The Pikey Life

[Xud Missile]

Do it! I lived in a bedford TK for 2 years. Get a wood burner and you're laughing, no issues with damp then. I had a toilet fitted but in the end ripped it out to make more room, I realised one day that I hadn't used it for months.

[Danny Wideboy]

http://www.travellerhomes.co.uk/?p=6594

My friends Green goddess, couldn't find any pics of my own. 

Now has an Iveco 75E15 engine in, was a 4.9 petrol 6 banger, bit too thirsty.

[THE_Liam]

I've just bought a small caravan for the odd weekend away, and nice though it is I wouldn't want to live in it. It doesn't hold much heat, and it's a bit cramped once you get it packed, and that's just with a weekends stuff...

Move up north, cheap as f*ck! Try Barnsley or Featherstone

A hell of a lot more than you'd get for 120k in Somerset: http://www.rightmove.co.uk/property-for-...miumA=true

70k for everything you want: http://www.rightmove.co.uk/property-for-...88499.html

[C.A.R.]

As my thread last year; I have returned to privately renting. With a young family and no savings in an expensive part of the country a mortgage deposit would have to have been gifted or inherited.

I pay just under £800 a month in rent alone for a 3 bed house which is a relative bargain. I don't see a problem with renting; you can't spend the money tied up in your property (not without re-mortgaging) and you can't take it with you when you die.

The emphasis on owning your own property is strong in the UK, we are a nation obsessed with owning. I'm content with what I've got and renting carries no risks. If you can rent AND save then buy a property when your LTV is closer to 70% your interest rate is going to be much more pleasant. These 95% mortgages are all well and good for getting people on the property ladder early but they're bloody expensive and young buyers are blinded by the overwhelming desire to "own" that they often don't do their research. Also, avoid these "help to buy" schemes like the plague, the only people getting help are the lenders who are helping themselves to your hard earned.money.

[Poodle]

No risks? Yeah, that's why i've had to move three times in as many years, each time with less than three months notice and not by my choice. It's a massive pita trying to get anything done around the house because i've got to ask the estate agents, who have got to ask the landlord, who has gpt to get around to looking at his emails before asking a question, which is passed on to us via the estate agents, assuming they remember, at which point we give an answer they invariably don't like and six weeks later eventually turn down the request. If renting was done properly over here like it is on the continent it'd be a lot easier, unfortunately most estate agents seem to be mostly made up of salesmen and girls who couldn't find anyone else to pay them to paint their nails and patronise customers all day.

Not that this is a personal bug bear or anything.

No, for the most part renting is miles below par as far as i'm concerned, the sooner i can buy the better. Those help to buy schemes definitely carry a shit-ton of small print though, be careful with them. And don't get me started on part-buy, part-let...

[lolsteve]

Renting does have benefits like not having to pay for repairs to stuff like the washing machine or oven which could be costly. But like Poodle said it can be a fucker when stuff needs doing, for example my current place had no hot water for a good few weeks and while we kept at the landlord to get it fixed he would send round people who were not up to the task and tended to make things worse.

[THE_Liam]

Thing is mate, if you choose not to buy you'll be paying rent forever. I've been putting extra into my mortgage since I took it out, and because of that I have about 9 years left on it. Even if I can't put any more extra in, it'll be paid off when I'm 36, and then I'll never have to pay rent again. That's £550 a month better off for the rest of my life.

As far as I can see, they make it too hard for you down south. A good mate of mine lives in Bow, and paid 325k for a tiny 1 bedroomed flat. That'd get you a 4 bedroom semi detached in a posh part of Leeds, or in one of the small towns around Leeds like Huddersfield or Castleford you'd be looking at a 5-6 bedroom detached!

[lolsteve]

f*ck the south

[Matt]

I lived in a caravan, I had an electric heater, microwave, a small oven, no water supply so used big 20l bottles, no toilet, had to use one on the campsite next door, same for showers.

Basically I wouldn't do it in winter, it's f*cking horrible. So cold you don't want to get out if bed to get dressed, that's even with a heater on all night. They don't insulate well, the heat escapes so quick.
And slightest bit of wind and you think the place is gunna flip.


But at the same time, during summer. It's amazing. Open windows, nice breeze feels beaut.


