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Furlough - should I inform the lender now or wait until I have more information?
I have a mortgage offer in place, exchanged contracts, but since been furloughed. It is a new build property so completion is not until March (estimation only). I understand that I must inform the lender and I will do this before completion. The question is, when is the right time? Currently, I have no return to work date…
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Overpayment penalty charges - long run
I have a property I use for renting out to professionals, 190k owed on interest only, rate 3.79% Variable until Dec 2025 I can overpay £500 per month interest free,anything above £500 per month incurs 3% penalty. For example, I overpay £1000 in a month I will incur £15 penalty charge (First £500 interest free and second…
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Should we Exchange on Our Purchase Before our Sale Completes
Hi all We are in a position where we will sell our current home and then rent for a few months whilst our new build is made ready. We are going to exchange our sale tomorrow with completion to take place a couple of weeks later. Not actually sure why our buyer requested that, but they did. The house builder we have…
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Will I be asked about my employment history while applying for mortgage?
Hi I have very recently secured a permanent full time job, and saved up enough for a sizable deposit. In the past, I’ve worked 1 full time job, which I then had to quit due to my relative becoming unwell. Since caring for my relative, I’ve worked for agencies whenever I’ve been able to. As I’ve now got a permanent full…
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First time mortgage adverse credit gifted deposit help
Hi all I was looking for some advice We have saved 12k for a deposit. My sister is gifting 20k towards our deposit. Me and my husband earn 50k basic a year before overtime which is about 5/10k extra a year. Our credit score are good on Experian but I have 3 defaults from 2018. I have 14k of debt left over 2 accounts that I…
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BTL Brokers advice (tax overview)
Simple questions to the seasoned brokers on here (or if individual had similar situation in past).... if one was to apply for a BTL mortgage in February and on 2020 tax overview when provided to lender, the tax due for 19/20 was still outstanding , would lender demand this paid before carrying on with BTL application? I…
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Anyone had further info requested after mortgage offer?
Hi there. Just wondering if any brokers or anyone else out there has had any further hoops to jump through after receiving their mortgage offer. All set to exchange next Friday with completion the following Friday and starting to get anxious as I'm buying by far the most expensive property at the end of chain. Through…
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Advice on transfer of mortgage
Hello, so here is our situation. We live in a house that my parents own and we pay the mortgage etc. It was a 15 year mortgage and it’s coming to an end 12 years, what is the process of transferring a mortgage, we don’t have a deposit to take over the house from parent, they have 130k to pay on the house left and it’s…
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FTB - Joint Account for Mortage/Bills. When should we apply for this?
Hello all,Myself and my partner are FTBs which we haven't started yet. The plan moving forward for myself and my partner would be to have a joint account where we both have a standing order from current accounts where our salary is paid. This will be used to pay the mortgage/council tax/utility bills etc... we then have…
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Help from a mortgage broker please!
Hi allLooking for some advice please. Long story short, marriage breakdown, looking to sell the house, pay off debts due to husband's business going under, and buy a house each with a low LTV mortgage (through an adverse credit mortgage broker).Lucky to have lots of equity in the house, but unluckily have 5 defaults…
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Mortgage with Adverse
Morning. Myself and my partner had a 20% deposit ready for a house purchase in July. However the house sale fell through so back to the scratching board. I’m wondering if there is any 10% mortgages around for people with adverse history? I have 2 defaults but more than 24 months old, and also a history of payday loans.…
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How does it work when you come to the end of the product?
Hi, I am new in mortgages and want to get more understanding of how it works when your fixed product runs out. 1. Do you fix with your current provider? Then you dont have to have a valuation, right? Can you change the term of the mortgage at that point? 2. You go with another provider and you have to remortgage? That…
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Mortgage Repayment Dilemma
I have three buy to let properties: Property 1 Mortgage Outstanding £74K - interest only mortgage capital sum repayable in January 2024. Int £140 pcm Property 2 Mortgage Outstanding £52K - repayment mortgage due to finish May 2027 Int £142 pcm plus capital repayment of £500 pcm Property 3 Mortgage Outstanding £44K -…
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First Time Buyer and Fees
Hello all, I am searching for any wisdom and experience regarding purchasing property. The property is a freehold worth 60k and lenders such as Barclays are forthcoming with 85% LTV offers. I am nearing my deposit goal and I was wondering about the fees that go with buying. Is it so that certain fees are added to the loan…
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Incredibly anxious
Hi everyone. My husband and I have a mortgage offer with Halifax and we are due to exchange/complete this week. We went bankrupt in 2013 and the whole process of applying for a mortgage has been so scary for me. I just couldn’t believe it would happen. I’m now terrified they Halifax are going to withdraw their offer for…
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Raising Cash (Remortgage) on a Mortgage Free Home
We paid our mortgage off in 2017, so are now mortgage free on our home, which is worth £200k. We are both 45 years old. We are looking to raise £30k for an extension to the house. I have looked at various "remortgage" options and they all seem to have required sections for "when does/did your existing mortgage offer end"…
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First Time Buyer - New build
Hi I am looking at reserving a property as I understand it I would go through the mortgage off when the property is released at this point I have 5% deposit on the property I would like to reserve.( I am using Scotland’s HTB firsthome fund on top of this). However as the property won’t be build until 6-9months I will have…
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Barclays rate switch
Has anyone been through the remortgage process with Barclays lately? We are nearing the end of our fix and need to switch but are near the LTV boundary between 75 and 80% which is a big difference in rates so I'm wondering what the process for valuations is? We have done a lot of work to the house so believe the value is…
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Remortgage valuation
Hello We have started the process of remortgaging through a L&C broker. We have completed an extension to our house & I have given a valuation fee of the property based on similar sold properties in nearby neighbourhoods. I have done this as we live on a 1950’s estate & we are the fourth house on it to build this type of…
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Occupiers Consent Form
I am in the process of buying a house and I am getting close to exchange/completion. My mortgage broker told me my boyfriend who will be living in the property will need to sign an occupiers consent form from the mortgage lender. When would I expect to be sent this for my boyfriend to sign? I am getting close to exchange…
