House buying, mortgages, insurance, etc

[throbber]

57 minutes ago, ICTChris said:

I wondered where the cheapest property in Scotland is, found one in that abandoned estate in Port Glasgow for £11,000.  Fire damaged one bed in an estate where no one lives and will surely be demolished?  Could be a good investment to get @throbber out of his current financial predicament.

https://www.zoopla.co.uk/for-sale/details/66286642/?search_identifier=d645a1618dbc652e24a5fb9c8c9f0666cfa09e45c6a3e7ed0bae0b6f0a19307a

That looks like some lovely ambiance.

[Gorgie greatness]

3 hours ago, Buddie Holly said:

https://www.urbandonedteam.com/reports/clune-park-estate

You just wouldn’t think that place exists in modern day Scotland! Even Niddry will set you back six figure In Edinburgh!

[ICTChris]

I've watched a few videos of people exploring the Clune Park estate, I think it's just sad.  Clearly the place was built for when there was an influx of workers and now the industries that drew them there have gone, you've got this ghost of the past remaining.  

One thing to be said, they are still standing.  I wonder if you abandoned most of the new build houses people pay hundreds of thousands for to the elements how long they'd last?

[Molotov]

1 minute ago, ICTChris said:

I've watched a few videos of people exploring the Clune Park estate, I think it's just sad. 

If this was in London it would be prime real estate worth millions!

I witnessed areas of London devastated during the late 70s and 80s with riots and so on completely transformed. 

 

[ICTChris]

1 minute ago, Molotov said:

If this was in London it would be prime real estate worth millions!

I witnessed areas of London devastated during the late 70s and 80s with riots and so on completely transformed. 

 

I'm sure I've posted about this before but the BBC did a series of programs a few years ago about the history of specific streets in London.  They compared current residents to the surveys done by barnardos in the 1900s, it was fascinating.  one of the streets was in Notting Hill and the residents from up until the 1960s basically said that the place was a slum, they were considered the lowest of the low, they would wake up with rats running over their feet.  If they went into other areas, kids parents would say not to play with the dirty Notting Hill kids.  Then it began gentrifying in the 1960s and now everyone who lives there is a City trader or oligarch.

[coprolite]

I bought a house in an area that was rapidly gentrifying in 2007. One credit crunch and eurozone crisis later, reshitholeification was in full effect and we sold up at a loss. 

Still, at least i fixed the mortgage for five years a year before interest rates went through the floor. 

[Sergeant Wilson]

2 hours ago, ICTChris said:

I've watched a few videos of people exploring the Clune Park estate, I think it's just sad.  Clearly the place was built for when there was an influx of workers and now the industries that drew them there have gone, you've got this ghost of the past remaining.  

One thing to be said, they are still standing.  I wonder if you abandoned most of the new build houses people pay hundreds of thousands for to the elements how long they'd last?

They definitely look salvageable. I think there might be an expert on the area on here that could advise.

I'd have thought giving them away to a developer might be an idea on the condition a % of the renovated property or any new builds are affordable.

@virginton

[RH33]

7 hours ago, Salt n Vinegar said:

The thing is, they need space.  Space in so-called "better areas" is quite costly, and because of their employment status their mortgage is really based entirely on our lad's salary at the moment.  Our lad works from home about 60% of the time in an IT related field so has an above average amount of kit at home.  Security is a key consideration.  He is often in on-line meetings. His partner is freelance in a kind of craft/manufacturing/ training/ workshops field, so she works at home and often at the same time as our lad.  That's why space is key. I'm not particularly keen on stereotyping areas, particularly since it's now decades since Mrs Salt and Vinegar and I left Glasgow, but when you know, you know.  

Today they are looking at a couple of properties in Knightswood. We'd be happy with either of these.  There's 2 railway stations within reasonable walking distance giving quite rapid travel to the city centre, where our lad works.

They have to move from their rented property within the next couple of months as their landlord has decided to sell up.  To be fair I can't blame the landlord as she has had to spend more than a year's rent on a new boiler and upgrades to the kitchen and bathroom.  They did think about buying the flat from the L/L but the property is too small for their needs.  It's good for them that we are able to help.  It must be really brutal for those without family who can help.