I know I'd rather not go back to a caravan. And mine was a pretty decent caravan, made inside to feel like an actual house

[nominous]

http://www.travellerhomes.co.uk/?p=6594

Thanks. Now how a new website to waste the day away looking at epic camper vans

The emphasis on owning your own property is strong in the UK, we are a nation obsessed with owning.  I'm content with what I've got and renting carries no risks. If you can rent AND save then buy a property when your LTV is closer to 70% your interest rate is going to be much more pleasant. These 95% mortgages are all well and good for getting people on the property ladder early but they're bloody expensive and young buyers are blinded by the overwhelming desire to "own" that they often don't do their research.  Also, avoid these "help to buy" schemes like the plague, the only people getting help are the lenders who are helping themselves to your hard earned.money.

Couldn't have put it better myself.
Renting is seen as some sort of stigma by some, yet that's the sensible thing to do for many. Rent and save. Renting cuts down the financial risks of not being able to afford the mortgage and loosing the house, or the commitment that stops a move to a better location/job. Generally speaking for the population as a whole, your 20's is the time you sent down roots and stop moving around. Later 20's and into 30's IMHO is the time to buy once you understand where you are going to be. Of course not all are the same. But times have changed from where people generally stayed in their locality.

But 95% and upwards mortgages are in part responsible for the last house price boom and bust.
If everyone can have a slice of the pie, the pie becomes more expensive when no one is making any more.
Till the point where people wake up and realise it's just pie and it's over priced.


And yes, the north/south divide.
If I wanted to work down south around london then my equivalent house would be at least another 200K I reckon.
The salary increase doesn't pay teh extra for teh mortgage so there is little point.

[tartboy]

The emphasis on owning your own property is strong in the UK, we are a nation obsessed with owning.  I'm content with what I've got and renting carries no risks. If you can rent AND save then buy a property when your LTV is closer to 70% your interest rate is going to be much more pleasant. These 95% mortgages are all well and good for getting people on the property ladder early but they're bloody expensive and young buyers are blinded by the overwhelming desire to "own" that they often don't do their research.  Also, avoid these "help to buy" schemes like the plague, the only people getting help are the lenders who are helping themselves to your hard earned.money.

In general house prices are consistently increasing, the problem with renting whilst saving for a house is that the house you would like to buy will be getting more expensive by the day. A 95% mortgage is how I bought my first house earlier this year, I had only recently qualified from university and only had a short period in which to save a deposit, there were 2 choices:

1. Take a 95% mortgage with a slightly elevated interest rate fix for 2 years
   
2. Save for another 6-12 months in order to get the additional deposit together
   

I went for option 1 and I'm thankful I did, I've owned the house for 9 months and it has increased in value by 12%. By using the help to buy scheme I have in theory 'saved' myself £25k as the property would've increased by this amount during the additional saving time, should I have chosen option 2. Yes, I'm paying £100 more per month for the first 2 years, but overall I'm substantially better off.

My mortgage cost is equivalent to the rent I would be paying if I had chosen option 2, so with the money I would've been saving I am instead overpaying my mortgage to ensure I have a better LTV when my 2 year fix is up.

In general I think you should get on the property ladder as soon as possible, even if you can only scrape together a 5% deposit.

---

Thing is mate, if you choose not to buy you'll be paying rent forever. I've been putting extra into my mortgage since I took it out, and because of that I have about 9 years left on it. Even if I can't put any more extra in, it'll be paid off when I'm 36, and then I'll never have to pay rent again. That's £550 a month better off for the rest of my life.

As far as I can see, they make it too hard for you down south. A good mate of mine lives in Bow, and paid 325k for a tiny 1 bedroomed flat. That'd get you a 4 bedroom semi detached in a posh part of Leeds, or in one of the small towns around Leeds like Huddersfield or Castleford you'd be looking at a 5-6 bedroom detached!

Hit the nail on the head  Yes, getting the deposit is very hard, but with buying there is a light at the end of the tunnel. With renting there is just rent increases due to property increasing in value.

And yes, it is tough down here 

---

Well, parents don't want me in the house much longer so considering living in a caravan as:

A) Theres f**k all to rent in my area at a decent price.
B) why the f***k not.


I've permission to use land where my caravan (and workshop, 205, 306 etc) is currently located providing I pay the electricity bill.

So, my current caravan has no working toilet, gas or water.

Water is avaliable from a spring (powered by an electric pump for lifting it) and I have mains electric extended out to the caravan.

