Topic: The 'Eeeek...buying/saving for a house' thread

[McrRed]

Good luck!!!

Not house buying but I've had an offer accepted on a business today.

Exciting but scary too [emoji50]

Hoping to exchange contract and complete next week. Exciting and nervous time.

[Lush is the best medicine...]

It would be an option if I ever got desperate, but wouldn't really want to give up my space for now.

I think my plan is to just make a written plan per week/month of what I can spend and what is most essential. After 1 year I hope to be back working in Liverpool which would allow me an extra 100 odd a week saving on petrol.

someone else has basically made this point but do you have a rainy day fund, when I bought my place within my six months of buying a place I had to replace a washing machine, freezer, two radiators and the oven which wasn’t cheap, around 2 and a bit months of mortgage payments there

[rob1966]

someone else has basically made this point but do you have a rainy day fund, when I bought my place within my six months of buying a place I had to replace a washing machine, freezer, two radiators and the oven which wasn’t cheap, around 2 and a bit months of mortgage payments there

Quick Quid is your answer there. 

Seriously though, fully agree with you there, its scary how all the kitchen appliances/white goods seem to fail at the same time. Our worst run was Fridge Freezer, Washing machine, oven and then telly in the space of a month or so. These days its just the oven elements that fail, I can change them in ten minutes now.

[Lush is the best medicine...]

Quick Quid is your answer there. 

Seriously though, fully agree with you there, its scary how all the kitchen appliances/white goods seem to fail at the same time. Our worst run was Fridge Freezer, Washing machine, oven and then telly in the space of a month or so. These days its just the oven elements that fail, I can change them in ten minutes now.

yeah it’s amazing how many people I know who’ve bought houses/flats since who look at me like I’m mad when I say this, more or less all have had issues. Also about three years in my toilet started leaking, and to replace it and the lino as well as the landing carpet. Not fun.

[BobPaisley3]

If renting your house out, does anyone know if you have to tell your lender?

[rob1966]

If renting your house out, does anyone know if you have to tell your lender?

Yes you do. Worst case scenario if you dont is they call call in the whole mortgage immediately.

https://aspenwoolf.co.uk/can-i-let-my-house-without-telling-my-lender/

[gazzam1963]

If renting your house out, does anyone know if you have to tell your lender?

You should do but they may put you on there buy to let rate which can be a higher rate though you may have the option to switch it to interest only to reduce payments and boost your monthly income . I have a small mortgage on a flat I've rented out for years and no one has ever said anything about it .

I also know a lad who let out a property at Waterloo warehouse after he moved back into his mums house he inherited , a few years later the Halifax got wind and wrote to him saying he had to apply for consent to let . He wrote and they agreed and allowed him to stay on his fixed rate until the term was uo then he had to switch it to buy to let .

[killer-heels]

If renting your house out, does anyone know if you have to tell your lender?

How long have you lived in the house?

[StormyDog]

Kin hell, i'll be dishing out blowies if they chuck all that in!!!

Probably just fleecing you on the house price.
Also check the fittings

When we bought our house off plan the show house insides were completed by the a-team. Decent plumbing fitted doors etc.
By the time they finished our house bodgit n scarper were on duty.

[Jake]

I've loved owning my own place, about 20 months now, but it's ridiculous how expensive everything is and how everything breaks all the time. It's more expensive than the budget calculators for sure.

[BobPaisley3]

Yes you do. Worst case scenario if you dont is they call call in the whole mortgage immediately.

https://aspenwoolf.co.uk/can-i-let-my-house-without-telling-my-lender/

Blimey, surely that’s an absolute worst case scenario. Worrying though.

[BobPaisley3]

How long have you lived in the house?

Nearly four years.

[BobPaisley3]

You should do but they may put you on there buy to let rate which can be a higher rate though you may have the option to switch it to interest only to reduce payments and boost your monthly income . I have a small mortgage on a flat I've rented out for years and no one has ever said anything about it .

I also know a lad who let out a property at Waterloo warehouse after he moved back into his mums house he inherited , a few years later the Halifax got wind and wrote to him saying he had to apply for consent to let . He wrote and they agreed and allowed him to stay on his fixed rate until the term was uo then he had to switch it to buy to let .

