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1st time buyer conundrum: pay car loan or extra deposit
Hi everyone, I hope that you can help, I have conflicting advice and don't really know what the best thing to do is. So I have a car on finance - there are 4 years left on the finance plan, which I pay monthly. I can afford this without a problem, but I can also overpay without any fee. If I overpay then I save myself…
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Remortgage options to fund extension
Hi We have just had planning permission accepted for a double storey extension to the side of the house and a single storey to the rear. It is currently a 3 bed detached soon to become 4 bed. Much of the work will be done ourselves or at quite a discounted rate so there should be some investment value in it. We have around…
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Sub Prime Mortgages - Are they worth it?
Hi everyone, Just after some advice really. Me and the lady are looking to buy a house relatively soon. The saving side of things is going pretty slowly, so I don't think we'd even have a sizable deposit together for a few years. The big problem is our credit reports. Now to get a good mortgage, I know that you need to…
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Getting a mortgage for mum
Hi all, I am just back from visiting my mum on the council estate she lives on. She bought her house in the 80s, but due to her not being particulalry good with money she still has a few years left on her mortgage. We would love her to move off of the estate (it's rough to say the least and she lives on her own). Anyway,…
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Paying off CC regularly - affect Mortgage application?
Apologies if wrong forum, but we will be looking to move in the not too distant future and have a mortgage agreed in principal. However, something occurred to me today - I have a VA credit card that I use for every day spending to help me rack up the flying club miles. To keep on top of it, I pay it off as soon as the…
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To switch or not ?
We are currently with nationwide and our fixed term finished a couple of years ago leaving us on the standard rate of 2.50%. As it has not gone up in that time we have left it. We have £24,000 left to pay which ends in 8 years, 2 months. I phoned the nationwide and asked about any deals we could switch to but the…
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Mortgage Porting Question
Hi, Could someone please help me with Mortgage porting. We have an appointment with Nationwide in a few weeks but I would like to try and get my head around it. We bought a house for £135,000 two years ago on a 30 year mortgage (4 year fixed rate). The deposit we put down was £32,500 and we have approx. £98,000 left on our…
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Paying off mortgage
A relative has kindly offered to pay off my mortgage. Do I need to declare this for tax purposes? eg; Inheritance / gift tax etc? Is there a financial threshold at which point tax would be paid?
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Consent to let denied
I have a residential mortgage with HSBC and will be joining the Royal Fleet Auxilliary in January. This is a civilian manned fleet owned by the Ministry of Defence. I would be at sea 4 months on and 3 months off. During my time away I want to rent out my house and live with my sister when I am not at sea however HSBC have…
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Buying a house advice.
Hi All, Very new to all this so please be kind. Currently my partner and I rent. Our Landlady is selling the house and we are buying it. She has accepted an offer from us. But Our complication is, she will not directly sell to us. Because she signed a contract with the letting agent, saying that if she sold to the tenant,…
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Declined Mortgage but not in writing
Hi all, Wanted to pick the minds of the MSE hive. We've been declined a re-mortgage after many agonising months with Nationwide, who lost our application once, said we passed affordability only to do a complete u-turn on the final offer. Despite feeling a little misled (I'm self-employed and in the end my erratic earning…
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Confused by help to buy
Morning I'm after some advice as to what our options are. I'm looking at purchasing a new build but are coming up short I'm confident I can secure a mortgage of 4.5 times income and we have a good deposit. I spoke to a help to buy agent who said that help to buy only works for up to 4.5 times income which we get on a…
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Buy to let mortgage tax relief.
5 years ago we increased the mortgage on our main home to finance purchase of a flat for me to use while working away from home, when I retired 3 years ago we began to rent the flat out. The mortgage was interest only. We have now re mortgaged the property with a buy to let mortgage, this now means our main home is…
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Advice on mortgage process.
Hi all, Confused with the mortgage process! We had a decision in principle and continued down the process with a broker. The broker called today, to say we were declined initally due to adverse credit 4 years but had got it over turned with someone. He asked what account the repayments were coming from and we would get…
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Advice on new Mortgage please
Hi all This is my first post i hope its in the right place. So myself and my wife are looking to buy our first house. The worry we have is getting a mortgage. My wifes credit report is perfect. Good credit history no defaults no outstanding debt. Mine on the other hand is not so great. I have 5 accounts in default. They…
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Joint mortgage applications - only one applicant will live in property
Hello folks, so we're first-time buyers (2 brothers) who are trying to buy a house together. My brother already owns a house in which he and his family live in (he owns it outright, so no mortgage there). While checking the requirements of some mortgage lenders, I've seen that they require that the property you buy be your…
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Multiple AIPs OK?
Hello I just got through a successful AIP from Lloyds that I am happy with. However the other bank I have my eye on for a mortgage is NatWest, and I'm curious to compare what their AIP could be like. As both banks conduct a soft credit search for AIPs, is there any harm getting another AIP? Or is it best, for whatever…
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Lower my LTV rate or lower 4 year fixed mortgage deal
Hello forumites. I'm not too good with working out how mortgage rates are worked out so am looking for help please. I currently have a Halifax mortgage paying 3.14% on a balance of £162k on a house valued at £270k. I can/want to switch in January and have 8 options. The options for moving to a 60% LTV will mean me needing…
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Mortgage Shortfall - Unexpected
We are going through a remortgage process, and we are just about to complete in the coming days. We have been informed by the legal company that there is a 'shortfall', essentially that the amount we have requested is not enough to pay off the existing lender. The amount is not huge (around £750), but it still comes of…
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Better loan to value or keep savings?
Me and my husband are in the process of selling our property and buying a new one, and I am trying to work out how much to put down as a deposit on the new property and how much to keep as savings. Just thought after reading lots of forum threads I would post here for any views! The sale of our current property will give…