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Soft Second Mortage Stayed Interest-only too long. Best Resolution?
I have what I'm guessing is a pretty unusual situation. When my mortgage was originally created in 2005, in order to avoid PMI and larger payments we had the opportunity to get a "soft second" loan. The mortgage was split into two and the smaller one (of $30k) was set to have the payment be interest-only for a portion of…
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15 years into interest only and...
15 years ago my wife and I were just starting out and we bought at the height of the market got sold into a 30yr fixed 6.375% mortgage packaged by GMAC, the first 15 fifteen years being interest only. 270k loan at approximately 1500 a month. Never having been well educated in the ways of money we signed up and the housing…
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first time buyer currently renting
ME and my partner are currently looking to buy a housewith a 5% deposit. we have a house hold income of 35000, cureently pay £600 rent a month and are savings £400 plus a month, good credit scores, both have a credit card (nothing on them pay them off each month), and both have a small loan (monthly repayments £125 a month…
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Chances of High Street Mortgage
Hello... I wonder if anyone can help? In 2014 I went through a marriage breakup and ended up getting myself into a bit of a mess financially trying to run the home on my own. The result of that was that I missed some payments on things and ended up with 2 small defaults for £24 & £86 which are both settled and a larger one…
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2nd income
Hiya, We are soon to be applying for a mortgage in 5 months time. My partner has just taken on a 2nd job as additional income. Can this new income be included in the mortgage application to boost out total earnings or is there a cut of period? he would have had this job 6 months at the time of application.
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First Time Mortgage
Hello, I'm looking for some advice before i take it any further with a mortgage adviser. I'm 31 and single with 1 dependent but work full time on a high salary. My basic wage is 27k and commission averages between £1-2k per month. My current outgoings for rent,bills, childcare and car is approx £1600 a month. I am very…
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Process of adding partner to mortgage
I bought a house just under 2 years ago and I'm coming up to the end of my fixed term mortgage period. I had to get the mortgage in my name as my partner had something on his credit file which meant that banks kept coming back wanting a 20% deposit instead of the normal 10%. Now that the thing on his credit file is over 6…
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Mortgage and interim charging order
I have a ccj which will drop off my file in September 2019. :beer: The debtor put an interim charging order on my property and no final charging order has been filled as I've checked with the land registry. My questions are that my debt has been sold from the original creditor, does this mean they now own the xxx and the…
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Joint Tenancy on Rental Property
Hello, Thankyou.
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Debt consolidation mortgage
Hello all. Just wondering if anyone had experience of this? We bought a house a couple of years ago which required a lot of work to it. We extended and knocked through walls, installed a new central heating system, re-wired, new kitchen and bathroom to name a few things.) The house isn't entirely finished but we wanted to…
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Self-employed mortgage woes
Hi all! My partner and I have recently started the process of applying for a mortgage with Bank of Scotland. I am fully self-employed and my partner is part self-employed, but his main income is his salary as a Company Director. Initially, after giving our combined incomes for the past two years, we were given a potential…
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Waiting for approval single mortgage partner bad credit score
So we are currently waiting to see if NatWest approve a mortgage application after applying last tiesday. My husband has applied for a mortgage by himself, but I will be living there too. I am self employed, and have a debt of about 2300 - which I have transferred to a 0% interest card and will pay almost half of with…
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Precise Mortgages
Hi - We have applied for a mortgage with Precise and have yet to hear anything other than a letter to say they are happy with our DD details. It has only been a week but does anyone know what the general time scales are ?
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Which mortgage to overpay?
Hello. I have two mortgages, totalling £240k on a house worth approx £850k. Which mortgage should I overpay? Mortgage 1. £105k, remaining term 12 years, interest rate 1.4% (monthly payment approx £800/month) Mortgage 2. £135k, remaining term 24 years, interest rate 2.2% (monthly payment approx £600/month) I have been…
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Question on transferring equity as a gift from sister to brother
Just wanted to know if there is any tax implications when transferring equity such as a house from sister to brother in the form of a gift. Thanks
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Moving home - Mortgage with 100% commision
Hi All, I'm looking to move home. I want to sell my current property and upsize with my wife on the mortgage. I own my current property and it is mortgaged in my name only. I've since got married and want to move on and my wife and I want our first home together. I renewed my mortgage earlier this year with my bank,…
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Advice on second home
Hi all fist time posting. I currently have a property I rent out. My rent basically covers the mortgage. 10 years left on the mortgage with roughly £10k equity. Looking to buy a property with my wife and keep this for my pension. How will mortgage brokers look at this in respect of the rent payment - mortgage payment. Do…
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Switch Residential Mortgage to BTL
Hi All I have a mortgage with the Halifax, they have gave me consent to lease/let. However when I asked them to actually port my mortgage from a 'residential' to 'official buy to let' they said they cant do that I would have to go to another lender. What I want to ask is this, does anyone know of a lender where you can get…
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Mortgage Assessment and possible compensation
I've had a look through the forum for a thread on this subject, but haven't found anything. I've just seen an advert on television where they claim that some people may be entitled to compensation for mis-sold mortgages or mortgage overcharging. The company which is advertising claims they have "developed industry-leading…
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New to self employed mortgage advising. I need to know what I'm getting myself into
Hi guys, I'm newly CeMAP qualified and I've been offered the opportunity to go self employed with an IFA. They will be providing leads and support whilst I'm learning. The splits ain't great to begin with but once I start banking good money, I've been told they will increase. I'd be going from a decent salary in my…
