Well, when I asked the mortgage advisor for projections on interest only and repayment, it looks like they took it as "go ahead with repayment" because I got in the post today loads of paperwork for my repayment mortgage, including insurances and such. I think I'm going to stop the critical illness one as I don't envision being on death's door, health wise in the next two years.
I guess this makes my mind up. I CAN afford the repayment, and to be honest, in two years when it comes time to remortgage, I'll only owe £155,000 (or something similar).
Thursday, September 29, 2005
Wednesday, September 28, 2005
Mortgage Chat
Wow. There's so much to consider with a mortgage.
I'd been gunning for an interest only mortgage, since talking to G, but got the woman to give me projections about repayment as well.
On top of the mortgage itself, there's all these insurances as well. I took critical illness and payment protection, which upped my monthly outgoings by about £100.
Having thought about it, I'm not sure I'll take the critical illness as the term of the mortgage is 2 year fixed (at well below the bank rate!)
I had to also surrender loads of documents - pay slips, proof of residence, bank statements, etc. Hope I get them back!
Loads of money fun too, as I paid £95 for the mortage woman to come out and for their company to deal with me, as well as £400-odd to Halifax for mortgage fees and valuation survey. This buying a flat malarky is really pricey!
I'd been gunning for an interest only mortgage, since talking to G, but got the woman to give me projections about repayment as well.
On top of the mortgage itself, there's all these insurances as well. I took critical illness and payment protection, which upped my monthly outgoings by about £100.
Having thought about it, I'm not sure I'll take the critical illness as the term of the mortgage is 2 year fixed (at well below the bank rate!)
I had to also surrender loads of documents - pay slips, proof of residence, bank statements, etc. Hope I get them back!
Loads of money fun too, as I paid £95 for the mortage woman to come out and for their company to deal with me, as well as £400-odd to Halifax for mortgage fees and valuation survey. This buying a flat malarky is really pricey!
Tuesday, September 27, 2005
Interest Only Chat
Just talked to dad and G about the interest-only vs repayment debate on the mortgage front.
Both seemed to think that interest-only was a decent option. Dad especially seemed to think that as the interest rate is only 4.29%, I could put the difference in a bank account and make 5.00%, then pay the extra and have some interest saved up.
G seems to swear by interest-only saying that in 30 years time, £160,000 will seem like nothing and I'd be able to pay it off with a month's wages. of course, I'd be paying interest on the same amount until that point, so it would be a lot more than just £160,000 I'd be shelling out.
I'd tempted to the interest only, but we'll see what projections I'm sent in the post by the mortgage people.
Both seemed to think that interest-only was a decent option. Dad especially seemed to think that as the interest rate is only 4.29%, I could put the difference in a bank account and make 5.00%, then pay the extra and have some interest saved up.
G seems to swear by interest-only saying that in 30 years time, £160,000 will seem like nothing and I'd be able to pay it off with a month's wages. of course, I'd be paying interest on the same amount until that point, so it would be a lot more than just £160,000 I'd be shelling out.
I'd tempted to the interest only, but we'll see what projections I'm sent in the post by the mortgage people.
Monday, September 26, 2005
Another trip
As Sue left last night for Oktoberfest and Ben was over today, we were at loose ends. What did we do? I took him to Wallington to see the new place!
Having been told a couple of weeks ago that the show flat was moving to Block B, I was surprised to see that my flat was still the showflat. Made it easier for Ben to see what I'll be buying though. We walked around sat on the furniture and had a grand old time. Showed him the bike sheds and the bin rooms and said hi to the site managers.
Then we drove to the Tesco in Purley to see how far it was. Not far at all, and the drive to the Tesco was awesome, some of those houses are amazing!
On the way back we took a different route and came across some new leisure centre on the edge of an estate.
Having been told a couple of weeks ago that the show flat was moving to Block B, I was surprised to see that my flat was still the showflat. Made it easier for Ben to see what I'll be buying though. We walked around sat on the furniture and had a grand old time. Showed him the bike sheds and the bin rooms and said hi to the site managers.
Then we drove to the Tesco in Purley to see how far it was. Not far at all, and the drive to the Tesco was awesome, some of those houses are amazing!
On the way back we took a different route and came across some new leisure centre on the edge of an estate.
Tuesday, September 20, 2005
Important calls
Took Sue to see Guys and Dolls tonight for her birthday and we were in the pub across the road from the theatre beforehand.
