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Welcome to Accrington Web! We are a discussion forum dedicated to the towns of Accrington, Oswaldtwistle and the surrounding areas, sometimes referred to as Hyndburn! We are a friendly bunch please feel free to browse or read on for more info. You are currently viewing our site as a guest which gives you limited access to view most discussions and access our other features. By joining our free community you will have access to post topics, photos, play in the community arcade and use our blog section. Registration is fast, simple and absolutely free, so please, join our community today! |
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31-12-2005, 09:48
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#1 |
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Senior Member+
 
Join Date: Jan 2004
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just had my house re-valued...
it (2 bed terrace) was bought 3 years ago for £31k in clayton - and now worth £72k
 , only had cosmetic work done to it which isnt bad for 3 years - no plans at all on moving....worth a re-mortgage or not ?? |
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01-01-2006, 12:55
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#2 | |
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God Member
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Re: just had my house re-valued...
Quote:
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01-01-2006, 17:01
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#3 |
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God Member
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Re: just had my house re-valued...
The problem is that all the other houses you could have bought for 31K back then are also now worth 72K so you aren't any better off. The only people who make anything out of rising house prices are estate agents(their 1% fee goes up) the cancellor who makes his stamp duty and the banks who can charge you more interest.
As for remortage, If you want to pay the interest on 72K as opposed to 31K then thats up to you. |
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01-01-2006, 19:34
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#4 |
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Re: just had my house re-valued...
I wouldn't recommend cashing in on the equity of your house unless you were moving to somewhere cheaper, or stopping where you are forever. As Entwisi said, all the other houses will have risen by a similar percentage.
More through luck than financial sense, I've moved three times since I bought my first flat in London in the early ninties, and am now in the happy position of not having a mortgage. 
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'If you're going to be a Kant, be the very best Kant there is my son.' Johann Georg Kant, father of Immanuel Kant, philosopher. |
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01-01-2006, 20:18
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#5 | |
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Re: just had my house re-valued...
Quote:
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Anyone who has never made a mistake has never tried anything new. Albert Einstein. 
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01-01-2006, 21:53
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#6 |
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Join Date: Oct 2004
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Re: just had my house re-valued...
our next door neighbour was sellin his shop due to retirement and initially we were like its too expensive - finally thinkin it thru we bought it in the region of 35/40K
literally 6 months later that was doubled so we were very fortunate indeed
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