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Using equity to purchase second home.
Have a property - worth about £500k. mortgage paid off some years ago. No other debt of any kind and have savings of £75k. Gross income of £25k pa. Considering buying additional small property using equity in the house as security for loan - under £150k. Considering my age late 60's what's the best way to go about this and…
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Remortgage - help!
Please help as I am stressing out. Me and hubbie applied on 15/1/15 online on Tesco website for a remortgage. 178k left on mortgage, I told Tesco the estimated value is £252k (current lender used House Prices Index). DIP received online along with a mortgage offer in principle. We earn 50k between us. We asked for a 24…
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Mortgage application
Advice please, I am about to move and remortgage with my new partner who has never had a mortgage before, if he has unpaid leave from work for 4 weeks just before our mortgage application will this affect it the amount lenders will offer or the process itself?
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Advice Needed - Buying off Mother in Law
Two years ago the opportunity came up to buy the house we rented from our Landlord... As I am self employed, I didnt have sufficient income in my books to get a mortgage, but i didnt want to miss the opportunity to get the house at a great price...170k To solve the problem my mother in law purchased the house on a buy to…
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buy to let/ secured mortgage
just wondering if anyone can advise...... can i use my mortgage free home as security to purchase another property of the same value with a view to renting the new one out as an income......i have presently just become self employed with no accounts only a house as deposit and 10%... any ideas. home is valued at £150,000…
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Help
Looking for some advice. My current landlord is selling the property we have been in for a number of years and has offered to sell it to us. My partner and I have currently saved 14/15k and we have a meeting with RBS this coming Monday for advice on a mortgage. We jointly earn around 47k and have not missed any payments on…
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Best Mortgages for Commission
What mortgage company lends the most money when basing your earnings on commission? My partners earns approx 50k in commission and 20k basic but what we can borrow from main lenders is terrible as they only factor in a certain percentage of his commission? Thanks
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Land Registry Delays
Any advise welcome. We are currently remorgaging our flat, we own the freehold for our flat and the flat upstairs and have a leasehold within the freehold for our proprty for morgage purposes. Upstairs flat was sold in november and is in the backlog at the land registry, this is stopping our remorgae going through, but we…
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Moving on to new fixed fee.
This may be a relatively simple question but I haven't been able to get a detailed explanation from my bank. This year my first fixed fee mortgage came to the end of the 2 years and I signed up to a new deal with my bank for another 2 years fixed but on a lower rate. I made the assumption that my 24th payment would be my…
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PCP car finance / effect on mortgage
I have a car on PCP finance. I've pretty much paid off the whole thing except for the balloon payment, which isn't due until April 2018. Please can anyone confirm whether this will affect my affordability in the eyes of a mortgage lender? I don't think it should bearing in mind I could simply hand the car back at the end…
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Tough situation with tax credits and joint application
Mortgage experts of MSE, I reach out to you for assistance! I am a first time buyer with 15k deposit and annual earnings of £29k. I also have tax credits of around 6k coming in as my partner works too and our daughter is disabled so we're in a higher tax credit bracket. My partner (not tied to my financially in any way) is…
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Nationwide mortgage process - will there be more checks
Hi Am using a broker and got a AIP straight away. Once we found a property we moved to the full application which took quite a while to go through as they requested additional bank statements etc and detail on employment bonuses. That was then all ok. We were due to exchange on a property in December but it fell through as…
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First Time Buyers wanting to get on the property ladder
Both myself and my husband have no idea where to start. We have been living in rented properties (housing association) since 2008 so buying a home and getting a mortgage is a whole new thing to us :embarasse Im 29 (30 in october) and my husband is 30 (31 in october) and were not getting any younger lol, we also have 3…
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Mortgages that take into account three people's salaries?
Hi, I was recently informed by my mortgage broker that (most /all?) mortgages now only take into account two people's salaries. Are there any companies that will take into account three people's salaries? We're three siblings who want to buy a house together. If so, some links or company names would be great! Thanks!
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House Repossessed and charges..surely this can't be right?
Hi all, I'm quite new here so not sure if I've posted this on the right forum. To try and cut a long story short, I had my house repossessed May 2013, my mortgage was for £40,500 and around £200 a month. The house was sold August 2013 for £45,000 and I was told there was a shortfall of just on £10,000. I've scanned a copy…
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Buy to let with small deposit/ clergy couple trying to get on housing ladder
Hello all This is my first time posting onto the forums so apologies in advance if I accidentally don't keep to ettiquette! I was wondering if anyone has any experience getting a buy to let mortgage with a small deposit and as first time buyers? For background, husband and I are both in our late twenties. He starts working…
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Looking for a template
Greetings, I am in a shared ownership situation and can no longer afford to sustain it and am looking for a template, of sorts, on how to approach my Mortgage provider to address this situation. I am in negative equity and can't continue this way, as acquiring more shares in literally impossible. Any advice given would be…
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Remortgage and adding my name to title - need help!
Hi, I currently live in my sister's property which is solely in her name, bought in August 2004 for £300,000. The property is now worth £600,000. We have always had a verbal understanding that we own this property in equal shares (50/50) and I have been paying the interest only mortgage (buy-to-let) on it for the last 6…
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FTB - Fraud prior to mortgage application
Hey, So I'm guessing my debit card got skimmed last week and then this weekend, I logged on to find out that my bank account had been emptied & my overdraft was maxed out (from +3K to -1.2K). My bank eventually blocked any further transactions, when I had 300 left of my overdraft facility. They even had the cheek to ring…
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What do most mortgage companies define as a First Time Buyer
Let's say I buy a flat with cash (without a mortgage). I rent it out for X months. I then decide to buy a house with a mortgage. This feels like a silly question, but would mortgage companies consider me to be a first time buyer? That is to say, what is the strict definition of FTB for the purpose of gaining a mortgage?…
