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Floor clauses in mortgages
On the 21 Dec 2016 the European Court in a matter involving Spanish mortgage lenders declared that all floor clauses ( interest rate clauses that mean rates do not fall below a pre determined rate notwithstanding how low a central bank rate is) are not binding as they are considered to be unfair. Will this judgement be…
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Mortgage Best-Buy Calculator Difference
Yesterday, I searched for life of mortgage fixed rates for my new house (moving home) house cost is £260,000 and I have £60,000 to put down, over 25 years and with an ltv of 77%. The Coventry cam up cheapest at £769 over the term of the mortgage. Yet today when I search it is £818. I'm slightly confused, nothing at all has…
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Stamp Duty?
Hi We are currently looking at houses, about £110,000-£140,000, but had a question regarding stamp duty, I believe you pay this for houses £125,000+, what if there was a house that was say £125,000 and we dropped it to £124,000 would you still pay stamp duty or not? Is it the house value or the price you pay for the house?…
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Mortgage help required please!!
Hi all, Me and my partner currently have £500 holding fee down on a plot worth 160k from persimmon homes , to cut a long story short she has a default that no lenders offering help to buy equity loan(15%) will accept, this is essential for us in getting the property. Im not sure if there is any options out there for me. I…
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How much should be left once paid deposit
I have roughly 90k to my name I was thinking of a 60k deposit but might need closer to 75-80 to buy a reasonable property How much should be left for the other fees... 5k enough to cover stamp duty on a 250k plus property solicitors fees product fee valuation land registry etc? And then how much should be left after all…
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Staying on the property ladder, or coming off & getting a new mortage at a later date
We currently have a mortgage on our house. We are looking to buy another house but we aren't able to borrow enough, due to debt repayments. My mother in law is selling her property and is looking to buy a couple of houses in the process. She has offered to buy this house for us until we able to clear the debts and take on…
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First Time Buyer - Need some advice on how to proceed post Valuation
Hello Forum, I'm currently going through mortgage process as a first time buyer. I offered £81500 and the offer was accepted. Went through mortgage application with Nationwide, decision in principle went through fine, with affordability passed and deposit in place, on 90% LTV. The valuation has come back and is quoting a…
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Releasing Equity in a BTL Property
Hi ... Can anyone advise whether it's ok for us to re-mortgage our BTL property which is currently 35% ltv .... & release some of the equity ... we are thinking of using it to pay off some of our existing residential mortgage ... are we able to do this without making any declaration to the tax man ? Would we need to…
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Endowment Surrender?
All, I have an endowment policy which I've been paying into for 20 years (of a 25 year term). The insurer tells me that the surrender value is £31,700 and that if I continue to pay in, the expected "low % each year" terminal value will be £36,200. There is no terminal bonus. The additional £4,500 the plan will yield is…
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Getting BTL on inherited house
Hi folks, I'm after a bit of advice if my plan is achivable? Currently live in property with my wife, this property is mortgaged in here name only as she had this before we got together. I have recently inherited my fathers property worth about £100K. Don't want to sell at current time as I see this as an investment for my…
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Using Equity to buy new property? How does it work?
Hi there, Can anyone please explain or point me to something that explains how you can use equity to buy a new property? I don't really understand so I ask.
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Porting Shared Equity (HTB) Mortgage
Hi all, We are thinking about moving closer to family and our childhood homes as we could have a bigger house in the country which would be great for our two young children. However, our existing mortgage which is a Nationwide Help to Buy 5 Year fix at 2.84% currently has an ERC of c£8k, the fix ends in Sept 2020. Our…
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Mortgages for Poor Credit
Hi Guys, My parents have recently given me £20k to use as a deposit for a home. Unfortunately I have poor credit on Noddle and Very Poor on Experian. Is it possible for me to even get a mortgage. I'm 33, single and in FT employment with a salary of 30k. Any help, guidance would be appreciated.
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Second Home (For Residential Use) Options.
Hello, I've been speaking to a few banks and brokers and am hitting dead ends with my situation, what I want to achieve. Here is my situation: Own a house with a residential mortgage, currently at 68% LTV. I want to buy another house, and rent out my existing one. Keeping my current house at 85% LTV, means I would be able…
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Money left over after paying Deposit
HI, Do most lenders want to see that your have a certain amount of money left over after you pay deposit / fees etc. I really want to buy a certain priced property, but this may mean i only have 2-4k left over as disposable income/ emergency fund. I am paying for a storage unit every month at the mo, so I can prove that i…
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Natwest Mortgage AIP through broker (How reliable)
Good Afternoon All, I have received an "Agreement In Principle" through my broker for a Natwest Mortgage. I see on my credit reports they have done both a soft search & a hard search, is this normal practise? Also we they do anymore credit checks? I'm slightly worried having a bit of a dodgy past 4-5 years ago with a…
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Dependent Children - age at which not taken into account for application?
Hi all, Just a quick question..... Looking at a mortgage application this year and after some views on what is the maximum age banks/building societies class dependants as? My son turns 18 in next couple of months. He is working and pays board. Will he have to be included in a mortgage application as a dependant child - a…
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Remortgage and third party interest
Afternoon all My husband and I have decided to remortgage our property and also include my name on the mortgage. This has all been approved and I filled out the transfer of equity form stating also the my husbands sister gave us the deposit and we would be giving her it back on sale of the property. I have got an email…
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overpaying mortgage lump sum with credit card
Hiya, I've got a credit card with quite a nice limit on it (0% APR for 2.5yrs) and I'd like to pay a lump sum towards my mortgage. This is NOT my monthly payment, as they will still stay the same. When I rang my lender - Halifax - I've been told that they will only accept debit cards or a bank transfer as overpayment. I…
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Gifted Deposit Advice
Hey FTB here so limited knowledge of mortgages etc. Saved up majority of our deposit ourselves, seen a property we love, in a nice area for reasonable cost. However currently we are £4,000 short on required deposit. Is there any issues with my parents getting a loan for the additional £4,000 and gifting us the money. I.E.…
