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What does rekeying mortgage mean?
A member of the mortgage team phoned me today to say my mortgage application needs to be rekeyed after returning from the credit department due to a retention so I have a appointment to go over it all on Thursday so is this just to go over changes to rates etc?
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Shared Ownership, buy more shares or not?
Hi all. I currently own 40% of my house and have £49,000 left owing on my mortgage at a rate of 1.84% which i currently won't pay off until i'm 70 yrs old. The only way i would ever be able to buy 100% is if i inherit my fathers property and to be honest i would sell this house and buy somewhere else anyway, but playing…
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How to report Self-Employed Income?
Hi all, I'm self-employed, with an annual profit that can vary from year to year. I want to make sure I fill in all mortgage applications, credit reference agency info etc correctly to make sure I don't shoot myself in the foot. Should I enter the most recent year's profit when asked for "salary", or maybe an average of…
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New credit card 4 months before mortgage application?
Hi folks, I'd love your thoughts on the following: I'm a first time buyer planning to apply for a Shared Ownership mortgage May 2019. My Experian credit score is in the "Good" zone, just verging on Excellent. I've never had a credit card, but the Credit Club breakdown tells me that I could improve my rating by taking one…
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Consent to let- not allowed!
Hi all, I have a fixed rate mortgage (deal ending in July) and was hoping to go and work abroad, in the UAE, for 2/3 years from the end of July. My sister is looking to move out of my parent's house so was hoping to gain a letter of consent to allow her to live in the property whilst I am away. I would pay the mortgage…
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Lifetime ISA and Help to buy ISA charges....
I'm wondering if I will have to pay the government charge if I close my lifetime ISA before the year is up, but I AM using it to pay for a deposit? I'm looking to buy soon, but not immediately. I'm thinking I should open up a Help to buy ISA AND a Lifetime ISA. The Help to buy if I end up buying in around 6 months time.…
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Mortgage Advice - Deposit and Length of Term Decision
Hi all, I wonder if I could seek the collective genius and advice of the MSE community? My wife and I are currently buying a property. The property price has been agreed at £318,000. Taking away Stamp Duty, legal fees, search fees etc :cry: , we are left with around £105,000. This is cash as we've sold our property and are…
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DIY or broker - fix/reduce term/consolidate
11yrs to go on our repayment mortgage and it's about to revert to SVR (4.25% with BOI) - balance c.£115k on a £350k house Time to do some sprucing up of the house and potentially consolidate £25k of loan/CC debt that I'm bored of moving round A quick online search shows some options of either 5 or 10yr fixes on a (reduced)…
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Second mortgage / extension
I am planning on an extension and pretty large-scale refurbishment of my house. This is a big project (bigger than I imagined), however it is something that my wife and I want to proceed with. We will be funding most of it but will need probably an additional £100k, which I would seek to fund with a second mortgage. I…
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Mortgage and school fees
Hi all, Looking for any insight into how banks might view our situation when looking for a mortgage in the near future. My wife and I are currently in a 2 bed terrace in a very nice market town just outside London. We could sell this house for £500k and we have just £50k left on the mortgage. We have 2 growing boys so we…
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3 partner Mortgage issue
Hi all, about 10 years in to a 20 year repayment across 3 partners (Me, Mother and Brother) Brother decided to stop paying out off the blue 2 years ago approx (not 100% certain why as he stopped talking to us). so we adjusted our payments and started communicating via solicitors and came to an agreement for a pay off…
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Early Repayment Charges - Any Hope of Avoiding Them
Hi All, I am fairly sure I know the answer to this but...... Our 2 year fixed mortgage term ends on 31st April this year, I stupidly assumed the fixed period was 2 years from the date we arranged the mortgage which would have been November....... We have found a new house that we like and have had an offer accepted, it is…
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Mortgage for young first time buyers - advice please
Hi All, My daughter who is 19 (20 in April) and her boyfriend who is already 20, are wanting to apply for a mortgage promise with the Halifax. They have their help to buy ISAs with the Halifax and both have bank accounts. The question is, would they be better off waiting until my daughter is 20 before doing this? They have…
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Overpaying mortgage - Four accounts
Hi, I’m wondering if anyone who has a better understanding of mortgage maths than me could help please? I have one mortgage which is split into four unequal accounts with the same lender. I’ve ended up like this because initially I had half the mortgage as a fixed rate and half variable, then borrowed an additional amount…
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Second Mortgage Fees Outrageous?
Hi all, I'm in the unfortunate position of having to get a second mortgage to consolidate some toxic, unplanned debt (about £50k). I've found a decent deal that reduces my outgoings and has no ERC, but the broker concerned is going to charge a fee of about £5,000! Is there any way to get a second mortgage without being…
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Barclays FTB mortgage and 3 year old CCJ
Hello, looking for some advice... My partner and I were in a DMP until last week. We started it in May 2012 and as such it no longer shows on either credit file. There was 13500 left to pay on the DMP, I rang around and did some negotiating and managed to get lots of full and final settlements meaning I could clear the DMP…
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Ending Mortgage Deal Early
Hi all, I am new to all of this so please bear with me. Ideally looking for some words of wisdom. I took a 5 year fixed rate with RBS @ 5.89% back in June 2014, I thought I was free to leave this deal in June 2019 but according to RBS its Ooctober 2019 as they add on 3 months. I've just had planning permission approved for…
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Best way to go about getting mortgage with bad credit
Good Morning all, Apologies but slightly long post, but here goes. I am currently going through a divorce and hope to receive around £150,00 - £200,000 in my settlement. I would like to see if I could get a 50% mortgage to buy my first home. I am 47 and work self employed. Now I also have £62,000 debt in default. This is…
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What are our options?
My OH bought a car about 4 years ago on finance. Unfortunately it broke down in less than 6 months. He was quoted over £1k by two different garages to fix it. I urged him to contact the company claiming they were in breach of their responsibilities and hadn't provided a car in reasonable condition. Unfortunately he ignored…
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Mortgage advise needed
Hello, Looking for some advise regarding mortgage. We are planning to buy a house in the next 3 months or so. Deposit of 100k from the sale of our home, looking to borrow 100-120k. Our situation is not straightforward as I have 2 unsettled defaults fir credit cards on Cra registred in 2015. Halifax :£1100 Barclays: £3200…
