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Q: New loan vs mortgage borrow-back
Hi all! A quick question for the finance experts here: what is the most cost-efficient way of borrowing money for a short term loan: taking up a new loan or borrowing back money overpayed on a mortgage? This is assuming identical rates, of course. To be more specific: we're looking to borrow some cash to buy a new car…
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Should I Pay Off A Lump Of My Mortgage?
Hi there My dad has just retired from teaching and has received his lump sum from the teachers pension scheme. He wants to use it to pay a sizable chunk off his mortgage reducing the monthly payments for Abbey from around £980 to £220. Is this the best time to be paying off a mortgage? He is now going supply teaching so…
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Barclays adding interest after redemption
Several years ago I took out a mortgage with the Woolwich that included a mortgage reserve account. Essentially, this allowed me to have an overdraft equal to the portion of the mortgage I had repaid. A year ago it was taken over by Barclays who renamed the reserve account to Barclays Mortgage Current Account. A month ago…
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Who has the best rate
Hello all My partner is looking to remortgage next month. Basically has £50000 outstanding with Birmingham Midshires and looking to borrow another £10000 and a property worth £95000 - a lot seems to have changed with rates since last week but does anybody know a good 2 or 3 year fixed rate for someone with a good credit…
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How Much?
Hi All, my boyfriend and I have been saving for a while now to buy our own place and we were just wondering how much deposit we will need to put down whether it is 5% or 10% of the properties value. Any suggestions? Thanks :o
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Remortgage advice
Hi I have a fixed rate that is due to end Nov. I currently pay £675 interest only with SPML and they are quoting my new fee at £1008.63!!! I had issues with previous mortgage arrears, but have now been clean for 3yrs. In that time my credit file is spotless apart from the previous mortgage. I even managed to obtain a…
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How much will I owe in 3 years
Hi. I am thinking ahead at the moment, but I am worried about remortgaging in 3 years time. I bought a house in Jun 08. The house I bought was the same price as what it sold for in May 06 so I am not sure how much prices have fallen in relation to 06 prices yet.(i am not sure if it was overpriced in 06, but i am just using…
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Endowment Policy Matured
Proceeds of endowment lodged with Halifax Head office today (confirmed) After payment of outstanding mortgage leaves a substansial balance belonging to me. Halifax insist that this will take 7 days to process before I can manage my funds. I manage all my accounts by e-banking. I could not get any sensible answer about the…
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Can anyone help me?
I can't sell my house, which had a not very good survey. I thought I might take a loan out, fix what needs doing, and try to sell again in a couple of years when (hopefully) the market's better. I'm mortgage free, thankfully, and thought I'd downsize just as the market came to a standstill!! I freely admit I'm not a good…
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Buy To Let (BTL) mortgages for Studio Flats
I am looking to buy a house with my other half, but because of the appalling state of the property market at present I am unwilling to sell my studio flat, where I have been living for the past 3 years. It is in a convenient location in South London, I got it at a cheap price when I bought it and according to letting…
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Loans & Credit Agreements
Hi, hoping someone can advise. I have been sent a declaration for a mortgage application. I am doing this through a broker and have noticed that in the section on Loans and Credit Agreements only the unsecured loan I have is detailed, not my credit cards although I had given the various amounts to my broker - is that…
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What would you do
Afternoon MSE Forum, 1st post so here goes.... I am seeking some advice from anyone who may have been in a similar situation or has any pearls of wisdom! We (me and GF) have our own place but due to my job I need to move next year. We are on a fixed rate with a fairly small building society (Darlington) until 2010 and am…
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Could this be the end of self cert?
My partner is self employed and works abroad, has a default 4.5 years ago. As banks with self cert/sub prime seem to be in trouble, does this mean we wont see any suitable mortgages in the future? We have just decided to pull out of our house purchase, because we are going through GE money and they have suddenly increased…
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Income protection insurance - too cheap?
Hi All Have recently been looking on Moneysupermarket.com for income protection insurance (ASU or just unemployment), and its struck me how much the prices vary for, on the face of it, similar cover. The one that stands out the most is the policies from GetMy.com. Looking at unemployment only, they list 2 policies at…
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Buying out ex partner - transfer of deeds / stamp duty
Got myself a bit confused.... I am planning on taking on the whole of our mortgage following an amicable split with my partner (not married). I have selected a mortgage with a new provider that has agreed in principle to the amount needed. The advisor has said that I need to transfer the deeds into my name only before we…
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Really worried about being able to pay mortgage
Hi everyone, I need some advice. I am with the Halifax at the moment for my mortgage and have a great rate that is finishing at the end of the year. We wanted to fix our rate as we are trying to deal with our massive debt and I need to be able to budget. I worked out that I could afford one or their rates and went to…
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Mortgage & Insurance query
Is it wise to have your home insurance and contents with the same supplier as your mortgage? Northern rock together
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Remortgaging Advice
Hello, Im currenlty hold a Halifax mortgage (£55,000) which we have paid now for 5years, it was tracker mortgage so as you can imagine our payments have gone from about £310 a month to £424! we have 20 years left to pay and are looking to remortgage up to 75,000 in order to consolidate a few high interest debts. not a…
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Unit Linked Endowments-surrender or no?
We have a Standard Life & Zurich unit linked endowments and have decided to surrender & pay off mortgage. They're due to mature in June 2013 & sv - 25500 + 10000 as at 23rd Sep(premiums 108 & 28). As FTSE dropping since then - do we wait & hope it goes up again or cut & run now?? Whoever thought unit linked was a good…
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125% mortgage, 2.5 years to go, should I be worried?
We were in the unfortunate position where the only option of getting a mortgage was to absorb some of our debts into it, which I know wasnt great, but when youve been throwing away £6000 a year on rent for 3 years, it was the only sensible option. The house we bought was £120.000 and we got a 125% mortgage from Northern…
