Bloo Loo Posted September 1, 2010 Share Posted September 1, 2010 I work in the oil industry i have got a 3 year contract paying 800USD per day on a 28/28 day rotation, i will have cash to buy should i desire but it would be a case of throwing money away to buy outright, hence im curious as to whether people agree with me that to borrow at such low rates is a good opportunity. The situation with the baby is not so simple, im trying to do the decent thing and am putting all my hard earned savings that i got off my ass and physically earned into this so please can you offer some decent advice. I think you'll find 2.99% is cheaper than 4.99%. and buying outright is cheaper still. Have you tried looking at Aberdeen? or Maidstone? Quote Link to comment Share on other sites More sharing options...
BuyInOxford Posted September 1, 2010 Share Posted September 1, 2010 I think you'll find 2.99% is cheaper than 4.99%. and buying outright is cheaper still. Have you tried looking at Aberdeen? or Maidstone? Of course but 4.99 over 10 years offers stability, who knows what rates will be in 2 yrs once the 2.99% deal finishes Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted September 1, 2010 Share Posted September 1, 2010 Of course but 4.99 over 10 years offers stability, who knows what rates will be in 2 yrs once the 2.99% deal finishes what do you care. you have cash. Quote Link to comment Share on other sites More sharing options...
kilroy Posted September 1, 2010 Share Posted September 1, 2010 Im looking at this place to be where my child will spend her entire childhood I work in the oil industry i have got a 3 year contract paying 800USD per day on a 28/28 day rotation, i will have cash to buy should i desire but it would be a case of throwing money away to buy outright, hence im curious as to whether people agree with me that to borrow at such low rates is a good opportunity. The situation with the baby is not so simple, im trying to do the decent thing and am putting all my hard earned savings that i got off my ass and physically earned into this so please can you offer some decent advice. And yes i know that prices will fall in relation to wages in one way or another over the coming years. I think that ybs 5 yr offset looks ok at 4.09% (you may be able to get a 10 yr offset via accord mortgages, but i believe these are broker only, but no harm in approaching directly and angling for a discount). Currently I think that 10yr fix at 4.99% is too expensive given swaps are at 2.9%. I would expect them to be at around 4.3 - 4.5% currently. Quote Link to comment Share on other sites More sharing options...
easy2012 Posted September 1, 2010 Share Posted September 1, 2010 I did, 10 year repayment. even a simple estimate tells you its £11500 per year in capital repayments alone ( flat rate) @BL - Obviously most people will go for repayment over 25 years mortgage with 10 years at fixed rate then SVR. @Buying in Oxford: If you can scrap another £10k (or bring down the price) to 60% LTV, HSBC has a deal on just 2.19% on Life time tracker. Personally, I would go for tracker type deal because if interest rate go up it means the economy is doing very well (especially given these BoE lot bias on growth vs stability). When you say good school - are you after independent or state schools? Most part of Oxford are ok (except city center at nigh fall) and the areas east of Windmill lane in Headington (greater lays etc). In Abingdon, the north part if closer to Oxford and is better as well. £175k doesn't really go very far in Oxford and I seldom see any repo in Oxford. There are some repos east of Headington Windmill lane sometimes but those area doesn't normally fit the requirements you stated. Saw one 700sqf (very small) 2 bed flat with £1000+ service charge per year in a better area was SSTC at £200k. Kidlington has very little shop (have you been to Kidlington town center?) and there are many houses who were lived in traditionally by people with lower income (but some of them are now bought up, do a bit of improvement and on the market for 300-400k). The nicer part of Kiddlington are around the Mills Lane area. I suppose you can look at Yarnton as well (next to Kidlington) or Kennington (also a cheaper village but probably better to stay off Kennington road) and go for the residential area (again no shop in kennington). Quote Link to comment Share on other sites More sharing options...
BuyInOxford Posted September 1, 2010 Share Posted September 1, 2010 Thanks for that easybetman. My worry of going with a tracker mortage is that if BOE interest rates rise due to inflation or if the govt AAA rating is lowered, i could be paying who knows what in the future as no one really knows whats going to happen with the economy, i was thinking of a fixed rate more for peace of mind then anything else. Ive seen some places advertised in Headington, i believe this is near to where the John Radcliffe hospital is, i thought it looked like an average area but are you saying its best avoided or just that certain part. Ive been to Kidlington several times and it seems quieter, but it is very expensive and 175k only seems to get a small 2 bed house ideally id like 3 or at least a place that has the potential to add a 3rd bedroom in the loft/garage etc... But what amazes me is the prices have gone up since 07/08 it doesnt look according to houseprices.co.uk that there has been any dip at all, would you have any idea if this is likely to change in this area in the future ... as im not from that area i dont know anyone on the ground hence have no true idea as to how the local market is. Cheers buyinoxford! Quote Link to comment Share on other sites More sharing options...
