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Beigemaster

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About Beigemaster

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  1. *Off Topic" I personally wouldn't (indeed haven't) bought in S10 generally speaking. Think there's quite a lot of post code snobbery for S10 possibly because it's near the student areas where graduates/professionals are familiar with and so end up buying. We've had an offer accepted on a house in Hillsborough literally less than 1/2 mile from S10 (Hillsborough being S6) and the same house would be 50K+ more expensive if it was in S10.
  2. Thanks for the replies so far gents. Overpaying is definitely the way to go, the crux is how much to pay and how, as people have mentioned, having the cash available may prove to be more useful than chucking it all into the mortgage. Once again, boils down to how long rates will stay at these low levels. If I knew the SVR after 3 years would be considerably higher, then that would be the motivation to pay off as much as possible at the cost of not having an easily accessible cash sum. Minimum 6 months worth of payments does sound a very sensible idea. Thanks again,
  3. Hello all. First things first, I don't want this to turn into a thread where I have to spend the majority of if defending the fact that I am buying a house so here's the headlines/disclaimer -I have been on this site/forum for 3 years and are well aware of the arguments of renting vs buying etc. -I'm buying in South Yorkshire (Sheffield) where prices (in most areas) are much better value (relatively) -We've very kindly been given a deposit through the passing of a relative- all the more reason I'm trying to be prudent and careful with finances. We've officially received the mortgage offer and (with a bit of number crunching) I'm interested to hear people's opinion on whether I should overpay on the mortgage or not. Headline figures: £105,000 loan 25 year term. 3 year fix @ 2.29% = £460 per month SVR after 3 years (currently) 3.99% = £542 During the fix, can over pay up to 10% of the loan per year without incurring a charge. After the fixed period there are no over payment charges. So the question is, should I (while the rate is low) overpay as much as humanly possible during the fix period as we can overpay up to £10,000 a year. Although the 3.99% SVR is reasonably low now, I have no doubt (like most here) that will be considerably higher eventually, so obviously the idea would be to overpay while rates are low to not be caught out too much when the fix ends. OR, would it be wiser to simply pay into a savings account and simply have a lump some that could be used to pay down the capital as/when interest rates rise? Problem with that idea, is savings rates are low and I would be wary of a potential "bail in" attempt if the brown stuff hits the fan, so having a big lump sum lying around may not be the smart move. Plus, no one knows when rates will rise (only that they will) and we've no idea what "policies" the government will come up with to keep those who have over-borrowed or on IO mortgages over the next few years above water. The problem is it's hard to know what to do when the government keep melding and moving the goal posts all the time. To give an idea how much we could overpay. Our current rent is £650 so instantly there's £200 per month without changing lifestyle. I think we could stretch another £400 top of that if we kept an eye on our finances- and that is a realistic figure. Anyone have any thoughts or opinions on what I should do? I know there's a lot of number crunchers on here who speak with prudent knowledge and not the usual spend now/ worry tomorrow bullsh1t that most people seem to have adopted. Thanks in advance.
  4. I think I can more or less on speak on behalf on the entire UK outside of the M25 when I say, "F*ck off"
  5. Thanks for the responses- think it is just a vetting exercise as I've noticed the same instructions don't seem to be on ALL the properties they're selling. Looks like I'm not the only one who has spotted it though and I agree that it looks like a misrepresentation of the Property Misdescriptions Act 1991 http://www.sheffieldforum.co.uk/showthread.php?t=146819
  6. I'm copying and pasting directly from a Sheffield certain EA's Rightmove add Now, I'm sure that information would be very helpful to an EA by both 1.Trying to ensure you use their in house mortgage advisers/team 2. Establishing how much money you actually have, which would be extremely difficult to then make an offer significantly below the asking price. EG I have 200K in place looking at a 200K asking price that I want to offer 160K etc. Question is can they legally block you're offer from being passed on to the vendor? We all know there are many crappy EA's and this particular one I distrust even more. We were living in a place and the LL wanted to sell and requested 2 valuations. 1st one came in and was extremely thorough with measurements and even (shock horror) asked us mere tenants about the property (did it have any major problems etc) and valued it at a reasonable 150K. 2nd one came in, spent all of 5 minutes down stairs (didn't even look upstairs) and the only thing she told us about was her enormous property "portfolio" and said she could sell this for 170k so guess which one the LL went with? 2 Years later, it sold for 130K after she switched agents. This is the same woman who has valued a house I'm now interested in, so by definition I would be going much lower than the asking price but I don't see how/why that offer wont be passed on without any detailed "Financial information" or am I just being unreasonable?
  7. http://www.bbc.co.uk/programmes/b01s02x8 12:20 in- More or less spluttered on my cornflakes when I heard this piece this morning. The correspondent actually reported on (what everyone on hear knows is the flaming obvious!) is that the reason FTB can't afford the deposit is because house prices are too high and this scheme will set up a vested interest for the government to keep prices high therefore not solving the problem. I've noticed that point hasn't been made on the Beeb Website article though so obviously a little bit of hush hush still going on!
  8. http://www.rightmove.co.uk/property-for-sale/property-35156183.html?premiumA=true Less than a year ago, the original asking price was £175K, bearing in mind this is a very popular area. I fear though it will end up in another BTL portfolio.
  9. Because whether I rent/own/squat/share, I want to live somewhere that meets my personal standards and make the best of what I have. All other factors being equal, we'll have to rent for at least another 2 years before we're in a position to own, and I don't intend to spend that time living in a house where I know I could make vast improvements with small changes just because I don't own the house. IMO a rented house can/should still be a home, but I completely understand if people see things differently.
  10. Because whether I rent/own/squat/share, I want to live somewhere that meets my personal standards and make the best of what I have. All other factors being equal, we'll have to rent for at least another 2 years before we're in a position to own, and I don't intend to spend that time living in a house where I know I could make vast improvements with small changes just because I don't own the house. IMO a rented house can/should still be a home, but I completely understand if people see things differently.
  11. Hi all, yet another newbie here but thought I would share a story if those are in doubt of that HPCs are happening in different regions. After graduating, my wife and I rented a 3 bedroom terraced house in a well sought after area in Sheffield (Crookes) for 595pcm. My wife is a nurse by profession but should be an interior designer by hobby as she got this (not unpleasant but boring) house looking fantastic by just a few tweaks here and there (plus a massive amount of work I did on the garden). The landlady wasn't a career landlady, just happened to own this house while living with her partner somewhere else. So 9 months after we moved in (so June 2011) after a property inspection, the inevitable happened and the landlady obviously decided to cash in on our hard work and decided she wanted to sell the house. We obviously didn't want to rent a place where we might get turfed out and although the Rightmove Pics were taken at the time we were living there, we were gone by the time it went on the market. The original asking price was 175K. Since June 2011 she's had no tenants living there (I walk past it on my way to work) so has lost a year's worth of rental income and the asking price has now dropped to 140K Morals of the story, don't invest too much in a rented house unless you have a secure contract (I'd say 12 months) and, if you're in doubt, obviously 175 - 140 is a big drop (as I said, this is in a very popular area) but I expect it will fall further before it sells, so there are signs of readjustment.
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