Gazumped

[kingandy]

Apparently, samharber has got bored with waiting for me to buy the house next to him, and is buying it himself (with a work colleague) to rent out. They're charging less than bacony and I are paying together right now, but bacony has already said she doesn't think the house there is large enough for the two of us to live in properly, and I don't think I want to pay that much by myself. Well, I could afford it, but it would curtail my frivolous spending somewhat. And anyway, it's a bad idea to have a mate as your landlord. I'll just have to find somewhere else to live when the contract runs out in June...

If only house-buying wasn't so daunting. It's not the expense, I'm reasonably sure I could afford it, it's just having to talk to a mortgage person, and a lawyer, and a surveyor and whatever the hell else and get it all organised ... if somebody would do all that for me and all I had to do was hand over the cash, I would probably have bought the house myself. I know that people are going to say that if Sam and Nook can manage it then it can't be that tricky, but that doesn't make it any less scary.

Oh well, I'm young yet. No need to rush into buying a house just because it's next door to my friends...

UPDATE: Having consulted with bacony, we have decided to see if Sam is still willing to rent to us. TO BE CONTINUMANUDE>

Comments

MOVE TO BOLTON, DANG YOU!!!

[pkgem.livejournal.com]

Move to Bolton. You don't have to move near Sam, you could move near me! And buy a cat!

I've successfully purchased houses twice now. Both times I got to purchase them as a first-time buyer (seems crazy but true). Both times I went via the Halifax. Both times I never read the small print; I know you should read the small print but generally it is written in legalese and doesn't make any sense anyway. I just trust to the Estate Agents, hand over cash, await confirmation, then move in. It's worked so far...
(OK, yesterday Paul and I discovered that Halifax fucked up our house insurance and that Halifax (who own us, I mean hold our mortgage, and arranged the house purchase) had insured the house we moved from all this time, not the house we were buying with them!. Luckily we weren't robbed in that time because if we had, I'd have sued them for incompetance - morons!)

Re: MOVE TO BOLTON, DANG YOU!!!

[kingandy]

Pah, you practically live within walking distance of Sam's. A long walk, to be partaken in the warmer months, but a walk nonetheless.

Re: MOVE TO BOLTON, DANG YOU!!!

[zheers.livejournal.com]

Check what type of morgage you have actually got.

I'm fairly sure we where never going to get an interest only morgage. cos they are a stupid idea. but hey, thats what I ended up with! (not any more tho, finally ditched the halifax)

Re: MOVE TO BOLTON, DANG YOU!!!

[ghostbritain.livejournal.com]

Andy, if you want we can look at some stuff in Bolton next week. Just a bit of a gander. Nothing too strenuous.
But it'll give you an idea of area and price, of house type and availability.

If it's sunny, mind...

Re: MOVE TO BOLTON, DANG YOU!!!

[pkgem.livejournal.com]

I think I do have an interest-only type of mortgage. The type were you pay of a set ammount towards your mortgage each month for the set period (25 years) and this is affected by interest rates and when the Halifax decide to put it up annually, until you threaten to move it. If that is an interest-only mortgage then that is what I have. Also, what I wanted; which may explain why our old mortgage (now yours) used to be one. Not that I remember demanding one but somehow Halifax must have listened to what I said. People do that sometimes; I've no idea why...

Re: MOVE TO BOLTON, DANG YOU!!!

[arwel.livejournal.com]

I'm not an IFA, and my recollection of such things is hazy...

Intrest only is where you only pay off the intrest of the ammount you borrow over the 25 year period and then you're still left oweing the value of your house. This is usually a bad idea. Typically you'd have an endowment or something to pay off the value of the house in the end.

With a repayment mortgage you actually pay off both the intrest as well as a chunk of the money you actually owe for the house each month. It's what we've got for our house, we've already payed off several thousand pounds in 23 years we will own it outright.

You then have fixed rate or variable rate mortgages, which dictate how your intrest is calculated. For a fixed rate intrest will be fixed for a set term, whilst a variable rate will usually fluctuate with the base intrest rate. Variable are cheaper but exposes you to the risk of intrest rate increases.

Re: MOVE TO BOLTON, DANG YOU!!!

[zheers.livejournal.com]

Dont think so. Interest only is just a cheaper form of rent isnt it? As in you only pay the interest off, not the actual outstanding balance.
I think these where introduced so that people could actually get on the property ladder.

Dont personnelly like the idea, as at the end of the 25 years it still isnt yours, just the increase in value of your house.

But I think I ended up on one once we split the morgage ( they didnt take your name off as i remember- it was effectively a whole new one - little bastards pulled a fast one )

moral of the storey - read the fine print. and always shoot IFA's as they come up the path

Re: MOVE TO BOLTON, DANG YOU!!!

[pkgem.livejournal.com]

Arse. Yes, we had a repayment mortgage and that's the type we asked for. Halifax are sneaky cunts for swapping the type of mortgage after we split it. Talk about taking advantage of people. I presume you have requested them to change the mortgage back to a repaymernt one?

Re: MOVE TO BOLTON, DANG YOU!!!

[zheers.livejournal.com]

Nope. I swapped to the HSBC for a repayment morgage to free up some cash so i could waste it on consolidating huge credit card debts, maybe a holiday if I don’t waste the money before June, and a car that far to far expensive :) :)
some things never change :)