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Negative Interest Rates


With a crooked smile
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With a crooked smile

Slight incedential bit of info.

I now have a commercial mortgage and a deposit account with Handelsbanken. This week I got a letter about a change in T&Cs titled in bold Preparing for Negative Interest Rates. 

Clearly the bank think its the next prop to the market. 

Age wise we need to and will be getting a residential mortgage soon. We have a decentish deposit, but at the same time I'd really not want to buy into the madness now. The question is do we just go for it? 

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Hancock
21 minutes ago, With a crooked smile said:

Slight incedential bit of info.

I now have a commercial mortgage and a deposit account with Handelsbanken. This week I got a letter about a change in T&Cs titled in bold Preparing for Negative Interest Rates. 

Clearly the bank think its the next prop to the market. 

Age wise we need to and will be getting a residential mortgage soon. We have a decentish deposit, but at the same time I'd really not want to buy into the madness now. The question is do we just go for it? 

Depends where and what you're buying.

Could be a good time to buy a flat that some leveraged up cunt cant sell to someone needing a mortgage due to the cladding problem.

If its a 2 bedroom terrace in Winchester for £375k i'd bide your time.

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With a crooked smile
6 minutes ago, Hancock said:

If its a 2 bedroom terrace in Winchester for £375k i'd bide your time.

The fact the a house on rubbish road in Keswick up north is north is now on for probably at least the same as down south says alot. 

Admittedly this EA always sticks stuff up at barmy prices https://www.rightmove.co.uk/property/108233747

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Hancock
Posted (edited)
6 minutes ago, With a crooked smile said:

The fact the a house on rubbish road in Keswick up north is north is now on for probably at least the same as down south says alot. 

Admittedly this EA always sticks stuff up at barmy prices https://www.rightmove.co.uk/property/108233747

It'll be used by someone selling up in the south, as an Air BnB or a 2nd home. Don't suppose Aldi in Keswick are paying the kind of wages needed to pay the rent or mortgage on that house.

Though obviously the taxpayer will be funding the housing benefit of workers wages in such area, so the rentier class can make out like bandits.

Keswick is cold and wet most the year, bollocks to living there anyway!

Edited by Hancock
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With a crooked smile
1 minute ago, Hancock said:

Keswick is cold and wet most the year, bollocks to living there anyway!

Ha ha, its lovely great for your personal well being to work in an area like this. I did London and various bits of the South East for years glad I'm out of it. 

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Hancock
18 minutes ago, With a crooked smile said:

Ha ha, its lovely great for your personal well being to work in an area like this. I did London and various bits of the South East for years glad I'm out of it. 

I know it is calming and therapeutic and a lovely place to visit.... but imho only when the weather is fine!

But at 500k a house, its only an option for those who won the house price lottery.

 

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With a crooked smile
4 minutes ago, Hancock said:

But at 500k a house, its only an option for those who won the house price lottery.

Agreed, I chose an extreme example. The scary thing is currently up here due to lack of property on the market it will probably sell. 

To me Airbnb doesn't add up. Whenever EAs publish the income of holiday homes its typically 30k for a 450-500k property. 

That's before you've kitted it out got cleaners involved ect. 

A lot of Airbnb users are bottom feeders as well and not particularly great to deal with. 

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Hancock
3 minutes ago, With a crooked smile said:

Agreed, I chose an extreme example. The scary thing is currently up here due to lack of property on the market it will probably sell. 

To me Airbnb doesn't add up. Whenever EAs publish the income of holiday homes its typically 30k for a 450-500k property. 

That's before you've kitted it out got cleaners involved ect. 

A lot of Airbnb users are bottom feeders as well and not particularly great to deal with. 

So is it that area you're potentially looking to buy?

IMHO that kind of place is likely to hold its value more so than Carlisle should we get a HPC, due to the well to do leaving big cities which are now USA style shitholes where you'd not want to live or raise kids.

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Green Devil
1 hour ago, With a crooked smile said:

Slight incedential bit of info.

