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Pay a lump sum off buy to let mortgage?
Hello all, I have a house that we have been letting out for the last 5 years - when I got together with my other half, we both had mortgages, and so moved into his house, and we decided to rent my house out, as otherwise I would have made a big loss, as I bought in the boom, and house prices dropped sharply soon after. My…
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Is there any difference between overpaying and a shorter term
With all variables being equal, other then the practical benefit that overpaying is something you retain flexibility over whereas fixed term you do not? In particular, I am trying to ascertain whether if, because interest is front loaded, you actually pay less overall if you have the shorter term, if you overpay at the…
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Advice please - help to buy a second home for brother
Hi all, after some advice please. We have a joint mortgage of approx 160k left on a home worth about 500k. I want to help my brother and sister-in-law get on the property ladder. They can get a mortgage for about 175k but to buy a flat where they live will cost approx 300k. So I am happy to part-own their new flat and go…
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Do we need a joint bank account?
As simple as it sounds. We're looking to buy in a few years, still saving for the deposit through usual methods.. savings account and HTB ISA. We don't have a joint account and just manage the rent, bills etc through our seperate accounts, but just wondered if it was beneficial in terms of how the banks look at you to have…
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Am I better off with mortgage paid off?
I have a little bit left on my mortgage. I could repay it even today if I want to. Now I am selling this property and I will need another mortgage for the house I will be buying. closure fee to my lender is £149 if I will repay it completely. However I see that one solicitor charges a fee of £108 for dealing with…
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Situation changed - mortgage advice please :)
Hi there, I'm trying to work out if I am on the right track with my mortgage and if there's anything I could do to improve. Would love any advice from a kindly person :) I bought my first property exactly a year ago for £220,000 with an £88,000 deposit (so 60% LTV). The purchase took ages and rates dropped quite a lot in…
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Overpay or Reduce mortgage term?
Hi I was wondering generally speaking is it better to overpay on your mortgage to finish your mortgage earlier or remortgage and shorten the term? Took out a 25 year mortgage last year but have overpaid by £3K in that year. I can remortgage and drop 4 years off my term and still pay the same as i do now (although will…
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Homeowner but new business owner too
Me and my wife are currently looking to re-mortgage as we are appraoching the end of our term. However, I left my job in the summer and started my own business. So I currently only have 6 months worth of accounts. I am actually projecting quite a significant pay-rise as its going rather well (touch wood it continue).…
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Removing current partner from mortgage - drawbacks?
Hi all, Please excuse my naivety here as I haven't really researched this at all, I'm just playing around with the idea. Some background - my wife and I have owned our house for just over 5 years and have totally renovated it. We are currently seeking to remortgage. As an aside, I have a big interest in house renovation,…
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Edowment Maturity - Liable for Tax ?
Endowment tax liability – can you help ? I received a payout on two maturing CIS low cost endowments, these policies were with profits and also had bonuses added annually. Premiums where paid in full every quarter (3 monthly) for the full term until maturity. Policy #1 25yrs, total premiums paid £8,842.50, maturity value…
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Additional borrowing
Morning, Recently bought my parents house as they wanted to downsize. We immediately began a renovation programme and have made excellent progress. Part of the work has been converting the loft into a master bedroom with en suite. The house was three bedroom over three floors of living area. This is lower ground, upper…
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Britannia Mortgage - whats the best thing to do?
Hi I have a 5 year fixed deal with Britannia at 2.79% on an original loan of £150K At the start of this year this was down to £88K and I overpaid the max 10% (£8.8K) to bring it down to c£80K My monthly repayment went down to £620 from £700 as a result of this and i cant move it back up to £700 as it would incur penalties.…
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FTB Mortgage Advice, parents house and deposit
Hi everyone I wonder if anyone could help with a little bit of a specific scenario. My wife and I are currently looking into getting a mortgage to purchase my parents house, however there are a couple of factors to consider My wife is 4 months pregnant, plans to work PT after 12 months off. The house is worth apx £140-130k…
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Applying for a mortgage and overdrafts
Hi, I have a £500 overdraft with Natwest on my current account I also have a joint account with my partner, so the only time I really have my overdraft cleared completely is when my salary gets paid in initially, I then transfer the majority of it to our joint account, will this impact my mortgage application? -300 at the…
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Surveys on new build properties
Hi All, our MA will be processing our full application for a mortgage this week, if all goes well what usually happens when the lender instructs a survey of the property's, they want to exchange contract mid Feb but the house won't be ready until end of March. Can a survey only be done when a house is completely finished…
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extension to fixed term mortgage
Hello everyone, I just wondered if anyone has ever asked a mortgage lender to extend the fixed term period on their mortgage for a month or two? I received a letter from Halifax saying that my fixed product will come to an end in 3 weeks time and I will be paying £100 more. 3 weeks doesn't give me enough time to shop…
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Self employed
Hi, When self employed, do lenders look at pre tax earnings or the total profit you make. For example this year , a total income of £45k, less expenses of around £17k ( new van ). What will the lender look at? The £45k or the £28k? Thanks
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Mortgage advice
Good evening everyone! I'm after some advice if anybody is able to help I bought a house through the help to buy scheme (Plumlife) for £117,600 back in 2008 when prices were high. I've now got a girlfriend and we are planning on starting a family. We therefore want to move to a bigger house as soon as possible really. The…
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Where can I find the mortgage guide on this site
Good Evening Could someone be kind enough to give the link to the comprehensive mortgage guide on this site? Thanks in advance for your responses.
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Mortgage 5x salary?
Hi everyone, just needed some advice. I am a first time (solo) buyer and am currently looking into the different mortgage options to me. One thing I am concerned about is that I have read that the biggest mortgage available would be 5x the income- for me this would currently be £115,000. I also plan to have a £30,000…