Got a call there from the mortgage broker company to say that I should be expecting the mortgage advisor next week. Apparently all my checks and stuff were confirmed and they'll lend me the amount the brief talk at the site office mentioned.
Of course, it's all subject to my P60s and pay slips and such. I should be getting an email in the next couple of days outlining all the documents they'll need to see.
Oh the musical was good, but Sue complained about the seats. They WERE quite high up, but the action was all still viewable from there. I made it up to her by buying her two different programs.
Got a call there from the mortgage broker company to say that I should be expecting the mortgage advisor next week. Apparently all my checks and stuff were confirmed and they'll lend me the amount the brief talk at the site office mentioned.
Of course, it's all subject to my P60s and pay slips and such. I should be getting an email in the next couple of days outlining all the documents they'll need to see.
Oh the musical was good, but Sue complained about the seats. They WERE quite high up, but the action was all still viewable from there. I made it up to her by buying her two different programs.
Saturday, September 17, 2005
It's official
We've just come back from the flat in Wallington where I signed sooo many papers it wasn't funny.
I paid my £500 holding deposit which means I'm on the road. I asked about being gazumped, as it was a bit of a concern and was told that Barratts don't do that sort of thing, which is comforting.
Also took Sue down again so we could get a proper look around. We also had a nose around the other flats to show her what we weren't taking.
I was concerned about the security of a ground floor flat, but she seems to be happy with not having to haul stuff up stairs, which works.
While we were looking around the new flat (which is STILL a show flat), there was another couple looking around too. The girl showing them around mentioned that while the bathrooms and kitchen in the show flat were ceramic tiled, in the other flats it would be an extra, costing roughly £500/room. That's ANOTHER £1500 we've saved, on top of the show flat inventory!
Doubled checked the TV again, as the site manager seemed to think it was a plastic show TV. It's actually a 20" LCD telly. How cool.
I paid my £500 holding deposit which means I'm on the road. I asked about being gazumped, as it was a bit of a concern and was told that Barratts don't do that sort of thing, which is comforting.
Also took Sue down again so we could get a proper look around. We also had a nose around the other flats to show her what we weren't taking.
I was concerned about the security of a ground floor flat, but she seems to be happy with not having to haul stuff up stairs, which works.
While we were looking around the new flat (which is STILL a show flat), there was another couple looking around too. The girl showing them around mentioned that while the bathrooms and kitchen in the show flat were ceramic tiled, in the other flats it would be an extra, costing roughly £500/room. That's ANOTHER £1500 we've saved, on top of the show flat inventory!
Doubled checked the TV again, as the site manager seemed to think it was a plastic show TV. It's actually a 20" LCD telly. How cool.
Thursday, September 15, 2005
Close neighbours?
Sue just emailed me that her mate Jo's boyfriend lives in Cheam, which is apparently a stone's throw from Wallington. We're going to be neighbours!
Now I just need to find a comic book shop so Andy and I can go shopping while the girls do girl things.
Now I just need to find a comic book shop so Andy and I can go shopping while the girls do girl things.
Wednesday, September 14, 2005
Money Money!
Now that the whole flat buying thing seems to be going ahead, I've gotta convince Sue that spending loads more on a travel card is in her best interest.
I've checked the TfL sites and train sites, and it looks like her travel will be about £1400 a year, and mine goes to up £888 (it's currently around £500). Still, as we're getting quite the deal on the flat it should be a good investment. Hopefully she sees it that way.
I've checked the TfL sites and train sites, and it looks like her travel will be about £1400 a year, and mine goes to up £888 (it's currently around £500). Still, as we're getting quite the deal on the flat it should be a good investment. Hopefully she sees it that way.
Tuesday, September 13, 2005
Confirming details
Been on the phone with the site office today to see what exactly we get with the flat. Asked about bike storage as Sue has a bike, and I don't really want it sitting around the flat.
Was told there wasn't a bike storage area, but we might be able to get a key to the basement parking lot which should be secure and you can park a bike down there.
Sounds promising.
Was told there wasn't a bike storage area, but we might be able to get a key to the basement parking lot which should be secure and you can park a bike down there.
Sounds promising.
Egg Shells
As I've been humming and hawing over this property, the last hurdle was whether the girlfriend wanted to live there. If no, then the whole thing would have to be off unfortunately.