I now have a commercial mortgage and a deposit account with Handelsbanken. This week I got a letter about a change in T&Cs titled in bold Preparing for Negative Interest Rates. 

Clearly the bank think its the next prop to the market. 

Age wise we need to and will be getting a residential mortgage soon. We have a decentish deposit, but at the same time I'd really not want to buy into the madness now. The question is do we just go for it? 

No way will the plebs get paid for a mortgage. The banks might get paid from the BOE, but the pleb with the mortgage will be paying his 0.005%

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With a crooked smile
1 minute ago, Hancock said:

So is it that area you're potentially looking to buy?

Keswick yeah, we live just out side to the west of the national park at the moment. It's amazing I love it. But there are various reasons why my other half needs to be Keswick or that sort of area based. 

Just outside the west of the park its quieter, you have the great views and you buy a place that's 50% bigger for about 25% less than in NP. 

West Cumbria is definitely somewhere that we plan to retire to. 

This is where I currently live. It would be hell to somepeople but it's heaven to me. 

IMG_20210321_154614 (1).jpg

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Hancock
Posted (edited)
6 minutes ago, With a crooked smile said:

Keswick yeah, we live just out side to the west of the national park at the moment. It's amazing I love it. But there are various reasons why my other half needs to be Keswick or that sort of area based. 

Just outside the west of the park its quieter, you have the great views and you buy a place that's 50% bigger for about 25% less than in NP. 

West Cumbria is definitely somewhere that we plan to retire to. 

This is where I currently live. It would be hell to somepeople but it's heaven to me. 

IMG_20210321_154614 (1).jpg

No chance of getting a plot to build on i take it.

Here is one .. ive an auntie who had a huge bungalow with one of the best views in Rothbury, she bought the house for the cost of that plot about 25 years ago
https://www.rightmove.co.uk/commercial-property-for-sale/property-67831482.html

image.png.8867e2826d53cfdc7f4fe739992a0e6a.png

Edited by Hancock
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With a crooked smile
1 minute ago, Hancock said:

No chance of getting a plot to build on i take it.

Outside NP fairly easy. Inside does come up. You have to be careful as it will have a local occupancy clause. How it's worded effects the house value. Some say lived in by local person others say owned by local person (so you could rent it in the future as a holiday home). 

Ultimately the local occupancy clauses aren't monitored or enforced they are issued by the NP authority not the council. 

There's been a stink about the whole thing for a while. 

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With a crooked smile
10 minutes ago, Hancock said:

Here is one

It might be worth considering. I have no idea about self build mortgages. It says had planning since 2014. Given who's flogging it as well I'd really low ball then as they really price everything up. 

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Hancock
10 minutes ago, With a crooked smile said:

It might be worth considering. I have no idea about self build mortgages. It says had planning since 2014. Given who's flogging it as well I'd really low ball then as they really price everything up. 

Looks as if they've already dropped the price. £125k, and then a similar amount for the build ... so long as your better half isn't into £30k kitchens etcc

Not sure i can see the point in having that conservatory on the 2nd floor, when it could be made into a room.

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Chewing Grass
1 minute ago, Hancock said:

Looks as if they've already dropped the price. £125k, and then a similar amount for the build ... so long as your better half isn't into £30k kitchens etcc

Not sure i can see the point in having that conservatory on the 2nd floor, when it could be made into a room.

Go on the street view of the plot via the map link, very small triangular plot with an awkward slope on it.

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M S E Refugee
25 minutes ago, With a crooked smile said:

Keswick yeah, we live just out side to the west of the national park at the moment. It's amazing I love it. But there are various reasons why my other half needs to be Keswick or that sort of area based. 

Just outside the west of the park its quieter, you have the great views and you buy a place that's 50% bigger for about 25% less than in NP. 

West Cumbria is definitely somewhere that we plan to retire to. 

This is where I currently live. It would be hell to somepeople but it's heaven to me. 

