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Cash in endowment
Hi, I have a 25 year with profits unitised endowment policy with Friends Life (previously AXA) due to expire in March 2019. The fund value is £11k. On top of this is a 74% terminal bonus (currently worth £8k) and a 4.8% reorganisation bonus (currently worth £0.5k). The current surrender value is therefore £19.5k. These…
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Borrowing more
I believe the maximum amount the lenders will lend is about 5 x Salary. I'm curious to know if a person has been paying the mortgage on time for several years, does this make the lender see that the person is less riskier and can afford to pay more monthly amount if the person wants to borrow more whether its buying bigger…
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First Time Buyers - when to see a broker?
My husband and I are frantically saving for a deposit and hope to have around a 10% deposit by the end of this year (£15k based on average prices for the type of properties we'd be looking at in the Liverpool/Merseyside area). My question is at what point we should consider seeing a Mortgage broker? We are both first time…
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Virgin mortgage advice?
Help! We are so stressed it's awful! We submitted our application for our mortgage to virgin last Saturday, they instructed the survey to be done on the house we're buying on Friday and we've been told that this is a good thing has they do the underwriting first? Anyone had the same thing? How long did it take to get a…
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Negative equity help needed...
Hi all. Hoping someone can help. I purchased a house 10 years ago. At the peak of house prices. My morgage runs out in 6 months ( it was 10 yrs) . I owe £59k houses in the street are selling around £40k . The mirgage company have told me they are no longer doing morgages and havent since 2008. They want their money and i…
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First time buyer or second time buyer... unsure.
Hey, My parents gifted a house to me a few years ago which I have never lived in and has been let out consistently during the whole period I've owned it. I'm beginning to think about buying my first home for myself to live in and I'm unsure whether I'd be classed as a first time buyer or not. I've never had a mortgage…
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Who to apply for the mortgage through?
So I did my DIP through London and Country Mortgages and got accepted by NatWest. I'll be applying for the mortgage itself in a few weeks, but shall I apply through London and Country again or shall I arrange an appointment with somebody at NatWest to do it?
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Mortgage Free or Get A New Mortgage?
Hi, First of all I am in a good situation financially and I realise this but all the same it would be good to get peoples opinion. My situation: - Age 37 and have permission to build a house on my property which when I sell my existing house next year and move into the new one will mean I am mortgage free and have £150K. -…
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Gifted deposit advice
So i've recently applied for a mortgage through a broker and had an offer accepted on a house. The broker has asked me about my deposit but is waiting to see what documentation is needed. My solicitor has sent me the paperwork through and also mentioned deposit information. The money for the deposit of the property and…
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Payment "HOLIDAY" on our mortgage...
Dear Moneysavers! I am new to this site and this is my first post, so I hope I'm doing it right.... I had a mortgage that offered me a 'payment holiday'. The Bank concerned (mention no names but it was a large one) sent a leaflet entitled: “A simple solution to the Christmas Cash conundrum – take a break from your…
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Affordability and Government Equity Loan Mortgage question
Hi, I have some questions if anyone is able to advise please. This year I hope to apply for a government equity loan, on the website it states "buyers cannot use the scheme if they require a main mortgage more than 4.5 times their annual household income". 1) Does this mean (for example) if I want to purchase a property…
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Breaking chain - going rented, issue for next mortgage app?
We've taken the decision to complete on the sale of our property and go in to rented accommodation for 6 months, since the people we were buying from have pulled out just as we were getting ready to exchange. I'm going to have to cancel the mortgage we had secured with Nationwide and start the mortgage process again when…
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Appreciate Advice - Pressure from estate agent to see their mortgage broker?
Hi, Would really appreciate any views on this please. My daughter is purchasing her first home (First Time Buyer). The offer was accepted a few days ago and the estate agent has been constantly harassing her to use their own solicitors and mortgage broker. We decided to use our own solicitor who has now started the…
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Conveyancing - Searches
Hi. Long time lurker, first time poster. So, I started the process of moving home the other week. My wife and I are separated. Both the kids stay with me so I'm looking to move home to get a fresh start for the kids and I. I spoke to a broker and last week received a decision in principle. This is for a 90% LTV on a new…
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First time buyer - high deposit but income low for area prices
Hi We live in the south east (probably in the most expensive area outside London) and currently rent (£1135pm for medium 3 bed) We have just discovered we are due to inherit as much as £130k which is quite literally life changing. We are planning on clearing our debt, waiting a while so our credit scores improve and buying…
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Remortgaging / equity increase?
Hi all, I'm new to this forum so please do bear with me! We are due to remortgage in July and my house price after renovation has potentially appreciated by about £175k. When I remortgage will the lender instruct a new survey and will the new value of the house be taken into account thus decreasing the LTV? Also money has…
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Halifax Help to Buy ISA
Hi My daughter has been saving in one of these since they opened. She is in the throes of buying her first house. She is using the funds in the ISA as part payment of her deposit. How does she go about closing this account and getting the bonus from the government. She does know the bonus isn't paid until after the house…
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Do I cash in my endowment
I'm in a quandary. I met with my bank yesterday to try and obtain a better mortgage as I currently have a tracker (+2.25) which will run for 16 more years ( owe £110,000). My endowment has a current surrender value of £41,500 and has 18 months left (this is now free standing and was originally meant to make £39000. When I…
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First Time Buyers - Introductory Rate Help
Simple question really that we have heard mixed responses about. When we get a mortgage we understand you get a kind of introductory offer. Example TSB offer 1.24% for 24 months then it will go to say 3.4%. What I wanted to ask was can you then simply chose another mortgage with a good introductory offer and swap?…
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Will missed payment 2+ years ago affect mortgage chances
Just applying for decision in principle for mortgage with Halifax through a broker with the missus. The mortgage is 75% LTV with help to buy. I was just wondering though how strict are lenders with missed credit card payments. I have one missed credit card payment from 2 years ago. The missus unfortunately has about 9…
