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Previous Owners in Negative Equity
Hi There, We put our formal offer in back in Feb. Our solicitors have called us today to say the previous owners are in negative equity and need to sort this out before they formally accept? Where do we stand now? Will this just delay things? We are in Scotland. Any advice is appreciated. thanks
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0% CC debt against mortgage offer
Am planning ahead so only asking at the moment. If you owe, for example £4,000 on 2 credit cards at 0% interest (total owed £8k) and pay £100 to each card per month. When applying for a mortgage, would they simply take away the 2 x £100pcm x 12 months from your annual salary, when calculating what you can borrow? So with…
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Gifted Deposits
Do lenders look negatively on gifted deposits? I ask because the Halifax have been sitting on our mortgage application for two weeks and have asked for several different documents confirming the source of our deposit (£20k from in laws and £5k from my parents). We're applying for a HTB (mortgage guarantee).
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Financial support from a parent
We received our mortgage offer from the Natwest last week. Today I got a letter from the solicitor saying she had written to Natwest advising that part of the deposit was a gift from my dad (not a loan in anyway or with any conditions attached) and that she would let me know if they revise the offer. I am confused now as…
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Advice re what parts of mortgage to pay off first..
I have a mortgage which has 6 years and 4 months to go with a total amount left to pay of £30,012 with monthly payments of £427 at an APR of 2.5% I halso have, for various reasons:(, 5 other sub accounts and they are all on interest only payments and all at 2.5%APR. They all have different completion dates and the details…
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Re-mortgaging help please
Hi, myself and my husband want to re-mortgage our home to do some home improvements. My husband is on a good salary of £40k plus, works full-time in a salary-paid job and runs his own company which turned over around £15k last year. I'm self-employed and working part-time, and have been doing this for only 5 months. Before…
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Can we mortgage a house owned outright for money to bring down another mortgage?
Hi All, First post but looking for some advice- this is a slightly tricky one. The house we live in now we have just remortgaged to a better rate offset mortgage with 1st direct and everything and im happy we made the right decision with that one. Our second house that we ended up having to keep when we moved into our new…
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Lender's Interest Only Policy
Hello, I have requested a breakdown of my payments from my mortgage provider and asked for details of an"insurance Premium" which I had been charged and this is what they responded: "... we set up our Lender's Interest Only policy to protect our financial interest in the property. This policy was held in our name only, and…
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Want to help daughter buy house - advice?
My husband retires in December 2016. I'm 10 years younger than he is, but plan to retire at the same time, as we have quite a large funding coming in from private pensions..... However, I digress ! We don't have a mortgage and our house is worth circa £80k. My daughter and her partner have three children, with another due…
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Interest only - temporarily?
Hi there I was wondering if anyone had any advice. I split with my ex partner in January 2013 and we still have a house together. I moved out last August and he is still living there. We are halving the mortgage payment (£400 each per month) and I've just raised an action of division and sale to try and get it sold because…
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Worries about paying mortgage after retirement!
I am posting for the first time for some professional advice that may improve my financial situation. I am now 58 and over the years I have been burying my head in the sand for too long. I have lived for the present stupidly imagining that future inheritance will resolve my problems. Currently, we have a mortgage debt of…
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chances of getting a mortage?
Hi im just wondering what my chances of getting a mortage would be. My in laws will be giving me money to get a 5% deposit for a house. My current income is 24k.curfently on my credit file there is 16 missed payments over the year I know it sounds a lot but its a phone im trying to manage to pay on time. My outstanding…
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Help to buy Scotland + Ltd company
OK stick with it I hope someone can help. We have found a nice new build that we would like to buy using the Help to buy equity scheme in Scotland....the problem is that you have to be free of any other property before you can apply which means selling up and renting for a while as we wait for our house to be built (around…
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How Do People Finance Holiday Chalets?
Hi There I've felt for a long time, I could do with a small holiday home (if I could afford it.) In general brick properties are expensive, even the unpleasant ones. Caravans are a bad investment. I was thinking about wooden holiday chalets, how do people raise the finance to buy them? I phoned my mortgage provider, and…
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Considering paying off part/all of mother's mortgage
My mum is 52, and has around £14k/10 years left on her mortgage. The house is worth £150k. As I'm in a much better financial situation than her (cash wise, not asset), I'm considering contributing towards paying it off partly or completely. The background is that my parents divorced about 20 years ago, mum was left with me…
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Did Santander keep different rates for interest only and repayment mortgage quiet?e
Last May we telephoned as usual to check fixed rate products for our interest only mortgage and as always we asked for details should we change to repayment. I hadn't long been offered a permanent contract so we asked if we could change to repayment at any time if we wanted to and the response was yes. The cost of the…
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Part time employed and self employed -ftb
Evening all. I am self employed but since there could be massive risks etc (car dealer ) I.e. No sale no wage, I also work part time (just in case). I declared 8k on last years tax return and currently earn 11k part time. Am I crazy going for a mortgage? I know I can't get a lot but fed up of renting each month. Currently…
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Switching Mortgage - Monthly Timing
Hi all, I'm in the process of changing mortgage. Simply a case of the old deal expiring, and my friendly broker sorting me out a new one. However every time I switch lender (interesting that it's every 2 years Mr. Broker), I end up having to effectively pay twice in a month. e.g. Like now I'm paying on the 28th to existing…
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How to fund a purchase?
A bit of a strange situation but here goes. We currently live in a bungalow that we bought last year. We are mortgage free and have some cash in the bank. The idea was to extend the bungalow with a loft conversion and rear extension. Planning permission for our design was refused. We had to modify our plans to get them…
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Problem with Local Authority Search Results
Hello everyone I've googled my issue but nothing seems to come up and so I'm wondering how common my issue is and whether anyone else has experienced this and can offer any advice or guidance. I'm ready to exchange contracts on a property but was just awaiting the local authority search results which have taken 3-4 weeks…
