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Refused remortgage after house renovation - advice please!
Hi everyone, this is my first post and I hope you can help me... we are in quite a complicated mortgage / debt chicken and egg scenario. My husband and I used to be in a very financially strong position - no debts whatsoever and a really good amount of equity in our old house, plus savings too. We decided to move to a…
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Extending Mortgage Term to Release Equity
Is it possible to extend ones mortgage term to release funds for renovations? In theory I would have thought this was possible but am not sure of the correct term to use when approaching my provider. When I remortgaged to a different provider a couple of years back I asked that my payments remain the same but cut 6 years…
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New build valued much less by Halifax
Hi everyone, Currently waiting for our mortgage offer, now found out they say their survey valued the property at 255k, we had agreed to buy at 272k. Based on 272k we planned to our down 20% deposit. We're now waiting for contact back from the mortgage advisor, does anyone know what normally happens in this situation?…
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Re mortgage and debt consolidation question
Hi. Would be grateful if someone could help me. We have 17 years left on our mortgage- owe £68,000 on mortgage- similar houses on our street going for circa 90k. We have never missed a payment on anything, but have 30k in loans and credit cards between us. (I know thats bad- but a combination of many factors over the…
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Can 6+ year old creditor affect a house purchase??
Hi! I have finally been approved for a mortgage after spending several years repairing my credit score clearing debts. However, I currently have two creditors left, one of which gets a payment every month and has done for several years and the default has dropped off my credit file. The other is a significant sum of which…
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Simple switch not possible?
I've just been on the phone to Halifax as a fixed rate on my mortgage is coming to an end. I looked up the available rates and phoned up expecting a simple switch only to be told that if I don't do it online then I need to go through a full review and I couldn't do it myself as my husband needs to be present for the call…
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Buy to Let
Hello, I own a shared ownership property which I currently live in. I have enough deposit to buy another property on a buy to let. Do you think the fact that my current home is a shared ownership home will affect my possibilities of getting a buy to let? Thanks
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Anything I'm missing before taking the plunge?
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Buying a house below market value
Hi All, Anyone ever bought a house below it's market value? I'm not sure how it affects LTV on the mortgage. I'm looking at a house that has been on the market for a long time. I believe the seller will accept an offer considerably lower than the asking price. If that were to happen, when my mortgage application is…
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First time buyer - mortgage calculators?
Hi everyone. My husband and I are saving for a deposit on our first home. I'm sure people agree that for a first time buyer it can all get quite confusing. We have saved £5k so far, and are looking for purchase a house around the £100k mark (a lot, but cheap in our area unfortunately). Does anyone know, or can give, a…
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Negative Equity, Separation and Complications!
Im currently in a really stuck situation with my property and need some advice of what to do next, its long story! :/ I bought my 2 bed flat in Feb 2008, with my now ex partner, he walked away from the property just 6 months after purchase, it is not entirely relevant but the split wasn't amicable, the same day he left the…
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Remortgaging
Hope somebody can help me here: I am soon moving out of my apartment which I own outright to move into a new home. I am going to rent out my apartment but would like some of the equity out of this. Is this a remortgage to a buy to let, or a buy to let mortgage, I dont quite understand what I need to look for Cheers Joe
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OMG does it ever end?? FEAR
Just a vent post. I know they say buying a house is stessful but my god. FEAR!!! The order of panic............. 1. Mortgage Fear. Issues with our dream property being eligible under Help To Buy. First mortage application rejected at last stage. 2. Wads of Cash Fear. Got DIP but discover massive reservation fee required by…
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How long does a redemption statement take?
Hello....we've had a few failed attempts to exchange and our completion date is Friday. We've just been informed that our vendor needs to get a redemption statement. Our solicitor says this can take a few days whereas the agent says it can be faxed the same day. Perhaps it depends on the lender? We wouldn't mind but we're…
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experian report
I have just checked my experian report, it is 760, which is fair, and it has two defaults, one which was satisfied in november 2009, and one which was satisfied in feb 2010. Both were paid off. Would this affect my ability too get a mortgage? My husband also done his, which came back at 825......i am now beginning to worry…
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LTV based offers - nothing less than 60%
Why are there no deals predicated on LTV hurdle % less than 60%. I mean if the banks are correlating their interpretation of risk relative to the percieved collaterol in the property then why not offer deals based on; 50% or even 40% at lower rates than they do for 60%?
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Affordability Calculator
I'm really confused and miffed off with the new affordability calculator. I don't get it at all. I've put £80 travel costs per month with Nationwide offered £99,100, took it off and it goes up to £111,000. How can this be right?
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Post separation, low income, mortgage advice
Hello Everyone, I'm hoping to receive some advice for my current circumstances. I am recently separated and in financial mediation and expect to receive at least half of the proceeds of the family home. This gives me a good deposit. However, my current employment is based on a short term contract with only a few months…
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I'm not on the mortgage - what are my rights?
Not sure if this is the right board but my problem is that when partner and I decided to buy a house together, I was a full time student so apparantly couldn't be included on the mortgage. Therefore, "our" house is soley in his name despite the fact that I contributed £2000 towards the deposit and have paid towards monthly…
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Equity to fund BTL?
Hi all, I have 23k Equity in my home and would like to use some of it to fund 20% deposit on a BTL. I have no experience with the process of releasing funds from property and would appreciate any advice on how to do it and what it could cost? Many Thanks Dean
