Is it Time to buy and secure a long-term fixed rate mortgage?

ad44downey

Dithering_Dad wrote: »

- once you start arguing back you end up as bad (if not worse) as the trolls. I have given as good as I got (and usually better),

The reason you have a reputation that precedes you is because you post conceited nonsense like this. But I must admit, you're so far up your own backpassage it does make me smile. So keep the posts coming. :T

Dithering_Dad

ad44downey wrote: »

The reason you have a reputation that precedes you is because you post conceited nonsense like this. But I must admit, you're so far up your own backpassage it does make me smile. So keep the posts coming. :T

Thanks for posting this Downey, it 'woke' me up a little and made me realise that it's as pointless trying to engage with scousethife and have a serious discussion, as it is with fatpig, napolean and your downey logons. I think you understand what I'm implying here.

Get a life downey, your multiple logon trolling is tiresome. I have so many of your sock puppets on ignore by now, that I'm running out of space. :rotfl:

lostinrates

Back to the original post, eh? (I'm trying hard to keep this on track , otherwise I wasn't going to type abou this today)

DD, as you know, DH and I are not typical ftb in that we have more than the tens of thousands you quote saved for a deposit and we are not looking for a 'typical ftb' property. Still, the property we are currently umming and ahhing over at the moment is a multifaceted gamble. It has no PP for what we need it for and we envisage a long hard battle getting residential planning permission. I'd be able to take money if I can get 'work' almost immeadiately, but its not going to be big bucks, but we'd be servicing the mortgage AND renting near by on the gamble we would be able to eventually build our home there. For people like us the gamble is not a straight forward as future interest rates v future prices, and the only blessing is that we have not succombed to buying before now, as we'd then have had the gamble of trying to time a sale to fit in with all of this.

Its very hard timing dreams and aspirations with the market!

Dithering_Dad

Note to other forum members...

Because I am basically a logical and amiable fellow, I tend to think that most other people are too, so when I see a post that attacks me with significant venom, I think "oh ho, I wonder what I have done to wind this chap up, I'll try and have a nice chat with him/her to see what the problem is, solve it and then we can be all 'matey matey'".

The trouble with this approach is that not everyone is logical and amiable. Downey here, for instance (or shall we call him fatpig, napoleon, scousethife, etc.) is one of those troubled individuals we see on the Jeremy Kyle show, or is indeed similar to that German cannibal chap who trawled the internet looking for someone to eat. Whether downey is the cannibal bloke or the 'willing' victim who wanted someone to 'eat his willy' is not for us to judge.

All we can do is make sure that we don't give enough personal information to allow someone like downey to turn up at outside our front doors with their butcher knives and bag of B&Q barbeque briquets.

Remember, the internet is a dangerous place, full of downeys and Bruno's and German cannibals. Be Warned!!!!!

ad44downey

Dithering_Dad wrote: »

Note to other forum members...

Because I am basically a logical and amiable fellow, I tend to think that most other people are too, so when I see a post that attacks me with significant venom, I think "oh ho, I wonder what I have done to wind this chap up, I'll try and have a nice chat with him/her to see what the problem is, solve it and then we can be all 'matey matey'".

The trouble with this approach is that not everyone is logical and amiable. Downey here, for instance (or shall we call him fatpig, napoleon, scousethife, etc.) is one of those troubled individuals we see on the Jeremy Kyle show, or is indeed similar to that German cannibal chap who trawled the internet looking for someone to eat. Whether downey is the cannibal bloke or the 'willing' victim who wanted someone to 'eat his willy' is not for us to judge.

All we can do is make sure that we don't give enough personal information to allow someone like downey to turn up at out front doors with their butcher knives and bag of B&Q barbeque briquets.

Remember, the internet is a dangerous place, full of downeys and Bruno's and German cannibals. Be Warned!!!!!

Brilliant stuff. Keep it coming. It's even more pompous than your normal claptrap. You evidently haven't lost your touch. :rotfl:

Dithering_Dad

lostinrates wrote: »

Still, the property we are currently umming and ahhing over at the moment is a multifaceted gamble. It has no PP for what we need it for and we envisage a long hard battle getting residential planning permission.

On my favourite program "Grand Designs", Kevin advised that one can save a lot of time, money and heartache by making an appointment with the planning office and having a brief chat with the chief planning officer about your prospective plans. S/he will at least be able to tell you whether planning permission would absolutely be refused.

Take care though, a friend of mine fell in love with a stone cottage but it was a bit small for her needs, so she made an offer on the place subject to getting planning consents and was chuffed when the seller said she was in no hurry to move and would be happy to wait. My friend paid for an architect to draw up the plans and she paid for submission of the plans to the planning office. Once the plans were approved the home owner put up the price of the house because it now had planning consent for an extension!! :rolleyes:

lostinrates

Dithering_Dad wrote: »

On my favourite program "Grand Designs", Kevin advised that one can save a lot of time, money and heartache by making an appointment with the planning office and having a brief chat with the chief planning officer about your prospective plans. S/he will at least be able to tell you whether planning permission would absolutely be refused.

