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janner_10 |
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janner_10 World Chat Champion
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arry |
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arry Super Spammer
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grr666 |
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grr666 Super Spammer
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Posted: 07:45 - 16 May 2017 Post subject: |
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That seems a little bit cheap to me. Is that a proper quote or a shot in the dark on the price.
I've had quotes for a single storey wrap around for my place circa 40k and my house isn't anything special.
I've got builders booked to make me an 4 metre square outbuilding in August and that's coming in at 15k. ____________________ Currently enjoying products from Ford, Mazda and Yamaha
Ste wrote: Avatars are fine, it's signatures that need turning off. |
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arry |
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arry Super Spammer
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Rogerborg |
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Rogerborg nimbA
Joined: 26 Oct 2010 Karma :
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Posted: 08:36 - 16 May 2017 Post subject: Re: Borrowing to extend house |
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janner_10 wrote: | ]Got a budget of £25000 to extend, which will net us a whole house extension at the rear to gain a dining room / play room and a single story first floor to gain a bedroom. |
And your drive tarmacced? They can do you an extension cheap, they've got bricks left over from a job round the corner, so they have.
Aaaanyway, +1 to re-mortgage. Your loan is going to run you £450 a month, give or take. Bag a better deal on your existing mortgage and you might get it almost 'free' in terms of monthly repayments..
But +2 to over-paying if you possibly can. If you can afford £450 a month extra, then dump that into your mortgage. "How many sleeps until owner outright?" is a pretty good feeling. ____________________ Biking is 1/20th as dangerous as horse riding.
GONE: HN125-8, LF-250B, GPz 305, GPZ 500S, Burgman 400 // RIDING: F650GS (800 twin), Royal Enfield Bullet Electra 500 AVL, Ninja 250R because racebike |
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iooi |
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iooi Super Spammer
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Posted: 08:47 - 16 May 2017 Post subject: Re: Borrowing to extend house |
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janner_10 wrote: | We have simply out grown our house. Got a budget of £25000 to extend, which will net us a whole house extension at the rear to gain a dining room / play room and a single story first floor to gain a bedroom.
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Is that what you have been quoted, or what you want to spend?
janner_10 wrote: |
Home improvement loans over 5 years coming in at a little over 3% interest.
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Are you sure you will get that rate? As well as can you afford a £400 to £500 hit a month.
janner_10 wrote: |
Re-mortgaging seems a bit daft as we will be paying the interest over the next 18 years (I don't want to reduce our term)
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You do not have to increase the term. You can still leave it at 18 years. Or take 25 and over pay by the difference to save £££.
Might even workout a lot cheaper.
janner_10 wrote: |
To me the short sharp shock of a 5 year loan seems to be the cheapest way. Any way you can balance transfer that to pay off with no interest?
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You have to really drop lucky and have a massive amount of available funds to get anything like that on a balance transfer..
Even on a balance transfer you are looking at a 3% fee (might get a bit less) ____________________ Just because my bike was A DIVVY, does not mean i am...... |
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angryjonny |
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angryjonny World Chat Champion
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groovylee |
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groovylee World Chat Champion
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Alpineandy |
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Alpineandy World Chat Champion
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angryjonny |
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angryjonny World Chat Champion
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BTTD |
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Alpineandy |
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arry |
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groovylee |
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groovylee World Chat Champion
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BTTD |
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akaDAVE |
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akaDAVE World Chat Champion
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janner_10 |
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janner_10 World Chat Champion
Joined: 26 Sep 2011 Karma :
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Posted: 19:19 - 16 May 2017 Post subject: |
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Cheers for the replies so far.
We are 1 year into a 5 year fixed term on the mortgage @ 2.89% with Santander, so to re-mortgage would incur a 4% penalty, on an outstanding balance of £110,000 - so that's £4.4k right off the bat.
We currently have a house wide conservatory at the rear , which is not really practical and wasn't that well done by the previous owners.
Our £25k, will get us something like this, which would suit us fine:
https://www.darrenhendry.co.uk/wp-content/uploads/2016/02/double-storey-rear-paygrove-lane-longlevens.jpg (aside the crappy plastic roof)
The quoter, is a well respected local builder, not some chancer, comes with good local recommendations (although always an element of risk, I would imagine) We are based in Tewkesbury, Gloucestershire, so to the guys in the South East, this must appear very cheap. The average seems about £900 per s/m around here.
He will take away and sell the existing conservatory and offset what he gets to subsidise the other costs.
My Wife's Dad is over from Poland during the summer, so he is being rented out as labour, which shaved off another £1k
I really can't see past a better deal than a personal loan, which I can get at 3.3% over 5 years, at pretty much the same repayments as Roger mentioned. I currently stand all bills / mortgage etc myself whilst the missus gets the shopping / food, so £230 each isn't really an issue at all. ____________________ Yamaha FZS600 (Now gone to heaven) > CBR600F4i (SOLD) > '99 YZF-R1 |
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Robby |
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Robby Dirty Old Man
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janner_10 |
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janner_10 World Chat Champion
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angryjonny |
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angryjonny World Chat Champion
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Gunge |
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Gunge Two Stroke Sniffer
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Rogerborg |
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Rogerborg nimbA
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Posted: 22:42 - 16 May 2017 Post subject: |
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I'd question whether 10% annual overpayment is a good deal if you're intending to pay down significant amounts.
I'm on some Halifax Mug's Rate "Standard" mortgage but paid off a whopping sum last year and am currently dumping about 5% of the outstanding amount a month, which will only rise as a percentage as the principle diminishes. There's no limit to how fast I can pay it off.
I looked into re-mortgaging, but the multiple thousands in "arrangement" fees that you get bummed with for getting lower rates outweighed what I could save by just paying down sharpish.
tl;dr version - if you meet a Harley rider while out and about, ask them for financial advice. ____________________ Biking is 1/20th as dangerous as horse riding.
GONE: HN125-8, LF-250B, GPz 305, GPZ 500S, Burgman 400 // RIDING: F650GS (800 twin), Royal Enfield Bullet Electra 500 AVL, Ninja 250R because racebike |
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dydey90 |
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dydey90 World Chat Champion
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Rogerborg |
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Rogerborg nimbA
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Gunge |
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Gunge Two Stroke Sniffer
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Old Thread Alert!
The last post was made 6 years, 348 days ago. Instead of replying here, would creating a new thread be more useful? |
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