easy2012 Posted September 1, 2010 Share Posted September 1, 2010 My worry of going with a tracker mortage is that if BOE interest rates rise due to inflation or if the govt AAA rating is lowered, i could be paying who knows what in the future as no one really knows whats going to happen with the economy, i was thinking of a fixed rate more for peace of mind then anything else. That is what BOE want people to believe and that is what they say and that is how it should be as well. The reality is that BoE does what the government wants it to do and 10 years fixed rate means you cannot get out of the deal (ok, portable means you have to buy somewhere, even if you don't want to, within 6 months of selling or so). This means you cannot take up a job at Gulf Of Mexico or Dubai (a friend just escaped there) even if you want to (ok, you can let it out, but that is a different story). BoE rate is not strictly inflation linked and they can also fight inflation through administrative measures without raising rate (oh yes, it is a game where someone will win and someone will loose, at the whim of someone in Whitehall/Threadneedle.). It is unknowable as we cannot read the policy makers' mind but it is not plainly inflation or not question. Asian countries managed to keep rates under rate of inflation for over a decade since 1997 crisis. Your choice.. Ive seen some places advertised in Headington, i believe this is near to where the John Radcliffe hospital is, i thought it looked like an average area but are you saying its best avoided or just that certain part. JR areas are ok and it is also close to Marston (an area with £400k terraces) and JR is before Windmill lane. I would avoid areas after Windmill lane in general. Ive been to Kidlington several times and it seems quieter, but it is very expensive and 175k only seems to get a small 2 bed house ideally id like 3 or at least a place that has the potential to add a 3rd bedroom in the loft/garage etc... Personally I think they are crazy to ask what they are asking in Kidlington (other than Mill ends areas). But what amazes me is the prices have gone up since 07/08 it doesnt look according to houseprices.co.uk that there has been any dip at all, would you have any idea if this is likely to change in this area in the future ... as im not from that area i dont know anyone on the ground hence have no true idea as to how the local market is. Cheers buyinoxford! That is right no dip. But transaction in less interesting areas (OX1 Kennington, Ox5 kiddlington) has drop to about 1/5 of 2007. Basically, it is transacting at the margin and only those who really have to buy are buying (and there appeared to be far more of people in this group than those who are force to sell). Remember that you are buying space and location and neighbours. Do you really need to be in Oxford ? Quote Link to comment Share on other sites More sharing options...
BuyInOxford Posted September 1, 2010 Share Posted September 1, 2010 Remember that you are buying space and location and neighbours. Do you really need to be in Oxford ? Mother of baby has an ok job in Oxford and friends in the area plus her extended maternity leave is over March 2011. But Oxford seems nice enough and potentially is a good place for a child to grow up, its one of the few places in England that is not totally bastardised and has a bit of character imo. This place in Kidlington looks ideal despite only being 2 bedrooms unfortunately its sold STC. http://www.mouseprice.com/property-for-sale/ref-3677910 Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted September 1, 2010 Share Posted September 1, 2010 @BL - Obviously most people will go for repayment over 25 years mortgage with 10 years at fixed rate then SVR. snip nothing obvious to me...the man said he wanted a 10 year fix, he earns a packet and needs advice. We had the rest of the life story, so why assume 25 years... Quote Link to comment Share on other sites More sharing options...
BuyInOxford Posted September 6, 2010 Share Posted September 6, 2010 It would seem the estate agents in this area are absolutely booming and dont need my business, ive emailed about 7 agents regarding different property, and only 1 has replied. Granted im out the country, however they've my email address and phone number here in sunny Thailand. But potentially several thousand pounds in commission must be at least worth 1 email or call. Quote Link to comment Share on other sites More sharing options...
fallingbuzzard Posted September 7, 2010 Share Posted September 7, 2010 The desire to buy a property is surely also worth a call, from you to them! It would seem the estate agents in this area are absolutely booming and dont need my business, ive emailed about 7 agents regarding different property, and only 1 has replied. Granted im out the country, however they've my email address and phone number here in sunny Thailand. But potentially several thousand pounds in commission must be at least worth 1 email or call. Quote Link to comment Share on other sites More sharing options...
