-
New Homeowner - Director of Ltd Company
Hi - let me start by telling you my situation. I started a new job as a contractor using an umbrella company in April 2015 in which the turnover was £35k. I then created my own Ltd company in April 2016 and the turnover for last tax year was £44k. I only pay myself minimum wage and will have some dividends coming through…
-
Mortgage application
Hi All, Question for you. My wife and I are about to apply for a mortgage to move house. We both own property that we are going to sell, they both have equity in them and both mortgages are up to date with no missed payments. Credit cards, 3 between us are kept clear. My credit rating with Experian is 987 as of today. The…
-
Waiting for credit report to update
Hi everyone I have recently cleared some outstanding balances on the 27th March and i am looking to buy my 1st home as soon as possible I have not contacted a broker yet as i am waiting for my credit report to reflect my latest payments. My question is how long does it take from making payments to the settled / paid status…
-
Repeatedly remortgaging question - what are the downsides?
Having read [1] about fees I think I understand, but is there any other disadvantage to remortgaging? For example, looking at [2], there are no product fees and only £90 redemption fee, but a £250 cashback. If I took this deal, what's stopping me 18 months into the fix period just remortgaging a similar deal elsewhere, or…
-
Mortgage deposit proof of funds.
Hi everyone, This is my first post here. We're looking for some advice on our mortgage deposit. We are in the process of our mortgage paperwork and the purchase of buying our first house. We've raised 5% from savings. This then shifted to 10% due to a couple of blemishes on my credit history. My partners parents have…
-
Buying More Equity from Shared Ownership Scheme
Hi Everyone, I'm new to the forum but had what I hope is a fairly simple question. Trying to help a friend to buy more equity in her shared ownership house and wondered if anyone knew the following: Friend bought 25% of house last year and wants to buy the remaining 75%. Will mortgage companies view her 25% equity as her…
-
FTB - Deposit Problems
Evening all - So we are now at the next hurdle(s) of our mortgage journey. Background We are due to get married next year We have 3 children together We live in Scotland We are currently trying to apply for a mortgage and after getting declined by NatWest have managed to up the deposit to 10%. Initially we were trying to…
-
HSBC vs BARCLAYS vs Metro
Hi all, sorted my house woo. I have to choose between HSBC / BARCLAYS / Metro for my mortgage due to the product type I need (joint / single ownership) Who would you choose and why? To me, the difference seems like splitting hairs at the moment. I have read previously bad reviews on this site on HSBC in particular! TIA,…
-
Remortgaging by Paying Current Mortgage down to Almost Zero?
Couldn't think of a concise title here... We have a 5 year fix mortgage with First Direct we're a few years into. We would save substantially on monthly payments by moving to another deal, but when the ERC of 2% for a few more years is taken into account, it's pretty much break-even. Unlike most banks though, First Direct…
-
getting my name on the mortgage
Hi all, I was wondering if anyone would help me with the following situation. My mum has an interest only mortgage which will be running out in 4.5 years (180k). I want to become a house owner so I can apply for a buy to let mortgage or equity loan and start my property venture. Myself I am self-employed and by next April,…
-
Mortgage and phone contract
Hello, So I have signed a deed and accepted a mortgage offer and am awaiting exchange of contracts, my partner stupidly did a phone upgrade last night on a rolling contract. Is this likely to affect the process if it leaves a mark on credit file? It was done online apparently so she could cancel due to cooling off period??
-
Help2Buy after year 5.
Some very early take up of the H2B scheme will see some users of the scheme soon approaching year 5 and the last year of interest free borrowing from the Government. Its early days for me, I'm just 16 months in but I'm keen to know if anybody has done any calculations on the exact point it most beneficial to pay back the…
-
Leeds asking who I got legal advice from
Quick question. Lawyer has just came back and said that they are doing their report and want to know who I got my legal advice from. Although I am all for helping my ex I don't see why I need to keep disclosing information to his lawyer! I have signed to say I don't have any part in his house/want nothing in the event of a…
-
Low initial rate or low revert rate - what would you do?
Hi all, First time buyer here. I'm working with a broker to get a mortgage and I'm trying to choose between 2 favourites, both are 2-year fixed term. The first option, Nationwide BS, has a much more attractive SVR than the other (see below), but I know I won't see that rate for 2 years, and it may change. The second…
-
Paying off our Mortgage or leave balance?
Currently owe around 18k with 10 years or so to go. Current rate 3.74% Have been overpaying for a number of years to reduce the balance and will shortly be in a position to pay off the mortgage completely. A friend suggested to me to leave a small balance like 1k and pay around £10.00 per month for the rest of the term,…
-
Precise mortgages updated info
Hi All Just wondering if anyone has any recent experience with precise? We got out DIP 15th April and full application went in on 18th, they came back on Friday last week asking for more information which I only gave to broker yesterday... our survey is apparently booked for Friday? It doesn't seem to make sense they would…
-
Northern Rock Together ISA mortgage +
I found some old paperwork from my first mortgage in 2001. I was single, 25 and buying my first house. I wasn't very finance savvy and always felt there was something not right. Typical situation - see a house in the window of an estate agent - they send me upstairs to their IFA. Having reviewed the paperwork - I was sold…
-
Nationwide DIP
I've recently had a DIP with Nationwide and it's been accepted, my credit history is fine with no defaults. However, I'm about to pay off in full a £600 debt from over 10 years ago (this is not on my report). My question is, if this is paid off before I complete and submit my full mortgage application, is it essential to…
-
Remortgage??
My sister wants a new kitchen ( approx £12k fitted). Will it be wiser or more economical to remortgage or wait till she finishes paying her car loan ( Feb 2018) and just get a new loan then. Here are her current mortgage details. Owes £27,565 Remaining term 3 years 11 months but on a fixed rate 2.95% till March 2019 (early…
-
Having name removed from mortgage.
Hi. My partner and I split several years ago. I moved out and he paid me half the equity we had in the house at the time I moved out. The mortgage on the property is approx 150k due to his income he does not qualify for a 150k mortgage (even though he has been paying it for years...frustrating!) There was a plan that a…
