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Interest only and repayment mortgage - advice needed please
Hello! I am (as my name suggests) helping a friend to clear her myriad of debts. I am fine with everything except the mortgage. Please can you help with the following? Context Mortgage is with Woolwich (Barclays) Remain term is 7 years 3 months Total outstanding is £33,000 of which £22,500 is interest only current interest…
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Tips on buying for the first time!
So, my partner has spoken to a mortgage broker today and they took plenty of details. Came back and said they could offer a mortgage up to £181,000, and that we would be eligible for the first buy scheme. We are going up to meet them tomorrow, because we need to move ASAP. So, a few questions - what should we expect…
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Unsecured Debt
I was wondering just what effect unsecured debt such as credit cards, store cards, loans has on a mortgage application. Say for example you had 7k of these debts would a mortgage company insist you cleared these 1st, would they take 7k off the total amount they would lend you or do they factor in an allowance for them in…
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Endowment alternatives
Hi all, Brief history, I declared bankruptcy in Jan 07 and was discharged in October 07. I had a mortgage in 1998 which was cleared in 2002 and was never defaulted on. I am now starting to save a deposit in the hope of purchasing again. I was wondering if an endowment has to be attached to a mortgage or could I start one…
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Endowment misselling...we have been so stupid....
Hi 12 months ago my wife and I followed the advice on here and from despair we began a DMP and for the first time in years we have had control of our finances and spending. 7 years ago, following my brothers advice, we sent in a complaint to the company responsible (they took over the original company) for selling us our…
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Nationwide mortgage offer Delays
Hi, We applied for our Nationwide mortgage through our broker almost a month ago (24 days ago), and we're still waiting for the offer to come through. Every time they ask for something, we send it instantly, but they take forever. After they received some of our paperwork, it took them up to 2 weeks just to mark it as…
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Aviva Endowment Compensation Refused!
Hi All Endowment: £47,000.00 taken 1998 orginally Commerical Union - then Commerical General Union, Now Aviva. we Pay in £75 per month. Where we are at: Endowment now will pay out: £17,000.00 (ie £5,500.00 less than we will have paid in!) Bonuses (what a joke!) £3000.00 "Promised" ammount from Aviva £8,000.00 Will pay:…
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2 mortgages based on earned income?
I own a property (mortgaged) and am looking to buy in a different area due to childrens schooling issues. Both mortgages put together will be around 2.5x our joint incomes. For the 2nd property we can put down about 30-40% deposit from savings. Hence from an affordability or LTV standpoint I am hoping not to face too many…
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studio flats in inner London
Hi, is there a general rule for getting a mortgage on studio flats in inner London? I've read that 30 square m is the minimum size lenders will consider but some agents say this isn't true. However, I'm reluctant to pay for a valuation on a flat unless I'm pretty certain it will be approved. I've seen a few flats of 25/26…
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Leasehold flats in inner London
Hi, does anyone have advice on buying a leasehold flat in inner London? I've been advised not to buy a flat with a leasehold of fewer than 100 years due to the devaluation that comes with shrinking lease periods. However, many flats seem to have leases of 70 or 80 years and I wondered how much this will affect value over…
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Nationwides save to buy account/FTB mortgage advice
Hi all, I am currently saving £300 into Nationwides Save to Buy Account to hopefully be able to apply 95% in around 18/24 months. I am on a £20,000 salary and looking at houses for around £80,000, with 5k deposit, around 94% LTV. Firstly, do many people get accepted for this mortgage or is it a bit of a ploy to FTB's like…
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PPI on mortgage...
hi all, pretty sure that when i signed up to my mortgage 10 years ago i did not ask for PPI but in light of all the people re-claiming PPI just thought i would ask : if PPI was on my mortgage would it show on my yearly statement as PPI or could it be buried in the mortgage cost itself?
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Switching to interest only mortgage
OH applied for bankruptcy in March as small business failed. He ceased trading in October last year and sold his van for us to live off. In January he got a job and in May was made redundant. He has done various odd jobs (fencing painting etc) to helpfund food bills etc. When he asked Santander if we could change to int…
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Endowment with Scottish Widows
We had an endowment with Scottish Widows and back in the 1990's they said it hadn't made the money it was supposed to make and it would not be enough to cover the mortgage and they were cancelling the policy and sending us what it was worth at that time which was something like £6,000 What I want to know is, is PPI on…
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Mortgage/bankruptcy help please
Hello all. 8 years ago myself and my ex bought a flat, 5 years ago we split up. we have a tennant in the property however the rent doesnt cover the mortgage and we make up the shortfall each month 3 years ago he made himself bankrupt leaving me with 100% of the flat I paid all the shortfall on the mortgage and for any…
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Santander - further borrowing
Hi all Looking to get some views from the mortgage broker community please :-) I have had a mortgage with Santander for two and a half years. It is interest only. I would now like to borrow some further funds for home improvements / debt consolidation for home improvements I've already done (I don't need to do this but the…
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Endowment shortfall
My first time folks, so hope some of you experts can advise me. Mortgage ends next year, and am looking at around £10k shortfall. I cannot work as I am full-time carer to my disabled adult daughter. DSS pay some of the interest on my mortgage payments & I make up the difference plus a little extra, & continue to pay…
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Joint Mortgage Fears
I am currently considering joining my partner on her mortgage, I have been living with her for a while now. If I did join her on the mortgage we would also probably be taking out a £10,000 re-mortgage to update the property. Her worry is that if (if!) we were to part then she would be left with the prospect of having no…
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Some FTB Advice please about mortgage application
Hi All, First time poster on the forums but semi regular reader. Myself and my fiancee are looking to buy our first home in the coming months and are looking into mortgages now. But before sorting out a mortgage I so have some concerns which I hope you guys could help with. Just over 3 years ago it came to our attention…
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Mis-sold Mortgage
Hi, I am so new to this lol but, I really need your guys advise and help please. I received a letter from my Mortgage Broker confirming to me that the mortgage that they sold me in 2008 was infact not suitable for my finances and under investigation it was found that I could not afford to have that deal, plus the PPI was…
