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What happens if I make a profit on a residential mortgage
Hi all, The scenario is as follows: I take out a residential mortgage and right to my bank to let them know I will be renting out the property. I pay the fee/increase rate and get a letter confirming it is OK for me to rent out the property. I take out the relevant buildings insurances etc to cover the tenants. I ensure…
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Porting Mortgage to New Property
Hi I am looking to port my existing mortgage to my new propoerty. I am currently in a fixed deal 4.99% initial loan value 95,000, but now currently owe 86,000 and have 18 months left. The buy out is £2800 so not worth doing, Halifax have agreed to port my mortgage to my new home with additional borrowing of £100k. My…
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Mortgage payment % of income
Hi I just wondered if there was a rough guide on what % of your income should go on your monthly mortgage payment. Ours is currently 16% as we have a benefitted from a +0.79 tracker however we want to move to a bigger house and will go to 23% and obviously we need to factor in interest rate rises. I appreciate its all down…
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FTB- advice needed on deposit.
I am looking to buy my first place by myself after a relationship breakdown and want to start looking in April. I will have an approx deposit of £4000 and an income of 20k gross plus around 2k from a second job. What I want to know is roughly if I can afford a property for around 80k after considering all the searches,…
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Scary Tracker Rates BofE + 4.49%
Why is it, that many people seem to be taking out tracker mortgages in this present climate and they are "thinking" they have a really good deal? A family member is currently about to sign a tracker which is Bank of England base rate (0.50%) plus 4.49% and they think this is a good deal? :eek: I understand they are only…
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Interest only mortgages
Hi, I have a 2nd house that is currently rented and i would like to get a 3rd property to rent out again, does anyone know who does interest only mortgages that i can switch my 2nd home to so that can free up some cash? thanks
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northern rock unsecured loan
I can afford to pay my northern rock mortgage but not the unsecured loan we took out to pay are mortgage where do i stand, as i now pay this on my own the house is in negative equity. In the last week i have had two letters and four phonecalls threatning me with the debt off 77 pound a month which they say because i am 2…
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Downsize or not?
Hi everyone, I am asking for advice please if possible. We have a house which we bought at £115,000 and we are thinking to get a two bedroom house now for a lesser price of about £105,000. Would it be cost effective after the costs of using solictors, removal firm etc? We would like a smaller mortgage hence the question.…
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Northern Rock unsecured loan....PLEASE HELP
PLEASE HELP ME......... My husband left me in July and i have since had no word from him and have no idea where he is....i have had a message from his family saying i can keep the house if i can pay the mortgage he wants nothing to do with it....here is the problem and please bear with me as it is a little long winded... I…
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Help!
Im looking for some advice please. We have found the house of our dreams but its going to be a massive hike in mortgage. We are very lucky to be in a position where we have a £200000 house with only £11000 left on the mortgage. The whole mortgage will be paid off in 3 years. While its a lovely position to be in our current…
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Advice from anyone in the know Ref. Woolwich Mortgage.
hi, i am in the fortunate position of being close to the point where i could pay off my mortgage. however its a good mortgage with 16 years left to run, its a lifetime tracker at base +0.59%. i know it makes no sense to pay it off when savings are 3x this rate so wont be paying it off in the current climate. my questions…
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Calculating mortgage repayments
Does anyone know how abbey calculates its mortgage payments? I have a repayment mortgage,in dec 2009 we owed £54000,we made a payment of £5000 to bring down the monthly repayments. They were £442 per month and have gone down to £402,term left is 15 yrs 8mths. I expected the lump sum to reduce the monthly repayments by more…
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Do I cash in my endowment?
Hello this is my first post I have £21000 left to pay on my mortgage which ends in August 2017. The payments are £200 a month plus £100 extra as an overpayment. I have an endowment which was valued last week at £11000 and ends in Jan 2018 for which I am paying £43.32 a month. Am I correct in thinking if i cash in the…
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Unfair mortgage rises from Northern Rock
Dear Money Saving Experts, I have recently written to Northern Rock to complain about their seemingly unjustified mortgage rate rises relating to my variable rate mortgage. This rise is NOT in line with any change in the Bank of Englands rates since March 2009. I have attached a copy of this letter below for perusal.…
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FTB improve credit score...
Afternoon All, I've posted on here before about my lodger's credit score and his intention to get it as good as possible before he applies for a mortgage to buy my flat. He applied for a CC with his Lloyds TSB tank at the beginning of January and got one with a 1.9k limit!, that's very big I think for his first CC but…
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NAtwest House valuation sent to seller
Just had a bit of bad news and the mortgage valuation for a house was downgraded .... BOO BOO! natwest. anyway my question is this after the survey the valuation was sent to the seller not to me is this right ??? seems a little odd as surley my details were on the valuation ?? just i have never bought a house before and…
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Skipton/Amber SVR Rise, Will they let me fix?
Hi. I have 2 mortgages with Skipton group, 1 with Amber which is my main residence and one btl with Skipton. I am now affected by the rate rise and note from the announcement they will release people without penalties or change payment type. Does anyone know whether they will let me switch to a fixed rate WITHOUT going…
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Mortgage payment protection stuff- do I need it?
I took out several policies with my mortgage provider (HSBC) when I got my mortgage- this totals up over 100 pounds every month. I know one is a critical illness cover, 2 of them pay the mortgage and remortgage if I ever lose my job/can't work etc, and one for 6 pounds a month I don't even know what it is! The thing is, I…
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Should I cash in my Endowment?
Hi I bought a shared ownership property in 1996 and had an Endowment mortgage, I sold the house in 2002 to move in with OH but kept the Endowment, it is now linked to our mortgage on our house that we bought in 2005, the fixed rate runs out in June/July and OH wants to get a 100% Repayment mortgage. I owe £27k+ on my…
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90% morgage have we got a hope?
Ok the deal is me and my gf want to buy the house next door to her dads its coming on the market next week but we have no deposit at all but the house is only 50k mainly because its only just about livable. As 100% mortgages are things of the past we are looking at getting a loan for £7500 over 7 years a loan found on this…
