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Nervous. Mortgage application tomorrow!
We've had our AIP last week, an offer accepted on a property, and we've accepted and offer on ours. I'm so nervous. We aren't high earner but obviously have a mortgage currently. This week, I've clear a loan a year early and paid of an overdraft. I'm just nervous because when I printed off my 3 months statements for…
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Money out on mortgage - complex question
Hi Ok, I'm trying to help a friend with the answer to this but I cant work out how it would be done. I'll try explain it in the most easy terms... Ive come up with 3 solutions for them already but I dont think any are correct. Person A and B co-habit and buy a house together. Person A had £30k spare and put this in towards…
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Mortage application and credit card debt
planning on porting a mortage. I have £1500 of credit card debt this can be paid off on completion with equity I have in my home. So will having this debt affect my application if it can be paid off on completion? Also any advsiers know if wollwich are doing 5x income multples? its show 5.5 on the calculators? Thanks
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Odds of getting a mortgage. Affordability questions
I wonder if people could help give an idea wether the following may be possible under the following circumstances… Looking for a mortgage potentially of up to 170k for the right house but more likely under 100k 30k deposit, two people both with large student loans on the 9% over 15k repayment scheme, no other debt,…
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Regular Travel Costs - Nationwide
I'm playing about with the Affordability Calculator for Nationwide, on the Nationwide intermediaries website, and under outgoings there is a section for Regular Travel Costs. I'm not exactly sure what to put here. Under the A-Z section it has; I'm still not sure what to include. Both myself and my partner have a car, but…
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Remortgaging to a mortgage that allows large overpayments?
Hi all, Wonder if anyone can give me some advice please? In August 15, when my fixed period ends, I'm looking to remortgage into something that allows large overpayments, as I want to pay my mortgage off quickly, thereby saving on the interest long term. I've read all of the articles on this site re: paying your mortgage…
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Valuation for Mortgage purposes
I had this kind of problem when I purchase my first house. Do they always put a lower value on that what you are paying? The situation is that I am planning to move to a new build. The new build houses are a mix of 3 bed semis and 3 bed detached houses....semis listed for 150k and detached listed for 175k. I managed to get…
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Mortgage fee but unable to get loan? Advice
Hello Asking for friends (if I were only mortgage free!) They are wanting to convert their garage to a small self contained home either for holiday let or long term let. Planning has been approved and they need about 40k. Only one of them is currently earning (about 22k a year) and so far none of the banks will lend. Any…
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Tricky Situation - help and advice appreciated
I am hoping someone may be able to help and advise me on my current situation. My ex girlfriend and I bought a flat in Ipswich in December 2007 for £128k. Within 6 months, and due to the financial crisis, the flat fell into negative equity and remains that way still. In December 2010 we split up, and have rented the flat…
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What happens with mortgage if made redundant during buying process (new build)
Hi all, just a quick question, I am at the early stages of buying a new build homes through Taylor wimpey via a part exchange. I work in an oil and gas related industry and you may have seen that BP is announcing job cuts, my company is also very quiet at the moment and being the worrier that I am I'm preparing for the…
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Declaring student loan for mortgage
Hi I know this will be frowned upon. But this year I have just earnt enough to start paying back my student loan. But only because I was helping a friend at the weekends. I don't do that anymore so my earnings will drop below the payment threshold however if I delcare my student loan the mortgage company will use it on…
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Porting mortgage with bad credit but lower LTV
I currently have an interest only mortgage at 100% LTV (oh the glory days of 2006!) and the property is now probably worth around £5k-£7k less than the borrowing of £120k. Sounds great so far doesn't it? :rotfl: I went bankrupt but was able to keep the house as (1) it is the family residence and (2) its in neg. eq. anyway…
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remo questions ,
Ok so to make a story as short as possible, My flat is on consent to let, Living with partner who's fixed deal is now ending, Looking at doing a remo in joint names, went to post office, reasonable deal, but they cant do joint names as i already have my own residential, So anyone have any experiences of any lenders who…
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Re-mortgage a property to clear off a loan, what are your thoughts?
Hi Guys, Needed a bit of advice on my below situation, I have two questions. Question1 I own a property which I live in, I am planning to carry out works in the house including a loft conversion. For this I needed a loan of £25k which my bank lent to me as a personal loan. The Loan repayment is £500 per month which is…
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Remortgaging timescales
Had a search but not found anything on this. Two year fix comes to an end this year (July) which I appreciate is some way off. Just wondering when would be best to get the ball rolling on hunting out the the next deal. Couple of months maybe? When is the earliest you can agree up your next mortgage or is it lender…
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Help to Buy Guarantee Question
I might be missing something here or not explaining myself properly to the Banks that I've asked this question to but someone here might know.... I'm interested in the Government's Help to Buy Guarantee scheme, one of the rules on the website states that if you obtain a mortgage under this scheme you 'cannot let the…
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5 year vs paying off a 20 year early?
Hi everyone I'm totally new to how mortgages work. I have 20k for a deposit and earn 14k a year plus about 3.5k in tax credits/child benefit. I'm looking at houses in the region of 75k, so a 55k mortgage. I reckon I could pay the mortgage off in 5 years (or at least most of it) with some extreme thriftiness but obviously…
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Coop permission to let interpretation
Hi, I'm after some clarification regarding Co-op's mortgage tariff of charges and, in particular, it's permission to let charges. I'd provide a link but as a new user I'm not allowed.. Copied below are the relevant sections: Letting a Property with our Agreement – you will be charged a letting administration fee of £59 and…
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45% debt to income
Does 45% debt to income apply to all mortgage schemes? Or is it just for the EL? Thanks
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endowment mortgage
Hi in 1992 my fiance and i were offered an endowment mortgage with the endowment being paid to royal sun alliance ....we quickly found it hard to pay the mortgage and endowment so we stopped paying the endowment to keep our heads above water. 10 years later we sold our property and paid off our mortgage. I was just…
