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Is this a terrible idea? Regarding high rate mortgages
Hi, We've found a house that we really like, but it has some restrictions on the land under option contracts that basically mean standard mortgages won't touch it. The only route is via specialist brokers and even then it's very limited. I am happy the risks of the option itself are entirely manageable. The good thing is…
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Understanding mortgage statement
I'm struggling to understand my annual mortgage statement from Barclays and wonder if someone more enlightened than myself can explain something. We have a lifetime tracker, .95% above bbbr, interest currently 1.7% supposed to calculated daily, no restriction on overpayment's. Repayment with 13 years left to run. Current…
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Panicking will this ruin my mortgage offer??
I’m panicking and so worried. I was due to pay my loan yesterday, I forgot to pay on time. Paid it at 8am this morning. Will this effect my mortgage offer I received with nationwide? My new build isn’t due to be ready until Jan/Feb/ March next year. I understand they will probably do another credit check at the time of…
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HELP! First time buyer, applying with bf who has no earning but most of deposit.
Hello all, I’m trying to apply for a mortgage with my boyfriend who is a musician. As he’s been off the road for a few years, his earnings are currently zero however most of the deposit is coming from his savings and inheritance from his father. I work at a well paid job and have been there for the last 6 years so the…
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Mortgage on second property
hi, If the house one lives currently is mortgage free, and buying a second home which is going to be future home (first house, which is mortgage free, will be rented), will the second home be considered as Buy to Let? What type of mortgage should this come under? thank you.
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Offset Mortgage
hi, a question on offset mortgage...appreciate your responses. Lets say (hypothetical) I have 100,000 mortgage balance. And, I have an offset account and have 100,000 savings in it. Yes, I could clear the mortgage but I want to keep money for rainy day. Now, if my mortgage repayment is 1,000 per month... which of the…
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lump sum mortgage overpayment
Hi, Would like some opinions please. Every year you're allowed to make a lump sum overpayment. When is the best time to make overpayment? The beginning of the mortgage term year or almost the end? I'm on fixed rate interest and I'm thinking if I make payment at the beginning I may be able to get lower monthly payment. If I…
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Girlfriend getting mortgage for me
Hello, Having issues getting a new residential mortgage. The reason being is I missed 3 mortgage payments in a row last year and had no idea. I moved out and the house was empty for a few months and had no idea I was getting mail to advise I'd missed it. Halifax ended up calling me and I paid it straight away. But for 3…
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Pay slips and self assesment tax returns
I am currently employed full time and payed by paye. I pay about £400 a month into a work based pension. I also work self employed and do a tax return. If i apply to remortgage i can submit 3 months payslips and they use "total earnings in this employment" as proof of income before the pension contributions are deducted.…
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Broker charges
So I've found a local broker, got a decision in principle. Fees are 1% to the broker, (approx 2k) mortgage is 30% deposit minimum and 3.5% fixed 2 years. Affordability is good, however credit file not so obviously an adverse mortgage. Several defaults years old. Does this look ok or should be expecting a bit better?…
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Barclays Further Advance
I already have a mortgage with Barclays, and after 9 months I have applied for a further advance, AIP search done on = 01/10/2018 (lowered my credit score) Full application submitted on = 7/10/2018 Phone call from E-surv on = 08/10/2018 Valuation completed on = 14/10/2018 Barclays still awaiting for more info from Broker,…
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Equity release or interest only mortgage
I am a semi retired teacher in receipt of an actuarial reduced pension and my wife is a retired local government officer with an occupational pension and state pension. We have seven years to run on our repayment mortgage with Halifax and due to a change in circumstances we will not be able to afford our monthly repayment…
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Co ownership
I went bankrupt 3.5 years ago but my husband didn't. He has no debts and we have no joint debts. Could he get a house co ownership under just his names? If he can would they be able to use some of my income in the calculation? For example I get the child benefit and my child's maintenance paid into my account. I know they…
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what should i do?
Hi guys, i don't have a lot on finance or credit, not that i think anyway. I am looking to buy early next year and i am thinking do i pay off the small amount of credit i do have. Car insurance, my football season ticket and my car serving plan. is it worth me paying all these off asap or just leaving them run to make sure…
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Process for closing Mortgage and Updating Deeds
Hi, I have decided to close my mortgage 8 months early. Can anyone outline the process I should follow? My thinking is contact lender, pay off loan, get deeds updated. Apart from this is there anything else I should know? Is this fairly easy or should I get a solicitor involved? Thanks Simon
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Changing Mortgage
Hi everyone I am looking for some advice please, my apologies in advance if I ramble but we are getting into a worrying situation and I am hoping that one of you money saving experts can point me in the right direction. Ok here goes, we have had a repayment mortgage for the last 10 years and have brought our mortgage down…
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First times buyer shared ownership
Hey guys new here and just have a couple of questions regarding the mortgage process. Today I received the MOS and have instructed a solicitor but haven't paid a fee yet but I'm nervous that if my mortgage is not approved will I still have to pay the solicitor fee? It's quite pricey nearly 1900. I have been offered a…
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Change of purchase price after mortgage offer
Hi, My partner and I received a formal mortgage offer (from Nationwide) for around 25% LTV on a property that we are proposing to buy. Recently, we discovered an issue and asked the seller to rectify it before we would agree to exchange (we had not exchanged but were about to). The seller has offered to reduce the asking…
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Mortgage fixed rate period and job
Hello. I have worked for the same employer since 2013, moving up the ladder to different roles. My current fixed contract has 3 years remaining, however I expect this to be made permanent before it expires (obviously no guarantees as yet). My wife has recently returned to employment so our household income has increased…
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Buyer Awaiting Solicitor Allocated by Lender
2 weeks ago we accepted an offer on our home. We’ve done everything we can on our end but the buyer is apparently awaiting allocation of a solicitor by his lenders. Has anyone had any experience with this? How long can it take? Or are we being fobbed off? Thanks
