Chris C
Member
Registered: 2nd Jan 05
Location: Hemel Hempstead
User status: Offline
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quote:
Originally posted by Steve
Bought this light fitting from Next for the dining area, probably not up to cs standards
[Edited on 17-03-2016 by Steve]
The stripes going the wrong way over the nosing of that step is upsetting me
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Steve
Premium Member
Registered: 30th Mar 02
Location: Worcestershire Drives: Defender
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Who cares, its my parents house.
Some more info on help to buy equity loan as I had it wrong.
You dont have to pay anything back on it, however you can choose to if you wish for the first 5 years its interest free if you can pay it off in that time.
On year 6 you get charged a 1.75% fee per year.
If you dont pay any of it back ever, when you sell the house the govt just take there share back from the house sale.
The good thing is if the house prices tumble they also take a hit with how much they get back if you havent paid any of the equity loan off
[Edited on 17-03-2016 by Steve]
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Nic Barnes
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Registered: 5th Apr 04
Location: nowhere near ginger people
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It's a gamble by the government. I think hey hope most won't pay it back and the prices keep going up. You think that's what you will do? It's a lot to pay back if ou have to. 270k mortgage for your first house is impressive.
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whitter45
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Registered: 15th Nov 02
Location: Norton
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They can't lose surely because if house prices drop the house will still be worth more than the deposit they have paid
Surely it's you who takes the hit as they will just recover the 70k and you will have less than what your mortgaged for leaving you on serious negative equity
[Edited on 17-03-2016 by whitter45]
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Steve
Premium Member
Registered: 30th Mar 02
Location: Worcestershire Drives: Defender
User status: Offline
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Nah they don't take 70k regardless. They take the same hit you do. If the prices drop 10 percent so does their equity loan
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Cavey
Member
Registered: 11th Nov 02
Location: Derby
User status: Offline
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Sounds like roughly the same as the deal we got Steve. 70/30. Homebuy direct scheme.
Ours was valued at 190. We got a 123k mortgage with a 10k deposit. Government gave 53k. Just hit year 6 and paying 83 quid a month in interest on the government section.
House is valued at around 220-230 (based on the neighbours selling) so if we sold we'd make a tidy amount. Got lucky with the estate too. Only got 10 or so council houses. They are near us but in fairness we've had no problem with them. We're essentially the scum of the estate and we're nice people.
Next door is being rented out for 999 a month. Our total payments are 510 p/m (obviously we can't let it due to the deal though. But nice to know we've done well)
[Edited on 18-03-2016 by Cavey]
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whitter45
Member
Registered: 15th Nov 02
Location: Norton
User status: Offline
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quote:
Originally posted by Steve
Nah they don't take 70k regardless. They take the same hit you do. If the prices drop 10 percent so does their equity loan
That's great news Steve works well for the buyer
How longs Your term
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Steve
Premium Member
Registered: 30th Mar 02
Location: Worcestershire Drives: Defender
User status: Offline
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30yr
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Steve
Premium Member
Registered: 30th Mar 02
Location: Worcestershire Drives: Defender
User status: Offline
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actually says 29 on the docs for some reason
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Nic Barnes
Member
Registered: 5th Apr 04
Location: nowhere near ginger people
User status: Offline
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Shit the bed, you will be 70 by the time you've paid it off
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Jimbothebarbarian
Member
Registered: 19th Apr 07
Location: Cumbria..........drunk..
User status: Offline
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quote:
Originally posted by Nic Barnes
Shit the bed, you will be 70 by the time you've paid it off
Be okay as retirement age will be 80 by then..
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Steve
Premium Member
Registered: 30th Mar 02
Location: Worcestershire Drives: Defender
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Nah will seek a new deal in 2 years time can easily shorten it then
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Cavey
Member
Registered: 11th Nov 02
Location: Derby
User status: Offline
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We got a 35 year term  (paid by the time I'm 62 if we stick with it)
Same idea as Steve. Kept payments low for the first few years. Idea is we earn more in future and shorten the term.
