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Mortgage pay out from critical illness cover
Hi all, hope this is the right place to put this, not sure if it belonged here or the buyers section My girlfriend and I got a house in late 2018 and in late 2019 I got diagnosed with cancer. We took out critical illness cover so the full mortgage value (118k ish) was paid out to us recently via bank transfer (it did not…
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Mortgage on Probation Contract
Hi Everyone, Due to Covid-19 lenders have withdrawn the ability to get a mortgage if an individual is on or about to start a probation job as a teacher, this is a years paid contract. I have a full time job with the NHS and my Partner is about to start the probation period as a secondary school teacher. The lenders we have…
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"Debt Jubilee" & mortgages
I've been saving for 10+ years for a house deposit and I am now ready to buy. I'm debt-averse following bad experiences in the past though so I have waited until I have a 60% deposit. I'm now reading some pretty alarming stuff though about "debt jubilees" -- governments/central banks/banks writing off debts. Most likely…
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Lenders using the Corona Virus as an excuse not too lend. Its not right??
Myself and my partner trying to buy our new lovely house together but after a long and stressful process of selling my property and turning my partner's property into a buy-to-let (to release funds for our deposit), we have already lost 1 mortgage and possibility of losing another. The lenders are blaming the Corona Virus…
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Applying for mortgage with LISA not yet 12 months old
Hi, we have our deposit saved in our lifetime ISA’s. One of these was only opened in January so we are aware we have to wait until next January to access the cash as it has to be open for 12 months. If we buy a new build we would need to reserve a few months before completion. Are we able to reserve a new build and apply…
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Paying off an interest only mortgage
Hello! I don’t have one yet but just wondered how it works if you pay off an interest only mortgage early? Do you just pay back the capital or is the extra interest added that you would have paid if you’d have kept the original term of the mortgage?
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First time remortgage, can we release some funds?
Hello All, We have a mortgage with nationwide, amount outstanding £128,000 approx. The mortgage expires end of August 2020 and the remortgage options have now appeared online for us. It offers a good rate for a 2 year fix (which is what we want, as opposed to a 3 or 5 year fix) at 1.64% with a £999 product fee. When we…
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4 months of bank statements for an AIP?
Hi all, My husband and I are first time buyers, and we are looking to purchase a new build with Gleeson once COVID-19 situation has calmed down. We've been speaking with Meridian Mortgages, who are Gleeson's preferred broker. We obviously need an idea of how much we can borrow, so we know which properties are suitable;…
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Remortgaging - 3 offers from the lender and completion date missed twice. Help!
Hi It's my first ever post on this forum, so please bear with me. It is going to be long because the situation is complicated. I'm in the process of remortgaging for the first time in my life, to release some funds, and I'm running out of patience. Advice would be appreciated. I decided to use a broker and I received my…
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Long-term impact of being furloughed on mortgage chances for first time buyers?
For those more in the know, do you think having been placed on furlough will negatively impact someone’s chances of getting a mortgage? My wife and I are hoping to buy in 6-9 months but could there be will any long-term implications of me being furloughed? Would it even need to be declared? Could lenders start asking and…
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Switching to new deal same lender
Hi, We are due to have our current deal end in October, we are eligible to switch from July. Since we took out this deal 2 years ago our income has gone down and we wouldn't pass affordability checks for a remortgage but can still afford to pay our mortgage. Our current deal is with virgin, about 85% LTV I think. We were…
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Mortgage Overpayments
Hi all. Long time reader of this forum but first time posting! I have recently moved house so have ported my outstanding mortgage across and taken a second mortgage to make up the difference in value. The mortgages are: £110,000 21 years @ 2.04% £142,000 30 years @ 1.89% My question is, if I have say £100 pm to overpay,…
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Parents paying over 4%...
My parents have a mortgage of about £150k on a second home 'buy to let'. I've been doing some digging and diving and I think they've really been screwed over by Virgin Money really badly for some time, like 5+ years. They're both in the 70-75 bracket and retired what options would they have? I'm not a fan of equity release…
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Endowments and Critical Illness Insurance
Hi all. I was diagnosed with Bowel Cancer. I had an endowment mortgage with a separate payment for Critical Illness. The critical illness payment was £365.64 with endowment payment £128.76 monthly. After being rejected for critical illness, the surgeon stepped in and we received a payment to cover our mortgage using the…
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Sole trader to limited. Effect on mortgage application
If someone is a sole trader (3yrs trading) and is planning on applying for a mortgage next year (may June 2021) how will going from sole trader to a limited company in the next month affect the chances of getting a mortgage? Thanks in advance 😊
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First mortgage, emigrate then rent it out?
Hello, My wife and I have been saving for a mortgage using a Help to Buy ISA. I would like a mortgage as an investment for the future but I am getting quite sick of the UK. I am just wondering if you were to get a normal mortgage and then decided to leave the country to live abroad would that mortgage allow you to rent the…
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Mortgage with Skipton Building Society
I opened an account with SBS in 1993 and left it open when I moved to Ireland in 2003. I plan to move back to UK in three years. Do you think that once I start paying back into it regularly, I would be considered for a mortgage after six months with necessary proof of address, wage slips etc? Or would I be better starting…
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Mortgage interest rates
Hi, our mortgage is up for renewal and we have 2 options, 2 yr fixed @ 2.12% no fee or 5 year fixed @ 1.84% with £995 fee, any advice? Thanks
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NRAM Mortgage
Around 12 years ago my husband and his then partner bought a basement flat using a mortgage from NRAM which was at that point Northern Rock. They had a survey completed as part of the mortgage but this failed to pick up some serious damp issues. This included water rising through the foundations, fungus growing in the…
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Dmp and Mortgage advice please!
Hello, Can anyone help? I am on a DMP with 3.5K left to pay. On my credit file, the debt visible is a CCJ from March 15 of £550 satisfied and 2 defaults from 2014 so my credit file will be crystal clear from March 2021. Me and my partner are looking at shared ownership (we understand the cons) and I know that I can't get a…
