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Buy-to-let, let-to-buy or remortgage?
I own a house, without mortgage, worth around £300,000. I have had an offer accepted on another property for £103, 000. My intention is to rent out the new property for six months/a year or, then relocate to it and let out my current home. I will be taking out a mortgage for at least a half of the pice of the new property.…
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To buy or to stay?
Wonder if anyone could give me some advice. Couple in our early 20s moved into our own home start of 2012 (£97k) and obviously used most of our savings for deposit and buying everything for the house. We always knew we wasn't going to stay here for ever as not big enough for a family. However a beautiful detached house has…
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Effect of existing loan / usefulness of OD facility in mortgage application.
Hi I am a hopeful First Time Buyer and have a question about the effect of an existing loan on how much I can borrow in a mortgage. I should stress I am aware the key thing is to ensure you can afford the monthly cost of a mortgage + other monthly expenses, + moving expenses for solicitors etc. and not just try to borrow…
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Moving house - when to apply for mortgage
Hi When buying a house - when do you have to apply for a mortgage? We want to leave it as late as possible as we will be moving house and may wish to minimise the ERC for moving to a new mortgage. (Dropping at a rate of c.£140 a month) Does a mortgage need to be in place before other things can start moving or can it be…
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Age related mortgages
I am in my seventies and want to buy a house using a mortgage. I have spoken to LLoyds and they will give me a mortgage but only up to my 75th birthday. Do any other lenders go beyond this age? The proportion of mortgage I am looking for is around 50% of the house value.
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Financial Advisor
Hi I will be applying for a mortgage for the first time this week. I will be using a financial advisor that has been recommended to me. Question I have is what to expect from them. Will I need to speak with the lender they find for me or will they do all that for me. Thanks
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Mortgage process
Hi all, My partner and I are applying for a mortgage with halifax. We've had our application approved subject to valuation which is happening on Thursday :-). Our credit reports have been checked daily since applying, about 5 days in a row then suddenly stopped, no checks since Thurs last week when they told us the…
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Applying for overdraft while buying a house.
Would this affect a mortgage decision? I don't need to use it yet/at all but I was just thinking it might be nice to have the option in the first couple of months as our spending regulates. Should I just wait until the day I get the keys? Thanks.
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FTB - how long to fix?
I'm a FTB, with a good loan to value ratio, and currently debating which mortgage fix to go for - 3 yrs or 5 yrs. Realistically, it's likely that I may want to move property in the next 4 - 5 years if my circumstances change - and I'm unsure how easy it is to move a 5 year fixed rate. Welcome any views anyone may have on…
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First direct? Criteria? First time buyers
Hi. We are first time buyers looking for 85%LTV. My boyfriend is a trainee solicitor with salary of £26000, which goes up dramatically in two years. I earn £22,000. We have checked our credit score on experian. Mine is 990,no issues. My boyfriends is 949 however,his address is incorrect for the electoral role -it is his…
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Shared ownership repossession
Hope this is the correct section. This is a little bit complicated so i'll try and explain it all. Two years ago I decided to go back to college and then university so moved back in with my father. I was living in a shared ownership (25%) flat and had it up for sale and permission to rent it out until it sold. However my…
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Relative living in house after gifting equity
Can anyone please tell me if the mortgage company will have an issue with my MIL continuing to live in the property (together with us) after transferring all the equity to us. The equity will form part of our "deposit" together with £15k cash which we have saved ourselves.
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Mortgage on property I own outright
Hi....I'm renting at the moment and hoping to buy a property, I have 3/4 of the money in cash and the other 1/4 will come from a family member, if and when I've completed on a property, I am going to apply for a mortgage to repay the family member. My question is would it be a problem getting the mortgage as it would be…
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Endowment pay out problems
Dear all please help! 25 years ago my husband got bought a house with a mate but he only stayed with it for six months, thereafter he sold his half properly with solicitors. The trouble is he took out an endowment and had it assigned to the mortgage with the Woolwich. Now we have continued to pay £25 every month for the…
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Selling house to pay debts, but want to buy another
Hi, can anyone give me some advise please? We have got ourselves into some problems with debt as my husband has been out of work (he is now employed). Credit cards and a loan to the value of around £25,000. I should mention we are paying off our debts but a minimal amount each month on debt management which we are due to…
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Getting a mortgage if part time worker
I've just been reclassified as a part time worker. I do 34 hours per week and the definition of full time is now 37.5. As I work weekends on the night shift I earn more than nearly all the full time workers on days. Does anyone know if this will effect my chances of getting a mortgage? Darren
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Meaning of N&P 10 year fix overpayment rules
Am I reading N&P's 10 year fix overpayment rules correctly? I find it hard to tell from their wording. What I THINK the text below means is if my total loan at the start of year 1 is, say 130,000 and I pay 13,000 MORE than my standard mortgage payments over the course of year 1, there are no overpayment charges. So if I…
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Post Office - self employed net profit
on my post office application, I had worked out what I thought my net profit would be, now my accountant has looked into tis, I m earning about 2k less. Now... the mortgage affordability calculator, states even on my 'revised' profit that I can borrow 14k more than I have applied for I am at the stage of submitting my…
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How common are problems getting vacant possession?
I viewed a flat recently that has tenants, and am considering whether to make an offer. How often do problems show up with getting the tenants out? Should I take this into account at all when considering whether to make an offer? I can think of multiple possible problems (not saying any are likely, just thinking through…
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Use a mortgage broker?
I'm going to offer on a house for which I will need a very low ltv -about 16%. I'm over state retiring age, so would be looking for a shortish mortgage term. I will either be going part time in 2 years or retiring with sufficient lump sum to pay the mortgage off. I have the option of staying full time but prefer not to.…
