but in 50 years time you’ll be… I dunno
Moving into a retirement home and selling it on to another spritely young chap like myself?
hey man, just curious as to why you were looking at a 3 bed then a one bed?
i’m not being nosey or owt, just genuinely interested as to how you’re getting in. i’m in a very similar boat to yourself. i have about £20K and am looking for one bedroom place in south manc/ salford. finding it very difficult to find places though. i did find somewhere i liked towards monton and the service charge was £166 a month (!) i didn’t even know service charges were a thing ffs.
Yeah, service charges are bullshit. I pay £230 a month all-in for a ridiculously big and nice flat at the moment, can’t imagine dropping a huge percentage of that on service charge alone.
Looking for something with >1 bedroom so I can live with someone else, think I’d get lonely living on my own and it would help with costs.
That 1-bed up there is about a 3-min walk from my current place so could keep use of current basement for bikes and still see old housemates regularly. Also I quite like it what the guy has done (/not done) with it.
I used to live in Monton, it’s quite nice but that’s much nearer where I grew up and where old friends and schoolfriends hang out, I’d much rather stay in Whalley Range or Old Trafford, Chorlton if I could afford it.
Where do you live at the moment? Been to see anything interesting?
£166 a month?! Is that for posh new build flats with a concierge and stuff like that? I’m not sure what mine is as I pay it twice yearly but it’s prob around £800 - £900 for the year. Not that it has any of the posh stuff but this is in London.
in prestwich rn which is nice but all the houses are massive and don’t think I could afford much here. lived in salford quays up to a few months ago but again a bit pricy.
@NickDS nah looked pretty old/ standard, will try and dig it out when not at work
would you ever become a landlord for the sake of income with minimal effort/getting someone else to pay off some of your mortgage/s?
if you had the money to do it that is
- no i’d only ever house me plus partner/children if applicable
- gimme the easy money, just the property that i also live in
- gimme the easy money for my property plus other properties if i could
What’s the second option mean, a lodger?
I think what I want is pockethouse for pocketmoney but in the very specific area of south Manchester that I currently live.
Unfortunately this is not possible.
£166 isn’t that bad. Service charges are an annoying reminder though that even though you “bought” the flat, you are actually still just a posh tenant.
can’t remember which was the second option but yeah, lodger was one and full on buy to let bastard was the other
Mortgage question. You know how most mortgages have an introductory rate, then it reverts to some standard rate, is that how it actually works or in practice do people just always remortgage?
If it is the later, assuming the base rate is the same, when you remortgage are the rates people get more like the original introductory rate or more like the standard rate? How does early repayment charges factored in to this, does that bar you from remortgages?
People remortgage. Regarding your last bit, you could try and remortgage before and change to a different product before seeing out your term, but that would probably be expensive and not worth it with the early repayment fees etc
Would really depend on what the base rate was and what fixed rates were being offered. Depends on how much a risk taker the person is. Most people who take a fixed rate to start with will probably take another for the financial security
Entirely depends on what is being offered at the time of remortgaging. Absolutely nothing to do with the original rates.
Also, the rates when remortgaging, say if after five years should be better because more of the mortgage has been paid off.
so the early repayment just applies to the initial period rather than the 25+ years?
thanks, I guess I muddled my question abit, just wondering whether anyone ever sticks to the original mortgage after the early discounted bit or whether there are always better rates available (but I guess the base rate thing might complicate that)
Either a remortgage or taking a new deal from the existing lender.
I stuck with mine - rates weren’t really any better elsewhere, and I do all my banking with Santander, so it didn’t make any sense to switch.
And by stuck with I mean I took a new term with a different rate with the same provider)
Nah but it is usually staggered. So the earlier you leave, the higher % charge. if you’d had a mortgage for a few years they might charge 3 or 2% on the outstanding loan, so 2% of £150k for example, so could be £3k. Basically always cheaper to see out your initial term of 2 years or 5 etc, whatever it is