Location, location, location

Old May 11th 2011, 3:47 pm
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Default Re: Location, location, location

Originally Posted by Giantaxe
It's inter4esting they are allowed to describe that mortgage as a "two year fixed". Here in the US it would be have to be described as a "two year adjustable". For a mortgage such as this, how often can it be adjusted after the initial two years and are there any caps on the size of adjustments that can be made?
In general, once you're through the fixed period you can repay it in whole or in part or you can take an additional advance, subject to meeting lending criteria.
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Old May 11th 2011, 3:54 pm
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Default Re: Location, location, location

Originally Posted by Pistolpete2
In general, once you're through the fixed period you can repay it in whole or in part or you can take an additional advance, subject to meeting lending criteria.
Where the con artists sometimes get you is that in 5 years when the term is over they tell you they can remortgage you for a lower monthly payment. What they don't tell you is it's lower because the balance remaining is now lower and they have remortgaged you for another full term (so where the existing mortgage might have 25 yrs remaining, they remortagage at 30 yrs). I know I caught that one in the States once when I remortgaged my term fixed rate because rates had gone down - I was 3 years into a 15-year mortgage and he could only remortgage me for a new 15-year. Luckily I could make unlimited extra payments so I just sent an extra check every year.
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Old May 11th 2011, 4:24 pm
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Default Re: Location, location, location

Dun,

Why are places more expensive in Scotland? Don't say it

Those places that were shown were considerably more higher in price than the homes we have shown in the south. One thing I notice is the places in Scotland have more land to them.

I'm talking £340K Scotland vs £200K Dorset/Wiltshire
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Old May 11th 2011, 4:30 pm
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Default Re: Location, location, location

For those that like to be by the sea......this one.

http://talk.uk-yankee.com/index.php?topic=69217.0
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Old May 11th 2011, 4:34 pm
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Default Re: Location, location, location

Originally Posted by Pistolpete2
In general, once you're through the fixed period you can repay it in whole or in part or you can take an additional advance, subject to meeting lending criteria.
Ok, what I was really asking is if you keep the mortgage after its "fixed" period, how often can they typically adjust the rate and are there any caps on the amount the adjustment can be?
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Old May 11th 2011, 4:44 pm
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Default Re: Location, location, location

Originally Posted by Giantaxe
Ok, what I was really asking is if you keep the mortgage after its "fixed" period, how often can they typically adjust the rate and are there any caps on the amount the adjustment can be?
If you do nothing else, you will end up on the lender's standard variable rate which is the lender's base rate (derived from the Bank of England (BOE) rate) plus a percentage. Therefore, as and when the BOE rate changes, your mortgage rate will change, with no limit on the number of changes.

If at the end of the fixed period one chooses another fixed rate mortgage with that lender then obviously there's another lock on the rate for the duration of that fix. Alternatively one could choose a tracker or discount (rare these days) mortgage (if the rates look favourable taking into account fees and what rates could be at the end of the period) but again the rate will change every time the BOE rate changes.

Note that when the BOE rates rise the lender IMMEDIATELY raises their standard variable rate. This is not always the case when the BOE rate drops.
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Old May 11th 2011, 4:45 pm
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Default Re: Location, location, location

Originally Posted by cheers
Dun,

Why are places more expensive in Scotland? Don't say it

Those places that were shown were considerably more higher in price than the homes we have shown in the south. One thing I notice is the places in Scotland have more land to them.

I'm talking £340K Scotland vs £200K Dorset/Wiltshire
I would imagine houses in places such as Helensburgh are expensive because Glasgow is commutable and the naval ship yards are in the area which create work.
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Old May 11th 2011, 4:55 pm
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Default Re: Location, location, location

Originally Posted by johnh009
I would imagine houses in places such as Helensburgh are expensive because Glasgow is commutable and the naval ship yards are in the area which create work.
I would agree with that but they are apparently high quality period houses with high ceilings and as cheers says there is usually a fair chunk of land attached and good access to the Lochs. Plus they are in desirable streets. This means that they compare with the leafy commuter towns in Surrey, Bucks and Berkshire rather than agricultural low wage Dorset and parts of Wiltshire.

Let's not forget that Glasgow and Edinburgh were the breeding ground for some of the great industrialists and innovators of the Empire and there is still serious money and prosperity north of that border, in the desirable areas. Chilly doesn't seem to mean cheap.

