Would you move if mortgage free now?

Discussion in 'Chat and Banter' started by bmwzoom, Jun 19, 2022.

  1. E39mad
    Offline

    E39mad

    Joined:
    Aug 7, 2015
    Messages:
    494
    Likes Received:
    277
    Location:
    Happy Valley Cheshire
    Ratings:
    +398 / 2 / -0
    I am on the Build Hub forum (great resource) and have learnt an enormous amount about house construction and details. Personally I'd be slightly weary of a new build from a large builder who mass produces. The reason being that they build to the basics of building control regulations and not every single house gets surveyed - something like one in ten - in order to get passed and then obtain the (worthless) NHBC or similar 10 year warranty. Ultimately it's all about profit for them and not building the best home that they can.
     
    • Agree Agree x 1
  2. Spuffington
    Offline

    Spuffington Staff Member Admin Site Supporter

    Joined:
    Jul 31, 2015
    Messages:
    2,132
    Likes Received:
    1,151
    Location:
    Frankfurt am Main, Germany
    Ratings:
    +1,450 / 1 / -1
    I have very real experience of this. Three years after buying my place I’m still at odds with the builder. In fairness they’re coming back to rectify major issues but we continue to discover new issues all the time.

    A lot of this is down to the Builder effectively being able to self certify certain bits and the lack of oversight which goes with that. Understand it’ll probably be worse now given that it’s incredibly difficult to get any trades at the moment as a lot packed up and went back to EU and skilled trades in short supply.
     
  3. E39mad
    Offline

    E39mad

    Joined:
    Aug 7, 2015
    Messages:
    494
    Likes Received:
    277
    Location:
    Happy Valley Cheshire
    Ratings:
    +398 / 2 / -0
    Sorry to hear that Spuff. One of the problems with big builders is that sometimes the subcontractors that they use are at best inconsistent with the quality. The shame is that is does not take that much more time or cost to produce something so much better. We are building a "fabric first" property in that insulation is the key whilst still building the design and layout that we want. About 2 months to go for before we move in.
     
  4. edthefed
    Offline

    edthefed Site Supporter

    Joined:
    Sep 19, 2015
    Messages:
    822
    Likes Received:
    319
    Ratings:
    +577 / 1 / -0
    Most new build are built "down to a cost" on a spreadsheet to maximise profitability.
    Many of the "trades" are only working on site as they are not skilled enough to work elsewhere.
    Everything is done as quick as possible with so many bodges its unbelievable
    How do iknow ???
    Our new build passed its "airtight" test with numerous trickle vents missing from the windows leaving a large gap for air to flow out of.
    Passed its electrical safety test with loose live wires exposed
    Other things that passed inspection included - radiators clearly not level bathroom sinks not level, the 600mm space for washing machine actually being 590mm.
    Lead flashing not sealed in place, bathroom extractor external vent covers missing. Not a single internal door hinge had all its screws in place. The sliding patio doors would not open , later discovered they had been fitted well out "true"
    And numerous other issues from a "quality" builder
    But it "passed" all the inspections and we have the certificates to show
     
  5. Wilseus
    Offline

    Wilseus Site Supporter

    Joined:
    Sep 5, 2015
    Messages:
    158
    Likes Received:
    66
    Location:
    Northampton
    Ratings:
    +86 / 0 / -0
    I think the answer to that depends on a lot of variables, not least how much you earn, and whether you have a pension and how much that is. For example if you have (or rather will have) a £400k pension fund you could take 25% of that tax free when you retire and pay off the mortgage, bearing in mind that at the moment it is usually cheaper in the long run to pay extra money into a pension or other investment then use that to pay off a mortgage later. Now is the time to get a cheap-ish fixed rate before they start to go up.

    I am biased though, as I disliked living in a terraced house and finally, aged 46, bought a detached house last year. Now I can listen to music and watch movies as loud as I like. Ours is a new build, from a developer with a bad reputation, however we have had very few snagging problems and what we have had they have fixed in a timely manner.

    One thing to be wary of if you are buying a new build is that all new estates have to have social housing, and a couple of people further down our street in £600k houses have a neighbour from hell backing on to them, and are currently taking legal advice because they say the developer didn't tell them.
     
