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How does mortgage valuation work?
Wife and I are going through the process of getting a mortgage and the Valuation is on Monday. I wanted to ask for clarification as I'm a first time buyer. I'm buying a house that needs work for £100,000 with a LTV of 45%. If the valuer goes in and says it's only worth £95,000 how does that affect me? I presumed that they…
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Low income but have savings - what are my chances of getting a mortgage?
I'm in my mid 20s and currently take home £9000 after tax, however I have saved a fair amount over the past few years and can put down a deposit of approx £10,000.......possibly £15,000 but i don't want to wipe out my savings completely. I have seen a property I like and its £70,000 so going on that figure.....I have used…
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Mortgage term reduction and ID
I have just got off the phone to Barclays and I am a bit pi**ed off, We have had a Barclays/Woolwich mortgage for about 10 years now . I have been speaking to them to arrange a term reduction to pay this off quicker. All going well until my wife was asked to go into local Branch to get Id'd ( don't know why ) She was then…
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Mortgage application turned down
Hello My mortgage advisor has just rung to say that our mortgage application has been turned down with natwest. Last week they asked us to pay off a personal loan (which was already paid and they had a copy of the letter to say it was paid, dated prior to the application) and requested that we clear our argos card of the…
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Boost Your Mortgage Chances
Hi! This is the discussion thread for the Boost your Mortgage Chances guide. Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide. Thanks folks,
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Getting back home after repossession
Hi, Apologies if this is the wrong forum, but it was the closest I could find. Please feel free to move if appropriate. A family member has had their house repossessed and though I don't know the ins and outs of why, the locks have been changed and notices placed. Can it be as simple as paying back any mortgage arrears…
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Transfer of equity questions and stuff
My partner and I live together, and she contributes about £200 a month (of the £730 mortgage) and has done for about 3 years now since we started living together. I get all the bills. We lived in my flat for about 2 years, and then moved to a house in early 2013. We considered getting a joint mortgage for that move but her…
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Overdraft usage -- Impact on mortgage?
Hi All, Thanks,
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Recommendations for a broker pls
Hi guys. I have always been given brill advice on here. At the moment I am looking to buy a house near the sea for me and my 3 children (2 are autistic). However, after separating from my hubby 3 years ago and near bankruptcy I have probably got a poor credit history. Here are the positives: We live in a 3 bed now which is…
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Joint partners after ring fencing
Hi, my partner has equity in a house, lets say £10,000. I'm considering leaving my current home to live with her as 50-50 partners stake in the house, apart from that she wants to ring fence her equity. Is this perfectly normal? Would she have anymore rights to do with our partnership than me because of her equity, history…
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Payday Loans - Credit Ratings and Mortgages
I took out a series of payday loans in 2011, when I was going through a difficult financial period which culminated in redundancy. Ironically, the redundancy gave me enough of a pay off to sort myself out, clearing credit card debts and settle what was a series of 6 payday loans with wonga. I have checked all of my credit…
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Stay with current lender or see broker?
Hi all, Just looking for some opinions/general advice. I have a 5 year fixed rate of 4.89% with the Scottish Building Society which is coming to an end in September of this year. I have received a letter from my lender offering a new fixed term of 2.99% for 3 years with no arrangement fees. One of the main benefits is that…
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Mortgage help please :-)
Hi all, hoping for some advice if possible. I currently have a mortgage of £90,000 that comes out of a fixed term in sept and I will have 16 years left on the mortgage. When I bought the house 9 years ago it was on a 75/25 scheme with 25% on a no interest 10 year loan. I now have 1 year left before I have to add approx…
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Do I have a gifted deposit or not? Help!
My mum has gifted me money over a period of 10 years to use as I please, this has come in various ways eg through sharing some inheritance money with me, graduation gifts etc. No single gift has ever exceeded the £3000 tax-free gift allowance. I saved it all, and have now chosen to use it for a house deposit. When applying…
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Want to Move Home! Advice needed please
I purchased a house a year ago with 35 percent deposit, 20 percent first buy loan and the remainder was a Halifax mortgage, The mortgage is soleley in my name and was based on my income alone which was 17k at the time. my husband had bad credit so could not be involved. We have now seen a house we really want to move to…
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Mortgage broker fees
Hi Guys I'm looking for some advice with regards to a alarming invoice we have had today from our Mortgage Broker. We managed to secure a mortgage as first time buyers using the brokerage services of Mortgage Advice Bureau. It wasn't a great experience and we had to do a lot of the chasing and communicating with the bank…
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First mortagage repayment?
Hello, We're completing on our house Friday 27th June and wondered when our first payment is likely to be? We've asked for payment to go out on the 1st of the month. Is it likely to by July, or August? On our mortgage papers it says the first payment will be £915, though our monthly repayments are £650. Am I right in…
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Which fixed rate term to choose?
Hi I have a choice of either a 5 year fixed rate at 3.05% or a 10year fixed at 3.89% I don't know which to go for. I would like stability as I'm a single mum so 5 years is good but i'm also tempted by the 10 year fix but that seems such a long time. I can take the mortgage with me if I purchase anything larger and can…
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Mortgage Query
Hi all, Long time reader, first time poster. I have recently inherited 5% of my Grandfather's estate. The value of the estate as a whole has as of yet not been identified however the house has been valued at £275,000. I have around another £15,000 available to add to my 5%, to make a total deposit of around £28,750…
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Student Loans, Affordability & A New Mortgage
Hi All, Since my last post I have been offering some advice to a colleague who is going through the same FTB process as myself. Her situation is; She earns 16k Her Girlfriend earns 18K They rent for 555 a month and have associated living costs and travel. £160 on car finance, £14 on a washing machine payment plan and a buy…