Tonight we drove down to Wallington so I could show her the area and the flat. We found a really nice private road that won't allow L plates through (ha ha ha). This was also the first real look at the area I'd had too, as I still wasn't sure yesterday if I was going to take the place.
Thankfully, the area and the flat met with the thumbs up.
Funny thing that Sue noticed is how the road the flat is on is almost all flats! Did mention the info I'd discovered last night when I got home from G's about the area being a real commuter type place.
I now have to call the site office and tell them I'm definitely in.
Here we go!
Tonight we drove down to Wallington so I could show her the area and the flat. We found a really nice private road that won't allow L plates through (ha ha ha). This was also the first real look at the area I'd had too, as I still wasn't sure yesterday if I was going to take the place.
Thankfully, the area and the flat met with the thumbs up.
Funny thing that Sue noticed is how the road the flat is on is almost all flats! Did mention the info I'd discovered last night when I got home from G's about the area being a real commuter type place.
I now have to call the site office and tell them I'm definitely in.
Here we go!
Monday, September 12, 2005
Rush of energy!
Wow, with my potential interest in the flat I had to come right home this evening and start doing research on Wallington, to make sure I wanted to live there!
Found out that the area is really popular with commuters, and (thankfully for Sue) there's a direct train to London Bridge that takes about 25 minutes. I think for me to get to Clapham Jct it's about 25 mins, then the train to Ken Olympia. That's cool, as I should be able to get a seat AND have enough time to read a chapter or two in a book (usually I can't get more than a couple of pages from Streatham Hill).
So, with that potential hurdle out of the way, it only remains to impress Sue with the place. We're going round tomorrow night to check the area out.
Found out that the area is really popular with commuters, and (thankfully for Sue) there's a direct train to London Bridge that takes about 25 minutes. I think for me to get to Clapham Jct it's about 25 mins, then the train to Ken Olympia. That's cool, as I should be able to get a seat AND have enough time to read a chapter or two in a book (usually I can't get more than a couple of pages from Streatham Hill).
So, with that potential hurdle out of the way, it only remains to impress Sue with the place. We're going round tomorrow night to check the area out.
I think I'm in!
Well, I've just viewed the flat in Wallington. It's indeed a new build, and almost complete. Went with my mate G.
Looked around, was quite impressed and the site people actually had nibbles and champagne on offer. I was tempted to the one bed that I saw in the Metro ad on Friday. THEN they told me the two bed show flat had just become available again (apparently the previous buyer had to pull out over financial difficulties).
What does this flat entail? Well, a property of almost 700sq ft AND all the show furniture!
I've been on the phone with the site manager trying to get the price down to something I can afford, based on a quite call I made at the site office to their lending company.
Watch this space, I may be a home owner yet!
Looked around, was quite impressed and the site people actually had nibbles and champagne on offer. I was tempted to the one bed that I saw in the Metro ad on Friday. THEN they told me the two bed show flat had just become available again (apparently the previous buyer had to pull out over financial difficulties).
What does this flat entail? Well, a property of almost 700sq ft AND all the show furniture!
I've been on the phone with the site manager trying to get the price down to something I can afford, based on a quite call I made at the site office to their lending company.
Watch this space, I may be a home owner yet!
Sunday, September 11, 2005
Folks
Talked to the folks tonight about the flat. Quite excited actually.
They seemed quite enthused. It's been years that I've been looking, so for something to finally come this far is quite an achievement. Hopefully all my research about the area and the trains and the location will pay off.
They seemed quite enthused. It's been years that I've been looking, so for something to finally come this far is quite an achievement. Hopefully all my research about the area and the trains and the location will pay off.
Friday, September 09, 2005
Metro Ad
Thankfully got a copy of the Metro today. As it's Friday, it's property day! There's never anything affordable in this section, but you never know.
Today I saw an ad for a Barratt Homes development in Wallington (yeah, I know "Where?") that claims to be affordable. Probably some government shared housing scheme or something else dodgy.
Might as well take a look though. I've called them and booked a viewing for Sunday afternoon.
Watch this space.
Today I saw an ad for a Barratt Homes development in Wallington (yeah, I know "Where?") that claims to be affordable. Probably some government shared housing scheme or something else dodgy.
Might as well take a look though. I've called them and booked a viewing for Sunday afternoon.
Watch this space.
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