-
Barclays/Woolwich Fixed Rate
Hi all I've seen that the above are doing fixed rates for 5 or 10 years at 2.99%. I asked the question on the phone but the answer wasn't clear. Say if I took out the 5 year fix and sold my house after 3 years, what would the early repayment charge be? See link.…
-
Buy-to-Let Mortgages on Low Value Properties
I recently attempted to get buy-to-let mortgages through Virgin Money for 2 unencumbered (i.e. no mortgage) properties that I own. Unfortunately, Virgin will only lend on properties that are worth more than £40,000, and their surveyors assessed my properties at £36,000 and £38,000. I have investigated many lenders and the…
-
Fixed rates
I signed up for a 5 year fixed rate mortgage in February 2014 at 3.190% on the advice that mortgages would definitely be going up. I am now struggling to pay this and would like to revert to the normal base rate. Can I get out of this contract?
-
BTL Mortgage Enquiry
Hello, I wonder if anyone can help me. I have a property on a Bank of Ireland First Start Mortgage which I bought in 2007. I have consent to let on the property and currently get £975 per month vs my repayments of £850.00 a month. My current interest rate is BOI SVR which s 4.99% The property is worth £50k more than I paid…
-
Help to buy question
Hello, We have a property to sell (assume 250k) and we'll have 80k equity. We have seen a property at 520k we really like and they are under the H2B scheme. So can I sell my home and just put down 5%, the gvt puts 20% and secure a 75% mortgage? With the leftover equity (lets assume after stamp and costs we have 30k left…
-
Nationwide
Hi Just wondered if anyone has any experience with nationwide. They have signed off all our documents and have booked our valuation. Does that mean our mortgage has been approved subject to satisfactory survey? It took them 4 days from receiving the app to booking the valuation, so I presume they had a thorough look at our…
-
Named on a mortgage, can I get a second??
Hi All, Advice needed asap please. I am named on another mortgage although I do not pay towards it and no longer live at the property. Myself and my partner have the opportunity to buy the house we currently rent, with my situation would that be an option for us and can anyone recommend a mortgage broker etc who may help.…
-
Will I need to pay fees again?
Hi I am a first time buyer and I've had a bit of a stressful few months. Basically my parents decided to downsize at the beginning of the year which meant I needed to find my own place. They offered to help me by giving me a gifted deposit. I found a property, got a mortgage offer with Aldermore and it was all going well.…
-
tryin to understand interest rate calculations
I've been looking into the basics of mortgages and playing around with online mortgage calculators. Can someone please take me through why a hypothetical mortgage of £10,000 at 10%, over 1 year would be a total repayment of £10,550? Why isn't it 10% of 10,000 + 10,000? Cheers, -Will (used MSE mortgage calculator and…
-
Santander refusing to discharge mortgage
My mother has an interesting situation with Santander. It involves two loans. The first loan is the mortgage on the marital home, which currently amounts to around £17K. The second involves a "home improvement loan" subsequently obtained from Santander by my father many years ago (currently amounting to about £65,000). It…
-
Mortgage application and change in employment status
I am planning to buy my first house later this year. I've been self-employed as a web developer for the past 5 years. One of my clients who I've been working with for around 3 years has offered me a full time position. I'd like to accept but I'm concerned about how this will affect my chances of getting a mortgage. Is…
-
Received mortgage offer but found better property
So after a couple of weeks, I've received a formal mortgage offer from Santander. My solicitor has already done most of the conveyancing and the purchase is moving forward nicely. However, I did another viewing of the same property and a few concerns were raised (mainly a very strong smell of marijuana from the entire…
-
Remortgaging and extending the borrowing period
I have two mortgages; one a FT deal that has expired and is attracting reasonable rates; the other was a 2 year FT deal which expires next month and was taken out to carry our home improvements. Both have around 15 years to run. I'm deeply unhappy in my job and am looking to leave in a few months whether or not I have a…
-
Selling house to mum mortgage options
morning, A bit of background to a slightly complicated situation... - we are currently own a property (value ~£200k) in the north which we are renting out. The mortgage is on a BTL and at a high LTV (~90%). Current rental income doesn't cover mortgage and we are set elsewhere so are looking to sell on. - mum has offered to…
-
Overpayment help please
Hi all Long time lurker but first time poster so be gentle:D Ok so I have been lucky enough to get a mortgage offer from Natwest for 322000 fixed for two years at 3.38%. Now about three months after completion I should be in the fortunate position to pay 10% as a lump sum over payment. Can anyone advise me how this will…
-
endowment due to mature, tax due?
Hi This is my first post to MSE, I hope you can help. We took out an mortgage in 1992 and subsequently changed to repayment but kept the endowment. We were lucky to be able to clear our mortgage a couple of years ago. Our endowment is due to mature in 2017, my question is will be have to pay tax on the full amount we…
-
Stress testing on fixed rates?!?!
Hi folks, Not really up on the new mortgage rules and stress testing... seems like a sensible idea to check people can still afford their mortgages if the rates go up.... My question though is, do they still stress test the same if you are opting for a fixed rate? Obviously if interest rates generally go up but you are on…
-
Nationwide Mortgage
Hi all, Does anyone know about nationwide and their criteria for people with defaults? My partner has 4 old defaults on her credit file details are as follows: Default 1 Date of default 30/4/2010 Amount £3979 Satisfied Default 2 Date of Default 24/1/2011 Amount £177 Satisfied Default 3 Date of Default 31/1/2012 Amount…
-
Family gifted equity deposit
Hi everyone, I am new to this so im sorry if this has already been posted in the past. Basically I have always wanted to buy my childhood home from my dad which he now rents out. I heard of a family gifted equity deposit but did not think my dad would agree to it, i called him on the off chance and he said not a problem! i…
-
Aldermore Underwriting Process
Does anyone know the Aldermore underwriting process ? Had DiP - pass Application submitted and paperwork Came back asked for mortgage statement Valuation carried out Now waiting for the NewBuild Underwriter Is any evaluation of paperwork carried out before it arrives in underwriter que? Have read there are 2 underwriting…
