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Mortgages & Endowments sticky
Please be aware of the MSE Forum rules when posting on this board, notably: * If using the Forum as a professional, please note that posting on behalf of your business is only permitted if you are an MSE verified user. * Advertising and spam are not permitted. * Do not share any personal information, such as your own or…
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Joint-Borrower-Sole-Proprietor Mortgage
My son's landlord is intending to sell the property and he would like to buy it. My son is single and self employed. I'm wondering if we would be eligible for a Joint-Borrower-Sole-Proprietor Mortgage. My own earnings are enough to obtain a mortgage myself, but I would prefer not to be on the title deeds for capital gains…
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Help- mortgage valuation significantly less than offer price
Hi all, Our mortgage evaluation came back today significantly lower than the offer price. Originally house on for £400,000 lots of interest as modernised with new extension etc. We got the highest offer or £420,000. Houses don’t sell in the street often and not a bad area so popular. Unfortunately the mortgage valuation…
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Lifetime ISA fees for over 450k property
Hi, we are first time buyers with some of our deposit saved in Lifetime ISA. Not sure there's a better response to this question. We've seen a property we really love, ticks all our boxes and this doesn't come often. It's 500K. What can we do to avoid the 25% penalty as per the lifetime ISA rules for properties above…
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Mortgage broker - ask me anything
Thought I would start a thread where people can ask the brokers opinion on things @ACG @LRmortgage @kingstreet @Deleted_User (any other brokers want to chip in - these were the main other brokers who came to mind. It is definately an interesting market - probably the busiest I have ever been but at the same time lenders…
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Lifetime Isa fees for over 450K property
Hi all, I wonder if anyone could kindly shed some light for me. We're first time buyers and have some of our deposit saved in Lifetime ISA. It is my understanding that we can only use our isa deposit only for properties below 450K otherwise we get charge and loose certain bonuses. We've seen a property of 500K that we…
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What do you understand/know now, that you didn't when younger?
Only in the last few years have I started to understand the 'admin' of money better. I suspect (or hope..) I'm not the only one... Whether pensions, savings, tax or mortgages there are some things I wish I understood better when younger. Hacks if you will. My experience has come at a price of lack of knowledge, laziness or…
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Offer on house and future mortgage rates
My current one went upto £412 but I offered on a house so it may rise to £830. That’s a large jump but bigger house but my thinking is take a two year deal pay £40 a month more as that could drop to £650 by say 2 years time. Is that a good idea? I usually take a 5 year deal but I feel they say 5 rate drops possible is that…
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Santander Remortgage Rate
I’ve had my current mortgage with Santander for a couple of years if a rate of 2.16% (85% LTV). My product is due to expire in September and the new rate is currently available at 5.59% (80% LTV). Do we think the rates are going to reduce before September? Or should I just secure the current rate now? Appreciate your…
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MORTGAGE PRISONER COMPENSATION - NORTHERN ROCK
I have received a letter from the Financial Claims Office stating that Northern Rock had involuntarily made me into a Mortgage Prisoner following the bank's nationalisation in 2008. They contacted me by letter to state they could assist me with a review of my previous Northern Rock mortgage in order to recover any…
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Mortgage in two parts - options when fixed rate ends on one part?
I have a mortgage in two parts:Part 1 is £150k at a rate of 1.19% fixed until April 2024 (this was ported from my old property)Part 2 is £400k at a rate of 2.19% fixed until August 2027 I've been holding off on getting a new deal on Part 1 hoping the BoE would annouce a rate drop last month but here we are. The best deals…
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Commercial Mortgage Help please
How can I buy a commercial property with as little money down as possible. The building is currently used as an office. Annual rental income of £30,000. Last valuation was for £380,000 in 2022. Planning permission for changing to a residential property is currently going through (and might not happen). Similar resi on the…
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HELP - at risk of mortgage offer withdrawal
Can anyone help?? Halifax offer at risk of withdrawal Hi all, I’m new here, but would appreciate some advice at what is a stressful and anxious time. My husband and I applied for a mortgage with Halifax and received our AIP 25th jan, full app went in on 5th Feb and full mortgage offer received 8th Feb (record time!). We’re…
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MSE guide: Interest-only mortgages
This is the discussion thread for the Interest-only mortgages guide. The guide tackles topics such as: - How interest-only mortgages work - Who can get one - How much they cost - How to reduce the cost of an interest-only mortgage - What to do if you can't repay an interest-only mortgage If you haven't already, join the…
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Overdraft limit and getting mortgage
I currently have a £5000 overdraft on my longest standing account. I never use this and don’t need it but I’ve not removed it due to the fact that I read that it can show badly on my credit file like the bank has removed it. I just want to ask if it really is seen like this? Also I am planning to apply for a mortgage in…
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Accord mortgages following payday loans
Hi, wondering if anyone has any experience of an Accord mortgage following payday loans. These were paid off 4-5 years ago and other wise my credit file is absolutely fine. However we only have a 5% deposit. The first stage was approved (AIP) and now we are very nervously waiting for the underwriting. I’d love to hear some…
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Future Mortgage Rates
Given that current 2 and 5 years fixed rates are around 4-4.5% with 25% equity, where do you see these fixed rates going if the base rate drops to say 4.25% by the end of the year - Will they remain where they are, or could they drop to around 3-3.5% under the same LTV? I know we can't predict the market though, it is…
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Halifax mortgage offers - valuation booked
Hello 🙂 First timer poster but i follow these groups and always find the info really helpful so here goes… My partner and I put in our joint mortgage application last wednesday with halifax via a broker, all checked done and valuation was booked in on friday, for tomorrow 20th march How soon after valuation can we expect…
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Where to go for advice on combining two people into a new mortgage
Hello! I'm currently a lodger and I'm now looking to move to a bigger place with my landlady of 8 years (who has become a very close friend). We're trying to sort through our options and we're not sure who to ask for advice. Option 1: get me on her existing mortgage and transfer that. Her bank have said they'll offer us…
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2 questions - house sale
Hello. I have 2 questions about our sale : 1) We are selling our shared ownership house, I paid for LPE1 form on 08/03 , buyer still not got it - is it always takes that long? 2) Our buyer is waiting for his mortgage, he applied around same time, but no valuation has been yet carried by his lender? Is it normal? We had…
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Joint Tenancy New Mortgage?
Morning All, Current situation. Married for 9 years. Bought house in 2022, with only my name on the deeds, as the mortgage in my name only due to wife not working at the time we bought. Solicitor advised to do this to avoid complications during purchase (in regards the mortgage application), and then add her to the deeds…