All your Homebase are belong to... you! / The House 'n' Home Thread. - The Bear and Badger

LivDiv

Don't want to pry as these things can be personal but might be worth speaking to a broker to see if they can get you a better deal.

Kow

How does 2% become 18% anyway? Sounds like the bank being cunts as usual.

acemuzzy

I guess if they ain't it's 2% higher over the full duration of the mortgage then something something cumulative interest?

Kow

Or they're just lying bastards. I've discovered over the last few years that they will blatantly lie about charges and fees. Not even hide or obfuscate things, but straight out lie to your face.

GooberTheHat

I'll have a look, it might just push me to sell. We are looking at moving on soon anyway so this might be the catalyst.

GooberTheHat

Kow wrote:

How does 2% become 18% anyway? Sounds like the bank being cunts as usual.

acemuzzy wrote:

I guess if they ain't it's 2% higher over the full duration of the mortgage then something something cumulative interest?

Presumably the affect of compound interest.

LivDiv

Yeah its 2% APR compounded across the length of the mortgage to give the total cost that is then divided into monthly payments.

Lord_Griff

Also shifting from a very low rate say 1%. Then it moves to floating of base + 2%, so 2.75%. The percentage increase in the rate applied is sigificant.

hylian_elf

Interest is the biggest of all evils.

Funkstain

Goobs echoing Liv here - without the sensitivity cos I think one of the many things holding us back is not talking about personal finances and money openly enough - if you're locked in to a fixed term contract, you gotta go shopping now for a better mortgage deal. Fuck loyalty or inertia. Use this website:

https://www.moneysavingexpert.com/mortgages/best-buys/?currentCircumstances=REMORTGAGE

If you have suitable equity in your property (say, more than 10%), you shouldn't be paying more than 2%ish right now. For it to have gone up by 2% is madness

GooberTheHat

We've got about 50% equity. I need to sell in the next 2 years anyway, so might as well do it now.

Funkstain

Well sure, but mortgages tend to be portable so you could apply it to the new property, and it could be 6 months before you actually move (or more!) so why pay so much more now?

Just found a pretty great deal - a 3-year discounted repayment mortgage, requiring 80% loan-to-value at current rate of 1.15%. Wish I could switch to it! But I'm in a 5-year fixed rate right now. With these fuckers: https://srbs.co.uk/mortgages/residential

Of course I'd recommend going through a broker, always had a good experience with these guys: https://www.landc.co.uk

With them, you have nothing to lose - they are no fee and whole of market - so at the very least, a fairly quick phone call could result in a few mortgage offers which could save you hundreds a month

GooberTheHat

Funkstain wrote:

Well sure, but mortgages tend to be portable so you could apply it to the new property, and it could be 6 months before you actually move (or more!) so why pay so much more now?

Just found a pretty great deal - a 3-year discounted repayment mortgage, requiring 80% loan-to-value at current rate of 1.15%. Wish I could switch to it! But I'm in a 5-year fixed rate right now. With these fuckers: https://srbs.co.uk/mortgages/residential

Of course I'd recommend going through a broker, always had a good experience with these guys: https://www.landc.co.uk

With them, you have nothing to lose - they are no fee and whole of market - so at the very least, a fairly quick phone call could result in a few mortgage offers which could save you hundreds a month

I'm in an unusual arrangement at the moment. The house I own (that I need to sell) is with my brother, and when I buy I will be buying with my wife, so I doubt there would be anyway (at least not easily) to move it across. To get anywhere decent in terms of apr I would need a minimum term wouldn't I, with penalty charges if I got out early?

LivDiv

Not all mortgages have early redemption charges so that's something you could mention to the broker to factor in.

They can also reduce the further in you are. For example my last mortgage was a 2 year deal, early redemption was about £2000 in the first year and £1000 in the second. The two I had prior to that had no early redemption fees. Some banks may also wave them if you stay with them even under different circumstances but that's not guaranteed and you won't really know until the time.

LivDiv

In other news I have now exchanged on my sale and purchase. All set to complete on the 22nd. So fucking happy. It has been a long time coming, I wanted to do this and was gathering paperwork for it as the pandemic hit.

I'll never moan about being able to own rather than being stuck renting but I will not miss that flat. It was fine for the first few years but after that cow moved in nextdoor it was tainted.

Onwards and upwards now.

Diluted Dante

Smashing it Liv.

Kow

Nothing worse to ruin good memories of a place than shitty neighbours.

acemuzzy

Great stuff Liv

Wookienopants

Good stuff Liv, awesome feeling!
Can't imagine how much of a nightmare it must be to live next to awful neighbors.

Fingers crossed your new neighbors are lovely.

Wookienopants

Mine came round today to introduce themselves and brought a house plant to say welcome

LivDiv

Cheers guys

LivDiv

New neighbours are Ronny and Margret. They are in their 90s. I hope that aren't running a drug cartel.

Diluted Dante

Prepare for disappointment.

LivDiv

Lol

LivDiv

I wouldn't mind old school gangsters, they know about respect.

Wookienopants

LivDiv wrote:

New neighbours are Ronny and Margret. They are in their 90s. I hope that aren't running a drug cartel.

Liv has now BECOME the nuisance neighbours

GooberTheHat

It's the old poker fish thing. If you can't identify the knob head neighbor, you are the knob head neighbor.

LivDiv

It's my time to shine.

Hodge360

Diluted Dante wrote:

Prepare for disappointment.

When they pop their clogs and someone else moves in?

GooberTheHat wrote:

It's the old poker fish thing. If you can't identify the knob head neighbor, you are the knob head neighbor.

Shit.

Funkstain

GooberTheHat wrote:

Funkstain wrote:

Well sure, but mortgages tend to be portable so you could apply it to the new property, and it could be 6 months before you actually move (or more!) so why pay so much more now?

Just found a pretty great deal - a 3-year discounted repayment mortgage, requiring 80% loan-to-value at current rate of 1.15%. Wish I could switch to it! But I'm in a 5-year fixed rate right now. With these fuckers: https://srbs.co.uk/mortgages/residential

Of course I'd recommend going through a broker, always had a good experience with these guys: https://www.landc.co.uk

With them, you have nothing to lose - they are no fee and whole of market - so at the very least, a fairly quick phone call could result in a few mortgage offers which could save you hundreds a month

I'm in an unusual arrangement at the moment. The house I own (that I need to sell) is with my brother, and when I buy I will be buying with my wife, so I doubt there would be anyway (at least not easily) to move it across. To get anywhere decent in terms of apr I would need a minimum term wouldn't I, with penalty charges if I got out early?

Ah. Yeah that makes things more difficult. Sorry. Liv is right - brokers can help with complicated situations like this - but it does make things harder

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