newbie Posted September 8, 2010 Share Posted September 8, 2010 Are there many auctions in Oxford? Who runs them? Quote Link to comment Share on other sites More sharing options...
thegirlfrommarz Posted September 8, 2010 Share Posted September 8, 2010 [...] JR areas are ok and it is also close to Marston (an area with £400k terraces) and JR is before Windmill lane. I would avoid areas after Windmill lane in general. easybetman - what on earth are you talking about?? There is no such road as Windmill Lane in Headington (it's Windmill Road) and some of the roads to the east of Windmill Road are some of the nicest in Headington (Ramsay Road, for example). The most expensive bits of Headington are probably Sandfield Road and Staunton Road, but they're way above BuyInOxford's price range. Marston is certainly less desirable than the nice bits of Headington - what part of Oxford do you live in?? BuyInOxford - I would avoid Barton, Rose Hill, Blackbird Leys (and Greater Leys) as they are pretty dodgy areas. Anywhere in North Oxford is good, but you won't be able to afford more than a flat. You're probably going to have to look outside Oxford with £175K budget as you'll be lucky to get a house for that in a good area. Abingdon is nice enough. Try some of the villages - ones with good bus or rail links in to Oxford will be pricier, but it's generally worth it (traffic into Oxford during rush hour can be hideous). Kidlington is okay and has shops (again, not sure what easybetman is talking about!), not to mention excellent bus links into the centre of Oxford via the 7A/B and the 2. Somewhere like this in Eynsham might suit: http://www.rightmove.co.uk/property-for-sale/property-26797291.html The vendors put it up from £170K to £199K in July, but it has not been on the market long, so if they find they aren't getting offers they might be willing to come down in price. Quote Link to comment Share on other sites More sharing options...
easy2012 Posted September 8, 2010 Share Posted September 8, 2010 (edited) easybetman - what on earth are you talking about?? There is no such road as Windmill Lane in Headington (it's Windmill Road) and some of the roads to the east of Windmill Road are some of the nicest in Headington (Ramsay Road, for example). The most expensive bits of Headington are probably Sandfield Road and Staunton Road, but they're way above BuyInOxford's price range. Marston is certainly less desirable than the nice bits of Headington - what part of Oxford do you live in?? BuyInOxford - I would avoid Barton, Rose Hill, Blackbird Leys (and Greater Leys) as they are pretty dodgy areas. Anywhere in North Oxford is good, but you won't be able to afford more than a flat. You're probably going to have to look outside Oxford with £175K budget as you'll be lucky to get a house for that in a good area. Abingdon is nice enough. Try some of the villages - ones with good bus or rail links in to Oxford will be pricier, but it's generally worth it (traffic into Oxford during rush hour can be hideous). Kidlington is okay and has shops (again, not sure what easybetman is talking about!), not to mention excellent bus links into the centre of Oxford via the 7A/B and the 2. Somewhere like this in Eynsham might suit: http://www.rightmove.co.uk/property-for-sale/property-26797291.html The vendors put it up from £170K to £199K in July, but it has not been on the market long, so if they find they aren't getting offers they might be willing to come down in price. Hi TheGirlFromMarz, Oh... I meant Windmill road and I was careful to qualify after windmill road 'in general'. I agree Ramsay Road is nice. Don't normally like after windmill because of traffic (traffic is already bad in headington and anything after windmill just adds a lot longer to it). Areas like Jack Straw's, Sandfield all before Windmill (Ok... i know the price tag...). There really isn't that many shops (of course there are shops) in Kiddlington town. 1 coop, 1 tesco metro, 1 iceland, a few estate agents (why so many of them there?) and a smallish shopping center. I suppose this is subjective. @BuyInOxford : Go to Google Streetview and make up your own mind (you may disagree with me). Edited September 8, 2010 by easybetman Quote Link to comment Share on other sites More sharing options...
