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What considered salary for purposes of affordability?
When calculating my mortgage affordability can I count basic salary, London weighting and car allowance?
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HSBC Mortgage decision call
Hi guys, So I had my HSBC advisor meeting over the phone 2 days ago and I got my agreement in principle and KFI. We were told because as it is a joint application and my partner is 3 months into a 6 month probation, the underwriters may have an issue but they are being far less strict these days (think it all depends on…
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mortgage advice due to seperation.
Hello all I would really appreciate some advice to put my mind at rest and sorry for the long story. 5 years ago my partner was left a house, we remortgaged it to gain a deposit (£52k) for our new house which we have a joint mortgage on and rented that out. After a while we sold that house but didn't gain much from it and…
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FTB - advice!
Hi all, I am a FTB looking to use the HTB scheme. I just have a few questions regarding mortgages and applications. I have the usual phone contract credit but that is about it credit wise. I have a clean credit file with no missed or late payments. My partners file is exactly the same. Is it likely we will be offered a…
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Mortgage Application
Wondered if anyone can offer a bit of advice, please? :-) My boyfriend and I are looking to apply for a mortgage this year, probably in around September time-ish. We should have a deposit of around £16,000. Our combined income will be around £45,000. By September we won't have any debt other than my boyfriend will have…
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Buy to Let/Investment
Hi, I'm hoping we can get some advice here... My mum has just sold her property, as she wants to be mortgage free. The only way she can do that is to buy something outright with the £85,000 equity she's got from the sale. This won't buy her what she'd like around here (Leicestershire) so she was contemplating moving to…
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other costs of buying a house
A silly question about other costs of buying a house for FTB. Apart from the deposit , how much do I need to pay for solicitor, stamp duty etc? I don't want to pay all my cash for the house deposit (50% of the house value) and I need to keep some money for other fees. As the interest rate is still low, I was thinking that…
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Help to Buy - can I put more than 5%
I am going through the new rules for Help to Buy London that has come into effect since Feb 2016 It seems : Given house price is 400,000 1) I can put in 5% of the price , i.e. 20,000 (plus fees and stamp duty ) 2) Govt puts in 40% , i.e. GBP 160,000 3) Mortgage lender lends 55% , i.e. 220,000 My question is : can I put 10%…
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House Advice Following Separation
Hi Two years ago my partner and I bought a house together for £235,000. We separated 6 months later and he moved out. Since then I have been paying the mortgage and all the bills in the property myself (for the last 18 months). I put £22,500 into the deposit and he put £2,500 into the deposit. At the point he moved out we…
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Nationwide's proof of tenancy income
We have two properties both of which are tenanted and we run one with a silent partner running the other (we have no input or say/contact with the silent partner; it's complicated) we have an existing mortgage with Halifax but have been offered a much better deal with Nationwide however, they want to see proof of income…
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When do we hear from Halifax?
We complete on our house purchase next Friday The mortgage is going to be with Halifax. They haven't yet asked us for our bank details of where they should take the monthly payment from, or what date we would like for the direct debit. Is this unusual for them not to have these details yet? Or do they ask after completion?
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Releasing equity to buy another property
Hi, I hope some of you can shed some light on this situation, it isn't perfectly clear to me as such. I've been told that we can release £150,000 equity from our house. If we went ahead an released this equity and bought a second property for the exact sum of £150,000, is that doable ? This way we would have an additional…
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Interest Only mortgage and cost of endownment
Could someone help me please with a typical cost. We are planning to move house. We have equity of £1m and are looking to borrow an additional £150k on interest only. We are joint applicants at 55 and 51 years old. We are in permament roles (me for 30 years and my partner for 17). I can find out easily how much £150k costs…
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New Loan to Pay Part of Mortgage?
I currently have an interest only mortgage and pay overpayments to the tune of what a repayment mortgage would cost. The interest rate on the mortgage is 4.78%. I still have 15 years mortgage term left. I could take out a loan of up to £25000 at 3.8% if desired. My question is this. If I took out the £25000 loan(over say 7…
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Fix mortgage for 5 or 10 years?
Hi there My mortgage is about to come to the end of its current fixed term and I'm looking to remortgage. I wondered if anyone had had any recent advise from a financial advisor about the likelihood of rates increasing in the future and whether it would be wise to lock in for a five year or ten year fixed mortgage. Thanks…
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advice on being outbid
Hi, I need some advice on my current situation. 12/02 - viewed house with asking price of £160k. Loved the house - to beat the current offer we put £163 & offer was accepted. 12/02 - sorted solicitors & advised MA of offer. Meeting booked to organise valuation 22/02. Fast forward to yesterday. Get a call from the EA to say…
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Right to buy mortgage - adverse credit
hey, My mum has recently applied for a right to buy application with me being on the forms, so the title deeds will have both our names. My mum is around 59 years old currently unemployed. the market value is £280k and after discount it will be £185k. I myself can put around £85k towards a deposit and need a mortgage for…
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Selling my endowment?
Hi all, I'm looking to sell my endowment which has about 7 years left to run. Cash in value at the moment is £27k after 'topping it up' twice and have been warned there maybe the need to top some more? It's supposed to make £37k full term to cover the mortgage. So I was thinking and looking for advice on where's the best…
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Mortgage nightmare
I am currently in a situation where I am on a mortgage with an ex partner. The house I am in is £30,000 in negative equity and my ex partner is trying to force my hand in to going bankrupt. At the moment I am currently married with 2 young children. I have contacted my bank to ask about getting my ex partners name removed…
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Mortgage Brokers
If applying for a mortgage through a broker would you say you have a better chance of being accepted if they have all your docs and go through your income & Expenditure? If someone who they class as 50/50 surely they wouldn't waste there time putting them through an application? I am waiting for my buyers mortgage to go…
