Nationwide: House prices up 3.9% in a year

[bobspud]

Well I can confirm life is back to normal... A few weeks ago I decided that I needed to remortgage for two reasons

1) I had done all the barn conversion work up till this point out of my own pockets so I have not been building a war chest.
2) I was on a crap deal 4% so taking 1.89% and a few more grand worked out cheaper than my current mortgage.

So my plan was get the mortgage changed and and stick a war chest on top so that I have some liquidity built into my life in case my current gig ends in october. This has the added effect that I can reduce the amount of money I take on a monthly basis and build an even bigger war chest...

As of the surveyor turning up this morning I am sitting on a house that has doubled its value in 10 years including the down turn.
I am guessing that I have probably spent 50K on the renovation work so far and still made over 200k to with 20k left to finish the job for Christmas. I think that concludes a seriously stressful building project...

Out of interest, has anyone managed that sort of return on the stock markets?

[AtW]

2) I was on a crap deal 4% so taking 1.89% and a few more grand worked out cheaper than my current mortgage.

Hmmm, 4% deal probably sounded very sweet when you had it, but now you probably felt like a mug who should have paid only 2%.

Crazy days - they won't be able to increase BoE rates for a long time, it's Japan all over minus earthquakes (fracking can change that).

[bobspud]

Hmmm, 4% deal probably sounded very sweet when you had it, but now you probably felt like a mug who should have paid only 2%.

Crazy days - they won't be able to increase BoE rates for a long time, it's Japan all over minus earthquakes (fracking can change that).

Not really it was an abject laziness on my part. I knew it was a bad rate but lending was crap at the time so it was easier to wait it out and bide my time

[AtW]

Not really it was an abject laziness on my part. I knew it was a bad rate but lending was crap at the time so it was easier to wait it out and bide my time

4% is not a bad rate.

Have you forgotten already that only recently mortgage rates were 5-7%?

[Paddy]

Well I can confirm life is back to normal... A few weeks ago I decided that I needed to remortgage for two reasons

1) I had done all the barn conversion work up till this point out of my own pockets so I have not been building a war chest.
2) I was on a crap deal 4% so taking 1.89% and a few more grand worked out cheaper than my current mortgage.

So my plan was get the mortgage changed and and stick a war chest on top so that I have some liquidity built into my life in case my current gig ends in october. This has the added effect that I can reduce the amount of money I take on a monthly basis and build an even bigger war chest...

As of the surveyor turning up this morning I am sitting on a house that has doubled its value in 10 years including the down turn.
I am guessing that I have probably spent 50K on the renovation work so far and still made over 200k to with 20k left to finish the job for Christmas. I think that concludes a seriously stressful building project...

Out of interest, has anyone managed that sort of return on the stock markets?

Why would you want to convert your house into a barn?

[bobspud]

4% is not a bad rate.

Have you forgotten already that only recently mortgage rates were 5-7%?

Never paid that much even at the top of the rates. In the good old days lenders would fall over themselves to give cheap mortgages.

I missed a fantastic life time tracker rate from Barclays on my second renewal. Ended up on 5% fixed which ended and took me down to 4% till I got off my arse and took a lower rate.

Why would you want to convert your house into a barn?

So I could keep more sheeeps! Baaaaah!

[twocontract]

Back to the stage of the economic cycle where you make more money from sitting at home than you do contracting.

[sasguru]

.... he spends his time alone at home until it's time to pickup his kiddy winky from pre-school and put his wife's dinner on.

HTH BIDI

Sounds idyllic. If only.