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Deposit for buying 2nd house from selling 1st
My Husband and I are moving to a new home and selling our current one. New house = £400,000 Selling house for = £300,000 Remaining mortgage = £210,000 We will be getting an entirely new mortgage of £330,000 (82.5% LTV). Obviously there is "equity" of £90,000 in the house we're selling and a shortfall of £70,000 between…
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Widower mortgage crisis.
Please help! My mum is about to pass away and my brothers and I are trying to sort my father's finances out as my mum handled them solely and secretly. The have a mortgage which is interest only and is due to end in 7 years. The balance is still £90,000 and he has no savings. The problem is he's in a right pickle. My…
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Releasing Equity in Family House After Separation
Sadly my wife and I recently separated. We have two children and I need to find somewhere else to live so I can have the children half the time. We're fortunate enough to have no mortgage on our home and I'm wondering what options are available to me. I had initially considered renting, but it seems expensive. My other…
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Quick question re DIP
We've got a DIP with Nationwide and put in an offer on a house on Saturday. Still waiting to hear back whether we've been successful or not. Realised this morning that the DIP is valid until today. Does it matter? Do I need to do anything? I'm presuming that if our offer gets accepted in the next couple of days it wont…
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Nationwide Consent to Let when travelling
Hello all, So for a bit of context I've detailed my situation below but my main question is, does anyone have any experience of gaining consent to let from Nationwide and is there anything I should be aware of when applying for it? Context Myself and my OH have been working towards the following goals for the past 3-4…
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Buying a Flat
Couple of questions. For a cash buyer, what is the amount below the asking, in percentage terms, that I could offer for a property and still be realistic? When is the best time to appoint a solicitor in relation to buying a flat. I assume when I have located the flat that I want to purchase. Am I correct?
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Can anyone recommend a lender?
I am at my wits end and probably just going to give up. Mother has a property that was interest only, term came to an end and she needs £40,000 to pay off the mortgage. House is worth well over £300,000. Initial issue was that it had less than 60 years on the lease but after a long hard look, NatWest agreed to re-mortgage…
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Does a Business Account Overdraft Affect Mortgage Application?
Hi all, I am doing a full mortgage application this afternoon. It's a remortgage with a different lender. Apparently there is no issue with affordability. The only thing I am unsure about is whether I need to disclose the current status of my business overdraft (sole trader), when they ask 'any other debts'. My business…
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Size of deposit leverage
Hi all, I am in negotiations to buy a house (circa £195k). I have used the fact that I have £120k to put down as a deposit (to strengthen my hand in negotiations). If I were to get my offer accepted - is there anything to stop me putting down £50/60k and taking a mortgage our for the remaining? Is this seen as sneaky or…
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Gifted deposit gone wrong
My mothers gifted me a substantial deposit to buy a house she currently lives in with me. Our relationship has severely broken down I wish to sell up and move on. This was a standard gifted letter template (was actually from this site). Letter stated my mother has no financial interest in the property. Long story short my…
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selling a potion of the property?
hi guys if I was to sell an equity of my house to somebody privately without needing a mortgage as the friend has the money . will this need to be done through a solicitor. It's only me on the deeds without any mortgage. Am I able to do this without instructing a valuer to value the house. we have a rough idea as to how…
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Mortgage Application Living Apart
Hi. I'm looking for a bit of advise on applying for a mortgage as a couple when we currently live hundreds of miles apart. I have been with my partner for 10 years and I've recently began a new job 350 miles from home. I live away all week and return for the weekend. Our plan is to buy a place where my new job is and my…
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Confused by outstanding balance as shown by Woolwich
This is probably a stupid question, but I can't figure it out and was hoping someone could shed some light on it. In November 2016, I took out a mortgage of £235,000 over 30 years with Woolwich. I am now fully settled into my new home and would like to start over-paying on the mortgage, so I requested a current balance…
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Mortgage up for renewal during maternity leave...
Hi all, Our mortgage will be due for renewal while my wife is on maternity leave earning statutory maternity pay. The jump in fixed period to SVR is relatively high (although we will be able to afford it) but ideally I would like to refix again at (hopefully) a lower rate - if I stay with the same lender…
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Moving house - fixed rate mortgage
Hello, I'm 2 years into a 5 years fixed mortgage and I've accepted an offer on my house but still nothing available yet. I had full asking price at £240k and have 123k left on the mortgage, which leaves me with £117k deposit for next house, then i can borrow £253k. So far so good, the problem is i'm struggling to work out…
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Mortgage after debt
We got ourselves into a lot of debt through reckless spending, the debt was about 30k but over the last 3 years of living within our means and changing our spending habits we have just managed to pay it off, we have never missed payments and always paid our mortgage for the last 12 years. My question is are we likely to…
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Mortgage offer has someone else's valuation attached to it
Our mortgage offer from Natwest includes someone else's valuation. Not sure how it happened but just wondering if it is likely to cause problems? Do I need to contact them to get them to re issue the offer with the correct valuation?
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Mortgage from UK Lender for USA Property - Advice Needed!
Hi - does anyone have experience of this? My girlfriend (US Citizen) and I (UK Citizen, not yet permanent resident) are looking to buy a house in the US. She is ex-military, but now in full-time education and the money to service the mortgage will come from me alone for the next year until she graduates. Because we're not…
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Lifetime Mortgage
Millions of people have bought and paid for their homes over the usal 20/25 years A Lifetime Mortgage appears to us the reverse of that.Instead.you will be giving up part ownership of your paid for house by way of a new legal charge on what you borrow an payng interest which will not stay static because it is compounded…
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Getting a Mortgage after a Debt Management Plan
I had a debt management plan which finished a little over 5 years ago, everything settled and paid up. The way it was structured meant that my last default on the DMP was over 6 years ago, which have now disappeared from my credit file as expected. As the DMP is an informal agreement with no legal basis, am I right in…
