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Question on 10 year fixed mortgage
Lets say I take out a long term fixed residential mortgage and then a year or 2 down the line circumstances changed and I want to let the property out. I know that you are supposed to let the mortgage company know (although many don't). If I was to inform the lender I understand there may be a few outcomes. They may give…
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Santander credit checks.
Hi, My husband and I are in the process of making a mortgage application with Santander. We had our credit checked by our advisor during phone call and were told that it was 'fine' and we now need to go in and fill out the forms. Neither my husband or I have any sort of debts but our credit history is very limited. I…
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gift deposit from aunty_natwest
I'm getting 30% of the deposit from my aunty, 70% from my saving and equity release from my current property. It is a gift and she will be writing a letter and fill up the necessary forms, etc to confirm this. Would the lender's or solicitor ask to prove she is family? The lender would be Natwest. Do they ask for proof of…
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Insurance + mortgage decision?
Hi, My application is currently "being reviewed" and Yesterday I had a call with the mortgage advisor quoting their buildings/sickness insurance. I was a bit on the fence about the sickness insurance as I hadn't researched anything about it but he would "really recommend" I take some. Does taking/not taking death/sickness…
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Was Mortgage Advisor Negligent ? Stand To loose ££££
Hopefully some lovely MSE'ers will be able to offer advise as I stand to loose just under 6k ! I purchased My home 2.5 years ago under the 'right to buy' and paid cash (inheritance). As per the rules if I sell the property before 5 years of ownership I have to pay back the discount . I now wish to move to a larger property…
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Help to Buy Mortagage Guarantee question
Hi I was looking into the HTB scheme and from what I understand is that I can buy a house for up to £600k as long as I have 5% deposit and of course fulfill all other criteria. So am I right in thinking that I can borrow up to £570k under this scheme if I have a £30k deposit? However I have also heard that I can only…
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Loan application just before mortgage?
Hi ive applied for a loan today with tesco and was approved no problems but for what ever reason i didnt realise my fixed mortgage deal is up end of next month. How will this effect my mortgage deal. Im not 100% sure im taking the loan yet either so will taking it affect anytging?
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Remortgage help please
Hi there. I have just officially bought a house, it needs alot of work doing to it before we can move in so we have to continue renting until work is complete. We bought the house for a small amount & we have now borrowed 25k at a ridiculous rate to complete work. Once the house has been renovated can I then apply to…
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Mortgage for redevelopment / extension project
Hello Is it possible to release equity in a mortgage to fund a redevelopment. Situation is that existing house is worth £1.5m, with £0.4m or so left to run on the mortgage. (Current LTV is well under 40%) We are considering spending approx £0.3m to expand the property. This would take the value up to approx £2.25m Even…
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Remortgaging
If I remortgage with another provider how does it work? When I apply to the new provider do I just apply for the exact amount of mortgage outstanding with my current provider? Then new provider just pays old provider off? Also there is a lending fee due to my current provider when the mortgage is paid off. Do I pay that…
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Switch main property to BTL and buy new residential property
Afternoon all, I am looking at buying another property to live in but want to keep hold of my current property. So here is the scenario: Current property value £590k Mortgage remaining is £330k I want to release £100k from my current property to use as a deposit for a new place to move into. Can I easily switch my current…
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not the most straight forward mortgage applicant
Another question from me; My partner and I aren't the most straight forward applicants but I will try and sum it up; We are looking to buy a new build with the help to buy, house value is £160k My wage 20k yearly, OH's wage 26.8k year (I also am self employed, but I only started doing this in December, this makes between…
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Mortgages for 3 properties
Hello, We currently have a mortgage on our main home (repayment) and a holiday home (interest only). We are going to rent out our holiday home (short hold tenancy) and have had consent to let from our mortgage provider as we have another 4 years tie in. We are now looking to buy another apartment to rent out and can raise…
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Overpayment confusion
Hi all, I've recently re-mortgaged to a cheaper one so want to start making overpayments to bring the total monthly amount I pay off up to at least what I used to pay on the old mortgage, and possibly more some moths if I can afford it. This article has me confused though:…
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mortgage fee free broker or not?
Hi, I have nosing around these forums for the past few weeks trying to get our finances sorted ready for a mortgage application in the new year. Now I notice that some financial advisors charge quite a hefty fee, while others are free (i.e commission only) Is there an advantage using a paid mortgage broker, or are you just…
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Buying a new house without selling old one?
We are about 7 months away from paying the mortgage on our house and we would like to move to a bigger place just outside the city with a garden. However we would like to keep our existing house and rent it out. We are bought our current house on an interest only basis in 2003 and by paying extra monies, will have paid it…
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Halifax Mortgage Offer for First Time Buyer
My friend applied for first time buyer mortgage through Halifax on 5th June. The valuation was done on 8th June and it was fine. But the Mortgage offer is not here still. Please share your own experience and opinions.
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Help to Buy Equity Loan - Advice
Hi All, We are just about ready to put down a deposit on a new build in our area. House Price £282,000 with a 5% deposit and 20% equity loan. I keep getting waves of doubt - mainly due to un-answered questions... My main concern of today is all around what happens at the end of a fixed term mortgage deal. The deal my…
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Interest only mortgage
I am really worried and need advice. I have a mortgage with Kensington Mortgages and the rates are really high as they were the only lender who would help us ( we didn't and still don't have good credit). Due to various medical reasons we have built up arrears ( approx £20,000) and there is an arrangement in place, however…
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Employment change query
My fiancee and I received a decision in principle from Nationwide yesterday afternoon on the basis that I have been working at a local authority for over a year through an agency. I was then called into a meeting with my line manager this morning and was informed that rather than being employed through the agency they will…