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Jimbothebarbarian
Member
Registered: 19th Apr 07
Location: Cumbria..........drunk..
User status: Offline
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I swap around every couple of years. Can save a few bob and knock years off the term.
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Steve
Premium Member
Registered: 30th Mar 02
Location: Worcestershire Drives: Defender
User status: Offline
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This house is definitely built not bought
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Nic Barnes
Member
Registered: 5th Apr 04
Location: nowhere near ginger people
User status: Offline
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Mine is over 20 years but again it will be remortgaged in 2 years like what you will do Steve. Hoping to get it a little bit cheaper.
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Cole
Member
Registered: 11th Nov 02
Location: eastbourne Drives:zafira sold now a qashqai
User status: Offline
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just got 1.79% on my mortgage was happy with that rate but then having 100k in equity helps oh how I love an ex council house
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Ojc
Member
Registered: 14th Nov 00
Location: Reading: Drives : Clio 197
User status: Offline
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quote:
Originally posted by Cole
just got 1.79% on my mortgage was happy with that rate but then having 100k in equity helps oh how I love an ex council house
Don't let Steve hear you say that 
Bloke lives inside a bubble where by if it's not black and white it's wrong
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Cole
Member
Registered: 11th Nov 02
Location: eastbourne Drives:zafira sold now a qashqai
User status: Offline
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quote:
Originally posted by Ojc
quote:
Originally posted by Cole
just got 1.79% on my mortgage was happy with that rate but then having 100k in equity helps oh how I love an ex council house
Don't let Steve hear you say that
Bloke lives inside a bubble where by if it's not black and white it's wrong
mine was right to buy house was valued at 160k got 80k discount so mortgage iwas only 80k had it for 2 yrs now 3 yrs to go and the equity becomes all mine. I don't know any other houses where you can make that amount of profit in 5 yrs.
[Edited on 20-03-2016 by Cole]
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Ben G
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Registered: 12th Jan 07
Location: Essex
User status: Offline
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Mines increased in price by about 75k since I bought mine 6 years ago. It means I also have 100k equity in my property, though we didn't use any right to buy rubbish.
I think we got our stamp duty paid for at the time of purchase. Saved us about £1700 or so.
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whitter45
Member
Registered: 15th Nov 02
Location: Norton
User status: Offline
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quote:
Originally posted by Ben G
Mines increased in price by about 75k since I bought mine 6 years ago. It means I also have 100k equity in my property, though we didn't use any right to buy rubbish.
I think we got our stamp duty paid for at the time of purchase. Saved us about £1700 or so.
all good, but if your wanting to move up the ladder properties higher up have increased at the same % if not more making them very expensive - we are finding this out now when looking at options to move
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Ben G
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Registered: 12th Jan 07
Location: Essex
User status: Offline
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Yes, but we still have 100k equity in our house regardless. We started out with 20k.
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whitter45
Member
Registered: 15th Nov 02
Location: Norton
User status: Offline
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quote:
Originally posted by Ben G
Yes, but we still have 100k equity in our house regardless. We started out with 20k.
Sorry Ben Wasn't questioning that - maybe I assumed you were moving as you mentioned it in another thread
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Cole
Member
Registered: 11th Nov 02
Location: eastbourne Drives:zafira sold now a qashqai
User status: Offline
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You live in a good area the ben I'd expect houses your way to rise quite considerably. I don't I live on a council estate so values wont rise majorly.
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Ben G
Member
Registered: 12th Jan 07
Location: Essex
User status: Offline
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quote:
Originally posted by whitter45
quote:
Originally posted by Ben G
Yes, but we still have 100k equity in our house regardless. We started out with 20k.
Sorry Ben Wasn't questioning that - maybe I assumed you were moving as you mentioned it in another thread
Oh OK, yeah we want to move. Looking at houses the next step up, we need a 250k mortgage, so need to add 100k on top of our current one. Not a problem, just means a monthly payment of around £1200, rather than the £700 we pay currently.
Such is life 
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