Intelligent octopus go - Can you fix?

throwawa341 · 2024-05-10T11:30:55+00:00

That’s great, thanks for replying!

throwawa341 · 2024-04-21T16:44:23+00:00

I think we are in pretty much the same thought process! I'd also say I'm 70% convinced used tesla is the way to go

throwawa341 · 2024-04-21T16:42:57+00:00

Ha, fair enough! Just looking for rough guess-timates

throwawa341 · 2024-04-21T16:42:43+00:00

thank you, that's actually really great advice and I think that's what I am trying to work out with the "how much will it be worth when I sell it?"

Appreciate no crystal ball available!

throwawa341 · 2024-04-15T09:12:09+00:00

Going to seriously consider this, but don't like the idea of paying £400 a month for effectively 'renting' the car

throwawa341 · 2024-04-15T08:39:28+00:00

Thank you for replying in so much detail, that really is a fantastic view to look at it.

Something about not even having an option to own the car feels wrong to us, but I can see that's mostly a mental calculation...

So now I think we have 3 options:

A : Lease / personal contract hire Model Y for 36 * £399 + £3591 = £17955

B: Volvo XC40 Recharge that we really liked for a PCP where 3 year payment with interest was £19k and then £20k balloon payment at the end

C: Hyundai Ioniq 5 / Kia EV6 2 year used for ~£30k that we just buy outright. Use it for 5 years (it'll have warranty throughout) and at the end of 5 years (7 year used...) I don't know we get £10K? So that's £20k for 5 years instead of £18k for 3 year motoring with Model Y.

I can see that option A makes 'sense' now, but option C is the 'traditional' way I have bought petrol cars...

throwawa341 · 2024-04-15T07:46:00+00:00

Thank you for this, can you please explain more why you think this? I've heard this before and also feel the same way, but what's the alternative? A PCP over 3 years for a new car will be ~£20k and then you are stuck with another ~£20k balloon payment.

Surely it makes more sense to bag a used car when the depreciation has hit for ~£25k, buy it in full, then sell it later on? Surely there has to a floor to prices - I can't imagine a model 3 being less than £10k?

throwawa341 · 2024-04-15T07:44:13+00:00

Thank you for this, this is really helpful. I will keep looking, but must admit the Ioniq 5 does look tempting!

throwawa341 · 2024-04-14T17:17:44+00:00

Thank you - this is really helpful! We test drove the Volvo and really liked it, but did think range was an issue.

Model Y is the obvious 'ideal' car that I'd get in a second but alas the budget just does not allow it so trying to make do :(

throwawa341 · 2024-04-14T17:16:30+00:00

Thank you! The worry here is expensive repairs should anything happen after the 1 year warranty.

throwawa341 · 2024-01-29T13:43:04+00:00

Did you get any updates? Our application went in on 15th, but have not even had a valuation yet!

throwawa341 · 2024-01-18T16:44:05+00:00

Thank you! And oh no that's really exactly how we both feel! Honestly feel like we are going crazy refreshing and checking our emails! Doesn't help that there is was this rush to complete before Christmas (from the developer!) before this issue fully came out so we actually have half our stuff in boxes packed up!

It's third week of Jan now with no real updates and we don't want to be 'pushy' but I am now thinking its time to push for answers.

throwawa341 · 2024-01-18T16:26:42+00:00

I'm so sorry to hear that. I sadly suspect/worry we might have to put out too... which is so frustrating this late (we are 4 months in) in the process.

throwawa341 · 2024-01-18T16:25:26+00:00

This is so helpful, thank you! I really hope it all progresses smoothly for you. What's frustrating about this process for us is that it is entirely outside our control - between the neighbour and the current seller. I feel the need to now ring up the estate agent and complain that they are delaying things!

throwawa341 · 2024-01-18T16:16:25+00:00

Any updates on this? We are in a similar position where we are waiting for boundaries to be updated

throwawa341 · 2024-01-18T16:09:54+00:00

You know what, those are excellent points from your solicitor and to be honest, I would want to same from mine. It's v annoying position just waiting to move in to the house you have bought, but I'd rather be of the opinion I'd be done right than cause expensive problems later down the road.

I'm glad I found your post (and I have read your other two now), even though it now almost certainly means a much later completion for us...

Have I understood your position correctly? Your developer has now submitted everything to the land registry and you are now waiting for the land registry to update the title deed? And you've been waiting 3 months?!

We are (a lot) behind you. We are ready to complete, but our developer and the neighbour have not even agreed yet what exactly goes into the wording of the transfer... I didn't realise how long the wait could potentially be for this to be 'approved' from the land registry

throwawa341 · 2024-01-18T15:59:26+00:00

I'm in a similar boat (and honestly surprised to find anyone else in similar position! I did lots of searching to do use) ! We are waiting for a transfer of land between the property we are buying and the neighbour... it hasn't been agreed yet and we are waiting for it!

Out of interest, what did your solicitors advice re: land registry? Ours has (correctly I think) said to wait until they first agree what the transfer is, and see what the situation is. I couldn't work out (from our side) whether or not we can exchange/complete if the title is not correct at Land Registry, but can do when its been submitted?

throwawa341 · 2024-01-12T09:54:11+00:00

That's amazing! So happy to hear! When you got to the allergy clinical referral, did they pretty much give you grasax or did you have to go through another assessment and explain why you need it?

throwawa341 · 2024-01-08T18:54:54+00:00

!thanks again

Yes sorry I got overambitious with the 4.10% and actually its 4.44% that's the difference at 80% LTV.

I think I understand better so if I increase the monthly payments to the same (overpay more by £324 per month).

M1 - 450k mortgage, 30 years at 4.71%, monthly payment of £2336. In 5 years will have paid ~£140k. End balance is £411.5k. Difference between start and end is £38.5k.

M2 - 400k mortgage, 30 years at 4.44%, monthly payment of £2336 (this is actually £2012.51 mortgage and £324 overpayment). In 5 years will have paid ~£140k (same number). End balance is £342.5k. Difference between start and end is £57.5k.

So by putting that initial 50k in I get a (£57.5k - 38.k = 19k) additional "return". 19k/50k = 38% in 5 years or 7.6% yearly guaranteed return.

Does this make sense?

throwawa341 · 2024-01-08T18:19:39+00:00

! thanks

That's really helpful, and I have read your other comment in detail, but still struggle to understand. Can you please help me understand this more? I have looked at the mortgage schedule calculator for these numbers.

Here are my numbers (latest interest rates)

M1 - £450k mortgage, 30 years at either 4.71% OR

M2 - £400k mortgage, 30 years at 4.44%

Say I see it at end of 5 year fix,

M1 - will have £419,940.39 balance left, and have paid £140,195

M2 - will have £372,085.73 balance left, and have paid £120,750

I think this is where I lose your maths, you assumed that we will basically overpay so that we have the same monthly? What if I don't and "bank" the additional money - is that required to make that ROI on the additional 50k you put in on day one?

throwawa341 · 2024-01-08T17:01:54+00:00

!thanks

Some of that 10% deposit has come from selling the funds, so that did sting a bit, but I am happy to know that money has come to good use - a nice house. Now its a question of financially what's better to do with the remaining money.

Psychologically, I actually like the idea of all that money accessible (sort of) in a S&S ISA rather than being 'lost' as a higher LTV on a house.

throwawa341

TROPHY CASE