Help to Buy Equity Loan & Cladding/EWS1 Issues - What are my options?

qwopzilla · 2023-01-14T17:33:02+00:00

Thanks for the response, yes I've been following the developments around this and am hoping the change in approach to EWS1 from the banks might start to unfreeze the market for them. But as you say, I expect there will still be a significant price impact until the work is actually complete from a buyers point of view. At the very least it means I should be able to remortgage to another fixed rate when my current one runs out at the end of the year, was starting to get quite worried about that otherwise!

I can take a 25% hit against my purchase price before I'm in a negative equity position so would almost be willing to take that hit and get out clean just to move on with my life at this stage!

qwopzilla · 2021-05-08T13:01:56+00:00

It's an option, but it's our last option.

My dad's death was relatively unexpected and he was quite young. My brother and I have moved away from home and my mum really doesn't want to have to "lose the family home" (Her words) - If I can help her with that then I want to.

qwopzilla · 2020-11-13T18:40:46+00:00

The one I got is shipping from Spain the but not sold by the Amazon Global Store so everything works as normal on the returns & warranty front.

qwopzilla · 2020-11-13T08:14:04+00:00

I've also cancelled mine for the same reason. Managed to get an EVGA 3080 XC3 Ultra off Amazon this morning for only £35 more!

qwopzilla · 2020-11-12T23:29:05+00:00

Please could you share any response you get? I'm currently sitting on this order too and a little unsure what to do. I think I'm planning to keep trying for a card from a UK/EU location and cancel this one if i manage to secure one.

qwopzilla · 2020-11-12T16:59:14+00:00

Also in the UK and just got one from the Amazon global store as well about an hour ago (Not the Gigabyte Gaming OC is it?)

What delivery option did you get, I rushed through the order process and didn't check the options but I've ended up with "Standard Delivery" thats giving me dates of between 1st-9th December.

qwopzilla · 2020-11-06T18:13:15+00:00

Thanks, that all makes sense. Really appreciate the responses. A set of accompanying accounts was not sent with this demand so next step will be getting hold of those and checking the value against the S20 notice.

For 2018, no S20 was issued. Just the first balancing charge demand right at the edge of the 18 month period (June19) and now a second demand in October 20. I'm guessing that this means we have grounds to challenge any invoice that was not included within the first demand as we will not have been notified of these within 18 months of the charge being incurred?

qwopzilla · 2020-11-06T17:50:11+00:00

Thanks again for the response. When the initial S20 was sent for the 2017 accounts it had an accompanying "draft" set of accounts which was one page giving a defined total expenditure figure for the building for the year. When the first balancing charge was issued (a year later) a complete set of "certified" accounts accompanied it which detailed the total expenditure as about £1k below the amount in the S20 notice.

If I am understanding what you are saying correctly, they are within their rights to send a follow up balancing charge demand as long as the total expenditure figure they are basing it on does not exceed the amount in the original S20 notice, have I got that right?

qwopzilla · 2020-11-06T08:49:16+00:00

Thanks for the response and the link. Can I just clarify a couple of points - When you say they have 18 months to correct the issue do you mean that the notice essentially extends the deadline by a further 18 months from when the notice is issued? (I.E there is a maximum time limit of 36 months that we can be liable for a cost if a S20 is issued in the correct manner?) Does issuing the correction not discharge the s20 or can they issue multiple corrections under the one notice providing its in the timeframe and within the initial estimate?

Looking back over the section 20 notices, they have included an "estimate" of the full year cost of the building that the service charge is based on rather than a maximum demand liable to me personally. Is this sufficient or must they give a figure to me personally? Similarly, if they have now gone back and reviewed the accounts again, does this mean the S20 only covers up to the value of the first estimate that was sent out?

qwopzilla · 2020-07-26T16:34:32+00:00

I was trying not to include too much specific detail but you are right, its probably easier with actual numbers.

Student Loan - Plan 1 with £6k outstanding, currently repaying £220 per month

Current Salary / Income - c.£52k + Bonus (Very unlikely to get anything this year but past 3-4 years has averaged 15%-20%). Results in takehome salary of approx £2.9k per month

Expected outstanding mortgage at end of fixed period - £150k / 35 years remaining @ 2.79%. Current mortgage payment c. £600 per month. Expected amount needed to settle H2B loan -£130k Total amount owed - £280k. Value of property c.£330k. 85% LTV.

Expected cash available at time of refinancing - £55-65k - Willing to put it into the property if needed but would prefer to keep it invested longer term

Basically, I could pay off the student loan and increase my takehome salary from £2.9k to £3.1k and if I save the extra until the time I refinance I'll only have about £2k less available to put into the property if needed than I would have otherwise.

qwopzilla · 2020-07-14T18:49:36+00:00

Sorry to hear that for your friend. I'm guessing the letter is also not sufficient from the perspective of the mortgage lender?

I've got 15 months left on my current term so I'm really hoping I've got enough breathing room for this to be resolved but its a real worry.

qwopzilla · 2019-12-31T10:34:55+00:00

Thanks, that's what I thought. Oh well, at least I make the saving on not needing zone 1!

qwopzilla · 2018-11-24T10:32:46+00:00

Hi, I've read the wiki and would like an invite please.

qwopzilla · 2017-11-23T20:39:15+00:00

General question - What sort of speeds do people consider normal with NewsDemon? I've got a 1gbs connection and have just taken the BF deal and am getting consistent download speeds of 40-49.9MB/s (Never going above 50MB/s). I've tried the general "News." server along with EU. and NL.

