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Mortgages & endowments

Archives for October 2016

Fixed Repayment Mortgage shortfall !!
I have just had my fixed repayment mortgage statement from the Woolwich , and it seems that I will have a shortfall of £2600. I contacted the Woolwich to ask how this could happen and was told that I missed a payment in september 2008. That is the first that I have heard of this and my mortgage payment comes out at the…
Shared Ownership - Should I overpay now or save for later?
Hi everyone - I'm new to the world of mortgages so could do with some advice! I have just started a shared ownership mortgage, the details are: I own 30% of the property Santander 2 year fixed rate of 2.29% I put down a 20% deposit on my 30% share Ideally I would have bought a larger share from the outset, but my partner's…
Paying off BTL
What do other landlords do about paying off BTL's i currently owe 33k on my rental house current value around 75k. I have money in savings etc to pay the balance off in full if i wanted. But i am not sure what to do as obviously my mortgage has its benefits againt my tax return. Thanks.
Offset mortgage - worried man
Hi Guys in 2013 I posted asking for advice on our offset mortgage as below .. offset mortgage, advice please Hi Guys, I need a little advice if I may. We have a Offset mortgage with first direct which we’ve been paying without problem for about 7-8 years. Each time I get a statement it says its interest only which concerns…
First Time Buyer advice
Hi ,this is my first post!! I have been reading the forum and appreciate a lot of the good posts / replies that have been made so would like to explain my situation and see if any advice/suggestions it would help me as this is the first time i have done anything like this Im Currently looking to Buy and have met with 2…
First timer - mortgage, savings, investments, cash flow
Hello, Asking this on behalf of my brother, his situation is: - 38 male, single, first time buyer - 50k/year income, no debts, 20k/year being saved/invested into S&S ISA - 300k flat being considered for purchase - 140k in accessible savings, 20k in savings as emergency fund, 80k in investments (S&S ISA) I suggested that as…
Clarification on Martin guide
From Martin's guide: Your repayments are calculated so you’ll have repaid all the debt and the interest over the term you agree (eg, 25 years). This has a strange effect. In the early years, your outstanding debt is larger so most of your monthly repayments go towards paying the interest. Gradually, as you reduce what you…
Changing Mortgage Lender?
Hi all... I had an offer accepted on a house two weeks ago, and applied for a new mortgage with HSBC. I've been an HSBC/Midland account holder since the early 90s, and had my first mortgage with them in 2010-2015, so I figured it would be easier to stick with them. I got the AIP instantly, and I was very prompt in…
BTL mortgage on 1st (only) property
Hi, I'm looking to potentially move in about 2 years or so - when my child will go to secondary school. We live in an expensive SW London suburb and I own a 2-br flat. There are many reasons for wanting to move, one of them would be to live in a house, not in a flat, the other ones would be that my current work commute is…
Buy to let in the future ...
Hi there, We are currently interested in buying a two bed flat to live in for the next year or two, however we are keen to rent it out in the future. We are speaking to a mortgage advisor but I wanted to see if anyone has been in this situation before? We are hoping to secure a mortgage that would be covered in the future…
Mortgage for residential & commercial property
Hi, Wife is looking to move to a £200k 4 bedroom house with a 1 floor old post office attached that she wants to turn into an art gallery and run art workshops out of. Spoke to a well known mortgage broker (among MSE visitors) and there seemed to be no issue of our combined income (£57k), excellent credit reports, and…
HELP - First time buyer
HELP - First time buyer Long story short – I have a NatWest mortgage in place for £74,000 and an AIP for £85,500, unfortunately the sale of this house fell through in September. The mortgage was arranged through countrywide; after this sale fell through I have to put in a complaint regarding how countrywide handled…
Getting a mortgage at 20 - help?!
Hi, due to working from the age of 12, I'm now 19 and in a place financially where I'm thinking of buying my first property (with a friend). By next summer (when my friend will be done with college), I'll have a 60-90% deposit (depending on how expensive the place we chose to buy is). Anyway, I'm obviously new to this…
1st Time House Buyer/Morgage advice please
My son wishes to get on the first rung of the property ladder. He has a reasonably sized deposit, full time employment etc. What should be his first step? Mortgage advisor? Free or paid? It's been a long time since I was involved in this area and at that time you made an appointment with the bank manager who you happened…
Leeds building society
Evening All Just after some advise really. Our current mortgage is up for renewal a with natwest but the best deal they can give me is not very competitive I've used an online tools and Leeds building society are coming back with a rate which would Lower our payments from £545 per month to £400. However many moons ago we…
Is my AIP correct?
Hi everyone, One quick question, my broker sent in our full application this morning and sent us an email PDF showing our DIP. We are buying a new home using the Help to Buy equity loan scheme with a 5% deposit. Because of this I was expecting to see the LTV on the DIP at 75% but is actually showing as 93%... Is this…
Mortgage post bankruptcy
I posted this originally in the bankruptcy forum, but it was suggested I post it in here as it is more focused towards mortgages. I wanted to get some thoughts on a situation my partner is in, and therefore by default I am also involved in. We have been together for 3 years, and before we met he had financial issues due to…
Leave consent to let or remortgage buy to let?
Hi, I let out a leasehold flat to a reliable tenant and have a consent to let from my bank. The debt is in two parts: Mortgage 35k @ 3.64% Overdraft (secured) 25k@4.74% (overdraft limit 40k) Total 60k. I could get a better rate on the 35k part through the current lender, but the overdraft rate won't change. I have an offer…
Re-mortgage now or later
Looking for some advice on re-mortgaging for a house extension. We are looking to borrow an additional £72k to extend our house. Current house value around £230k, current mortgage outstanding £94k & we have no tie ins. As our chosen builder cannot start until next April, which is fine by us. My question is should I either……
Mortgage success with poor credit
Hello Just wanted to.share my experience and show there is hope for those with a historic poor credit file, that you can still get a mortgage using a good broker. We just have! :T We used H2B on a house for £169950, so needed a mortgage for £127450 and put down £8500 deposit. Joint income - £52000 Credit files - my…

