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any financial/mortgage advisers on here?


Bob
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  • 10 years later...

We're having a bit of a crisis with our Son's school catchment area & are thinking of moving house as a result.

 

Really quick question, what are the implications of going back to renting? I don't think I've ever heard of anyone doing this but it might have to be an option for us the way things are going.

 

We've only paid about 15% of our mortgage back.

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Implications of going back to renting? Monthly rent is usually higher than a monthly mortgage payment. You have to deal with cunt landlords and lazy arse letting agencies. There'll be more additional fees than you can shove up your arse. You'll never be able to think of the house as your own.

 

If the school thing is that important, it's probably worth repeatedly appealing to the school/school board/whoever is in charge of such matters. There are always a certain number of places held back for out-of-catchment students from what I hear, so persistence might pay off.

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17 minutes ago, Trumo said:

Implications of going back to renting? Monthly rent is usually higher than a monthly mortgage payment. You have to deal with cunt landlords and lazy arse letting agencies. There'll be more additional fees than you can shove up your arse. You'll never be able to think of the house as your own.

 

If the school thing is that important, it's probably worth repeatedly appealing to the school/school board/whoever is in charge of such matters. There are always a certain number of places held back for out-of-catchment students from what I hear, so persistence might pay off.

Reckon I might just make an appointment with an advisor, we've got Help to Buy too which will make things even messier. Renting would likely be a last resort.

 

The school thing is putting a bit of strain on our lives at the moment, we've applied for a non-catchment place & find out March/April.

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If it is a more expensive area why not consider an interest only mortgage which will have lower repayments? Do that for a few years and swap over to repayment when you can afford it or move when the catchment area is no longer an issue. I know a number of people that have gone interest only, myself included, and in the right circumstances it can work out well

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2 minutes ago, A Red said:

If it is a more expensive area why not consider an interest only mortgage which will have lower repayments? Do that for a few years and swap over to repayment when you can afford it or move when the catchment area is no longer an issue. I know a number of people that have gone interest only, myself included, and in the right circumstances it can work out well

Thanks, I don't know an awful lot about these things so that is helpful. I'll have a look into that.

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6 minutes ago, A Red said:

No problem, I should add that I'm not a financial adviser so obviously you need proper professional advice

Aye, I'll need to sit down with someone on the specifics but it's good to have an idea of what I want to be talking about before I go so your point is very helpful.

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Couple of other things to think about- if you sold, would you get enough to cover your outstanding mortgage balance, i.e. hopefully you're not in negative equity, which you probably shouldn't be if you've paid off about 15% of the original mortgage.

 

Also, what are the current terms of your mortgage, is there an early repayment fee? Some fixed term mortgages have quite hefty fees.

 

Finally, what's an average rent for the area you're looking to move into, and how does that compare with an interest only mortgage as A Red suggested and a repayment mortgage- rates are very low at the moment, and you might be surprised at what you can afford.

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5 hours ago, Mook said:

Some more very good points there, the second one of which could potentially scupper the whole thing. I'm going to dig out our mortgage Ts & Cs this week. Thanks.

Are you happy where you're living?

An alternative might be to consider obtaining an address (eg renting somewhere for as long as required) in your chosen catchment area.

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3 hours ago, Champ said:

Are you happy where you're living?

An alternative might be to consider obtaining an address (eg renting somewhere for as long as required) in your chosen catchment area.

I was not planning to move ever again, more than happy where I am but the kids have to come first. We're planning to start saving like mad in January to give ourselves some options.

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Be careful of making such a huge life-changing decision based on a school’s rating. A school can go from ‘Outstanding’ to requiring improvement within a really short space of time, whenever Ofsted change their inspection framework. It’s best to visit the local schools and get a feel  for the ones you like, rather than just accept that a school is better just because it’s got a robust anti-radicalisation policy or some other such nonsense measure.

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28 minutes ago, Teasmaid said:

Be careful of making such a huge life-changing decision based on a school’s rating. A school can go from ‘Outstanding’ to requiring improvement within a really short space of time, whenever Ofsted change their inspection framework. It’s best to visit the local schools and get a feel  for the ones you like, rather than just accept that a school is better just because it’s got a robust anti-radicalisation policy or some other such nonsense measure.

The school he's going to have to go to, we'll need samarai swords, suits of armour & a pet tiger to get there every day.

 

We're going for a tour with the headmaster tomorrow but the missus has pretty much said it's not happening.

 

Barratt Homes lied to us about the catchment area when we bought the house, I wouldn't trust those bastards as far as I could throw one of their houses.

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48 minutes ago, Teasmaid said:

Be careful of making such a huge life-changing decision based on a school’s rating. A school can go from ‘Outstanding’ to requiring improvement within a really short space of time, whenever Ofsted change their inspection framework. It’s best to visit the local schools and get a feel  for the ones you like, rather than just accept that a school is better just because it’s got a robust anti-radicalisation policy or some other such nonsense measure.

Liz! Fancy seeing you here!

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