Time to Face The Music

alt80

Day don’t sound bad to me with the van coming in at a lower cost to keep than you thought/ new deal on the utilities etc. 

Here’s hoping you get into that lower LTV bracket - what’s the difference in rate for you? It’ll be the same the bloke 99/100 guarantee.

RelievedSheff

alt80 said:

Day don’t sound bad to me with the van coming in at a lower cost to keep than you thought/ new deal on the utilities etc. 

Here’s hoping you get into that lower LTV bracket - what’s the difference in rate for you? It’ll be the same the bloke 99/100 guarantee.

The difference in rate will be from 2.73% down to 2.3%. It will allow us to knock the term down to 15 years from 16 years.

RelievedSheff

It should be a no spends day today.

Breakfast, lunch and dinner will be from stores. Breakfast was crumpets, the other half has taken his packed lunch to work, I am having a jacket potato with cheese for my lunch and dinner tonight is corned beef and potato pie with chips and vegetables.

Today's jobs include:

• working from home
• putting the delivery of goat meat into the relevant freezers
• cleaning the kitchen
• walking the dog x 2

I'm hoping for a quieter day today and a day where I can actually get some work done!!

RelievedSheff

joedenise said:

@RelievedSheff - are you sure about the road tax for the MH?  Under 3500kg it's usually £265; over 3500 it's £165 (at least that's what it was when we taxed ours last year - haven't done it yet this year!).

Insurance sound pretty good at £300 including EU breakdown cover.  Is that with a proper motorhome insurer or just an online quote as a lot of those online quotes don't do proper motorhome insurance!  Another thing to check is with regard to breakdown as a lot of companies limit the size of vehicle they'll recover, although you will probably be OK as I think you said the van you're getting is about 6m.

You were right with the tax. It should be £265 a year. It has been flagged up wrong on the site we looked at. The previous owner has confirmed £265 is right. Which means that it is also registered with the DVLA as 3500kg not 3650kg as we were initially told.

We need to check the service history closely on this van as the previous owner has made a few comments on the Facebook group that would suggest it has not had a service yet. We are hoping that is wrong as it should have had it's first service at 24 months old in September. If it hasn't been serviced correctly to schedule we will just walk away from it and find another one.

RelievedSheff

Annoyingly the van has missed it's first service which was due in October. We have spoken with the dealership and as part of the sale it is having a full service and hab check and they are providing us with a 3 years unlimited mileage mechanical and habitation guarantee.

The van hasn't actually been anywhere since October other than the guys drive, but even so we are not overly happy about the missing service. The cab is now out of manufacturers warranty though so it won't affect that side of things.

We have agreed that we will continue with the sale for now and they will bring it up to our local dealership for us, but we have told them that the rest of the van needs to be in tip top condition otherwise we are walking away from it as it is starting to not stack up as a good a  deal.

alt80

Think about resale re the van missing its service @RelievedSheff - I would be wary if I were buying it tbh if it's missed a service. Possibly negotiate a major being done in replacement of first service which on a car is always very little no idea on a van. 

Great news re the mortgage rate if you can get into the next bracket - other option is paying a bit to bring ltv down to get into next bracket if the val doesn't come back as you'd like. Hope you've taken into account product fees v interest over the time the product is fixed iyswim. Last option throw it over longest term possible and overpay to bring overall term down. The overpayments would not incur interest - there are calculators to work out if you're better off sticking with the shorter term/ regular payments or longer term/ lower payments with overpayments to meet your goal also more flexible ie you want to buy another van or something don't overpay for a while. Until I bought current res home I always had an i/o res mortgage, that's another option though lot hard to get than back in the day or an offset mortgage - worth speaking to a broker possibly as I know you're looking to off the mortgage asap. Bit of a brain dump there so hope it makes sense just waiting on a phone call so writing some quick thoughts.

RelievedSheff

alt80 said:

Think about resale re the van missing its service @RelievedSheff - I would be wary if I were buying it tbh if it's missed a service. Possibly negotiate a major being done in replacement of first service which on a car is always very little no idea on a van. 

Great news re the mortgage rate if you can get into the next bracket - other option is paying a bit to bring ltv down to get into next bracket if the val doesn't come back as you'd like. Hope you've taken into account product fees v interest over the time the product is fixed iyswim. Last option throw it over longest term possible and overpay to bring overall term down. The overpayments would not incur interest - there are calculators to work out if you're better off sticking with the shorter term/ regular payments or longer term/ lower payments with overpayments to meet your goal also more flexible ie you want to buy another van or something don't overpay for a while. Until I bought current res home I always had an i/o res mortgage, that's another option though lot hard to get than back in the day or an offset mortgage - worth speaking to a broker possibly as I know you're looking to off the mortgage asap. Bit of a brain dump there so hope it makes sense just waiting on a phone call so writing some quick thoughts.

They have agreed to give it a major service as it has overrun by 6 months including the cam belt which wasn't due for another 2.5 years. But under the circumstances they have agreed to do it early for us and we will get the 3 year warranty from them so I do think if the van is good enough when we see it that we will accept it. Resale is a concern for us but realistically it will be 5 or more years down the line and by then the van will be 8 years old or more.  The service history probably won't be quite so critical by then.

We have taken account of the product fees for the mortgage. With the previous deal we were paying the product fee of £995 as it was cheaper over the 5 years term. If we get the valuation that we want this time we won't be paying the product fee as the fee free option is cheaper over the 5 year term. 

alt80

Sounds fair re the motorhome tbh mate. 

Re the product fee yeah that's fair just making sure you'd factored it in lot don't just see interest rate fixed for x no of years and that'll do. I'm in the middle of refinancing my res portfolio right now they !!!!!! love a product fee looking like robbing £20kish fml not gonna lie struggling to get into the ltv bracket will be worth it to though down from nearly 5% to c.3.5% - ltd co never get as good rate as res. 

joedenise

You're right about resale @RelievedSheff in 5+ years time, the service history won't be that important.  The main thing is that the van is the van you want and is the right layout for you and how you want to use it.  If you've got any questions feel free to PM me, rather than posting on here.

RelievedSheff

joedenise said:

You're right about resale @RelievedSheff in 5+ years time, the service history won't be that important.  The main thing is that the van is the van you want and is the right layout for you and how you want to use it.  If you've got any questions feel free to PM me, rather than posting on here.

Thank you. I will do.