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Direct line overpayment on mortgage does not seen right. We still owe despite overpaying 100 a month
In 2000 we switch mortgages to direct line on one the key features was the ability to overpay if if we were able to and repay early. As with many things life takes over and we find ourselves in may 2020 still paying on a mortgage that does not seem to of reduced in term. I spoke to direct line and they said its will knock…
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Re-evaluation after mortgage offer in place?
Newbie here so please forgive me if not entirely clear. I am a first time buyer unable to sleep with worry... about everything but in particular about this. I am buying a leasehold flat and I have a mortgage offer in place, but my broker says lender will want to value property again because of property market dive? Online…
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Principal vs interest payments when Re-Mortgaging? What the banks don't want you to know!
Hi All, As most of you know at the beginning of any mortgage the amount of money that is paid off the 'principal' amount vs how much is paid in interest to the lender significantly leans towards paying more of the interest rather than the actual principal amount you have borrowed. Of course your monthly payment remains the…
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Would my missed payments effect mortgage application for next year?
hi everyone. Please see attached image of my missed payment history. From 2017 backwards is terrible :( I was at uni during these years and I struggled alot financially. All these accounts which I missed are now settled and no longer open. The missed payment from this year is not correct. I have opened a case with equifax…
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Finding out I have Cancer and Mortgage app
My wife and I have spent the first three years of our married life saving up for our dream home. We cleaned our credit up and saved! Earlier this year we came close to our deposit amount and then 3 weeks before the lockdown came the news I Have cancer at the age of 35. Lucky/unlucky for me the cancer treatable but…
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How to assess area to move to?
Hi, I would like to know how do you see apart from personal experience and knowledge, which area is good to move to? Low crime rate etc. We once moved listening to the EA showing us telling its a great area and have been stuck there for 15 yrs, this time would like to make an informed decision. Thanks
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Director of a Limited company - income calculation?
Hi, My husband and I will soon be applying for a joint mortgage, upsizing so not first time buyers. I am a director of a limited company while my husband is in full time employment (and the main applicant). My question is, how will they determine my income to add towards the joint total? I haven't really taken out any…
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Difficulty getting a mortgage?
I'm looking to get a mortgage but my circumstances might make it prove a bit challenging. * Joint application, self and wife. I'm 49, wife is 50 so we don't have much 'mortgage life' left. * Both 50% shareholders in our own LTD Company. I'm a director, wife is company secretary. * We pay ourselves £12500 PAYE each year. We…
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Extended COVID holiday (specifically Nationwide)
We've already taken advantage of the 3 month holiday on offer from nationwide, not much choice. However there's been mention of lenders being told to allow another 3 months? There's nothing on the Nationwide website about this at all, just wondering iof any had heard?
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Virgin Money Remortgage
This post is just an FYI really, not a question. So something I learned today with Virgin Money... When re-mortgaging our LTV is currently 89.72% (by overpaying to get into the next bracket, me thinking I'm clever) but was scuppered as this doesn't qualify for 80-90% deals only 90% deals which I didn't realise. Not sure if…
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Mortgage Advice - Inheritance / IVA
Hi all, Looking to get some advice on behalf of my girlfriend, prior to approaching a mortage broker just to see if she can get a steer in the right direction and doesnt go into this blind. So she recently inherited a property, worth roughly 280k (in the countryside, so hoping it will roughly hold it's value, appreciate…
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Payment holiday to clear debts before mortgage application
Morning all, I am looking for some advice on whether or not to take a payment break in order to clear one of my loans, despite the fact I will likely be applying for a new joint mortgage within the next 12-18 months. I took the original 3 month break on my loans and mortgage as it looked like my job was going to be…
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P60s and mortgages
Please excuse my naivety here, but I really don't know the answer to this. I'm worried about how my salary changes will affect mortgage applications. I know P60s and pay slips are required for the process, but I'm concerned that my P60 makes my salary look smaller than it actually is. My salary changes each September as I…
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Is a mortgage the right option for me?
Hi everyone, i'm sorry if this is in the wrong section, I hope you can help me. I bought my first home in May last year and I'm in the extremely lucky position that I was a cash buyer and own my home outright. However, it needs completely updating and a new kitchen putting in along with a few other things. Its been…
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What do you include in debt to income ratio?
Hi my partner and I are hoping to be applying for a mortgage in the coming weeks. I’m just wondering what is exactly included in this and how would you work this out? my salary is 23.5k and the only outgoings in terms of credit I have is a car loan which is finishing in august/September at £250. Credit card which I use…
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Remortgage Now or Not ?
Hi All, I have a mortgage on my property with an endowment policy alongside it to pay off the principal. I have two years remaining on the mortgage and would need to repay £ 60000 to the bank. The endowment is going to fall short by about £25000. At the moment savings are a sore and non-existent subject. Can anyone suggest…
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Mortgage overpayment 2nd question
I had some questions on this thread about 2 months ago: https://forums.moneysavingexpert.com/discussion/6117250/mortgage-overpayment-question/p1 I wanted to ask - if I took a £250,000 mortgage then am I allowed to pay up to £25,000 in the 1st year which is including the direct debits? Every month there is a direct debit…
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Buyers Lender Down Valued
Hello, I just wondered if anyone has any experience of this. We bought a house 4 years ago in 2016 at a value of 220k. We had a full survey and valuation with Nationwide using Countrywide who agreed on the sale price, and lent us the full amount with a 10% deposit. We are part way through the sale of the house and the…
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Help to Buy Valuation way too high
Situation: 5 year interest period coming to an end in Sept 2020, H2B Valuation massively over estimated I would be interested to hear from anyone to is trying to redeem help to buy or who has at the end of the 5 year period. The original house purchase was 575,000 (new build) 20% Help 2 buy and 10% Deposit. I currently…
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Stamp duty
Hello, thanks in advance for any information i just wanted to know what stamp duty I’ll be liable for in the following scenario I own a house worth £100k (mortgage £85k) that I’m going to rent out my partner is a first time buyer with no property we’re looking at getting a joint mortgage on a new home, I’m aware of the…