Yeah I’ve heard various different stories. The one you allude to re the Halifax sounds a lot more rational than a repossession, particularly if you’re keeping up repayments.

[gazzam1963]

Yeah I’ve heard various different stories. The one you allude to re the Halifax sounds a lot more rational than a repossession, particularly if you’re keeping up repayments.

It is the most likely outcome especially when your first reaction to them is " sorry , I  didn't know I had to tell you "

[Claire.]

It is the most likely outcome especially when your first reaction to them is " sorry , I  didn't know I had committed fraud "

[killer-heels]

Nearly four years.

Just phone and ask them to put you on a consent to let. Should be easy.

[DanFromMars]

What's thw likelihood of the bank knocking on your door?

 I'm about to get a buy to let to live in myself as my family are taking over my first property. If they did find me inside my buy to let I could just say I can't find a Tennant at the moment and don't want it getting broken into?  I've had to sign declarations that I'm going to rent it out but my intention was always to keep it for my main residence.

[rob1966]

What's thw likelihood of the bank knocking on your door?

 I'm about to get a buy to let to live in myself as my family are taking over my first property. If they did find me inside my buy to let I could just say I can't find a Tennant at the moment and don't want it getting broken into?  I've had to sign declarations that I'm going to rent it out but my intention was always to keep it for my main residence.

You need to remember that EVERYTHING about you is on a database somewhere and these databases get shared, so unless you continue to be registered at a different address for the entire life of the mortgage and that's council tax, electoral roll, bank account, credit cards, Satellite/Cable whatever, driving licence etc etc etc, then it will be obvious to them you are committing fraud. Even something as small as applying for school places for any kids you have/may have could flag it up.

[carl123uk]

Mortgage in principal sorted yesterday with the Halifax. We can go upto £220k but we won't be going that high I don't think

[Claire.]

What's thw likelihood of the bank knocking on your door?

 I'm about to get a buy to let to live in myself as my family are taking over my first property. If they did find me inside my buy to let I could just say I can't find a Tennant at the moment and don't want it getting broken into?  I've had to sign declarations that I'm going to rent it out but my intention was always to keep it for my main residence.

What? Why are you doing that? Surely a normal mortgage is cheaper?

[DanFromMars]

I have a normal mortgage on my first property and my whole family have moved in and now have nowhere to go including my mother. I'm letting them take over that property and pay the mortgage and I've decided to move out into a buy to let to live on my own. Just worried about the bank finding out now after hearing from posts above that they could come knocking. Hopefully they'll just accept the repayments and everyone is happy

[killer-heels]

I have a normal mortgage on my first property and my whole family have moved in and now have nowhere to go including my mother. I'm letting them take over that property and pay the mortgage and I've decided to move out into a buy to let to live on my own. Just worried about the bank finding out now after hearing from posts above that they could come knocking. Hopefully they'll just accept the repayments and everyone is happy

As Lfsea says, that is a really big risk.

[redbyrdz]

Can your family not move in your new house? Also, in addition to living yourself in a BTL house, you're also essentially lwtting out the not-BTL house...

[Millie]

Can you not convert your current home to BTL and then buy another home for yourself?

[DanFromMars]

I don't think so. It says that I'd agree to not let a relative rent the house out. Not sure about switching the two mortgages as I've recently gone on a new long term fixed rate.  My girlfriend MAY move in I'm thinking toward Christmas so could just all bills in her name and keep my name on all bills at my first place. 

[Claire.]

The thing is, and I've recently re-mortgaged myself so this is fresh in my head, they ask when you take it out that this is your main residence so I assume this is important and if circumstances change, they will want to know. It's probably fraud mate, be fucking careful.

I would phone them, explain the circumstances, say I planned on getting a buy-to-let but now my family need my original house so can I get permission to rent it out and then maybe use any equity there to sort out mortgage for a new property for myself to live in. It might take longer, but you won't be worried about it and have the potential to lose out in the long term.

http://www.thisismoney.co.uk/money/experts/article-2462805/Can-I-let-new-house-telling-lender.html

[Medellin]

Pretty much a dream day for me & me mrs.

Our endowment turned out to be only 8 ton short & today we settled & paid up our mortgage.
25 fucking years..absolutely made up.
Nerve wrecking watching all that dough get transferred.
Tge fizz/beer is flowing well tonight!

