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mortgage/equity
I want to buy to rent 2 properties. I want to buy one of the properties outright- if possible and purchase a second on a mortgage. I am short on the full 20% deposit for second property which is required for a mortgage buy to rent. Should I take some equity from the outright purchase? or take out one very small mortgage on…
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What should I buy? Small Flat or a Big House? Please share your experience.
Hi, I've moved to UK 3.5 year ago. Managed to save over £20k in this time. Me and my partner have visited local independent mortgage adviser. Been told that with our savings and income we can borrow up to £169.000. With our savings on top of that we can buy a house for up to £185.000. We live in Midlands. I have been…
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Bank Not Releasing chaps (Property purchase) Payment
Hi, We are in the process of buying new build property and we have exchanged contracts on nov 2015 now we have received 2 weeks completion notice from our builder unfortunately we were not able to complete our existing flat sale (Sale still going through).We have asked our friends to give money to deposit remaining amount…
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Credit Building Credit Card & Mortgage Applications
Does anyone know if mortgage lenders consider the type of credit card that you have when making an application? I've got an Aqua credit card that I used to build my credit rating up many moons ago, and was wondering about cancelling it so its no longer on my current credit file (just in the history). I've got other credit…
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First Time Buyer- Confused by Deeds & Contract Report
Received the builders solicitors above information, and to be honest a lot of it has confused the hell out of us, but we don't want to ignore it and potentially miss something we should of queried. Our own solicitor provided us with the documentation and wants us to sign and send back including whether we are joint tenants…
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Valuation Question for remortgage
Hi all, We are in the process of applying for our remortgage with Skipton. First time of getting my ex bankrupt hubby on the mortgage with me so am chuffed to bits if we get it all through! We are looking to borrow extra to extend and looking to borrow 90% LTV with Skipton to allow us to do the work. We said 290k for the…
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mortgage vs using capital savings
We have got £100k and looking to buy 2 properties to rent out in an area with rental rates of £400-475 per month. We dont know whether it would be best to sink all our savings into these properties or take out 2 mortgages to buy the properties with a small deposit and the rent cover the mortgage. We don't have a mortgage…
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Helping sisters family
Hi I have just found out that my brother in law has be playing the stock market and has lost a small fortune. It transpires that he has now put up the family house for sale and is looking to sell. I want help and was thinking that I should maybe buy the property and rent it to my sister. The estate agent valued the house…
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Valuation following mortgage application
I applied for a mortgage via a broker. As part of the application process with the broker, I said I would like to 'upgrade' the free basic valuation (offered as part of the mortgage product) to a Homebuyer's Report and pay the balance for that 'upgrade'. Mortgage application has now been approved subject to…
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New Mortgate with bad credit
Hello, I am currently looking at the best way to get onto the property ladder. I have had bad credit in the past on my file so I'm wondering the best course of action to try and gain a mortgage now. I am wondering how much of a deposit I would require to be considered for one now, and who would be the best to contact to…
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Negative equity sale
Hey all. I am about to sell my property leaving my with a negative equity of approx 9k. I haven't got the funds to pay this amount to my mortgage company but I'm desperate to leave to give a better upbringing to my daughter. What are my options? Do you think my mortgage company would agree for me to pay the difference bal…
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First time mortgage / self employment help
Hi all, This is a bit vague at the moment as we only have ideas but I have to make decisions about employment / self employment - My parents will be selling the flat that I currently live in and using that money to buy a house within the next year - 2 years. I am going to put money towards this with a mortgage and we are…
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Applying for mortgage
Hello. So I am looking into getting a property very shortly and need to get a mortgage sorted out. I have all the documents such as p60, bank statements, proof of identity and address. My problem is my wageslip which is fine on 2 of them. But one is 13p out on the net figure compared to my bank statement. Would this…
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Tight on timescales
Myself & Partner are currently in the process of buying a house and are slightly worried about the timescales. We are at the very beginning as our offer was only accepted two days ago but we are FTB and the seller has no chain and wants it to through very quickly. We already have solicitors engaged and are awaiting our…
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Don't know how much to put down!
Hi this is my first post here. I feel a bit sick with worrying about what to do so thought I'd ask for advice here. I'd always had it in my head that I wanted to hit the 20% deposit mark, and that's what I said at my first meeting with my broker. However after going away and looking at the fees etc. it turns out I'm going…
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New stamp duty question....
Quick question... I have a colleague who owns a buy to let and a residential property, both on mortgages. He is keeping his buy to let, selling his current residential property and buying a new one. Will the new stamp duty changes apply to him, I think they do but he seems to think not...
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Mortgage payslips and sickness
Hi everyone! I'm not sure if I'm just being abit OTT but I just really want to check something. Me and my husband are currently in the process of getting our 3 months of "good" payslips to provide for our mortgage application but I'm concerned about having to ring in sick for work due to flu as I'm not yet entitled to sick…
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Gifted Deposit From Abroad
Hello, First time post. My wife and I are looking at buying a shared ownership property, please we don't want those replies where people say SO is a scam etc, can we have constructive/ on topic answers only. Anyway we have £5k deposit our selves. My mother in law who lives in the Czech Republic has recently sold her…
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Tricking the banks
My question mainly relates to mortgages but I also wonder if it has any impact on normal personal loans from banks. I have never qualified for the low interest headline rates that the banks advertised for personal loans despite having zero debt, regular income (£40k+ after tax), no bad credit marks etc. I don't have many…
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4 Applicants on a mortgage
Mostly to satisfy my curiosity... I doubt this will ever happen but meh. For example 4 applicants and our salaries. Moi 67,250 My wife 34,000ish My brother 28,000ish My brothers wife 21,000ish My brother and his wife commute up to central London each day. 2 cars, 60 miles each way. Their fuel bills are huge. Not to mention…