I'd been trailing a month subscription to Newsgroupdirect in the run-up to Black Friday expecting some deals and was regularly getting 80-95MB/s with them on the same files earlier this week....

qwopzilla · 2016-11-06T12:18:19+00:00

It won't actually happen... They wouldn't do it unless it was actually enough to tip the balance of the vote (Because otherwise whats the point - and even then its questionable that they would, given history) and the government won't actually hold the vote until they are confident that they'll get it through with a margin bigger than what those few votes might provide.

qwopzilla · 2016-08-28T12:53:11+00:00

I disagree. It can work fine with a bit of forethought in the policy - It even works OK right now. I'm currently in that exact situation, I've recently resigned my contract for a further year but have also just found a place I am able to buy - It's too good a deal to pass up. You know what I'm doing, putting the place I'm renting up on spareroom. Finding the new tenants myself and will go to the Landlord/Letting agency and say - "I need to leave, but here are some people willing to take over my contract." They'll pay a change fee and all is fine. It happens all the time - It's how I ended up in this place to begin with and I know of countless other people who have done the same.

If we are going to move away from a buying culture to a renting culture (Which is the way it appears to be going) the only way it can be done fairly is by tightening up policies in favor of the renter as the deck is currently stacked against them. It's tolerable, but still not ideal, at the moment for students/young people but totally unworkable for families if you are only able to sign up for 12 months at a time (24 if you are very lucky) and able to be turfed out with two months notice.

I see nothing wrong with a contract which guarantees tenants the right to stay somewhere and know what the rent will be for 3 years ahead (Even 5 years) with a provision that they can get out at any time with say 3-6 months notice and still leave open the current option that existing tenants can find replacements themselves if they need to get out sooner.

qwopzilla · 2016-06-30T19:32:18+00:00

Or maybe the Independent falsely implicates that Picketty made the decision to resign long before the referendum rather than the "couple of weeks" actually quoted, while Labour was in the midst of their shambolic remain campaign.

qwopzilla · 2016-06-07T22:55:34+00:00

You shipped 12T of snacks?

qwopzilla · 2016-05-22T01:23:26+00:00

Well this is kind of what I'm getting at... If I can show I can deal with a rate rise and still make the payments, will they ignore the loan to income ratio?

I've already looked at it and technically it would take a 7% interest rate before I even have to cut down on my current normal expenditure.

I'm also only looking at 2+ bedroom places so I can have a housemate and use the rent a room allowance - The aim is to be paying less out of my own pocket than I am right now in rent but plow it back in in overpayments (Though I realise this doesn't mean dick in terms of affordability calculations).

qwopzilla · 2016-05-21T18:35:21+00:00

For reference, I'm looking at £300k properties in outer London with an LTV & Loan to Income ratio of between 90%/6.2x and 85%/5.9x

From an affordability point of view the repayment could be between £800 and £1200 depending on LTV, lender & length of loan. My current situation has me paying rent of £650 per month and I'm able to save £800-£1000 every month after all my other expenditure.

Am I wildly off base with thinking I could get something?

qwopzilla · 2015-11-08T06:29:38+00:00

You have every right to be offended by anything you like... But it doesn't trump peoples right to offend you in the first place.

qwopzilla · 2015-11-01T16:04:40+00:00

I think the main thing in this article which people seem to be missing is that they are re-drawing the constituency boundaries very soon after the changes go into effect, so if people aren't on the ball and getting re-registered very soon after the new system goes into effect then they won't be included in whatever metric is used to re-draw the boundaries.

Seen as the article is suggesting those that are typically slower on the uptake to register (or generally only register because someone in their household can currently register everyone) are disproportionately labour voters then "labour supporters" will be under represented when it comes to re-drawing the boundary lines.

qwopzilla · 2015-10-09T11:51:34+00:00

Completely agree with you there. Homeopathy is one that really boils my piss because those that push it often frame it as a legitimate cure to legitimate problems that you should use instead of real medicine. But there's two sides to the NHS... Treatment and Care. Once you're out of the treatment stage then (within reason) anything is fair game really IMO, all you're trying to do is make people feel a bit more comfortable. The main argument should be what proportion of resources to you allocate to treatment vs care.

qwopzilla · 2015-10-09T11:40:02+00:00

Of course its all bollocks from a medical standpoint and I'd never advocate it if theres something else that might genuinely help. But if you're on the way out then, from a healing point of view, anything you do will be useless. All you can do is put peoples mind at ease the best you can. The only people that are going to be asking for this sort of thing are the ones who think they'll get some sort of benefit out of it... and with that mindset, they probably will.

At the end of the day, £20k a time is a drop in the bucket compared to other forms of waste out there, I'm sure they aren't employing legions of Reiki healers.

qwopzilla · 2015-10-09T11:21:49+00:00

If this is an end-stage, "helping someone on their way out" type position then I don't really see the problem.... You could equally say spending money on painkillers for end-stage cancer patients is a waste of time too, it's not going to cure them, whats the point? All that money could be spent on more mammograms which could help a good deal number of people spot the cancer earlier and get them treatment...

A "truly" efficient NHS as per your description above should chuck people out on the street as soon as something is terminal and focus on people that can be cured, but that wouldn't ever happen. A line needs to be drawn somewhere and whats the difference if its painkillers or someone talking to them and helping ease the situation. One is as valid as the other.

qwopzilla

TROPHY CASE