I'm thinking microwave, TV, electric blanket, electric heaters, few clip on lights, couple of duvets, plastic chair with a hole cut out and umbrella attached (should it be raining when you want a shit, or go in a carrier bag / bucket combo in the caravan).

I would like to link some sort of water heater to the spring water avaliable. Such as a power shower attached to a wall with some pallets and plastic around. I also have access to massive 500L drums that I can move with the trakkkker should they be of any use (e.g. pipes getting frozen over and back up supply needed).

Just after some thoughts really, think there must be a few pikeys amongst us who can shine some light on the matter...

Have you considered trying to find the cheapest possible property to buy in your area? Even something like a Studio flat, just to get you going for a year or two?

[nominous]

In general house prices are consistently increasing, the problem with renting whilst saving for a house is that the house you would like to buy will be getting more expensive by the day.

In general historically, house price rises have always been followed by a massive drop and a bust situation with lots of people having to give up their homes.
Up till 2008 that was generally the way people thought and certainly the way the housing market had operated.
2008 taught us that you can't expect the status quo.

Take a 95% mortgage with a slightly elevated interest rate fix for 2 years

And take the risk that during your fixed rate the interest rate goes up dramatically (remember not 6 months ago oil was still very high and we had inflation, BoE was talking about interest rate rises) after your period ends and you don't have a high enough LTV to get a better rate. Thus your monthly payments go up.
It depends how much one stretches the monthly budget to get that 95% mortgage of course.
Point is that there is a down side related to affordability and it's clear that up to 2008 many people (generally those taking 95% mortgages and above) didn't think about affordability and the consequences.
It's not just cut and dry rent verses buy even if there are the same costs today. There are other factors to (should) consider.

My mortgage cost is equivalent to the rent I would be paying if I had chosen option 2, so with the money I would've been saving I am instead overpaying my mortgage to ensure I have a better LTV when my 2 year fix is up.

Which itself makes makes a lot of sense. However the 12% rise you've seen is not something you could have predicted. Wit the benefit of hindsight you've made the right decision, but at the time you could not have predicted a 12% rise, just as you cannot predicate what will happen in the next 15 months.
Given the rise you've seen it should hopefully result in a better LTV in 15 months time. Hopefully interest rates will still be low and house price deflation isn't taking place.
But your LTV still wont be into the sweet spot of 75-80% mortgage deals so you'll still be paying higher rates.
Plus the banks make take a dim view on highly leveraged property (due to current economic situation at that time) and despite whatever the base rate is, may further load the higher LTV because they see a bigger risk - again something that you cannot predict wont happen.

In general I think you should get on the property ladder as soon as possible, even if you can only scrape together a 5% deposit.

All folks circumstances are different. It's also got a lo to do with how you assess the potential risk and affordability if XYZ should take place and you either need to sell up or cannot afford to repay.

It's not just a cut and dry situation rent or buy.
One should weigh up not just what is best today, but what one feels the future holds and base such decisions on a forward outlook for 2,5,10 years time.

[Dum-Dum]

CAR you are absolutely daft if you think renting long term is a good idea.

Your rent will always go up but a mortgage will always stay about the same, look at what rents were 25 years ago when peoples parents were buying houses, they were probably less than half of what they are now.



The other thing is you will be renting for the rest of your life having to pay for rent out of your pension payments. In 23 years time (12 years before the current state pension age) I will have no more mortgage to pay making me £650 a month better off. That's a nice holiday every month or some serious savings for my eventual retirement.

Or there is a strong potential that with the fact I can retire early from work any time from age 55 (albeit on slightly reduced pay with not having a full 35 years contributions) I could actually afford to retire at that age whereas you are going to have to work a full decade longer to barely be able to afford to retire.

[silverzx]

Fek sake, literally only thing in my mind right now is finances, houses, renting, buying.

Moving north isn't an option, I simply don't want to. Although, f**k me that looks like a lot of house for £120k!

Still don't really know what to do..

[tartboy]

In general house prices are consistently increasing, the problem with renting whilst saving for a house is that the house you would like to buy will be getting more expensive by the day.

In general historically, house price rises have always been followed by a massive drop and a bust situation with lots of people having to give up their homes.
Up till 2008 that was generally the way people thought and certainly the way the housing market had operated.
2008 taught us that you can't expect the status quo.