  6. a.s.uk
    Offline

    a.s.uk WARLORD

    Joined:
    Aug 1, 2015
    Messages:
    1,154
    Likes Received:
    364
    Location:
    Sheffield
    Ratings:
    +633 / 1 / -0
    Some great and interesting points here..
    Not just the same old:- my suspensions flopped at the back…. Love this forum… keep up the good work chaps..


    Sent from my iPhone using Tapatalk
     
    • Like Like x 1
    • Agree Agree x 1
  7. Spuffington
    Offline

    Spuffington Staff Member Admin Site Supporter

    Joined:
    Jul 31, 2015
    Messages:
    2,132
    Likes Received:
    1,151
    Location:
    Frankfurt am Main, Germany
    Ratings:
    +1,450 / 1 / -1
    Some interesting stuff in there on the financial side. Food for thought as someone who is epically overpaying the mortgage. :oops:

    Totally agree with you on new estates. We almost bought a (wait for it) £900k house on a new estate before we bought this one. We were so taken with it until we found out it was the last one and started questioning why. A decent look out of the main bedroom window and eye on the plan answered it……….6 chicken run gardens alongside the right side of the property and garden, all of which were social housing. Had nightmares about hellish neighbours and beer time being thrown over fences. Ran for the hills and don’t regret that decision for a second.

    Interestingly, where we are now, the close has been tiered. Social housing on the entrance, shared ownership next row, then 3-bed semi’s and then all the detached 4 & 5 bedrooms in an enclave down the end. Turns out there was a planning dispute with the 3x £3m houses overlooking the field where the bottom of the road was to be built. Evidently they didn’t want to overlook social housing so had to be Essex style barn conversions. Winner for me! :)

    On the point of new build houses, I think it’s the luck of the draw. Would I buy another? Probably not. Our builder seems to be reputable but was let down by substandard subbies and foremen. They are addressing major issues but it’ll be me who picks up the cost of getting everything right. Good job we love the house and our neighbours.

    This thread makes for interesting reading. We bought our house just coming up 3yrs ago. Had a decent 15% deposit courtesy of my other half (I was penniless from divorce but with good earnings & earnings potential). We’ve been overpaying the mortgage by £700per month and fixed back in Dec at 0.99% for 5yrs so really have the ability to chuck money at it. I’m aiming to have it paid off by the time I’m 50 (7yrs away) or at the very least just have 1x earnings outstanding. All that said, we’re super happy apart from the lack of land and extra bedroom. We can add a 5th bedroom for c £60k so that’s fine but we’d love a bigger garden and place for a Motorhome in due course. Problem is, that takes us to adding another £600k to the mortgage and blowing us right out until retirement. One part of me says do it if the right place comes up, the other part of me sees enormous benefit in being mortgage free at 50……especially with one going to university then and another 10yrs later.

    I don’t think there’s ever a right answer, just what feels right and manageable to you at the time.

    Good luck with whatever you decide, OP.
     
    • Like Like x 1
  8. Wynne71
    Offline

    Wynne71 WARLORD Site Supporter

    Joined:
    Apr 3, 2019
    Messages:
    3,158
    Likes Received:
    1,197
    Location:
    West Midlands
    Ratings:
    +1,788 / 1 / -3
    Always good to hear that folk live along parallel lines at times, I also came out of my first marriage penniless (although with two amazing boys that I can’t speak highly enough about), Mrs W number 2 came with a decent deposit for our first house. She saw the longer term earning potential in me apparently…!
    We are also over paying, but a way to go given boy number two still has another year at Uni.

    I do have to point out that not all social housing folk are the lower end of the evolutionary scale. I spent the first 18 years of life in either council or social housing, with a few months in a homeless hostel for good measure. There are clearly those that do not look after nor appreciate a home that has been provided for them, both there are also those that deeply appreciate and respect the opportunity to build a home, especially a new build home.
    Our good friends have just sold a house around the corner from us, it went for £800k, they had bad renters in there for two years. She was appalled at the state in which the left the house, damage, mess, dirt etc. And these were a well off family of so-called professionals. We can find the bottom dwelling mouth breathers at all ends of the financial scale.
     
    • Like Like x 2
    • Agree Agree x 2

Share This Page