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Possibly Cashing in Endowment Policy
I am aware that I can get an estimate and have applied for one but is it true that as an investment it would generally be better to leave to maturity rather than cash in and reinvest the money myself (assuming I could get approx 5% per year growth). I assume that the only reason people cash in their policies is because…
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First Time Buyers + Vendor Gifted Deposit = Confused
Hi Myself and my partner are looking to purchase our first property. We contacted a homebuying scheme who assist first time buyers to get on the property ladder via a vendor assisted deposit. We have found the property and the vendor has accepted to drop the purchase price by 5%. Where do we go from here? Do we have to go…
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Pay off mortgage or just leave cash in offset account?
Hi all, I am in the very fortunate position of having inherited a sizeable chunk of cash which should allow me to pay off my mortgage. The mortgage is an Offset Tracker mortgage with First Direct. What I was considering was just to place a lump sum equal to the outstanding mortgage into the linked savings account rather…
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remortgage help
Hi I currently have a mortgage for 150,000 have never defaulted on my mortgage, but have on all my credit cards which now some are with recovery agents. I want to sell my house and my mum sell hers and buy one large house and still only keep the original 150,000 mortgage. Will I have to have a new mortgage? and if I do…
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New poster need advice
Hi everyone. Just joined today and was hoping someone could help. Me and my wife are looking to buy a new house for £230k. We currently own our own house which has £115k left on mortgage and is valued at £165k. We have a 25% deposit we can put down on the new house without selling our current house. Our current mortgage is…
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Advise Needed Debt Consolidation onto mortgage
Hello I need some advice, i currently have a mortgage outstanding of 75K with a house value of 170k. I need 25K for debt consolidation, and hence wish to borrow more against the house, the reason i built up the debt will not occur again. My question as i have a good mortgage rate at the moment (base + 0.65), is my only…
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There is hope out there!
I just wanted to share my news regarding the doom and gloom of first time buyers trying to obtain a mortgage. I have recently been approved for a mortgage with Britannia. I'm not perfect in the sense that I currently owe a couple of grand on credit cards and pay monthly for my car. However, I've saved and got a 15% deposit…
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Declined for mortgage with Nationwide - why?
Hello all Wondering if someone can help me understand why Nationwide won't give me and my husband a mortgage..... We have a combined income of 75K and have worked consistently for the last 6yrs since completed our postgraduate degrees. We're looking to buy a house with maximum value of 300K and have a 15% deposit (50K)…
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Improve credit rating by using bank for all products
Hello I'm trying to improve my credit rating as I have two defaults (settled) on my file which is showing as poor on credit expert (342 points). I'm paying my credit cards etc on time for the past 6 months and understand that it may take a couple of years to be in a position to get a mortgage but can it help if I get…
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rent to buy mortgage?
one of my colleagues has been offered a rent to buy mortgage. i am looking at one as an option for us due to low deposit, poor credit ratings etc. the monthly payments are not really an issue, but put simply how do they work? my colleague is very erratic financially and his explanation clearly shows he has no idea what he…
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Can you get a mortgage with a 5% deposit?
We are first time buyers and have been to Halifax to enquire about a mortgage and they said they will give us a mortgage up to a certain value based on our income. But they were unclear on how much deposit we needed. We dont have any other out goings like loans etc just our car insurance. We are both still living at home…
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Mortgage Advance
Contacted Santander about a mortgage advance of 10K to consolidate credit card debit (7.5K) and was told over the phone that it would be no problem and was put on hold. They then told me I had been rejected because of the credit card! I haven't missed any repayments to my credit card since I took out the 100k mortgage…
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Mortgage application declined - can we find out why?
Had some bad news last week, our mortgage application got declined. The bank were unable (unwilling?) to expand on detailed reasons why but our advisor did say we should try again immediately if we could increase deposit amount I'm confused as we were told we didn't meet their credit score requirements. So was it down to…
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Couple, First time buyers, one with poor credit - can we get a mortgage?
We are a couple currently renting who would like to look into buying. I have a good credit record and no debt (except student loan). My partner has poor credit and is paying off a debt of about £9000 through a charity, the CCCS. They have been paying off consistantly for 3yrs. We have a good deposit. We don't know whether…
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Interests “pre-added” to the principal
My bank proposes a very good fixed interest rate for my mortgage, but has a peculiarity that I have not heard for any other lender. They “pre-add” the interest to the principal. So for example, if I ask for 100 000 for 10 years and the total interest for these 10 years is 20 000, the initial amount of debt appearing in my…
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What are the chances of us getting a mortgage?
My partner and i have a joint GROSS income of 60K. Whilst i have an excellent credit rating my partner's is currently rated as FAIR although only a few points off good. On his credit record he has 3 loans which he defaulted on about 3 years ago - these were all settled earlier this year and this is clearly shown on his…
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Low- Medium LTV
Hi, Just a quick query about LTV & deposits If your buying a house for £50K but its worth £90k So you have a LTV of 55.55%. So if i look for a mortgage say MAX LTV 70% do i still need a deposit??
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Endowment policy payout - is this good?
I received a surprise endowment payout today. Its 25 years since i bought my first houce for around £15K Fortunaly i long sine moved to a repayment mortgae so this is just a nice cash bonus. Anyway - it matured at £14,394.00 and has cost me £20.09 per month for 25 years. So thats £6027 paid in over 25 years. Is there away…
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Halifax mortgage - credit file checked daily!?
Hi, I'm in the middle of applying for a mortgage with Halifax. They have just asked for some more documentation which I'm sending to my broker to pass on. My concern is that looking at my credit report there have been a credit check EVERY day since I put in my application. 26/10 - Credit Application Type: First Mortgage…
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2nd mortgage to fund extension advice needed
Hi, this is my first post on this forum, due to all the good advice I'm hoping someone can help. We are currently embarking on a £60k house extension. Our current repayment mortgage is £108k with C&G on a fixed rate of 4.29 due to end 31/05/11. There are 14 years remaining on the mortgage. House value pre extension approx…
