Owning your own home

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  • Yes, did a bit more reading since posting that and it looks likely that they may go up a bit more before July so have just fixed for two years. We have been over-paying £200 a month for a bit and the new payment is £250 more than our current standard payment so shouldn't notice it, just annoying that we are no longer over-paying.

  • You can secure a remortgage deal up to 6months before your current deal comes to an end.

    We did this back in August (completed the remortgage yesterday) and secured 3.5% for five years, which seems good given the current and potential future economy. The BoEBR is currently leading to rates of ~5% and our previous (as of yesterday) lender wouldn’t entertain a revaluation despite work we’ve done.

    So definitely shop around and look for lenders open to revaluations etc.

  • Do all lenders charge a conveyancing fee? I was't told and right at the bottom of my iIllustration. ther eis a £295 charge. Also, today's BoE new better not affect my rate! FUCKKKKKK!!!!!

  • Some do, some don't. We had £500 cashback on ours from Nationwide which was nice, but rather hilarious considering the size of the crippling 30 years of debt we were signing onto.

  • mortgage cashback

    This is just "here, have some more debt" isn't it? It's added to the loan balance / extracted through the interest rate I think.

  • Did Nationalwide have a conveyancing fee? I was toying between them and HSBC which have hte same rate. Decided to go with HSBC because I bank with them and with my slightly complicated sitution, they would be able to track my banking history without me having to explain...

  • Check this with your conveyancer. They should be able to act for HSBC too which might negate the charge.

  • There's a whole variety of stuff of varying amounts. I didn't have a conveyancing fee but did have a Product fee of £995.

    Just look at the overall amounts and rates and see what is cheapest overall

  • I am just a bit surprised because I wasn't told about it.

  • Get used to that. Wait until you move into the house and find a myriad of problems you weren't told about 👍

  • As you go through this process you'll reassess the level of competence that you expect from the other parties involved.

  • We’ve just got our mortgage approved with first direct, and yep £300 fee there too.

  • Remember an older colleague telling me that when you're at university, everything costs in tens. Then you start working, get some money and things start costing hundreds.

    Then you buy a house and everything starts being in thousands.

    Presumably when you're a GC member you start dealing in tens of thousands?

  • Then you buy a house and everything starts being in thousands

    Someone once said this to me about boats (stands for "break out another thousand").
    But as we established on the other thread, GC members only deal in Ms or MMs.

  • Locked in at 1.6% for another 2 years. Need to get a decent job before then!

  • 1.6%! That seems very low. Nice.

  • We got our mortgage back when there was talk of interest rates going even lower, before all this shit gestures around entire world started

  • They did go lower. There were of 2 year rates at <1% and 5 years at 1.1% for quite a while.

    Happier times.

  • We are in a similar position. 1.6% until December 2025 (fixed back in December 2020) then who the fuck knows.

  • I've got £160k left so back of a beer mat maths adds £200pcm to my repayments, not devastating but when you're two freelancers struggling to even pay off overdrafts it's a proper kick in the pods, especially galling when you think of the luxury the absolute cunts who caused this are rolling around in

  • Same bank, aint they? HSBC and First Direct?

  • My expectation is already quite low...

  • Hvae you ever worked out how much in total you will end up paying for your house when you reach full ownership? It's a bit scary...

  • Yeah. So far they’ve been properly useless to. Would not recommend.

  • On a similar note, avoid your mortgage statement to save similar scares. When you see how much interest you’re getting charged per day or month it’s feels quite mad.

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Owning your own home

Posted by Avatar for Hobo @Hobo