ReJoyce Posted September 9, 2010 Share Posted September 9, 2010 (edited) You may be interested in the following East of Oxford village anecdotal ... This came on today with Chancellors Headington, viewings commence on the 18th. http://www.rightmove.co.uk/property-for-sale/property-27619627.html Last Sold in early 2009 for £360k - current owners have done a lot of internal work from memory of the house in 2009 but no extension, just swapped a perspex roof for a flat one: http://www.southoxon.gov.uk/ccm/planning/ApplicationDetails.jsp?REF=P09/W0558/RET&MAP=NO I started a discussion as my max. budget is £500k - estate agent had a bit of a laugh - already have 4 bookings lined up for the 18th, and they expect close to asking. Things are booming for Chancellors - lots of interet in all their properties, might be slow nationally but not in Oxford blah blah Anyway back to the house above ... As I said, I am renting with deposit and mortgage in place, so are half the other interested parties came the reply. Anyway booked a viewing for 20th - EA's parting shot "it is probably worth booking you in, but I will ring you if it has already sold." You've got to love them. cheers J Edited September 9, 2010 by ReJoyce Quote Link to comment Share on other sites More sharing options...
easy2012 Posted September 9, 2010 Share Posted September 9, 2010 (edited) You may be interested in the following East of Oxford village anecdotal ... This came on today with Chancellors Headington, viewings commence on the 18th. http://www.rightmove.co.uk/property-for-sale/property-27619627.html Last Sold in early 2009 for £360k - current owners have done a lot of internal work from memory of the house in 2009 but no extension, just swapped a perspex roof for a flat one: http://www.southoxon.gov.uk/ccm/planning/ApplicationDetails.jsp?REF=P09/W0558/RET&MAP=NO I started a discussion as my max. budget is £500k - estate agent had a bit of a laugh - already have 4 bookings lined up for the 18th, and they expect close to asking. Things are booming for Chancellors - lots of interet in all their properties, might be slow nationally but not in Oxford blah blah Anyway back to the house above ... As I said, I am renting with deposit and mortgage in place, so are half the other interested parties came the reply. Anyway booked a viewing for 20th - EA's parting shot "it is probably worth booking you in, but I will ring you if it has already sold." You've got to love them. cheers J Hi ReJoyce, Never say never but to make you feel better.... http://www.rightmove.co.uk/property-for-sale/property-25514476.html marketed by chancellor jand ust being delisted today because it is not selling. (You can see the full PropBee history). It was bought £418k 2005 and then asking £550k Jun 2010 (nothing done to it as far as I can tell) Some one fell for it but I suspect that the Bank did not agree... so back in market and now delisted. I do think Chancellor is reasonably busy as they used to ring people round when they are not. Also, if one looked at landreg data, houses sold in 2007 when resold in 2010 fetches a price of +5%. So, if bought at bottom of 2009, it would fetch around +10% in prime areas. For this one, I think it is out of order (but did you ask if they discover some gold or silver in the yards perhaps ?) Edited September 9, 2010 by easybetman Quote Link to comment Share on other sites More sharing options...
ReJoyce Posted September 10, 2010 Share Posted September 10, 2010 Hi ReJoyce, Never say never but to make you feel better.... http://www.rightmove.co.uk/property-for-sale/property-25514476.html marketed by chancellor jand ust being delisted today because it is not selling. (You can see the full PropBee history). It was bought £418k 2005 and then asking £550k Jun 2010 (nothing done to it as far as I can tell) Some one fell for it but I suspect that the Bank did not agree... so back in market and now delisted. I do think Chancellor is reasonably busy as they used to ring people round when they are not. Also, if one looked at landreg data, houses sold in 2007 when resold in 2010 fetches a price of +5%. So, if bought at bottom of 2009, it would fetch around +10% in prime areas. For this one, I think it is out of order (but did you ask if they discover some gold or silver in the yards perhaps ?) Saw that one on Cumnor Hill, they also have a couple in Wheatley that doen't seem to be going anywhere. I do not always believe it when Chancellors change a property from STC to Available, this one is still STC: http://www.rightmove.co.uk/property-for-sale/property-26878534.html They did the same to a friend - he had to write to them to force them to remove his place from Rightmove - I don't really understand what they hope to achieve with this tactic. I think it is the decor and windows, have a look at the street view - it looked rough as hell when it sold last time - give them their due it looks pretty good. That said a room with a 7'10" dimension isn;t a double isn my book! cheers J Quote Link to comment Share on other sites More sharing options...
easy2012 Posted September 10, 2010 Share Posted September 10, 2010 Saw that one on Cumnor Hill, they also have a couple in Wheatley that doen't seem to be going anywhere. I do not always believe it when Chancellors change a property from STC to Available, this one is still STC: http://www.rightmove.co.uk/property-for-sale/property-26878534.html They did the same to a friend - he had to write to them to force them to remove his place from Rightmove - I don't really understand what they hope to achieve with this tactic. I think it is the decor and windows, have a look at the street view - it looked rough as hell when it sold last time - give them their due it looks pretty good. That said a room with a 7'10" dimension isn;t a double isn my book! Hi Rejoyce, Can you elaborate on what do you mean by "you don't believe it when C change a property from STC to available ?" Do you mean that a property has been sold but they still advertise it ? Or that the vendor has fire C but C still advertise the property ? Thanks Quote Link to comment Share on other sites More sharing options...