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MSE News

Ofgem proposes new 'no standing charge' Price Cap – but Martin Lewis warns vulnerable customers need to be opted in or it won't work
Ofgem has today launched detailed proposals for a major shake up to its Energy Price Cap that dictates the price over 80% of homes in England, Scotland and Wales pay for their energy bills.
Lloyds, Halifax and Bank of Scotland to cut overdraft rates for millions but hike them for others – here's what's happening and full help
If you're a Lloyds, Halifax or Bank of Scotland current account holder, the interest rate you're charged for using your overdraft could change soon as part of a fees shake-up. The Lloyds Banking Group, which owns all three brands, says millions of its customers will pay less after the changes – but a "few" will pay more.
Warm Home Discount expansion confirmed with millions more eligible for the £150 top-up this winter – here's what we know
Around 2.7 million more low-income households, including 900,000 families with children, will become eligible for the £150 Warm Home Discount this winter, as the Government has confirmed it will remove the existing 'hard to heat' eligibility criteria. The extension has only been confirmed for winter 2025/26, with further changes possible for future years.
Martin Lewis: At last a chance to fix Council Tax flaws impacting millions – debt collection, difficulty challenging your band, discounts and more
Major flaws in the Council Tax system in England could finally be fixed in future, as the Government has launched a wide-ranging consultation to review hideous debt collection practices, the difficulty of challenging your band, the overly complex and horribly-named Severe Mental Impairment discount and more. MoneySavingExpert.com founder Martin Lewis, who has long campaigned on these issues, shares his response and analysis.
Energy complaints to be dealt with more quickly and Energy Ombudsman to get new powers under Government plans
If you have a complaint about your energy firm, it may be resolved more quickly in future, as the Government has announced a raft of proposals to strengthen consumer protections in the energy market. The planned changes include giving the Energy Ombudsman new powers to force firms to comply with its decisions – but it's still very early days. Here's what we know so far.
Warm Home Discount expansion confirmed with millions more eligible for the £150 top-up this winter – here's what we know
Around 2.7 million more households, including 900,000 families with children, will become eligible for the £150 Warm Home Discount this winter, as the Government has confirmed it will remove the existing 'hard to heat' eligibility criteria. The extension has only been confirmed for winter 2025/26, with further changes possible for future years.
Base rate held at 4.25% – here's what it means and when it might be cut next
The Bank of England has held the base rate at 4.25%. Below we explain why, when it might be cut, plus what it means for your mortgage and savings.
Applied for South West Trains 'boundary fares' compensation? Act now to claim it
If you applied for compensation from South West Trains before the deadline in January 2025, you now need to provide your bank details to the claim administrator so it can be paid to you. Here's what you need to know.
Winter Fuel Payments to be reinstated for millions – Martin Lewis explains how it'll work, what it means and if it's an improvement
All State Pensioners in England and Wales will receive a Winter Fuel Payment this winter, though those who earn over £35,000 will see it clawed back through the tax system. It means nine million pensioners will get the £200 or £300 top-up. Here MoneySavingExpert.com founder Martin Lewis shares his instant response and analysis, and we include answers to your key questions.

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