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Stamp Duty
Hi, could anyone help me clarify stamp duty please. If I have a home already at a cost of £90k and I am buying a second home at £390k. Do I still pay stamp duty on the second home? Or because the total of the two homes is under £500k will I be exempt under the current stamp duty rules? I'd appreciate any clarification. I'm…
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House buying advice LTV
Hi all, I'm looking for some advice. If a property is worth £75,000 but I would only need £35,000 to purchase the property, why would I still need a 15% deposit based on the £35,000 although the property is worth £75k? Apparently you can only borrow 85% of what you are getting the house for and not 85% of the house value.…
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Mortgage deed witnesses
Any ideas who we could get to witness us signing these documents? With covid it’s particularly tricky. We’ve tried; Gp, optician another solicitors office, health centre, librarian and none would sign it for us. We’re not sure who else to try, we don’t want our neighbours knowing our finiancial details and most of our…
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Are the Lifetime ISA (LISA) and the Help to Buy Equity Scheme Compatible over £450k in London?
The help to Buy equity scheme allows first time buyers such as my self to purchase a new build home within London with a maximum value of £600k. My girlfriend and I have Lifetime ISA's that we have been contributing too for a number of years and have saved a considerable amount within. However, we have just noted that this…
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Charge on property and mortgage application
Hi, I'm hoping this is the right group. Looking for advice... experiences... words of wisdom! Its a bit long sorry.. We are currently going through the mortgage process... our case is subjection to valuation (valuation is today). We are buying a house that a family member has built us and he is selling it to us for what it…
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Overzealous surveyor?
I'm in the process of buying a property and letting out my current property. My mortgage for the purchase been approved but I have issues with the lender regarding the buy-to-let mortgage. My current property is a terraced house, with a conseravtory at the back (smaller than 30sq meters). The kitchen opens with a glass…
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BTL mortgage for a right to buy property
I have recently moved out of the flat I bought many years ago under the right to buy scheme. I called Halifax this morning to discuss the mortgage as I may not move back into the property after it has been let so I can't just use the consent to lease. The Halifax women told me that if I need a buy to let product because my…
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Leeds Building Society mortgage timeline
Now waiting to submit my mortgage application to LBS through broker. Wondering what is the application timeline?
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When would lender change an offer?
NatWest are my lender, I’ve received an email confirming offer accepted subject to valuation. Assuming their valuation is in line with my offered purchase price, does this mean they are offering the value I’ve requested/need? Or when my official offer comes through could it be less than I need? FTB so not experienced with…
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Contractor Mortgages
All borrowers have to supply paperwork to satisfy a lender, but those applying for contractor mortgages will have to supply more information than most. You will need a copy of your contract, details of your track record of contracting, bank statements and proof of ID. Make sure you are on the electoral roll, and check your…
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Down Valuation
Just got Santander's message saying the property, a 3 bedroom house, has been down valued, from £450000 to £430000. I have applied for a 15% deposit and for sure I can't afford to put the extra £20k cash. Its a property in the north east of London This will definitely cause grief with the seller, as they chose us over…
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Pay off Mortgage or leave small balance?
Is there any benefit to leaving a very small mortgage balance? Provider are Nationwide and we've made significant overpayments (around £200k) so that the mortgage balance is now around £370. Monthly payments have automatically reduced so the term (23.5 years left) is still the same. Our fix ends in May 2021 at which point…
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BARCLAYS EARLY REPAYMENT CHARGE
We have sold our house three years into a five year fixed rate. We are moving into a new build which will be ready June 2021 and move our December 2020. We have an ERC however, the new mortgage will also be with Barclays but they won’t allow us to transfer the mortgage as it’s longer than 90 days!!! Is there any advice or…
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Kent reliance
Hey, i’ve currently got a mortgage going through with Kent Reliance, it is at the early stages as of yet. I’ve sent over bank stayements/payslips etc. Do they usually ask for Credit Card statements? And if so, how many months worth? And what other things do they usually ask for? I do have a few gambling transactions on the…
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Remortgage for lease extension---is this normal?!
Hi everyone, I live in a shared-ownership property and have just obtained an additional mortgage of £6000 to do a lease extension. (82 years left on lease.) I received a schedule of charges from my Housing Association landlord, got a quote from my solicitor, found out the premium, everything added up, mortgage approved,…
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It took us 9 days to get our first ever Natwest mortgage offer 18/11/2020
Thought I would post our timeline and our story for anyone that maybe worrying or has any queries. So we are purchasing a new build and so we used the recommended broker that the developer suggested and couldn't have been more happier with our process. We got our AIP, and then a few days later they submitted our mortgage…
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Interest Only Mortgage Advice
Hi All, i'm looking for some mortgage advice for my gran, tried searching the forum so apologies if this has been posted before and i've missed it. My gran is 81, and has an interest-only mortgage, due for completion in 2024 where she will owe £30k. She has the £30k in cash, and can pay it, however she would ideally like…
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A two default mortgage - Sub prime likely?
Hi everyone, I posted the below in the ask me anything chat and thought it might be best to open it up. ( I have also sourced some other information) I have 2 settled defaults on my credit file, £190 for Vodafone mobile (Registered Jan 2016) and Littlewoods for £519 (June 2017), and a previous Debt payment plan starting…
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Bad decisions
So back in 2007 when I was heavily pregnant with our first child I discovered that my partners flat at the time was about to be repossessed by the bank for about 14K in arrears My partner who does mortgage brokering ( unlicensed ) talked to me about ‘ selling the house to me’ for £ 240,000 to prevent the bank from…
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Help to Buy equity loan - is my deposit limited or can I spend as much as I want on the deposit?
Hi I have some questions about the help to buy loan when buying a new home. I'm looking at a 250k home. So I was hoping I could buy using the following breakdown; i) £100k of my savings on the deposit (97k plus £3k H2B ISA bonus) ii) £50k help to buy loan; iii) 100k mortgage. My questions; 1) Can I put 100k deposit down or…
