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Renting out a room on a first time buyer mortgage
Hi, my friend is currently in the process of buying her first house. She has had an offer accepted on a 3 bedroom property and wants to rent out 2 of the bedrooms to friends of hers. However, they all live together currently in a rented house. In consultation with her bank about her mortgage, they have told her that she is…
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Part endowment, Part repayment mortgage?
Hi there :) I need to remortgage due to divorce, does anyone know if any of the mortgage lenders will take into consideration 2 endowment policies that I have which are due to mature in 9 years time which and the amount that they equal will be interest only and then have the rest of my required mortgage as a repayment? I…
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First Time Buyer taking out a mortgage
Hi All, In the coming weeks i will hopefully be purchasing my first house. At the moment i am intending to get a house around the £230,000 - £250,00 mark. I have a few questions, hoping someone can help. 1) In the coming years i expect my salary to increase quite dramatically. As a result i don't really want to struggle…
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Equity Release - can I buy back the equity?
Hello All My Great Aunt and Uncle have got into an equity release programme. I woould like to purchase the property after their death and wondered could I purchase the equity release part now. They are fully aware of my idea and we're currently waiting for the company to get back to us. Just wondered is it possible for me…
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switching mortage?
Hi, Hope people will excuse the obvious question. Our fixed rate 2 year mortgage deal ends shortly and I assumed we would shop about and find a new one, however they all seem to have (substantial) setting up charges on them and it led me to wonder a simple point, "is switching your mortgage a normal thing to do"? I'm so…
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What to do with the Endowment cash?
My partner and I have a policy maturing in April. It is a £17000 endowment which began bought 25yrs ago. The projected value came through tis week ay £13058 - though i do appreciate this does not include the final bonus. We have a second endowment (£8000) maturing in Jan 2016 which is when the mortgage is due to be paid…
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Remortgaging Queries
We're in the process of looking for a deal for a remortgage and the best on offer (all things considered including access to the 123 current account) is the following product on offer from Santander (from their website):- Product: 2 year fix @ 2.44% Booking Fee: £995 LTV: 70% max Additional Benefits:- Free valuation and…
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Can A Human Get Involved In A Mortgage Application?
Hi, I'm in a tricky position right now and could use some advice. I used to be pretty bad with money and about 6 years ago got divorced and took on all of mine and my ex-wife's debt. (looking back this was a stupid thing to do, but I was being a nice guy and thought I could deal with it so she could go off with zero…
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Evidence of sources of income for mortgage deposit
My husband and I will buy a house together however as my credit is low, he will be the sole applicant for the mortgage. We have saved enough for our deposit however half of the money is in my bank account. If I am to transfer this amount into his account, will the solicitor have to look at the sources of my money, such as…
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Remortgage & Maternity
Hi I was asking for advice the other day - basically we want to remortgage, my advisor has said not to include my wages as I'm pregnant. You lovely people said I should have my wages included as we would struggle on my husbands. My adviser disagrees! Today I spooke to him & said we wanted to go ahead with the Abbey…
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Proof of deposit
Hi - I don't know a huge amount about mortgages, etc., but I'm learning fast! Can anyone advise what a mortgage provider would want as proof of a deposit and how quickly the cash would need to be available? There is a very high chance of my dh receiving a large redundancy payout and a lot of this will be used as a deposit…
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Query re switching mortgage
Hi My 2 yr fixed mortgage is ending soon and i want to switch to a different fixed deal when it ends with the same mortgage company(nationwide) for the remaining amount. When I applied for my current mortgage I had no outstanding debts but due to circumstances in the past 2 years I now have a loan and a credit card…
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should I surrender L&G endowment 2 years early ?
Hi everyone, Thank you for reading my post. I took out a 25 year Endowment Policy for a 72k mortgage with L&G in 1990 which matures in 2015. I sold the porperty in 1994 anyway but decided to keep the endowment policy going. In May 2012 sent me a projected shortfall statement which seems to suggest the final bonuses at y/e…
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A 2nd Mortgage?!
Hi, My mum is taking a mortgage in her name for me as I have a bad credit rating, from previous debt that I have recently settled. She is under the impression it can't be a straight forward mortgage with a 10% deposit and that it would need to be a 2nd home mortgage with a minimum 25% deposit. Is this right even though she…
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Mortgage with or without spouse?
Hello, Assuming that I could get the mortgage we need alone, would it be better to try and get the mortgage with my wife? Not sure it that could affect something positively or negatively in the future? Many thanks!!
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Calculating Payments
Good evening all, Got my mortgage statement through today and everything looks to be heading in the right direction. Only issue I can see is my interest rate and and payment don't add up. Could someone help clear this up for me. My balance is £61,892.73 of £71,999 borrowed. I have had two payments with the interest rate of…
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Solicitors for mortgages
I'm really crap at this lol.. I've had loads of quotes from solicitors but they look to be selling different services, What exactly do i need as a buyer? Here's what i've been offered, Do i need them all? Local Search Drainage and Water Search Chancel Check fee Completion search fee Land Registry fee Telegraphic Transfer…
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Mortgage Advice
Hi All, Bought my home 3 1/2 years ago as a first time buyer and had a fixed deal with nationwide. The last year or so, I realised I could quite comfortably over pay my mortgage by £400 p/m. (my deal allowed me to overpay up to £500 p/m) Six months ago, my deal expired and I automatically went onto the base rate. I decided…
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RBS B2L portability
Hi, does anyone know/experienced if is correct that an RBS B2L mortgage portable, is portable only if you sell the property, not if you re-mortgage it to another B2L lender, and port the RBS to a new B2L? Thanks Zio
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Challenging Santander's "Electronic Valuation"
We are trying to secure a new mortgage deal with our existing lender, Santander. We purchased in 2011 for £250,000 and took out a £200,000 mortgage so as to access cheaper rates available at 80% LTV. Now Santander are telling us that their "electronic system" has revalued our house at £230,000, giving us an an 84% LTV. For…
