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Confusion over maturity of endowment and mortgage
Can anyone advise me on what options I may have, if, in 3 years time my matured endowments do not meet the required level I need to repay the interest on my mortgage? I have just been advised by one of my endowment companies that in order to stay on track I would need to effectively double my monthly repayments. This…
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Mortgage Express offering to waive ERC penalty
Just got this ( from a third party source not the company themselves) Might be useful for some .( those with cash to repay a higher fixed rate ??? or those with circumstances that are attractive to other lenders- although I guess at lot of Mtg Exp clients may not be !!! ) .. but take care to ensure you consider all the…
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Is my mortgage agreement void?
Bought a couple of houses last year and recently got a small mortgage on one of them. Just spoken to the bank to ask about increasing it a bit bc i keep making big overpayments and with the interest rate being so good, i thought it would be a good idea to have more of a mortgage, then if i wanted to make overpayments i…
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Capital paments & interest charges
I have read explanations on the forum regarding the operation of repayment mortgages, but I am still somewhat confused. When the interest rate on my repayment mortgage goes down, the bank raises the capital repayment amount. Conversely when the rate goes up, the capital repayment is reduced. The result is that every month,…
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Securing funding for a multi-million pound development
I wonder if anyone has the financial knowledge to help me and 131 of my neighbours. I am a resident of a block of 132 flats that needs to be redeveloped (reclad) - and probably sooner rather than later. We are getting cost estimates for the work within the next two weeks and it is likely to be about £40,000 per flat. It is…
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Mortgage payment holiday offered then rejected by nationwide
I contacted Nationwide and arranged a 3 month payment holiday in December. I drew their attention to the arrears on the account (ie. HALF of one month). In light of this I could only have 3 months holiday. Then I got a letter on Saturday saying the offer was given in error and they are not backing down till the arrears are…
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Shall I Pay Off Mortgage Or Unsecured Loan??
Hi there I have a Northern Rock Together mortgage. It was a 120% mortgage - 95,000 mortgage and 25,000 unsecured loan. I was fortunate enough to be given £20,000 from my parents and overpaid. They automatically apportioned £14,500 to the mortgage and 4,500 to the unsecured loan. Would it be better to pay the whole £19,000…
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How do i take equity out of my propety w/o getting a BTL mortgage?
OK so im desperate for a bigger place but i can see alot of potential in my little London flat re rental income vs mortgage, location is great for tenants and before July 2007 we had made great money in value in just two years. So i dont really want to sell it. But I need space. I have considered renting it out and renting…
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tracker mortgage
i have a tracker mort with first active for £194k interest only no cap and no collar, now that interest rates have dropped to 1.5% I thought payments would be reduced to £242.50 pm. Just had a letter today saying that they have been reduced to £405. I worked this out at 2.5%. How do they work their figures out. thanks
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Advice on buying hubby out of mortgage/house
Not sure if this is the right place for this, if not please feel free to move. Hubby and i are getting divorced, some of you will have seen my other thread. Well he has agred that i can buy him out of the mrtgage and the house. House is worth about £120000, mortgage is for £35000. £15000 of endowmants due August 2009,…
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Do trackers have early penalties?
Hi, This maybe a silly question but is it true that tracker mortgages don't have early penalties? I'm in a fixed 6.4% Nationwide mortgage, it is worth me coming out and paying the penalty, the penalty is £4120 and the saving is over £8000 if I go into a 2 year fixed at 4.49% with Nationwide. But I don't want to go into a…
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interest only
My husband and i have recently split up and our fixed term repayment mortgage is coming to an end this month i am looking to switch to an interest only mortgage, so i can still live in the house with my two young children as i only work part time i just wanted to know what is the best way of saving to pay of the capital of…
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Can I make my repayments any smaller
Okay Here goes.......
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Can I make my repayments any smaller
Okay Here goes....... I have a mortgage with BM im not tied to it. Recently I have come off income support and will be in September starting a Degree therefore becoming a full time student. My Mortgage has a current balance of £22,167.22, meaning positive equity of around £180,000.00. The mortgage company have written to…
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Urgent help with Northen Rock!!!!!
I have split up with my ex and as I am the main bread winner I have applied to take the mortgage on solely. The remaining mortgage from Northern Rock is £174,200 The current value of the house is £149,995, the ex will (rather generously on my part) clear her liability on the home by paying £10,000 if I get the house.…
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Standard Life endowment help
I have a 20 year Standard Life endowment policy due to mature in Dec 2011. It used to there to pay off a mortgage but owing to changes in the property market and me moving house I am now thankfully mortgage free. I did consider cashing in the plan when I became mortgage free in 2005 but decided to keep it as a savings…
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How to refinance an 5/1 ARM?
Hello! We currently have a 5/1 ARM with 2.5 years left on it. We are not in foreclosure, or cant make the monthly payments, etc. But we want to try and take advantage of the current rates going on. We would like to be able to pay some principal on the house. But we are also in a pickle. We may end up moving in 2.5 years.…
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Urgent help with Northen Rock
I have split up with my ex and as I am the main bread winner I have applied to take the mortgage on solely. The remaining mortgage from Northern Rock is £174,200 The current value of the house is £149,995, the ex will (rather generously on my part) clear her liability on the home by paying £10,000 if I get the house.…
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Are First Direct Mad.......What do I do now?
:mad: I am sooooo p'd off with First Direct at the moment. I will try and summarise a complicated situation as breifly as possible and would appreciate any thoughts on my next move. I currently have a joint mortgage (226K) on my homw with First Direct (good rate - tracker 0.34 +base) I have been a customer of theirs for 20…
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Renovation finance?
Hi, I was wondering whether anyone had an opinion or experience on renovation mortages? Im thinking of buying a restoration project for my first home. However, once my deposit goes on the mortage, I wouldnt have any funds left for restoring the house. I saw this company on 'build, buy or restore' and they managed to get a…
