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Switching to a Buy-To-Rent mortgage?
Hi, Im currently out of a deal (SVR is nice and low, so no point renewing) and am 3 1/2yrs into an existing mortgage. A potential job has come up which may result in a requirement to move, and since our mortgage is currently so low (~450/mth) we were considering renting out the property instead. To keep things legal, we…
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Mortgage referred?
I applied for a mortgage back in May and the process all went through,credit history was fine and they sent out foms for me to fill in.My buyer then dropped out so I didnt go ahead with the mortgage.I've gone back to the same lender and applied for a similar mortgage with a slightly different rate.The mortgage Im borrwing…
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Joint mortgage advice
Hi everyone, I am after a bit of advice if I may. Myself and my partner have gone into a joint mortgage for to first time. I am wondering for the future if we broke up how the buying out process would work? The figures- House price: 112,500 (time of purchase) Deposit: 16,500 (purely by me and contract in place for that to…
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Procedure for Making an Offer on a Property?
Hi Guys I'm a first time buyer, and tomorrow I'm going to look at a property. I have done a lot of research into mortgages, but I have not actually arranged one yet. I have been advised by a well known firm of mortgage brokers that I could get a mortgage up to £140K (if stretching things). This property is £90K. My…
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End of fixed period and wanting to overpay
Hi All, We are with HSBC currently and we've recently (June 30th) completed our two year fixed term at 4.99% on a 30 year mortgage and have moved to the standard variable of 3.94% Our payment has gone down to £1,030 and the balance today is £209,500 on a property worth £250-260k. We want to start overpaying heavily to be…
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Mortgage Different amounts taken for same interest rate
We had a interest & capital repayment mortagage, which we recently completed. Looking back at the annual statements we noticed that when the same interest rates were in effect at different times over the years, our montly payments sometimes went up, when compaired to a previous same interest rate, while the capital had…
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Mortgage Company, Bankruptcy & Main Residence
Hi all, I really need some advice. I had a business building new build schemes, due to the downturn a scheme is now repossed. An interim charge will become a full charge on my main res due to a personal guarantee and I have a long list of other debts. I plan to go bankrupt and start a clean slate. My main residence has…
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Mortgage for part commercial part residential
Hey everyone, Unfortunately the flat myself and my girlfriend were about to buy just fell through but we've found another one quite quickly. The issue is it's a 3 storey freehold terraced building that used to be fully residential and 10 years ago got planning consent for the ground floor to be used as a clinic. Since then…
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switching to a different product?
Hi all. I have a mortgage offer from nationwide at 4.14% + £400 fee. Tomorrow nationwide will be offering 3.94% + £400 fee. (Both are 5yr fix) My broker has told me that if I ask to pay the £99 application fee to switch products, nationwide can put me through the underwriting process again and potentially for no real…
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Deeds on Equity Release
Hi my mum has just passed away and she and her husband had previously taken out an equity release policy on it 5 years ago for £30k, for home improvements, she left the house to her husband, can he add my name my brothers and sisters name to the deeds of the house. Want to know how we can protect our inheritance, as her…
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Inherited property & first time mortgage
This is the first time I am posting so I hope I am doing it correctly! My Aunt passed away and left me her flat. There is no mortgage on the property. I am in full-time employment living with my mother and the flat is too far for me to live in. I would like to buy my own flat near to my work and rent my Aunt's one out as…
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Looking for Broker
Hi Guys I am based in London. I have previously posted my details but to cover in nut shell have been self employed for 2 & 1/2 years. Property leasehold : 115 yrs lease Value : 130k we made a offer and its been accepted today MY 2nd years accounts will be submitted in a day or 2 along with self assessment looking for 85%…
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Remortgaging advice needed
My sister (a single parent) may need to take a year's sabbatical from her job to care for her sick daughter. She is considering remortgaging her house in order to release some equity, which she can then live off whilst she has no income. My question is this: is her mortgage provider likely to allow her to do this if she…
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To fix, or not to fix?
I have spoken to London and Country and they have given me an idea of suitable mortages. Both have similar set up costs, we live in Cornwall so our relatively low income means the top deals from HSBC and ING are out of reach :( A lifetime tracker with Barclays works out at £577 a month A five year fix with Natwest comes in…
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Endowment shortfall - will we qualify for housing?
Our endowment isn't going to pay our mortgage off, by a long shot. The mortgage comes to an end November 2012, the endowment will probably give us £29K, towards a £74K mortgage. Our house is worth about £245,000, but lets be realistic and say it will sennd for £225,000 in the current climate. When we sell to cover the…
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Bank insurance for mortgage
About 16 years ago, in order to get my first mortgage I was told I needed to take out insurance for the bank to cover them should the house be re-possessed and the funds recovered don't cover the money loaned. This cost around £700, and even now is a lot of money. I was wondering with all the PPI bank claims, would I be…
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100% Mortgages for Teachers
I recently came across the Teachers building society, they offer a deal to teachers which results in a 100% mortgage. As a young teacher trying to buy for the first time this offer looks amazing. From what I understand (and this is very little as mortgages confuse me) you apply for an 80% mortgage as normal, the teacher's…
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MSE News: Dump Sky and iPhones, struggling homeowners told
This is the discussion thread for the following MSE News Story: "Thousands of homeowners are to be warned by taxpayer-owned banks to forget renewing their subscription to Sky TV or buying a new iPhone and instead focus on paying their mortgage ..." Read the full story: Dump Sky and iPhones, struggling homeowners told
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Should I switch to interest only to clear credit cards?
Hi all, My 0% credit card is coming to an end soon and I have been rejected for a new one so cannot transfer the balance of around 5k onto a new deal. As i'm not too keen on paying the high interest rate that will start on my card I am looking at other ways to clear it asap. One thing i thought of is switching from capital…
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moving from part repayment mortage to Interest only
My friend was hit by the drop in benefits towards his mortgage last year... His mortgage is with Halifax. He is retired and on benefits such as DLA etc so cannot increase his income. At the time he was actually ahead with his mortage by around £600. We went into see them in November and were told there was nothing that…