Properties outwith Glasgow would be an option, but we and they would rather they spent the money that would be spent on trains or buses on the mortgage instead, as they'd have a chance to get it back when selling.  They are also content to do some work on whatever they buy to hopefully get a bigger mark up when they sell.

We haven't bought a property since the early 90s so a lot of the process nowadays is different.  

I know it's out of Glasgow, but I'm in Erskine which doesn't really have particularly bad areas and you can get a fair but of house for your money still. This one's beside my kids primary school. Bargarran where I am is a bit cheaper.

https://www.rightmove.co.uk/properties/143418827#/?channel=RES_BUY

I'd caveat it by saying you do probably need a car as the public transport isn't great but there are direct buses to the city.

My neighbour in my rental three bed is/was on at a fixed for £135k. 

 

[ICTChris]

14 hours ago, Sergeant Wilson said:

They definitely look salvageable. I think there might be an expert on the area on here that could advise.

I'd have thought giving them away to a developer might be an idea on the condition a % of the renovated property or any new builds are affordable.

@virginton

Google says that there's a plan to redevelop the area.  The Council has a page about it

https://www.inverclyde.gov.uk/housing/policy-and-strategy/regeneration-of-clune-park

From the 'Progress' section.

Quote

Residents and those with a positive interest in the area should rest assured that Inverclyde Council is committed to the long term regeneration of the Clune Park area.  We cannot stand by and watch Clune Park deteriorate even further with the poor housing conditions and appalling social problems which have subsisted in this area.

Quote

Page last updated: 18 June 2019

 

[19QOS19]

In regards to overpaying 10% of your mortgage yearly, does this start in January of each year or is it dependent on when your mortgage started? 

Mine is up for renewal in July so can I overpay 10% from last July to this or is it from January until my deal is up? 

I think I now know which one is the correct answer and have thought it was the other answer

[Left Back]

1 minute ago, 19QOS19 said:

In regards to overpaying 10% of your mortgage yearly, does this start in January of each year or is it dependent on when your mortgage started? 

Mine is up for renewal in July so can I overpay 10% from last July to this or is it from January until my deal is up? 

I think I now know which one is the correct answer and have thought it was the other answer

Typically it runs from when your mortgage commencement date is.  You can pay 10% of what you owed on that date over the next year without penalty.  Nothing to do with calendar or financial years.

 

[vikingTON]

On 19/01/2024 at 09:15, ICTChris said:

Google says that there's a plan to redevelop the area.  The Council has a page about it

https://www.inverclyde.gov.uk/housing/policy-and-strategy/regeneration-of-clune-park

From the 'Progress' section.

 

Several of the 'dwellings' are owned by property speculators who are holding out for a juicy profit on their 'investment' at public expense. 

This is precisely why Mao was right in his landlord policy. 

On 18/01/2024 at 18:41, Sergeant Wilson said:

They definitely look salvageable. I think there might be an expert on the area on here that could advise.

I'd have thought giving them away to a developer might be an idea on the condition a % of the renovated property or any new builds are affordable.

@virginton

The local 'developers'/bus company/taxi etc. tycoons have stuck their oar into developing a similar decrepit scheme at Woodhall - doubt they'll be interested in competition until they can get that project approved first. 

[19QOS19]

1 hour ago, Left Back said:

Typically it runs from when your mortgage commencement date is.  You can pay 10% of what you owed on that date over the next year without penalty.  Nothing to do with calendar or financial years.

 

I thought it was 10% of what is owed at the start of the year? Eg. 3 year fixed rate deal of £40,000, I could pay £4000 the first year, £30,000 left start of Yr2 £3000 can be overpaid, £20,000 owed start yr 3 then £2000 could be paid, no? 

Apologies if my explanation is woeful. 

Edited January 25 by 19QOS19

[Hedgecutter]

5 hours ago, 19QOS19 said:

I thought it was 10% of what is owed at the start of the year? Eg. 3 year fixed rate deal of £40,000, I could pay £4000 the first year, £30,000 left start of Yr2 £3000 can be overpaid, £20,000 owed start yr 3 then £2000 could be paid, no? 