IMG_20210321_154614 (1).jpg

I moved from Carlisle to the Solway Coast a couple of years ago and I am starting to see decent price rises.

The CA5 and CA7 postcodes are tremendous value when you see what's on offer in Carlisle.

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Hancock
8 minutes ago, Chewing Grass said:

Go on the street view of the plot via the map link, very small triangular plot with an awkward slope on it.

Size is OK, but an awkward shape, still get a nice garden out of it.

image.png.20f40a1e2323a14d8c5a7b29bfd5100d.png

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sleepwello'nights
13 minutes ago, With a crooked smile said:

It might be worth considering. I have no idea about self build mortgages. It says had planning since 2014. Given who's flogging it as well I'd really low ball then as they really price everything up. 

There are a fair few crowd funding sites for self build as well. In principle a self build mortgage only differs in that the funds are released in stages as the build progresses, usually in arrears so you have to be able to fund each build stage yourself.

Development finance is readily available, or it was when I last looked a few years back. Rates are high on an annualised basis and the lender might try for an exit fee as well. based on gross development value.

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Hancock
15 minutes ago, sleepwello'nights said:

There are a fair few crowd funding sites for self build as well. In principle a self build mortgage only differs in that the funds are released in stages as the build progresses, usually in arrears so you have to be able to fund each build stage yourself.

Development finance is readily available, or it was when I last looked a few years back. Rates are high on an annualised basis and the lender might try for an exit fee as well. based on gross development value.

If a person can buy the plot then i presume banks would rush to lend if it was used as collateral. 

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With a crooked smile
2 hours ago, Hancock said:

Don't suppose Aldi in Keswick

Aldi? Lidl? We don't have these in Keswick. We have Booths which is like an upmarket Waitrose well stocked with Cumbrian delicacies I'll have you know. 

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sleepwello'nights
23 minutes ago, Hancock said:

If a person can buy the plot then i presume banks would rush to lend if it was used as collateral. 

Dunno about rush but a self build loan is much easier if you already own the plot. Some lenders may (did)  lend on the plot purchase as well.

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spunko
6 hours ago, With a crooked smile said:

Keswick yeah, we live just out side to the west of the national park at the moment. It's amazing I love it. But there are various reasons why my other half needs to be Keswick or that sort of area based. 

Just outside the west of the park its quieter, you have the great views and you buy a place that's 50% bigger for about 25% less than in NP. 

West Cumbria is definitely somewhere that we plan to retire to. 

This is where I currently live. It would be hell to somepeople but it's heaven to me. 

 

I would try to buy in the National Park personally. There's nothing worse than finding your 'dream home' only for a developer to come along a year later and try to build a new town in the adjacent field.

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With a crooked smile
16 minutes ago, spunko said:

I would try to buy in the National Park personally. There's nothing worse than finding your 'dream home' only for a developer to come along a year later and try to build a new town in the adjacent field.

That's part of my other half belief. Plus the national park has always been a rich person's bolthole so seems a  fairly safe haven. 

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Innkeeper
18 minutes ago, spunko said:

I would try to buy in the National Park personally. There's nothing worse than finding your 'dream home' only for a developer to come along a year later and try to build a new town in the adjacent field.

Actually if you live within sight of a National Park (as I do), it is highly unlikely, if not impossible, that any development apart from the odd house will be allowed.  This is because local planning must take into account any construction that will interfere with the Parks’ natural setting.  The Parks are therefore given the opportunity to comment/object to planning outside the Park concerned if it will interfere with the Park.

I knew nothing of all this till I moved to my current home but in fact you end up with the best of both worlds living just outside as planning inside the Parks is very restrictive (tough luck on that extension to your two bed farm cottage).

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With a crooked smile
53 minutes ago, spunko said:

There's nothing worse than finding your 'dream home' only for a developer to come along a year later and try to build a new town in the adjacent field.

Mmm I lived in a beautiful Edwardian semi at one stage. Then a Pakistani family moved in next door. 

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