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Housing market

Discussion in 'off topic' started by matt j, Feb 2, 2022.

  1. hifinutt

    hifinutt hifinutt

    Yes its now counted as a repair not a capital gain
     
  2. hifinutt

    hifinutt hifinutt

    PFM landlords and others may like to contribute the the consulation on decent homes which runs till Oct

    https://www.gov.uk/government/consu...ard-in-the-private-rented-sector-consultation

    Millions of renters could benefit from a set of improved standards for rented homes, in the next step of the government’s biggest shake up of the private rented sector in 30 years.

    The Department for Levelling Up Housing and Communities has today (2 September 2022) launched a consultation on introducing a Decent Homes Standard to the rented sector, which would mean landlords are legally bound to make sure their property meets a reasonable standard.

    The majority of landlords in the private rented sector already meet high standards but a minority are failing to meet these.

    The consultation asks whether privately rented homes should be required to be kept in a good state of repair with efficient heating, suitable facilities, and free from serious hazards like major damp or fire risks. The consultation seeks views on whether such new standards should be introduced and on how they should be enforced.
     
  3. Gingerbeard

    Gingerbeard Ayup Me Duck

    Has anyone else on here fixed their mortgage for 10 years? You of course have the comfort of knowing what you are going to pay for a long period of time and I would be very surprised if we'll see the historic lows on rates in the coming years'. I am wondering whether it is worthwhile as it is not an approach I have considered or we taken before. We have 12 years left to clear the mortgage and our current product ends in early Jan

    Thanks

    GB
     
    lordsummit likes this.
  4. darrenyeats

    darrenyeats pfm Member

    Fixed mortgages can have significant penalties for paying off early, something to be aware of with such a long fix.
     
    hifinutt likes this.
  5. Ponty

    Ponty pfm Member

    I suppose it depends on the rate you are offered in January and how high you think rates might go. Check the early redemption costs, things can change in life, certainly over 10 years. If things get really bad this winter, there could be another bail out along the lines of covid. The govt itself can’t afford high interest rates, it has too much debt. Being forced to pile on more isn’t going to help. The economic war with Russia makes this uncharted waters really, if the govt don’t act in a fairly major way, millions of people will be in deep trouble.
     
    Gingerbeard likes this.
  6. Seeker_UK

    Seeker_UK Feelin' nearly faded as my jeans

    We fixed for 15. It meant we paid a little over what we could have done on SVR later in the term, but it meant I knew exactly how much was going out each month.

    The only downside is that as @darrenyeats says, there are early finish penalties but if it's the difference between mortgage and mortgage-free, it's often price worth paying.
     
    Gingerbeard likes this.
  7. lordsummit

    lordsummit Moderator

    Did this about a year ago. Means I’ll get most of the way to paid off at a very low rate.
     
    Gingerbeard likes this.
  8. Gingerbeard

    Gingerbeard Ayup Me Duck

    True, I’m always wary of these, although I don’t see the mortgage being paid off early and I suppose you can always stay with the same provider if a move was on the cards. Will read the small print carefully
     
    darrenyeats likes this.
  9. Gingerbeard

    Gingerbeard Ayup Me Duck

    It’s a bit of lottery at the moment for sure and it’s anyones guess as to where we’ll be as a country in 4 months time. Things change and the world moves so quickly these days

    I totally agree, without help, a lot of people could be in real financial dire straits in the coming months. I’m intrigued to hear what Liz Truss is going to announce next week
     
  10. Brian

    Brian Eating fat, staying slim

    Check it’s a portable mortgage in case you need or want to move during the term. Most probably are these days but worth making sure.
     
    hifinutt and Gingerbeard like this.
  11. Gingerbeard

    Gingerbeard Ayup Me Duck

    Blimey, I didn’t know you could fix for that long a term. There is a certain comfort knowing what you’ll be paying for the foreseeable future, which would suit my partner. I’m the sort of person that doesn’t mind a bit of calculated risk and flexibility though…
     
  12. Gingerbeard

    Gingerbeard Ayup Me Duck

    Thanks @Brian will do :)
     
  13. Ponty

    Ponty pfm Member

    Thing is, there could well be several base rate rises between now and Jan. As with energy costs, you could find fixed rates considerably higher than the SVR.
     
    Gingerbeard likes this.
  14. Seeker_UK

    Seeker_UK Feelin' nearly faded as my jeans

    We could have fixed for 25 years (this was back in 1996) but it would not have been possible to arrange through the mortgage broker. We went for 15 in the end and that worked OK; we paid the mortgage off in total before the end of term.

    As an aside, it was with Northern Rock and, funny old thing, they waived the early finish penalty as they wanted us off the ledger; long-term fixed mortgages are apparently not attractive when selling to other banks.
     
    Gingerbeard and darrenyeats like this.
  15. Bob McC

    Bob McC Living the life of Riley

    If you can fix now for such a period I’d have their hands off.
    The days of cheap money are gone forever.
     
    lordsummit likes this.
  16. Gingerbeard

    Gingerbeard Ayup Me Duck

    I thought that might have been the case following the crash of 2008 @Bob McC and looked what happened...
     
  17. Bob McC

    Bob McC Living the life of Riley

    Interest rates now have nowhere to go.
     
  18. hifinutt

    hifinutt hifinutt

    i remember a family member fixed for 10 years ... got a bit stung by it . i would only do 5 years . you get penalties if you redeem it
     
    Gingerbeard likes this.
  19. Ponty

    Ponty pfm Member

    Trouble is, fixes have already doubled over the last 12 months. There’s simply too much debt, personal, corporate and govt. At the first excuse, they’ll be slashed again. They’re talking about a £100BN energy bail out, all borrowed money FFS.
     
  20. Bob McC

    Bob McC Living the life of Riley

    I fixed at 10% when rates hit the stratosphere.
    A mistake it turned out.
    If I were buying now I’d fix for as long as possible.
    Interest rates are still incredibly low historically.
    Money is still cheap for those of us that were borrowing thirty years ago.
     
    Gingerbeard, Brian and Seeker_UK like this.

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