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Mortgages & endowments

Archives for February 2019

Natiowide product switch
Hi We have been looking in to our options for when our fixed term ends later this year, thanks to some advice on this forum and our own research we have decided a product switch with our current provider (Nationwide) looks to be our best bet. Does anyone know what documents (wage slips/ bank statements etc) we will need…
Pay off HTB or overpay mortgage
Hi all, I'm a first time buyer and have just moved in and started to pay the mortgage. We have approx 55k HTB and a mortgage paying approx 920 per month. We can 'comfortably' afford to pay at least an extra 500 each month into the mortgage as overpayment, however what would be the best option? 1 - Over pay the mortgage…
Second mortgage for extension question
Hi We have a mortgage with First Direct. Current balance is £170k at a ~62% LTV and about 1 year into a 5 year fix. We would like to renovate/extend a portion of the house and are looking in the range £50-60k cost. Some of this would be funded from savings, but "worst case" we would borrow £50k. I phoned FD and they said…
Can I use my Pension to get Mortgage
Hi I have a private pension which I can draw on, currently worth over £350k, but I'd like to buy a house with it. I earn £22k pa and currently have to draw on the pension to pay my rent. All my tax-free allowance on the pension has gone so I'm starting to pay tax on draw downs. Is there any way of using my pension to get a…
Allocation of Mortgage Payments by Lender
Currently have a mortgage split part repayment and part interest only. Have been overpaying by approx £350 per month for past 18 months or more. When queried at outset of overpayments was told by lender that it does not make any difference whether overpayment is applied to interest only outstanding sum or the repayment…
First Direct Mortgage - overpay monthly or save in a First Direct Regular Saver before overpayment?
Hi all First time getting a mortgage on my own and in need of help to work out some maths (far from my strength!) I have the following mortgage that I am about to draw down (buying my first home on my own - hopefully completing early April) First Direct - 5 year fixed @ 2.25% for £135,000 First Direct - 5 years fixed @…
Deferred Interest mortgage
Hi In 1990 we took out a “deferred interest” repayment mortgage with the abbey national. The way it worked - if I’m remembering it correctly - was that although our payments were part interest and part capital, some of the inteterest payments were “deferred” - I think for 5 years. The idea was that you could take out a…
Mortgage redemption - are there pitfalls.
I am in a position to redeem my remaining mortgage early and just want to seek advice if there are any hidden disadvantages in doing so? I am not on any fixed term deal so would have no early redemption penalties. The balance is just under 20k now and with overpayments already in place it would be paid off in about 8…
Confused
My self and my husband earn a good salary between us. However we have debts from the past I would say no more than 3000 pound but we have ignored them. We now want to buy our house we have a deposit of 9000 and a combined income of 62000. We have rented for about 9 years never missed a payment we feel this should be…
Capital Gains question
I bought a ruin in 2014 for 25000. My partner and I spent every weekend and holiday working on it for 2.5 years and managed to do it up really nicely. I've been running it as a holiday let but the amount of hassle in return for minimal income made us look at selling. The estate agent valued it at 120k. I have receipts for…
Mortgage application with Kensington
Hi all So I am new to this world, please be kind :) First time buyer, due to some historical defaults on my account from 2014/2015 at a time in my life where things where very difficult financially (on maternity leave and partner on unexpected sick leave and high rent payment) I have had to apply with Kensington. No…
Exchanged today
Happy happy days, its taken almost exactly 3 months from accepted offer to exchange. Completion on 5th March:j:T
Going to multiple brokers?
Hi all, My previous fee free broker contacted me about a month ago for more business and I've not been impressed with what they're offering so have gone to another fee free broker to see what they offer. Is that safe/ok/normal? Are the 'fee free' brokers 100% free as in I won't have to pay anything if I don't take up their…
Nat west Mortgage declined
Our mortgage with NatWest has been declined 😢😢🍑 on the basis that my husband has to much debt and because of a default on my credit report. He has a car payment of £250 per month, motorbike payment of £150 per month and pays a bank loan of £300 per month no CC or overdraft , he earns £45k+ per year and I earn £28k - it is…
Can't understand recommendation
I am considering remortgaging with Santander. There are two 2-year fix deals which they have offered to me: 1.69% (£1,518.33 per month) with a £999 fee 1.89% (£1,551.74 per month) with no fee Both deals revert to Santander's standard rate of 4.00% after two years. So, the way I see it, the no-fee deal is ~£33 more…
Mortgage application with no physical check?
Hi all, I am a FTB and found the perfect flat. I am using the HTB scheme and have 5% deposit. Unfortunately I have some payday loan use history, last settled June 2018. I have never defaulted/missed payments/late payments ect but fact there are even payday loans on my file is making me nervous despite brokers telling me…
Mortgage company refuses to lend on flat - options?
Hi all, FTB here. Found a flat I really like. I’ve put in an offer, that’s been accepted (hurrah!). Mortgage application has been done, but the first mortgage lender completed the valuation and they have refused to lend on the property. They have said that they are very happy to lend that amount of money to me, just not on…
Mortgage Repayments
Can anyone confirm that by paying off your mortgage repayments from monthly into weekly payments will pay off the mortgage sooner, and cheaper?
mortgage now that we've paid off CC's
Hi all, after some advice on timings of when to apply for a mortgage. We recently inquired about a new build and spoke to their financial adviser who said we should seriously lower our debts and when she put our details into principality and Halifax they both got rejected, she thinks this was due to credit card debts of…
Interest rate forecast outlook
What are people's opinion on fix length given the current economic outlook? I think no deal brexit is off the table. But economic data is kind of poor per the BoE recent assessment. https://www.theguardian.com/business/2019/feb/07/bank-of-england-holds-interest-rates-cuts-growth-forecast I have a 335k mortgage on a 400k…

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MSE News

Ofgem proposes new 'no standing charge' Price Cap – but Martin Lewis warns vulnerable customers need to be opted in or it won't work
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Lloyds, Halifax and Bank of Scotland to cut overdraft rates for millions but hike them for others – here's what's happening and full help
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Warm Home Discount expansion confirmed with millions more eligible for the £150 top-up this winter – here's what we know
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Martin Lewis: At last a chance to fix Council Tax flaws impacting millions – debt collection, difficulty challenging your band, discounts and more
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Warm Home Discount expansion confirmed with millions more eligible for the £150 top-up this winter – here's what we know
Around 2.7 million more households, including 900,000 families with children, will become eligible for the £150 Warm Home Discount this winter, as the Government has confirmed it will remove the existing 'hard to heat' eligibility criteria. The extension has only been confirmed for winter 2025/26, with further changes possible for future years.
Base rate held at 4.25% – here's what it means and when it might be cut next
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Winter Fuel Payments to be reinstated for millions – Martin Lewis explains how it'll work, what it means and if it's an improvement
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