Apologies if my explanation is woeful. 

FWIW, mine with Nationwide is 10% of the original balance, i.e. the annual limit has been the same every year since I took it out.

As for the original question, my limit runs from June, the same month I started with.

 

Eta: on a slight tangent, I paid up to the limit for a few years, but with hindsight I think I should have put more of that into my pension / savings (once rates 'rocketed') / investments instead of focussing on an idea of being 'mortgage free' for what were largely heartstring-pulling reasons.  Once I got down to a level that would still be affordable on a reduced income, I decided to stop overpaying altogether.  The idea of doing that to a point and then making spare cash work for me better elsewhere didn't actually cross my mortgage-blinkered mind.  

Edited January 25 by Hedgecutter

[die hard doonhamer]

8 hours ago, 19QOS19 said:

I thought it was 10% of what is owed at the start of the year? Eg. 3 year fixed rate deal of £40,000, I could pay £4000 the first year, £30,000 left start of Yr2 £3000 can be overpaid, £20,000 owed start yr 3 then £2000 could be paid, no? 

Apologies if my explanation is woeful. 

That’s certainly how my mortgage works, but not every one is the same. 

[Left Back]

8 hours ago, 19QOS19 said:

I thought it was 10% of what is owed at the start of the year? Eg. 3 year fixed rate deal of £40,000, I could pay £4000 the first year, £30,000 left start of Yr2 £3000 can be overpaid, £20,000 owed start yr 3 then £2000 could be paid, no? 

Apologies if my explanation is woeful. 

That’s how mine works.  I worded it badly as I was focusing more on the dates.

[19QOS19]

16 hours ago, Hedgecutter said:

FWIW, mine with Nationwide is 10% of the original balance, i.e. the annual limit has been the same every year since I took it out.

As for the original question, my limit runs from June, the same month I started with.

 

Eta: on a slight tangent, I paid up to the limit for a few years, but with hindsight I think I should have put more of that into my pension / savings (once rates 'rocketed') / investments instead of focussing on an idea of being 'mortgage free' for what were largely heartstring-pulling reasons.  Once I got down to a level that would still be affordable on a reduced income, I decided to stop overpaying altogether.  The idea of doing that to a point and then making spare cash work for me better elsewhere didn't actually cross my mortgage-blinkered mind.  

Aye I knew Nationwide did that (it's kind of a draw for me after July for that reason alone) but thought Halifax was different. It is, it's what I thought but it runs from January 1st's balance, thankfully! 

Aye I've looked at putting my overpayment elsewhere but tbh I just want to be debt free. After that I can put my mortgage and overpayments into a better place. I still have time on my side in that regard. I can't say I want it paid sooner just so I can say I'm mortgage free. It's more for the stress relief. I think if I was mortgage free I could probably survive on a minimum wage job relatively comfortably. 

[Gnash]

1 hour ago, 19QOS19 said:

Aye I knew Nationwide did that (it's kind of a draw for me after July for that reason alone) but thought Halifax was different. It is, it's what I thought but it runs from January 1st's balance, thankfully! 

Aye I've looked at putting my overpayment elsewhere but tbh I just want to be debt free. After that I can put my mortgage and overpayments into a better place. I still have time on my side in that regard. I can't say I want it paid sooner just so I can say I'm mortgage free. It's more for the stress relief. I think if I was mortgage free I could probably survive on a minimum wage job relatively comfortably. 

Afraid you have to check your Ts & Cs.  Mortgage policies are different between lenders and products, plus can change over time.

[19QOS19]

1 hour ago, Gnash said:

Afraid you have to check your Ts & Cs.  Mortgage policies are different between lenders and products, plus can change over time.

Aye. Halifax is 10% of the balance as of Jan 1st. Suits me fine though as I won't be able to pay 10% by July so won't get any fees thankfully. 

[Bairnardo]

Someone talk to me about the market these days.... Specifically, how far "over" are offers over going these days broadly speaking?