ReJoyce Posted September 11, 2010 Share Posted September 11, 2010 Hi Rejoyce, Can you elaborate on what do you mean by "you don't believe it when C change a property from STC to available ?" Do you mean that a property has been sold but they still advertise it ? Or that the vendor has fire C but C still advertise the property ? Thanks I have several historic and one current example of C shifting a house from STC to Available even though the house is still STC, even past exchange in several cases: The one in the link below is currently STC, at least it is if you phone Chancellors up! http://www.rightmove...y-26878534.html I can only assume they are trying to get more buyers on their books? Have a few other stories but not going to post them! Their other fav. is to claim a sale that never appears on the land reg ... cheers J Quote Link to comment Share on other sites More sharing options...
easy2012 Posted September 11, 2010 Share Posted September 11, 2010 I have several historic and one current example of C shifting a house from STC to Available even though the house is still STC, even past exchange in several cases: The one in the link below is currently STC, at least it is if you phone Chancellors up! http://www.rightmove...y-26878534.html I can only assume they are trying to get more buyers on their books? Have a few other stories but not going to post them! Their other fav. is to claim a sale that never appears on the land reg ... cheers J Thanks J. It is pretty weird for them to do that, especially past exchange. I had an experience with one of the C (and not all Oxford C are the same, some branches are better than the others) where a house was advertise as available but on ringing them, they told me it was sold. So.. yes, I know what you mean. For "Available but actually STC," Chancellor certainly can't be short of properties on the book and indeed, don't know what there are trying to achieve.. I think the estate agency game has changed now - there is no real need to have buyers on the book really. People just go on RM and if it is the right house, people will ring the EA up and the house will be sold. Quote Link to comment Share on other sites More sharing options...
ReJoyce Posted September 11, 2010 Share Posted September 11, 2010 I think the estate agency game has changed now - there is no real need to have buyers on the book really. People just go on RM and if it is the right house, people will ring the EA up and the house will be sold. The only thing I wondered about was if the EAs in the office are partially performance measured by the number of people on the books / email list? They were very keen to email me! Other possible is it is a statistic to help get instructions from sellers, sort of "use uus we have X people on our books, and Y of them want a house at this price" cheers J Quote Link to comment Share on other sites More sharing options...
fallingbuzzard Posted September 11, 2010 Share Posted September 11, 2010 Available on Rightmove but sold on ringing means go and ask the seller whether its sold or not. Agents do hold back properties for their own buying clients. They get 1.5% commission on the buyer side so its double as nice when you can get the seller commission at the same time. Thanks J. It is pretty weird for them to do that, especially past exchange. I had an experience with one of the C (and not all Oxford C are the same, some branches are better than the others) where a house was advertise as available but on ringing them, they told me it was sold. So.. yes, I know what you mean. Quote Link to comment Share on other sites More sharing options...
easy2012 Posted September 12, 2010 Share Posted September 12, 2010 (edited) Oxford City (but suburbs are ok) will suffer quiet heavily from spending cuts (according to the BBC ladder) http://www.bbc.co.uk/iplayer/episode/b00tr35q/The_Spending_Review_The_South_Today_Debate/ and map here: http://www.bbc.co.uk/news/business-11233799 Edited September 12, 2010 by easybetman Quote Link to comment Share on other sites More sharing options...
ReJoyce Posted September 14, 2010 Share Posted September 14, 2010 Available on Rightmove but sold on ringing means go and ask the seller whether its sold or not. Agents do hold back properties for their own buying clients. They get 1.5% commission on the buyer side so its double as nice when you can get the seller commission at the same time. Did wonder if that was happening, especially on places that need work. Any tips on flushing that sort of activity out? cheers J Quote Link to comment Share on other sites More sharing options...
BuyInOxford Posted September 15, 2010 Share Posted September 15, 2010 Are there many auctions in Oxford? Who runs them? Yes i curious to know this, the only auction house in the area that ive managed to find via google has a website that doesnt work. Stones Property Auctions Chalford Court Chipping Norton, Oxford, Oxfordshire OX7 5GQ http://www.stonesauctions.com Quote Link to comment Share on other sites More sharing options...
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