House Prices are increasing!

[cully]

just a word of warning on overpaying your mortgage
yes do it as I am
i bought mine in 2001 over 25 years but im overpaying and i should pay mine off in 17 years
i will be 48 and mortgage free, hopfully as shit happens which always change plans

i couldnt overpay for the first fixed term, then i was limited to £300 overpayment, but now i have no limit a month

when you exit a fixed period, they adjust your payments to match your years remaining term.
so if you have been overpaying at the fixed term end, they will reduce your payments to get more interest out of you to extend your term to the original finish date

[Wor Jimmy]

Problem with rent though, is that its dead money. At least with a mortgage, you're working your way towards actually owning something.

Exactly this.

Saving at the moment for a deposit. Its a shit time to be buying a house. Yes these 5% deposit mortgages are good, but you need to be earning enough to make up the other 95% at 3.5x.

I'm waiting for a long lost relative who was a criminal and I never met to die and leave me a load of cash

They must be doing it different now to when i did it? me and my lass got the %5 morg 2 years ago (It was a test phase, only done by lloyds at the time)
Anyway. we put up %5, Government put up %5 Secured a Morg for %90. Repayments are £288 a month.. our rent was £420 No brainer.

Btw £60k for a 3 bedroom, MASSIVE garden. Large Garage. Large Penis. just seeing if anyone was still reading.

needs 10-15k spent on it to bring it up to date but same out next street over sold for £110k. once the market picks up... Free money! Yay.

[THE_Liam]

Same here. Making a profit for doing feck all

[Wor Jimmy]

Same here. Making a profit for doing feck all

Might even look to do the upgrades my self. save a little cash

[r3k1355]

Same here. Making a profit for doing feck all

It's only a profit if you move somewhere else or die.

Your house go's up, so does your neighbours and so does 'the next' house you want to move into.

So while you make money on your initial investment you also have to pay more for your next place - so you kinda do and do not make a profit.

[THE_Liam]

Same here. Making a profit for doing feck all

It's only a profit if you move somewhere else or die.

Your house go's up, so does your neighbours and so does 'the next' house you want to move into.

So while you make money on your initial investment you also have to pay more for your next place - so you kinda do and do not make a profit.

Not so in my case mate, I bought my house for less than half market value. I could sell my house tomorrow, pay off my mortgage and still have about 90 grand in hand.

[powerandtorque]

Not so in my case mate, I bought my house for less than half market value. I could sell my house tomorrow, pay off my mortgage and still have about 90 grand in hand.

Is there not a minimum ownership period on RTB properties to stop people from buying them and immediately selling them at a significant profit? I know that there is on the one that a friend of mine bought recently, but different councils might well have different rules for the scheme.

[r3k1355]

Not so in my case mate, I bought my house for less than half market value. I could sell my house tomorrow, pay off my mortgage and still have about 90 grand in hand.

That is true, forgot that.

How many years do you gotta live in an ex-council place before you're allowed to sell??

Edit just found on the Leeds council website:

If you sell your home within 5 years of having bought it from the council under
the right to buy scheme you will usually have to repay discount. Changing the
ownership to your home to include a family member or a partner will be a sale

If you sell your home within 10 years after having bought it from the council
under the right to buy scheme you will have to give the council the first option
of buying it back. If the council does want to buy your home back it will have
to pay you the market value

[THE_Liam]

Its 3 years, I think you can sell before that but you have to pay back the discount. Staying here for a good few years though, at least until the mortgage is paid off

[Seb_Ryan]

103K? That's got to be north of here

I'm not so obsessed with the idea of getting a mortgage and 'my own place' any more. Whilst it would be nice, it's quite restricting in that you're kind of stuck with the same place and its value could go up or down...

Rent is currently £715, always looking for somewhere cheaper...

South wales dude.. in my town houses range from 60k to 1.5 million for a nice 8 bed farmhouse etc