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Second time buyer
Hi all, We've only bought one house so not entirely sure how the mortgage process works when we move. We bought a new build flat a few years ago using a 5% deposit offer. The house cost us £142,000, the exact same flats now selling for £190,000-£200,000. We now need to relocate as changed jobs and are looking at about…
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Temporary address between homes
My wife and I recently put our flat on the market and interest has been very high with several viewers within the first week and one viewer has lodged a notice of interest (we're in Scotland) today. This potential buyer has already sold her property and is looking for a very quick move. If she follows up with an offer its…
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Online calculator says we should be paying less
Earlier today I checked a couple online calculators to see how overpayment would affect the overall interest and time before clearing the mortgage. We have £88K outstanding at 5.34% and 21 years left to go on a 30 year repayment mortgage. There is 3 years left on this current deal. According to the calculators I should be…
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Mortgage Calculation Problems
Hi, I'm having a difficult time understanding how the mortgage interest on my parents buy-to-let properties has been calculated, and I was wondering if anyone could shine a light to where I'm going wrong in understanding this. The interest-only mortgage was taken out in 2006 from Birmingham Midshires for a total amount of…
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Buy to let vs residental question
I currently own my own house with no mortgage, i want to start acquiring some buy to let properties so intend to either remortgage my property to raise funds for deposits on buy to lets or sell my property (i havnt yet decided) I was told to get buy to lets i need to own your own residential property (either with or…
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25% minimum deposit on ex-council flat in London
Hello all, My mortgage broker has just come out with something curious. He said that, across the lending industry, the minimum deposit for ex-council flats is 25%. I am sure that I have heard of people buying ex-council flats in London with 10 or 15% deposits. He has been really sharp on everything so far, so his comments…
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Mortgage application - lending criteria.
Hi everyone, This is a bit of a rant/wondering what other people would do or expect in my situation. My husband and I have just come back from an appointment with a mortgage adviser at Natwest to apply for one of their mortgages. We'd previously had a lot of communication and an appointment with one of her colleagues at…
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6x Salary + Mortgages
Hi all, I am looking to buy my first property and will need a mortgage to do that. I have £50k saved for a deposit (plus extra to cover stamp duty, fees etc.). My annual salary is £65k. I have no dependants, loans, or other financial commitments. I have a strong credit report. I am happy to have a 30 year mortgage term. I…
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Success story - Nationwide mortgage offered even though I have a default!
Hi All I wanted to share my story and timeline with you all, mainly because I am over the moon about the outcome, but also to show others that sometimes there is hope, depending on the rest of your circumstances. I have a default which was first registered 2 years and 8 months ago, which was for just over £1000 with…
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Halifax overpayments
I did just ring Halifax and ask but the lady in the call centre seemed a bit bemused as to what I was talking about! We are in a 2 year fix rate with Halifax. We can overpay by 10% of the outstanding balance per year. If we do make an overpayment, does that mean that our standard monthly payment reduces in the following…
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First time buyer - living with partner...
I rent with my partner in London @ 1000pcm. I have 90k savings for a deposit. My partner is not ready to buy yet, but I am, and I am willing to go it alone. If I can guarantee that my partner will contribute rent once a place is bought, would a lender take this potential rental income into account when calculating how much…
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Large deposit but low income - advice
Hi, I am lucky enough to have a large deposit to by a first home (40-50%). I am 37 and have two children. My partner works a zero hour contract so her income wouldn't count on the application. Looking at buying a house, ideally for 90,000-100,000 but my income is low. I have a 40% deposit but my bank offered AIP for the…
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Buy to Live mortgage
I just completed buying a house on mortgage. The mortgage was buy to live from Halifax. Please help me with the following question Will I be in breach of contract if I decide to wait for a couple of months before I move into the property. I intend to leave it vacant till We move in.
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First Direct Mortage Advisor says mortgage affordable but their underwriter says no
Long term, more than 25 yrs, First Direct customer. All products with them, good credit history, good job, tons of equity in house, seeking additional borrowing for loft extension which will add value to property. Go through application with their mortgage adviser who says I I meet affordability. However, their underwriter…
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First Direct Mortage Advisor says mortgage affordable but their underwriter says no
Long term, more than 25 yrs, First Direct customer. All products with them, good credit history, good job, tons of equity in house, seeking additional borrowing for loft extension which will add value to property. Go through application with their mortgage adviser who says I I meet affordability. However, their underwriter…
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HELP -Norther Rock 125% Mortgage
Hi need some advice please. My partner bought his house 10 years ago with his ex on a 35 yr 105% mortgage from Northern Rock. They split up 4 in and thats it just getting sorted out. The house is in negative equity so am unable to sell. The house was bought for 53k plus 5% = 55650. he got a redemption letter saying to pay…
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Whats better less debt or bigger deposit?
Hi all Just a quick query - im in the process of selling my flat - ive had issues with the lease which means im taking a bit of a hit on the sale fee. What I wanted to know was when it comes to applying for a mortgage what is looked upon more favourably by lenders? Less debt for one applicant or a bigger deposit? My credit…
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Mortgage Dilemma..Advice needed
Hi Basically I have 2 mortgages currently. Mortgage A is a Buy to let mortgage. Mortgage B is Joint Tenancy mortgage with my sister. My sister is living in this property. I have been living with my parents. However, up until recently I had to move out due to personal circumstances. I'm currently renting and looking to buy…
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Mortgage offer but no credit search
Hello, My partner and I have exchanged contracts on a new build house and we're just waiting for completion now. We have a mortgage offer with Halifax, yet there is no record of any searches being made on my credit report. Is this normal? Thanks.
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Moving Home - Keeping some equity for renovation
Hi all, Im looking for some help regarding keeping some equity when moving house, and if it is possible? My partner and i have accepted an offer on our house and are looking at couple for us to purchase this week. One needs a lot of renovation, and we were wondering if it is possible to keep some of the equity we will have…
