for your convenience (like a bundled service) then you can take this up directly with NW. Unless the contract was with you (i.e. they just introduced the supplier of surveys to you, then you commissioned the survey yourself), in which case you raise your complaint with the survey provider directly.

Either way, you should have recourse through RICS. Surveying, for better or worse, is a pseudo regulated industry so when things go wrong first you go hammering at the suppliers door, and if they can't sort shit out, you take it up with RICS.

We’ve got work starting on our place in September. We’ve been saving for the past 2yrs for the work but wondering what the best options are for us should we need to borrow extra to complete works eg we haven’t budgeted for new carpets upstairs but whilst we’re moved out we might as well.

A regular loan would seem not terrible idea and plan would be to pay off within 12m.

But just checking the hive mind that there isn’t a ‘better’ option (other than spend less! 😂)

just sell a painting

just sell an nft

Selling my bored ape would be an option but the market has kinda crashed

There must be some component of the build / fit-out you could get 0% finance on if required? I know Ventrolla used to offer it for sash windows.

Interest free credit card. Can get up to a couple of years interest free depending on the card.

A regular unsecured loan at current rates of 3.1-3.3% up to £15000 is extremely good value considering current inflation figures, and not much higher than the prevailing mortgage rates at the moment.

Raising extra against your main home with a mortgage is possible, though your lender will have a minimum loan size, you can spread it over a much longer period than a personal loan though.

For short term, purchasing things on an interest free purchase credit card for 12-24 months is an excellent option, as long as you set your direct debit for a payment that would clear it in your preferred time.
I would frankly take as long as the interest free lasts, rather than clearing the finance early.

^ this.

First direct 3.3%

With inflation only going in one direction, it's a no brainer if you can afford the repayments.

we did the same with FD but back in 2018 it was 0% and laminate dont cost much

Looking at the same after Crypto blood bath.
Sub 20K get a loan.
Over 20K mortgage it.

@Tenderloin

Exciting times, congrats on getting the work started. Given the appreciation in your house value and depending on where you are in the mortgage cycle, I would consider remortgaging to fund.

If you are going through the disruption of getting work done, best to get it how you want it in one go in my opinion, rather than cut corners.

15k 5y term tends to be the cut off for the low 3% unsecured rates.
More money or longer term tends to double to 6% or more, so makes sense to add onto mortgage above this level. Though 5k extra can go on an interest free card fairly easily.

We paid a discounted sum, with the rest being covered by Nationwide. Thanks for the info, I'll start there and see where they pass the buck to.

@spotter very reassuring, thanks! Knew we should have trusted our gut and got our own survey done. Still, you live and learn.

Windows are one of the main prime costs as would be kitchen etc some of these we might be able get 0% finance on I think you're right.
I think we can each borrow 15-20k at 3ish% and again plan would be to pay back in 12m

Good to know I wasn't missing something obvious!

Am in the middle of applying for a mortgage and the brokers (Habito) have asked me to find out why my salary is paid via Faster Payments.

I have absolutely no idea why this would be important, and when I asked payroll for advice they said they'd never been asked before.

I'm curious - has anyone else been asked, and/or know why this is important?

I suppose the implication is that it's less stable/more likely to change if it's done adhoc each month? Not saying I agree, but I'd imagine that's the concern.

I suppose that makes some kind of sense. The advice from payroll, btw, was that they'd been instructed to do a bulk faster payment for c. 125 staff by their bank Metro.

Hopefully that's enough for the broker and they don't turn round with "Yes but whyyyyy?"

I don't know why it makes any difference than a BACS payment submitted a few days sooner though. Maybe your employer will be happy to write a short letter saying 'all our employees are paid by faster payments at the advice of our banking service'

I suppose if someone was chancing it, faster payments are a lot more fabricatable than BACS.

just sell a painting.

Hah!

Anyone got a spare £1.25m plus refurbishment budget?

https://www.rightmove.co.uk/properties/124090823

£1.25m a year in heating bills more like

Turn that into a Hogwarts hotel and grab the cash rake.

And it's for sale due to an unpaid £300 bill.

No electricity bills with this one

https://countrylife.onthemarket.com/details/11549896/