#66

I know owe the bank less than £100k, feels like an achievement but still that’s a lotta work days left.

1 Like
#67

Renewing terms on our mortgage in late April, getting the kitchen done in March.

Is there any point getting the house valued after getting the kitchen done in order to get some sweet, sweet LTV benefits or is it all much of a muchness wrt interest rates in the end

#68

will just be a drive by valuation wont it :confused: cant see it making much of a difference imo

1 Like
#69

Renewing in June, bored just thinking about it. Feels like it should be a good time to renew given that interest rates are so low?

#70

I renewed back in October and the lenders were under-valuing stuff because of the uncertainty in the housing market in the next few years, even though the housing market now (at least then) was on the up. Ended up having to put another £12k into the mortgage to get the LTV to the point where we weren’t shafted with a shit rate.

Great stuff.

#71

The rule of thumb I heard is that ‘upgrades’ like a new kitchen or new bathroom will add on 50% of the cost of the work to the value of the house. No idea if that’s reasonable or bollocks, but would imagine that a kitchen upgrade might give you a little bit of extra value in terms of real life/sale value, but I don’t think you’d really see it come through in terms of a mortgage valuation, especially to move you to a different LTV bracket unless you’re literally on one. But if you renew your mortgage they may do a valuation anyway so you’ll have to see.

1 Like
#72

Hmm. We only bought two years ago and the flat upstairs just sold for a significant mark up on what they paid for it 4 years ago, but I imagine the mortgage lads work on an entirely different plane of logic in which my flat is now fundamentally worthless.

#73

I (a person who has had the same mortgage for around 9 years now) began to feel the soul crushing horror dissipate when about 3 years into our mortgage the market value of our flat had risen by 33%* whereas the mortgage rate was 2.3%

*market values can go down as well as up - but Stockholm has an acute shortage of supply and a very high demand

#74

I brought a keg of sensible financial planning, WHO WANTS A BREWSKI!?!!?

#75

That was our two year renewal too. Zoopla valuation was £415k-£435k. Three different lenders offered at £385, even after an in person valuation. And we’re in one of the better houses in the postcode too.

Yep

#76

It’s still on the up now.

#77

It’s like PC hardware: unless I’m about to spend a load of money on something essential, I’m not keeping up with it

#78

Am nearly 4 years into a 5 year fixed. Reckon when it ends rates will still be really, really low and so I will try and get a 7 year or more fixed rate, if jobs still exist. Thank you for reading my mortgage story.

#79

Nah I’m just gonna have my sixpack of ‘Just Stick with the Same Provider’

1 Like
#80

I just renewed mine - I’m not sure if I’m doing it wrong but I can never find a deal good enough with another provider to justify changing (plus last time I changed provider I got plunged into a bureaucratic nightmare which caused me a huge amount of anxiety) . Just choose the cheapest fee free 2 year deal my provider does and crack on vs switch providers and save very little

I’m paying a sweet £5 less a month anyway

#81

did you try a broker? my renewal was super easy and saved loads compared to my previous mortgage provider

#82

Nah, cos then I’d have to talk to a broker

I did a search on money saving expert and compared the best deals on there with the best deal my current provider does. Any savings were not big enough to be worth the effort

I’m not saying this is good advice for everyone, but I have decent equity and a not toooo big mortgage (would still like it much smaller obvs). Shopping around definitely makes sense if you owe more

1 Like
#83

I can’t remember exactly what it involved but going through the broker was super easy, they did everything and I barely had to speak to them, felt like it might have been easier than not using one

2 Likes
#84

Offset crew!

Have stayed with Yorkshire Building Society for two renewals and a transfer. Did a cursory comparison check for value each time. Nothing tempting (and even if it were, it would probably have to be another building society, cos fuck banks). Can’t imagine being arsed to even check alternative providers when we renew again at the end of the year. Reckon I’m a lifer now.

Had a gander at what YBS are currently offering and the only offsets they’ve got are for 2 year terms. Which suggests to me that they’re not fancying their chances of making coin in the medium term.

#85

My offset is with Coventry Building Society, I got a five year deal last summer. Might be worth seeing what they can offer.

1 Like