Take a 95% mortgage with a slightly elevated interest rate fix for 2 years

And take the risk that during your fixed rate the interest rate goes up dramatically (remember not 6 months ago oil was still very high and we had inflation, BoE was talking about interest rate rises) after your period ends and you don't have a high enough LTV to get a better rate. Thus your monthly payments go up.
It depends how much one stretches the monthly budget to get that 95% mortgage of course.
Point is that there is a down side related to affordability and it's clear that up to 2008 many people (generally those taking 95% mortgages and above) didn't think about affordability and the consequences.
It's not just cut and dry rent verses buy even if there are the same costs today. There are other factors to (should) consider.

My mortgage cost is equivalent to the rent I would be paying if I had chosen option 2, so with the money I would've been saving I am instead overpaying my mortgage to ensure I have a better LTV when my 2 year fix is up.

Which itself makes makes a lot of sense. However the 12% rise you've seen is not something you could have predicted. Wit the benefit of hindsight you've made the right decision, but at the time you could not have predicted a 12% rise, just as you cannot predicate what will happen in the next 15 months.
Given the rise you've seen it should hopefully result in a better LTV in 15 months time. Hopefully interest rates will still be low and house price deflation isn't taking place.
But your LTV still wont be into the sweet spot of 75-80% mortgage deals so you'll still be paying higher rates.
Plus the banks make take a dim view on highly leveraged property (due to current economic situation at that time) and despite whatever the base rate is, may further load the higher LTV because they see a bigger risk - again something that you cannot predict wont happen.

In general I think you should get on the property ladder as soon as possible, even if you can only scrape together a 5% deposit.

All folks circumstances are different. It's also got a lo to do with how you assess the potential risk and affordability if XYZ should take place and you either need to sell up or cannot afford to repay.

It's not just a cut and dry situation rent or buy.
One should weigh up not just what is best today, but what one feels the future holds and base such decisions on a forward outlook for 2,5,10 years time.

I don't know how to do individual quotes 

There will always be uncertainty and a degree of risk but I try to think positively about the future with regard to property value, interest rates etc, otherwise I would've never done it! It's always important not to stretch yourself too far with your finances and thankfully I was well advised so I can afford the repayments, bills etc and have a good buffer for potential interest rate rises etc. 

At the end of the day if it all went tits up and I lost the house due to another recession or the like I would move back into rented and be no better / worse off than if I had been in rented accommodation the entire time. At least at this moment in time I am paying off a house of which, at some point in the future, I may own. and personally I prefer that to renting.

[Seb_Ryan]

I bought my 1st house in april.. Put 15% deposit as i had the money, was advised against 5% by the bank as interest rates are daft (i pay 3.08% fixed for 3 years) and got it up for sale now and looking to make around 8k profit. Onto the new house with a double garage and basement for 100k!

[nominous]

Tartboy, Please dont think I was "having a go at you" for the decisions you've made as that was not my intention.
Your circumstances are your own.
What I was aiming at was addressing some of the decisions and considerations that one should take before jumping into this as it's not just clear cut "renting is dead money" as some people suggest (beyond the forum).

You've made financial choices with consideration to a level that you are happy with. You've thought about the what if's as you say with a positive attitude. - Fact is you've thought about it as many folks who get in trouble clearly do not.
Personally I look at the what if's with a slightly more negative aspect (risk adverse is a better description) and It's worked up till now

PS: got to reuse the [ quote ] and tail with [/ quote ] within the main quote to nest them. Hit reply to just take a look at the post to see it in action.

look at what rents were 25 years ago when peoples parents were buying houses, they were probably less than half of what they are now.

And house prices 25 years ago were what compared to rent?
You need to look at factors such as average wages verses house prices and so on.
Wages were much lower 25 years ago too so it balances out to some degree.
The wage multiple is still tracking around 3-5 depending on how far you stretch and to what type of property. That's not changed much depending on what part of the country you are in.

The other thing is you will be renting for the rest of your life having to pay for rent out of your pension payments. In 23 years time (12 years before the current state pension age) I will have no more mortgage to pay making me £650 a month better off. That's a nice holiday every month or some serious savings for my eventual retirement.

One thing to do is to time things such that you take a lump sum from your pension to pay off the outstanding debt on your mortgage.
Since your pension will be tax free savings and the lump sum also tax free to a certain amount. Thus at least 20% discount on what the remaining debt may be.
Naturally you have to work all of this out and see if it works for your circumstances; it's not financial advice.

