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Inaccurate Gross Income for Mortgage application?
Hello I am just wondering if someone can help me understand this: I have two forms of income. My salary from work and a monthly (non-Taxable) payment under the Armed Forces Comp Scheme. Using round figure: Basic Salary: 66K AFCS: 30K So my mortgage application has a Gross income of 96K. However, my monthly net income is…
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Invest or pay lump off mortgage?
I have an opportunity to reduce my mortgage without penalty. The mortgage interest rate is 1.69% fixed for 24 months. Alternatively I could invest that money (but not in something like equities that could lose money). I am higher rate tax payer but my wife pays no tax. If you had say £50k would you invest it or pay off a…
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Fixed mortgage change
I rang l&c to get mortgage advice but he was more interested in pushing cover. I am currently on halifax 1.99% he advised me to stay with halifax for a 2.04% product since we owe less then 100k. (98k) He mentioned a discharge fee so it not being worth switch in company. I have seen a 1.5% nationwide £20 fee. Should I call…
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Help to buy deposits
I have a help to buy related question that I don't know the answer to, wonder if anyone might know. I'm looking to buy my first property some time in the next 12 months, and want to do it via the help to buy equity loan scheme. I'm planning on using that time to save up a 5% deposit, then get the 75% mortgage (and 20%…
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Mortgage after DMP/payday loans/defaults
Hi all, Last month I made my final DMP payment and am now completely debt free, after approx 5 years! My boyfriend and I are now starting to save for a deposit and should hopefully have around £20k by the end of next year . Based on current house prices in our area this would be around a 10% deposit. I earn £27k a year and…
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Best way to get funds for property
Hi I wonder if anyone can help please? We have found a property we have fallen in love with, it needs huge renovation so is on for a good price currently. However we need to decide the best course of action to get the funds. We just happened to find the house so hadn't explored options before hand. Mum has offered to help,…
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Remortgage - how early
So MSE guidance says to start looking 14 weeks before the end of your deal, I was just wondering why? My deal ends at start-July so wondering if it's worth getting a broker to start doing some research? How early can you actually apply for a product?
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bad credit mortgage
Im splitting up with my hubby. He currently owns the home, mortgage. I want to buy him out the family home. We had it valued at 110k (agent) I need to borrow 70-75K. I earn 20k ish and will rent the spare room to a mate. I have a default (phone £250) registered 2 years ago next month. and 3 "late payments" accounts…
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Possible Mis Selling
This is my first post on this forum and it's a bit long winded and confusing so apologies first off. My husband and I used a financial advisor to secure a mortgage for us earlier this year. He was able to find a deal that suited us and we went ahead. Everything was fine until we got the final bill from our solicitor and…
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Redundancy Mortgage options
Hi all I was hoping you could help and give me some advice. I recently volunteered for redundancy. I got a decent pay out of £30k. Now I'm wanting to do a PHD full time which will give me a tax free stipend of £14k a year for 3 years. My problem is that during these 3 years money will be tight. My monthly expenses are…
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My Buy to Let and Private Mortgage Porfollio
Hi All, I feel my property portfolio is well overdue a review and I have never had any outside analysis done and I would be interested in your feedback. Overpayment fee on all mortgages is 5% and I am not sure my current setup is sustainable. I earn £31k in my main job and I am 35 years old. Buy to Let 1 Bought - £123,000.…
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Divorced 22 years ago
I have just paid my mortgage off and learn that when divorcing 50% of the property valuation was paid to my ex. without taking our joint mortgage into account. I was unaware that our joint mortgage which was still registered long after the divorce should have been deducted from the valuation / settlement but was not. We…
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Transfer of Equity - solicitor fees
Hi All, Was looking for a bit of help or advice... I purchased a house (£200k) in my name only using the help to buy scheme 2 years ago, as my partner was still a student and so the mortgage was also taken out just in my name. I am now looking to put my partner on the mortgage (just come to the end of my 2 yr fixed rate),…
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Mortgage broker issues. Time to complain or wait?
Hi all. We are having trouble with our mortgage broker and need some advice... After initial talks with this firm in mid-February about obtaining a mortgage with fully declared historical poor credit, we paid an up front fee of £599 on the basis of their statement that they could help. Stating a refund if they couldn't…
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spouse not paying mortgage
Hi, my spouse left the family home last year and refuses to pay a share of our joint mortgage. I cannot remortgage on my own but I can afford to keep paying and intend to sell in a few years time. How do i work out the split of money after the sale?
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Mortgage trouble
Hi, apologies in advance for my long post. We bought a house a couple of years ago on a 85% LTV 2 year fix with Nationwide when we started trying for a baby. Both of us were working full time at the time. The deal ends in a couple of months and we should have the option to do a product switch soon. A lot has changed in the…
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End Tracker Deal Early?
Hi, My current fixed rate mortgage deal is up for renewal. My house is about to go on the market and "if" it sells I will pay the mortgage off completely and will be mortgage free. Woohoo! I'm planning to go onto a tracker mortgage so I will not incur an early repayment fee if I sell quickly but if the mortgage rates…
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Mortgage Valuation Report - Nationwide
Hi all. Is it normal for some lenders not to provide a mortgage valuation report for new builds? Our mortgage is with Nationwide and has been approved. We are now waiting for Authority to Exchange from the Help to Buy Agent for our equity loan - they've asked for the valuation report but our solicitor, after speaking with…
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tax bill and borrowing
Good evening everyone, I am just looking for a bit of help regarding my situation, I am due to speak to a mortgage broker in the coming weeks, however any advice prior to then would be much appreciated. I currently have a mortgage on my main residence of £1,250,000, with a house value of roughly around £1,800,000. The…
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Paid an application fee today ( but confused as to what it means)
I paid ( unexpectedly) an application fee and wasn't sure if that meant they were going to offer me a mortgage. Background: have employed a broker as not a straightforward mortgage ( adverse credit) and he submitted our firms about two weeks ago. Asked for extra info last week which we sent them, broker said he would keep…
