Reply to: Some financial questions

[meridian]

I would avoid airmiles and go with an M&S or supermarket of choice one. I don't use CCards regularly myself but a mate books all his business travel on his M&S card so his food shopping if basically free.

Airmiles never save you as much as you'd hope as you still have to pay the tax on flights, which is a bit of a crippler IMHO.

An Aussie mate of mine uses his BA Amex to pay for everything - even if he has cash in his pocket down the pub for a small round he'll charge it to get the airmiles. Combined with a Tesco card (points used to purchase BA airmiles) he gets a one-way upgrade to business class to Oz every year.

[NickFitz]

To find an IFA, try http://www.unbiased.co.uk/

[BlackenedBiker]

Be interested to know how much '' renovation" you expect for 50k

I was just using that as an example: we are wondering what level of work we would be happy to take on. Not sure yet just considering the principle at the mo.

[Troll]

Hi there:

Mrs BB and I had the inaugural finance meeting last night.

We can up with some questions which I thought some kind soul would have an answer for, so here goes:

1. Moving home (not first time buyer) what costs should we factor in
2. If we buy a £400K house with need of renovation (say £50K) can we borrow this on the mortgage?
3. We want to set up a meeting with an IFA. How do we source one who doesn't just want to sell stuff and will give us really good advice.
4. We want to get a new credit card with rewards (airmiles, cashback etc.) and put all of our transactions through it. Has anyone got suggestions and where do we do research?

Be interested to know how much '' renovation" you expect for 50k

[d000hg]

Cost for new furniture when you decide your old stuff a)is due replacement b)doesn't suit the new house c)won't physically fit up the stairs or something.

[shaunbhoy]

Joanne, who has no deposit, decides to buy a property for £100,000 but the k itchen and bathroom are in poor repair. She gets an estimate for the work and she finds a builder who will do the complete job for £5,000. Joanne decides to go for the property and apply for a 105% mortgage. This will mean that she will get:

• £100,000 to purchase the property

• £5,000 to repair the property.

After the repair the property will be worth £110,000 as it is more saleable now as the property is more presentable to the market. Thus her buying power has increased from £nil to £110,000 due to the fact that Joanne took on a mortgage that was greater than 100% loan to value.

What they don't mention is that if you default on a payment for one of these institutions, apparently, the lenders "agents" turn up and remove your spleen with a meat cleaver...and that is for first offences.

HTH

[Churchill]

No you first, enlighten me.

You made the assumption that buying his 400k house required a 400k mortgage. Nowhere in his original post was the size of mortgage mentioned.

[oracleslave]

I think you will find that the Bank/BS will only lend capital based on the current value of the property. Not some notional value that may or may not apply after said work is carried out. But there may be more to it than that.

HTH

I stand corrected. I understood 100% plus mortgages were possible as explained here

[shaunbhoy]

I think you will find that the Bank/BS will only lend capital based on the current value of the property. Not some notional value that may or may not apply after said work is carried out. But there may be more to it than that.

HTH

[oracleslave]

Go on then.

No you first, enlighten me.

[Churchill]

Me me. Pick me.

Go on then.

[oracleslave]

Wrong, wrong, wrong.

Anyone want to point the mistake Oracleslave made?

Me me. Pick me.

[Churchill]

Hi there:

Mrs BB and I had the inaugural finance meeting last night.

We can up with some questions which I thought some kind soul would have an answer for, so here goes:

1. Moving home (not first time buyer) what costs should we factor in
2. If we buy a £400K house with need of renovation (say £50K) can we borrow this on the mortgage?
3. We want to set up a meeting with an IFA. How do we source one who doesn't just want to sell stuff and will give us really good advice.
4. We want to get a new credit card with rewards (airmiles, cashback etc.) and put all of our transactions through it. Has anyone got suggestions and where do we do research?

1) Google gave me this

2) Yes, provided you qualify for a £450 000 mortgage

3) Personal recommendations are probably the best bet. Alternatively do your own research

4) I would start with determining where the bulk of your spend is and then see which cards would help the most. Personally I use the BA Amex card.

Wrong, wrong, wrong.

Anyone want to point the mistake Oracleslave made?

[Pondlife]

[*]We want to get a new credit card with rewards (airmiles, cashback etc.) and put all of our transactions through it. Has anyone got suggestions and where do we do research?[/LIST]

I would avoid airmiles and go with an M&S or supermarket of choice one. I don't use CCards regularly myself but a mate books all his business travel on his M&S card so his food shopping if basically free.

Airmiles never save you as much as you'd hope as you still have to pay the tax on flights, which is a bit of a crippler IMHO.

[Moscow Mule]

Working lunch are doing best cards today too...