[tartboy]

I bought my 1st house in april.. Put 15% deposit as i had the money, was advised against 5% by the bank as interest rates are daft (i pay 3.08% fixed for 3 years) and got it up for sale now and looking to make around 8k profit. Onto the new house with a double garage and basement for 100k!

Oh yeah it's a no brainer if you've got a bigger depost, 5% is only viable if it's all you can afford. I wish I could get a house for that amount, double garage and basement would be about £300k where I live 

 

 

PS: got to reuse the [ quote ] and tail with [/ quote ] within the main quote to nest them. Hit reply to just take a look at the post to see it in action.

 

Testing, testing

[Uberderv]

Do it, save yer dosh. Your down souf anyway so its almost tropical most of the time Creature comforts are over rated. If it's cold in there put more clothes on, get a log burner and like you say you will be at t'missus parents on the weekend anyway.

[Dave]

I have thought to myself what it would be like to live in a home grown pad that I can create for myself. Oil burner, car radiators circulating hot water, possibly a diesel generator fuelly by waste oil into some old car batteries then an inverter for night time to power small electricals. Pad the place out completely with insulation, create an awening, get hold of some old wood and build a shed on the side of it. Create an oil stove duct the chimney to gather heat from it.

[Ruan]

I've considered this loads of times - unless you really plan to put effort in to do it, it'll be really crappy...

Way I'd do it, because I'm a geek, is to have a few computers running in there doing a few bits and bobs which will keep it dry and warm to a point, admittedly crap on power, but you'd spend it anyway. Insulate the absolute tits out of it, and yeah, oil burner etc... You could make it liveable and really quite nice... If you're prepared to put up with it, then you can save yourself an incredible amount of money doing it!

I rent atm, which gives me flexibility that I wouldn't have if I was to buy, not that I can really afford to buy quite yet... But I have always been tempted to live in a caravan, or get a small mortgage on a house boat... I have another friend who lives in a static on some land, it's warm and cosy, he's done it out quite nicely and I could happily live there, my only issue would be internet, but that's easily solvable tbh..

[todd1983]

Braver man than me lol. My rent is 875 pcm, but I'd rather that then a caravan, and I'd be able to power it for free lol

[silverzx]

Staple/nail gun and pillows/duvets = insulated.

[Ruan]

Staple/nail gun and pillows/duvets = insulated.

Lol, just go buy some massive sheets of Celotex - not expensive and insulates like hell. The biggest thing is to keep the floors warm, the walls are relatively easy to insulate, but if you stick a load of insulation under the floor and stop the heat being pulled out through the floor, it'll help massively with how warm the place "feels"....

[Toms306]

I don't think you'll get any noticeable heat from running a computer all day in there. At the weekends I tend to have the desktop on all day and now the xbox as well and its still cold and damp in here! About 16c and over 70% humidity by the evening, which is only 2c better than the morning. I have 3 exterior walls and a concrete floor though which is bad enough to try and heat, I just can't see you being able to heat a caravan adequately in winter. Only good thing will be the airflow though it should keep the mould away at least.

[Ruan]

I assume you mean idling... They won't be idling lol!

There should be a constant 150-200w pumping out of them at least for what I'm doing. If not more at times... Modern computers comsume naff all power really when idling compared to when they're at full load.

[silverzx]

Meh, heating isn't a massive concern, as far as I can see, log burner = job done.

I'll grab some pictures of the caravan when I'm next at it!

Also... As far as showering goes, I can go to gym before work, have a 30 min cardio session and use gym showers Mon-Thur then GF's parents Fri-Sun. When I say Fri-Sun, I'll probably end up there Tue as well.

[Dave]

You should set yourself up with as least something to shower with, nothing worse than really wanting a shower and not being able to. Even if its just a bucket shower.

[Uberderv]

This is what we used to use in the Army www.amazon.co.uk/Highlander-Solar-Shower-Black-Litres/dp/B0010A377C its surprising how warm it can get in the sun.

[THE_Liam]

Well I'm pretty surprised by how warm caravans are. Stayed in mine last night, just had a small 2 bar electric heater running which we switched off when we went to bed, got down to -4 in the night, so cold that I couldn't get in the car in the morning because the doors were frozen shut, and I had to get the site owner to pull the caravan up the hill on the way out with his tractor because it was just a sheet of ice. Still quite warm when I got up in the morning about 7, still nice and dry too, but that's a small caravan with 2 in it, maybe body heat helps.