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Declined for a mortgage due to financial association
Hi, Looking at all 3 CRF's, my credit "rating" is showing as between excellent down to 3/5 with noodle. the main factor seems to be a late payment to a small credit card balance 5 months ago, fair enough. all other credit histories are fully up to date and clear. I am also using a reasonable amount of my available credit.…
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Old defaults
Hi Do I have to declare a 6+ year old default to lenders when applying for a mortgage? It no longer appears on my credit files. Thanks
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Cash Deposit/Equity/Debt
Hi all What is the best to have when looking to move home in terms of a deposit/debt? Is it best to have cash saved up rather than have equity in the house? The reason I ask is that I am currently overpaying my current mortgage but wondered if I would better off saving it. Current mortgage rate is 2.49% and I am overpaying…
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Confused about interest only
Hello it's my first time posting on here I hope someone can help clear up some confusion for me regarding my mortgage! I've always left the financials up to my OH but recently realised I'm going to have to get involved...so, We've had an interest only mortgage for 13 years (I'm now 36) much to my disappointment as I've…
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Halifax mortgage confusion!!!
Hi, We have received a DIP/AIP. When reading this I noticed it said its based on assumptions. So I emailed my MA asking if credit checks had been done etc and if we were likely to get the amount offered initially. She said "yup"..... Bit unprofessional but ok! Checked Experian report and nothing's showing on there in terms…
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Buy to let or not?
I own my flat outright (in Scotland). If I decide to rent it out then take out a mortgage for a new property where I would live, would the mortgage have to be buy to let or a normal residential mortgage? Also would there be any extra stamp duty payable in this scenario or not?
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Mortgage- Big deposit, low income
Here's a question for you... Are there any lenders that calculate a mortgage loan based on previous rent amount? No? My situation is I have a £40k deposit, but that's useless because of my salary of £16k. Using a mortgage calculator shows I can lend up to £58,000. Plus my deposit, I could buy for £98,000, not mentioning…
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Moving from Employed to Self-Employed
I’m soon going to be leaving my job and becoming self-employed – there is no firm date and I have quite a bit of flexibility on when I make this move. I’m posting here searching for advice on best handling this transition without making things overly difficult for myself. Currently I’m employed at a company and do…
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Changing BTL mortgage to residential
I'm considering moving into a property that I currently let out. Is it just a matter of me informing the lender and they 'press a few buttons' and make the necessary changes? Or will I have to go through the process of applying for a residential mortgage? Thanks
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Help first time buyer !!!
Hi, I am a first time buyer and ive found a house that i adore its in need of a bit of work the property is a 3 bed terrace and is on the market for £78,000 my question is i have a 5% deposit would the bank give me a mortgage on it ive had my grandfather come out who is a builder he said the conservatory floor needs…
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Santander not so portable mortgage, help
Has anyone experienced difficulties porting their mortgage since the new lending rules came into force? We have a flexible portable tracker mortgage on an extremely low rate. We aren't asking to borrow any extra money or to extend our length of mortgage term, yet Santander have put us through nearly 2 hours of telephone…
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Poor survey after mortgage application
Hello, I was wondering if you all could help me! My partner and myself are first time buyers and have had an offer accepted on a lovely property, however it is very old! We have applied for the mortgage and it is currently at the underwriters. Since applying, we have had the results of the survey back which say that there…
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Refinancing my UK mortgage from the US
Hi, My employer is offering me the opportunity to move to their New York (USA) office. They would like me to start mid/late October. I am excited about the move but one item is causing me a lot of stress, my mortgage! After a decade of hard graft I managed to make it onto the London property ladder last year. I am on a 2…
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Buy-To-Let Holiday Cottage
Hi everyone, The wife and I are in the lucky position to consider buying a holiday cottage. We currently rent out a house (£150k / £500pcm) and are looking into the possibility of selling the rental property in favour of a holiday let. At current estimation (80% occupancy over the year and 20% management fees), we stand to…
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Money from abroad
Hi all, We are near to reaching the deposit / fees required for a house purchase. However, overseas family have now approached us to lend them some money (£2000). It is for an urgent matter, where extended family are pooling together to help out. This would be sent by Western Union in cash, and then sent back to us again…
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Complicated!
Not sure if posting this in the best place as it covers just about every financial product.....question is what would you do in this situation? My main mortgage (on a house I love and want to retain) is £425,000 and due to be paid off in three years. It is interest only with a bank taken over by government that will not…
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Advice for the clueless
Hi all Current deal 2.59% fixed rate expires in March 2017. My question is.... When can I switch? When is best time to start looking? We are recent new parents so budget is very important. We also have added aconservatory to our house. So hoping that will add some value on property. Currently owe £90k on a house we bought…
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Mortgage Application
Hi All, I was just wondering if someone is able to shed some light on a little issue that I am facing. I am due to exchange contracts on the 19th Aug and we are first time buyers. My luck is usually pretty bad so at times I tend to take little risks, but talking about luck my car has decided to give up on me. Now as most…
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Mortgage on PhD stipend as of 2016
I'm posting to share my experience of trying to obtain a mortgage on a PhD stipend in 2016, and hopefully hear the experiences of others. I realise this topic has been touched upon before, but I haven't seen many 2015/2016 posts or people in exactly the same situation as me. I started my PhD in September 2015 with a 3.5…
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Limited Credit History - Mortgage Declined
Hey Thanks in advance for any advice anyone can offer. I lived abroad till 4yrs ago when I returned to the UK. I have a very light credit footprint (mobile phone contract and student loan only). I've had my bank account for 4 years and have been receiving mail at my parents address, where I'm currently registered since…