[kavah]

^ well in mate. Must be nice to pay off the  mortgage

[gazzalfc]

Picked up my keys last week. Was a far less painful experience than as I was expecting. Considering our offer was accepted back in May it was a drawn out process, especially considering the chain was waiting for tenants to move out.

Good thing about buying a rental is that all the paperwork is much better than a standard house (detailed gas and electric safety checks for example). Though a lot of cosmetic issues to fix.

Some tips that might help

If you can, open a Help to Buy ISA as soon as you can. Even if you're nowhere near ready to buy a house, makes it easier to set aside a monthly amount and the 25% bonus is nice to have when you eventually move in.

Solicitors are a slow step and can be annoying to deal with but nowadays it's all done through email. We never even met ours.

Mortgage brokers can really get you a good deal if you shop around. Went through L&C and they were really good. Got us a better deal than any of the high street banks.

A full building survey may seem like overkill in the middle of saving but always get one. In the long run it's better to know about potential issues before you move in.

[surfer. Fuck you generator.]

Pretty much a dream day for me & me mrs.

Our endowment turned out to be only 8 ton short & today we settled & paid up our mortgage.
25 fucking years..absolutely made up.
Nerve wrecking watching all that dough get transferred.
Tge fizz/beer is flowing well tonight!

 

[owens_2k]

I went to Halifax direct and they would only borrow me £120k.

I went through a broker and ended up with Leeds Building Society who would borrow me £250k.

[killer-heels]

I went to Halifax direct and they would only borrow me £120k.

I went through a broker and ended up with Leeds Building Society who would borrow me £250k.

That seems crazy.

[gazzalfc]

That seems crazy.

Brokers have access to a much wider range of mortgages that banks dont have. Especially when it comes to Fixed rate mortgages

I went into my bank after getting my mortgage and they asked what we got and as soon as we told them they said well done because they were in no position to match/beat it

Most of the high street banks play it too safe (with good reason).

[Medellin]

I went to Halifax direct and they would only borrow me £120k.

I went through a broker and ended up with Leeds Building Society who would borrow me £250k.

I was with Halifax & my experience with them wasn't great at all.
Their customer service was awful when i needed them most.

[rob1966]

Pretty much a dream day for me & me mrs.

Our endowment turned out to be only 8 ton short & today we settled & paid up our mortgage.
25 fucking years..absolutely made up.
Nerve wrecking watching all that dough get transferred.
Tge fizz/beer is flowing well tonight!

   Cracking position to be in.

Something a bit similar happened to us last week, wife came into a bit of money she was due, paid £32k off the mortgage, left us about £8k. She only bought the house in 2006 and was able to put £60k towards the purchase price. We remortgaged in 2011 and we've been dead lucky in that ISA's and a refusal to grant us planning permission for an extension freed up a load of savings, plus monthly overpayments meant we were able to reduce from £80k to the current amount in 7 years.

[Medellin]

Is right Rob good on you mate.
The Mrs don't know it yet but I'm about to go thro a mid life crisis & demand a Merc convertible! 

[killer-heels]

Brokers have access to a much wider range of mortgages that banks dont have. Especially when it comes to Fixed rate mortgages

I went into my bank after getting my mortgage and they asked what we got and as soon as we told them they said well done because they were in no position to match/beat it

Most of the high street banks play it too safe (with good reason).

Yeah but usually earning multiples are not that stark in difference.

[gazzalfc]

Yeah but usually earning multiples are not that stark in difference.

Yeah but Lfsea makes a good point. Your bank will know a lot more about about your financial history (credit score, overdraft behaviour etc) than what a broker types into his computer

[killer-heels]

Yeah but Lfsea makes a good point. Your bank will know a lot more about about your financial history (credit score, overdraft behaviour etc) than what a broker types into his computer

Thats fair enough but the poster didnt specify that Halifax was his bank.

[Claire.]

Yeah but usually earning multiples are not that stark in difference.

I got turned down for a mortgage by Halifax when I had a 15% deposit and only borrowing 1.3x my annual earnings because they considered me a 'risk' as I had moved, I'd lived in the previous address for 2.5 years They're picky as fuck. Went with Nationwide and they've been brilliant, bollocks to Halifax!