I know of several English who were quite ready to sell-up in commuter south and move to Scotland for their own benefit, better value in quality housing and for their kids' tertiary education. Plus a bit more scenery and peace and quiet.

Last edited by Pistolpete2; May 11th 2011 at 5:03 pm.
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Old May 11th 2011, 5:08 pm
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Default Re: Location, location, location

A New Area - very popular with Retired Folk

Berwick-upon-Tweed

http://www.rightmove.co.uk/property-...-28975015.html

Just across the border in Scotland:

http://www.rightmove.co.uk/property-...y-7995357.html

also:

http://www.rightmove.co.uk/property-...-30130844.html

You have to go to England to catch the train.

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Old May 11th 2011, 5:31 pm
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Default Re: Location, location, location

To Rent, in Todmorden Lancashire.

Supporting Food Independence

http://www.worldchanging.com/archives/011246.html

http://www.rightmove.co.uk/property-...-18685032.html

Not sure about the exterior, but it's renting.

Doing your bit for food independence:

Those flowers have got to go!

http://www.rightmove.co.uk/property-...-18700749.html
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Old May 11th 2011, 5:48 pm
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Default Re: Location, location, location

Originally Posted by cheers
Dun,

Why are places more expensive in Scotland? Don't say it

Those places that were shown were considerably more higher in price than the homes we have shown in the south. One thing I notice is the places in Scotland have more land to them.

I'm talking £340K Scotland vs £200K Dorset/Wiltshire
I think if you compare like-for-like, Scotland is not more expensive. Some places like Edinburgh (the Caledonian version of London) are expensive, maybe, but overall they aren't that different than much of England.
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Old May 11th 2011, 5:51 pm
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Default Re: Location, location, location

Originally Posted by Pistolpete2
If you do nothing else, you will end up on the lender's standard variable rate which is the lender's base rate (derived from the Bank of England (BOE) rate) plus a percentage. Therefore, as and when the BOE rate changes, your mortgage rate will change, with no limit on the number of changes.

If at the end of the fixed period one chooses another fixed rate mortgage with that lender then obviously there's another lock on the rate for the duration of that fix. Alternatively one could choose a tracker or discount (rare these days) mortgage (if the rates look favourable taking into account fees and what rates could be at the end of the period) but again the rate will change every time the BOE rate changes.

Note that when the BOE rates rise the lender IMMEDIATELY raises their standard variable rate. This is not always the case when the BOE rate drops.
Actually, I think the SVR is more of a "Whatever we decide it is" rate (although it is loosely tied in with whatever BOE rate is).

BOE has been at 0.5% for over 2 years, whereas SVR's have changed quite a bit over the same period. It's more like LIBOR than a fixed-margin tracker-based BOE.
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Old May 11th 2011, 6:02 pm
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Default Re: Location, location, location

[QUOTE=Pistolpete2;9353818]
Originally Posted by bandrui

I absolutely LOVE that detached bungalow! The other one is nice, too.
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Old May 11th 2011, 6:14 pm
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Default Re: Location, location, location

Originally Posted by Pistolpete2
Changing the subject.

Some of us were quite captivated by the quality of property that comes to market in Helensburgh, which is a bit further out than you are.

This one for starters, though outside our league:

http://www.rightmove.co.uk/property-...-32679329.html

Any thoughts on it? I also found some beautiful property in Largs and near Dalry of similar style. All roughly the same distance from Glasgow (Largs somewhat further by rail).

I love this house. I was going to say "little" house but it is not little. One nice thing about Scotland is its much more spacious than most parts of England. You don't always have neighbors breathing down your neck when you are outside in your own garden.
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Old May 11th 2011, 6:15 pm
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Default Re: Location, location, location

Originally Posted by cheers
See post #468. This was bought by an expat from NZ

Quote
Mission accomplished. I had a offer accepted on the house in the link today.

http://www.s1homes.com/property-for-....shtml?print=1

I had a look around some furniture shops today, and am contemplating not shipping most of our stuff, just buying new when we get here in a month.

I'm going to have a few beers tonight to celebrate
Nothing at that link now

PS - I just read it was the same house Pete posted with a link on Rightmove! Nice house

Last edited by windsong; May 11th 2011 at 6:19 pm.
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