gianluigi
Member
Registered: 9th Mar 05
Location: Ipswich, Suffolk
User status: Offline
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£126,000 < Needs a lot of work, but will get amongst it
95% mortgage
35 years
5 years fixed interest at 6.08%
Not bad.
Its a 3 Bedroom terrace - with garage 
It needs a new bathroom, new kitchen, and new PVC windows and facias.
Didnt think they'd accept £126,000 given the asking price was £140 something.
The other rooms need a make over - the place is very old fashioned.
Gonna make me some money. mark my words.
Watch this space for progress and pics.
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RichR
Premium Member
Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
User status: Offline
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sounds like mine,
£116,500 down from £140kish
3 Bed Semi, requiring modernisation 
Needs New: Kitchen, Batchroom, Doors, Door Frames, Porch, Extension, Garage, Floors, Walls, Ceilings and windows.
Only thing okay is the structure, roof and soffits/fascias.
we had 95% mortgage over 25 years 5.75% (iirc) fixed for 3.
I loved the house when I started; then went through a phase of hating the place after 3 month, but now we're putting it back together again - I'm starting to enjoy it.
Number one tip with renovation projects is patience and perserverance (*sp).
Are you moving in it straight away or renovating first?
[Edited on 08-01-2008 by LiVe LeE]
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Robbo
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Registered: 6th Aug 02
Location: London
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35 years is a long time, you gonna seek to restructure in a few years?
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Kathryn W
Member
Registered: 12th Oct 03
Location: Widnes, Cheshire
User status: Offline
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35 years can give you nice remortgae repayments etc although its a long time to be paying back etc.
Although i believe you can pay a certain amount back extra a year to end it early 
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RichR
Premium Member
Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
User status: Offline
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who's your mortgage with?
I'm with Britannia and can overpay by £499 per month without incurring charges, I set up a spreadsheet and if I start repaying the full allowance in August, then I pay off the mortgage in less than 15 years based on nothng else changing; not only that but you save a fortune on interest payments something worth considering if you have the ability to overpay.
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Robbo
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Registered: 6th Aug 02
Location: London
User status: Offline
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A lot of young people are choosing to take longer periods now as you can change the terms when you remortgage anyway, least its a start
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M4tt_Envoy
Member
Registered: 26th Feb 06
Location: Swindon
User status: Offline
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whats your monthly payments on the 35 year mortage?
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Ally
Member
Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
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well done luigi
welcome to the world of stress. 
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Ally
Member
Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
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like lee says be patient, and dont strip the whole house do one room at a time
be prepaired to spend alot more than you budget for, and to come accross unexpected things (we had to have whole house replastered)
as for the 35 year thing, dont worry about it, it just means for now your payments are lower, in 5 years time u cud be married etc etc
ps
PICS
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RichR
Premium Member
Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
User status: Offline
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quote:
Originally posted by Ally
like lee says be patient, and dont strip the whole house do one room at a time
I stripped the whole house
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Ally
Member
Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
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i did ours as well, big mistake
but if i hadnt of done, we wouldnt of known the whole house had to be reskimmed, and were lucky at the time a mate did it on the cheap... but now every room is half finished!
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MikeE
Member
Registered: 7th Mar 03
Location: Milton Keynes
User status: Offline
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nice one mate! going through the process of sorting out getting a brand new house for me and the girlfriend but only our's is going to be 40% shared ownership
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
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While you're spending money on refurbishing the place you won't want to overpay. I did mine over 30 with the same intention, put a few hundred extra on it and get it down to 25 out of choice rather than being tied to higher monthlies.
The reality of it is there's so much other crap to buy, mortgage settlement doesn't get a look in. And I didn't do any building work.
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Mav 3000
Member
Registered: 16th Aug 01
Location: Leicestershire
User status: Offline
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Plus, you're not likely to live in the one house for the next 35 years - so keeping the repayments low per month is what its all about.
the house is likely to make money, so when you sell you'll pay off the mortgage and have some to put towards the next one, and you won't have bankrupted yourself for more per month over a shorter time in the process.
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nik
Member
Registered: 19th Jun 00
User status: Offline
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Nice one Gian  Good luck with it, get some pics up. I've only 16.5 years of my mortgage
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dazavich
Member
Registered: 27th Sep 06
Location: Greenock, Inverclyde
User status: Offline
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Nice one mate
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mwg
Member
Registered: 19th Feb 04
Location: South Lakes
User status: Offline
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Nice one!
If I could get somewhere like that for that price round here I'd be moving out in a flash
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AK
Member
Registered: 5th Jul 00
Location: Aberdeen City
User status: Offline
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and england is supposed to be 'much more expensive' than scotland eh
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AK
Member
Registered: 5th Jul 00
Location: Aberdeen City
User status: Offline
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just a tip....
Dont blitz the whole place at once, start with a few rooms (key rooms you would want done first) like bedroom and living room.
Our place in Aberdeen hadnt seen any fresh decor in around 50 years.... we have roughly two rooms left to go now.
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gianluigi
Member
Registered: 9th Mar 05
Location: Ipswich, Suffolk
User status: Offline
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quote:
Originally posted by Robbo
35 years is a long time, you gonna seek to restructure in a few years?
dont plan to keep it for 35 years mate. its more of an investment opportunity, make a bit of money in 5 years like
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gianluigi
Member
Registered: 9th Mar 05
Location: Ipswich, Suffolk
User status: Offline
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quote:
Originally posted by LiVe LeE
who's your mortgage with?
I'm with Britannia and can overpay by £499 per month without incurring charges, I set up a spreadsheet and if I start repaying the full allowance in August, then I pay off the mortgage in less than 15 years based on nothng else changing; not only that but you save a fortune on interest payments something worth considering if you have the ability to overpay.
Nationwide. Britannia were absolute idiots.
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gianluigi
Member
Registered: 9th Mar 05
Location: Ipswich, Suffolk
User status: Offline
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quote:
Originally posted by M4tt_Envoy
whats your monthly payments on the 35 year mortage?
687
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gianluigi
Member
Registered: 9th Mar 05
Location: Ipswich, Suffolk
User status: Offline
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quote:
Originally posted by Ally
well done luigi
welcome to the world of stress.
cheers al
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Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
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quote:
Originally posted by gianluigi
quote:
Originally posted by Robbo
35 years is a long time, you gonna seek to restructure in a few years?
dont plan to keep it for 35 years mate. its more of an investment opportunity, make a bit of money in 5 years like
Course not
COolio though, look forward to progress pics
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M4tt_Envoy
Member
Registered: 26th Feb 06
Location: Swindon
User status: Offline
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how did you get such a low interest rate, i just looked on money supermarket and the lowest i can get is 7.5
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