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Mortgage Application Permenant or Temp Work Contract
My husband and I are first time buyers. A promotion has come up at my work it would be a £5k pay rise and a much needed career boost if I got it. The downside is it would mean going from a permanent contract to a temporary one (12 months). I've been with the company since 2013. What sort of employment proof will a lender…
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Overpay or save?
I have an interest only mortgage at the base mortgage rate of 2.5 percent. I changed it to an interest only mortgage when I lost my job. I've used the money from temporary jobs to overpay on the mortgage as there is no penalty for doing so. I now have a stable job with a regular income and I have £16,000 left to pay when…
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Applying for a Mortgage, but i am an ex bankrupt and had a house repossessed
Hi, Wasn't quite sure which section of the forum to ask this question on, but considering its more to do with a mortgage application this may be the best place! I will cut to the chase - Just over 6 years ago i went bankrupt and was discharged 12 months later, the previous year i also had my house repossessed. I was…
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Mortgages with poor credit history
Does any one here specialise in mortgages for people with poor credit histories? Would like to have a proper chat through my situation with someone to work out what kind of a deposit I need for a mortgage.
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How long does the process take these days?
The last time I applied for a mortgage was back in 1997 which was just before the 'credit crunch'. Having seen various reports of the application process becoming more onerous in terms of affordability checks and the like, how long should I allow from submitting application to the funds being available? Proposed mortgage…
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Affordability & Length of Fix
Hello. I read a Telegraph article earlier today that said some lenders will not undertake affordability checks on applicants who are looking to fix for five years or more due to the fact they are not required to under the new mortgage rules. However sub five year fixed or variable mortgages are stress tested. Is the…
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bank statements for mortgage
is it a good idea to highlight all things going out (deposit, pension, holiday, car insurance, tax money) when i bring in 3 months statements (im s/e)
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fixed or variable
hi:j going to buy first property:rotfl:...will be speaking to brokers next week:(. I will borrow 90-100k.:eek: Should I go fixed:T or variable rate:o on todays conditions?:money: :beer:
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Declined what now? 5% or 10%? joint or single app? deposit source?
I wanted help but now understand 1 default is extremely bad and I won't get one so that's case closed.
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Notice of mortgage rate change
Hi I took out a tracker mortgage in 2007 which tracks the Bank of England (BOE) rate. I thought that the rate was for the life of my mortgage but I got a call this week from my mortgage lender saying that my rate is incorrect and they are going to move it to their SRV which is a LOT higher :eek: than my tracker mortgage. I…
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Chances of getting a BTL mortgage?
I would really appreciate some advice. Me and my husband are thinking of cancelling our pension and instead investing in a property. We currently have a 210k mortgage and approx 16k in loans/credit cards. We are in our 30s and jointly earn 70k. Do you think we could release equity from our house (about 50k) to put down as…
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Remortgaging at end of year best current account?
hey all, were remortgaging at the end of the year and i wondered if its worth me looking at creating a current account to tap into better interest deals when the time comes? just wondered if anyone had done this to improve their rate and which banks are the best? cheers B
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Help! What do we do now?
16 years ago my mother took out a very small (interest only) loan secured on her home with The Chorley building society. They were an award winning mortgage provider and between 1999 and 2007 had a relatively fair SVR that tracked the Bank of England base rate within a margin or about 1.5%. However, as rates began to…
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Can my girlfriend and I get a mortgage with mostly student finance income? (18k Min)
My girlfriend and I are in our first year of study at university. We live together in a university studio flat and currently pay about £8000 per year. We both get £7500 each from student finance and another £3000 combined in scholarships, which makes £18000 combined. I also work for the university earning above minimum…
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How do I raise finance to extend a house
My mother owns a house with no mortgage. She has asked me to move in with her (she is getting old). I need to raise finance to extend the house. (100k) how do I go about doing this? My mum won't be able to get a mortgage at her age now so I want to take on the responsibility. Thanks in advance for your help. :)
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Overpay an interest only mortgage or change to a repayment?
I have an interest only mortgage of £132K. I am about to pay £32K and have £100K interest only. Am I better at this stage to change to a repayment mortgage over 10 years or pay £400 over my interest only payment every month - interest rate of 4.79% Not sure how to work out which is cheaper? Payment is £534 each month at…
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Mortgage for parents house
My elderly parents live in a house I own and I need to remortgage, when I bought the house I lived there with them but I have moved out as I now live with my partner in our house that we jointly own. How do I get around to remortgaging as it is not a buy to let as I don't charge them anything to live there, they pay the…
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Mortgage Offer rate is higher than current rate from the bank
Hello, I am a First Time Buyer, and this is my first post on MSE Forum. I just received a Mortgage Offer with a fixed period of 5 years (LVG 85%) with 3.89% interest from Nationwide, through a mortgage broker. I just checked Nationwide website to see the current rates they do and it seems that they offer a 3.74% interest…
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Coventry BS - how variable is variable?
Hi All, as savings rates are pretty dire and would rather not tie up cash in long term investments I'm after an offset mortgage. Normally the interest rates for these are pretty uncompetitive but the Coventry building society have a "Variable rate for term, currently 1.99%", which seems quite reasonable. My concern is that…
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Mortgage length
Hi again, We hope to buy later on this year, currently looking into terms of mortgage. I am 44, my wife is 43, I will probably be 45 when we apply. Both of us work in the NHS and have reasonable pensions. Both on 34k yearly. How long a mortgage term would we be likely to be offered? I realise that this is only an estimate,…
