Re mortgage time. What to do?

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  • Re mortgage time. What to do?
  • Rockape63
    Member

    A few questions that spring to mind:

    Why put yourself in serious debt if you feel you won’t get much of a return?

    Have you considered extending whilst gutting which would increase the value if done well?

    All debt options depend on rates available, so you should be able to work that out on the timescale of ten years.

    Also if your home is your main asset get a local est agent round to get their ideas on maxing out the value.

    Basically, don’t do anything if you don’t at least get the money back in the long term.

    wrightyson
    Member

    That’s my thinking re the investment. All the work will be done by me bar skimming. I just hate the old 20’s door frames which have been painted a thousand times and most of the plaster is ready for coming off. Extension/conservatory is also on the thought plans.
    Appreciate there’s always a ceiling limit for values and reckon it would be worth getting an agent round to see how far we are off that at the moment.

    5thElefant
    Member

    Assuming you actually plan to live there then I wouldn’t worry about ‘adding value’. It’s a nice feeling liking where you live.

    wrightyson
    Member

    Really in a quandary over this.
    20 yrs to go at the moment own over 50% of the house.
    Would like to gut the house and start again so release some equity?
    Probably wont increase the value all that much.
    Possibly go on to a ten year fixed and get it paid off but not have any spare cash?
    Stay on the current scheme?
    Remortgage for amount owed?

    mrmo
    Member

    try and predict the housing market for the next 10 years!

    ignore the value, make it a place you want to live. Whilst having a life.

    Something one of the managers was talking about a few weeks back, friend of his was a workaholic, all hours working not much of a life beyond work, plenty of savings for when they retired. 50 massive heart attack dead. Life isn’t very long, there may never be a tomorrow.

    Think about tomorrow by all means, but don’t forget about today.

    boxfish
    Member

    We’re in a similar situation. 1920s house, two-thirds paid for, 17 years left on the mortgage. We don’t plan to move, so we got planning permission for a large ground-floor extension, extended our current mortgage term and borrowed a bit more to fund the works. It means our payments remain about the same but we’ll be paying a bit longer.

    Rockape63
    Member

    Its actually quite difficult to spend money on your house and not increase its value….unless you have some very dodgy tastes.

    If you don’t like battered door frames, a potential buyer probably wouldn’t either.

    What I was saying (not very well) is that rather than just improve it, take the time to consider doing that at the same time as extending it, possible spending a lot more, but in the long term having a larger house that is finished the way you want it…….and a better investment.

    b r
    Member

    If you want to live there for the next 10 years, then just make it right for you.

    Worrying about the ‘value’ is just wrong, except where you load your mortgage up so much that you’re in negative equity if there was a correction to prices – so nowhere past 70-75%.

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