Take care though, a friend of mine fell in love with a stone cottage but it was a bit small for her needs, so she made an offer on the place subject to getting planning consents and was chuffed when the seller said she was in no hurry to move and would be happy to wait. My friend paid for an architect to draw up the plans and she paid for submission of the plans to the planning office. Once the plans were approved the home owner put up the price of the house because it now had planning consent for an extension!! :rolleyes:

N'ah, you haven't checked that other thread about 'how much would my dream house cost,' have you ? :rolleyes: The planning office in question charge £391 minimum for questions, won't meet, you have to submit in writing, so I can't even charm them, wink and show'em my boobies for a a favourable result!

The planning issue is going to become increasingly difficult for self/private builders I think: the planning people on the forum told me this is likely to become widespread

If we proceed with this we'll be doing it with a planning professional. We have been advised to apply for change of use (its actually extention of use) for equestrian and get things up and running before applying for residential. You need to prove the need to be there to try and be there. It is quite scary the idea of leaving tens of thousands of pounds worth of mixed liovestock though, and a pain: I'll be payig rent for somewhere we are only at about 6 hours a day to sleep :rolleyes::mad: and knowing me I'll have to get up and drive to check all the critters are ok in the middle of the night. I do that now, but its a short walk, not a drive from the next village/town.


Anyway, re finance, we have on this potential property a 25% deposit. We can get IO for the first year, interest at 3%. It works out very well. But its a gamble. We're not siure we love the plot enough. Actually the plot is lovely, but the location...not so much.

Dithering_Dad

lostinrates wrote: »

N'ah, you haven't checked that other thread about 'how much would my dream house cost,' have you ? :rolleyes: The planning office in question charge £391 minimum for questions, won't meet, you have to submit in writing, so I can't even charm them, wink and show'em my boobies for a a favourable result!

The planning issue is going to become increasingly difficult for self/private builders I think: the planning people on the forum told me this is likely to become widespread

If we proceed with this we'll be doing it with a planning professional. We have been advised to apply for change of use (its actually extention of use) for equestrian and get things up and running before applying for residential. You need to prove the need to be there to try and be there. It is quite scary the idea of leaving tens of thousands of pounds worth of mixed liovestock though, and a pain: I'll be payig rent for somewhere we are only at about 6 hours a day to sleep :rolleyes::mad: and knowing me I'll have to get up and drive to check all the critters are ok in the middle of the night. I do that now, but its a short walk, not a drive from the next village/town.


Anyway, re finance, we have on this potential property a 25% deposit. We can get IO for the first year, for the rest at 3%. It works out very well. But its a gamble

Wow, what a ripoff! It must depend on the individual planning office though because I saw an abandoned mill near me and phoned the planning office to see if they knew who owned it. They told me to "pop in with a map and photos and we'll see what we can do". No money was to change hands. Mind you, we're Northerners and so we try to help one another.

lostinrates

Dithering_Dad wrote: »

Wow, what a ripoff! It must depend on the individual planning office though because I saw an abandoned mill near me and phoned the planning office to see if they knew who owned it. They told me to "pop in with a map and photos and we'll see what we can do". No money was to change hands. Mind you, we're Northerners and so we try to help one another.

No, my local council don't charge either.....yet. and ofcourse for developers established in an area there is likely to be an open line of communiction, regardless of the rules for the rest of us. I had a lot of help and ideas - and warnings -from planner and planning officer (members here) and its been really interesting to compare their advice with what the vendor said and what the local planning professionals said. I've also had some dream guidance from Davesnave..who gets the dream completely because he's a real kindred spirit.

Its a decision now really. We have a little time, we've got finance sorted again, so....its whether we think the gamble is worth it and the comprimises bearable.

wolvoman

Dithering_Dad wrote: »

True in principle, but in reality if we have a housing boom then mortgage values (and in turn montly repayments) inevitably increase, which impacts RPI.

My first home was a 2 bed bungalow in Cheshire that were selling for £40k back in 1995, by the peak of the market they had hit £200k. Clearly people buying with 5% deposits in 1995 were paying a much lower mortgage than those buying with 5% deposits in 2006.

Its a shame the government didn't use RPI as the benchmark inflation figure for the BoE instead of CPI because then they would have had to do something about house price inflation.

You haven't grasped my point at all.
RPI does not reflect house prices in any form at all. It includes mortgage costs against an arbitrary sum (which does not move in line with house price changes).

If the govt had used RPI instead of CPI it would have made no difference at all - nada.


If RPI included house prices, do you not think it would be in negative territory by now?
And don't you think in 2002ish when HPI was around 20% that RPI would have risen according high - it didn't.