Only freedom will do

Darpett

Hi Ed,

You are a savvy guy and I am sure if this is the right house you will find a way.
I guess to paraphrase my waffle the point I was trying to make was rather than use your refurb fund to bend the banks to your wish of a 17 year term it may be easier to extend the term and just op/invest the difference.

I personally would get resentful if I had used my spare cash and would look at the house thinking 'if I had the spare money I could/would/should have been able to do ...'

Just because that's right for me doesn't make it the right solution for you.

Good luck.

edinburgher

it may be easier to extend the term and just op/invest the difference.

I agree, sorry I never replied before, but saw your post on my phone at 03:30 this morning! :eek:

I actually regret reducing my term over the last few years, my eyes have been opened to the world of investing and I'd far rather have a house in great modern condition and healthy cashflow from investments than a paid off house

Broker has hopefully identified a mortgage product that has a slightly higher rate, but is fixed for 5 years and will allow us to unlock £20k or so from existing equity. Added to the £20k we have in the bank and that will allow us to do all of the immediate term renovations, put down some seed money for possible extension in a few years and keep a bigger emergency fund.

I think we're probably thinking along the same lines, I'd regret buying a house and never getting it up to the standard I'd like too.

Darpett

The joys of parenthood eh?

I am glad to hear there is a possible solution. You deserve it.

I too would have liked to know about investing sooner but I know now and do what I can, when I can.

Good luck with your application.

PositiveBalance

*Runs into thread excitedly* I've got my laptop back! :j *Kisses and cuddles laptop and whispers sweet nothings into its ports*

edinburgher wrote: »

It's not uncommon in popular parts of Glasgow at the moment. We got 6% over our valuation for the flat. We paid 7% over valuation for the house. For that we got a nice house on a corner plot in a very popular suburb that has some of the best schools in Scotland, but is leafy and residential and an easy commute to the city centre.

In my mind, that was equivalent to a years private schooling for two kids. Not necessary, I know, but some of the alternative areas we looked at had schools that would worry us.

Ah, school catchment areas. The havoc they play with house prices! I geddit now.

Darpett wrote: »

Hi Ed,

You are a savvy guy and I am sure if this is the right house you will find a way.
I guess to paraphrase my waffle the point I was trying to make was rather than use your refurb fund to bend the banks to your wish of a 17 year term it may be easier to extend the term and just op/invest the difference.

I may be suffering from stupidity, but I'm no longer sure what Ed's mortgage term plans are, but perhaps having a longer term isn't the end of the world? I have taken out a veeeeeeeeery long mortgage so that if I lose my job or anything I can still afford to make the mortgage repayments (I is single, innit), but I am planning of OPing massively...

edinburgher wrote: »

I actually regret reducing my term over the last few years, my eyes have been opened to the world of investing and I'd far rather have a house in great modern condition and healthy cashflow from investments than a paid off house

...except when I read this as this has also been brewing in my mind (but I nothing about investingyet so I will be back to learn more from Ed when I have moved and have the chance to do so. )

edinburgher wrote: »

Broker has hopefully identified a mortgage product that has a slightly higher rate, but is fixed for 5 years and will allow us to unlock £20k or so from existing equity. Added to the £20k we have in the bank and that will allow us to do all of the immediate term renovations, put down some seed money for possible extension in a few years and keep a bigger emergency fund.

Good stuff, Ed. You aren't daft and will made sounds decisions whichever way you go. :T

P.S. Goldiegirl: what you said was very interesting indeed.

edinburgher

Off on hollibags tomorrow, Western Isles here we come

Only wish that I didn't have to go through the full mortgage application directly before the 100 mile drive to the ferry! :eek:

Goldiegirl

Have a fantastic holiday.
Good luck with the mortgage application too

slowlyfading

Have a good holiday

AlexLK

Good luck with the application and have a good holiday.

in_need_of_direction

At least the mortgage bods can be churning away while you're on holiday. Enjoy.

gallygirl

Have a great holiday :T.