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COVID-19 Related Mortgage Questions - Common Questions Answered Here
So this part of the forum has been going wild the last few
weeks with the turmoil in the housing market and there are a lot of common
questions being asked. I thought this might help answer some of these common questions
to save things getting lost with lots of people asking the same things. **UPDATED 28/05/20** Q. I have…
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Re-Mortgage desk valuation failed - Wait or try another lender?
Hi all, My application is in limbo at the moment due to valuation and unsure where to go from here. Long story short, I have a AIP/DIP approved in Jan with Barclays but they pulled their 60% + LTV last month just when we were meant to submit for a formal application. We (Broker involved) decided to go for HSBC who were…
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Mortgage deal ending, the house now worth much more - remortgage or not?
Hi there, My current mortgage deal is due to end at the end of June. Our house was very run down when we bought it and have completed a full refurbishment. I think it's worth around £100,000 more now than when we bought it. We had wanted to have the house revalued and go onto a much lower LTV so we have access to better…
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UCB refuses to pass interest rate change onto buy to let mortgage customers
I found out today that UCB (Nationwide Building Society) has made a company decison NOT to pass the Bank of England's drop in interest rates onto Buy to Let customer mortgages. What terrible greed at this difficult time. Most buy to let people like myself run a rental property as a holiday let, so currently have no income.…
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Arghh Nightmare sorting out mistake paying final bill
Tuesday I contacted Halifax for a final redemption figure, understandably at this time there was a LONG wait to get through. They gave me a sort code and account number that redemption payments have to me made to, and told me to include my account number with an additional couple of zeros as the ref number. Simple enough.…
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What to do next
Hi all first time on here my mortgage is ending in june do i fix or go variable?
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Early product switch
My fixed mortgage deal comes to an end in September and I want to stick with my current lender (Nationwide) and select a new deal. I have heard that Nationwide allows you to select a new product 5 months before the end of the deal and switch 3 months before the existing deal is up. Is there any possible way to switch…
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Add me to mortgage or do a deed of trust
My partner and I live together (unmarried) in his property. He has a five year fixed rate mortgage which runs out March 2022. Last year we went to port the mortgage as we wanted to move and were rejected by his bank as he had an outstanding £1k debt which showed up in a credit check as a default. This didn't go to CCJ,…
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Endowment mortgage shortfall
My mortgage is due to finish in July. I have been informed there will be a shortfall ( which I have accounted for) but was wondering now with the situation on coronavirus is the shortfall liable to escalate resulting in me owing a lot more than originally expected. Many thanks for any help.
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Remortgage costs
Hi all Just after a bit of info really. Currently on a fixed mortgage rate at 3.99% for a couple of years due to defaults that will fall off before the 2 years is off. After the 2 year rate is fixed it moves to a standard variable rate of 6.99 percent. Do all lenders offer you a better deal than the SVR normally when the…
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Springboard mortgage
I'd like some advice/ knowledge about Springboard mortgages please. We want to help our son & family buy a home, and on the surface this option seems a good one. Does anyone have any experience of them?
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Getting out of a Mortgage
I am/was a first time buyer. I had very poor credit but managed to get a mortgage with a non-high-street lender. For this reason my mortgage rate is really high and is fixed for 2 years. Since I bought the house my credit rating has sky rocketed (probably from being accepted for a mortgage and also some negative credit…
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Are any lenders still accepting overtime?
Just that really. Had an offer from Nationwide, who accepted 100% of overtime pre Covid, but that fell through. Now they’re (understandably) not accepting any overtime at all. Wondering if it’s still worth pursuing a property I viewed just before the lockdown or if it’s going to be impossible to get a mortgage at present.…
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Re-mortgaging during coronavirus outbreak
Hi, My mortgage deal is due to end in May, I want to change to a better rate but not sure how to go about it with coronavirus lockdown. Am I best to wait until after to change my mortgage or try to change it now. I am worried that the house prices fall and the rates increase. Not sure what to do. Any help would be…
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Mortgage offers for those on reduced pay
We were due to start the process of getting a mortgage in principal last month as part of our moving/buying a new home. However my wife has now been cut down to 80% of her pay for a period whilst home-working but they haven't put an end date on this. Is it likely mortgage providers will take the original earnings and a…
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Can a mortgage offer be changed?
Hoping for some advice. I received a mortgage offer from Nationwide towards the end of the January. I am at the stage where the chain is more or less ready to exchange/compete (naturally COVID has put a hold on things). The offer is due to expire in July 2020, I did e-mail my broker regarding this, but no reply. The…
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Releasing Money for Home Improvements
Can someone tell me how this works? I'm aware many people get a bit of money by releasing it from their equity to help with home improvements so wondered how this works with terms of repayment.Feel free to use a basic example.
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Unfair early redemption
I'm remortgaging from Lloyds as my deal is up in July. My T&C says I can avoid the early charges in the last 3 months but no mention that this does not apply if I move to another lender. Lloyds now want to levy the charge; they are calculating the charge on my balance as at a year ago. Surely this is unfair as I've akread…
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Is home buying still happening?
Hello All, I’m just wondering, I currently have my house up for sale through a new build developer. Now obviously I’m currently getting no viewings to sell mine so can’t really do anything, but I have enquires about maybe Part Exchange, now if that was possible, Is it still possible to get the ball rolling, I know at the…
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Help to Buy Equity Loan with a Mortgage Guarantor
Hi, this is my first time posting so apologies if it's in the wrong category - getting used to how this works. I'm a first time buyer looking to purchase a new build flat and take advantage of the government's Help To Buy equity loan scheme. My salary is £26,000, I have a deposit of 25k. In an ideal world, I'd like to…
