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ERC Catch 22
Nationwide have denied our request to portal our existing mortgage despite an 8 year unblemished repayment record , no detrimental changes to our circumstances and the borrowed sum now being less than 50% of the new properties value. We were able to obtain a mortgage immediately with another lender at the same interest…
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Anyone had success negotiating a reduction in ERC with Natwest?
I'm selling up soon but only 2 and a bit years into a 5 year deal with Natwest. Around £120k outstanding and ERC of 3% would be £3600. Has anyone had the nerve to ask for a reduction in the ERC? Just a thought that someone gave me the other day, but I'm not much of a barterer so wouldn't normally ask.
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Getting a mortgage when you work in sales
Hi, I currently work in sales, feel like i am going to be declined a mortgage because i work on commission. I get paid weekly, my pay slip shows just two figures: 60 hours @ x amount Commission @ x amount Do i need to tell the lender than i am working overtime and that is combined with my basic wage on my pay slip, or just…
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Overpaying/reducing term
Please, someone help before I scream. (been on phone on hold to Halifax for an hour lol) I want to over pay on my mortgage, a monthly payment recurring and adhoc lump sums as and when. I won't go over the 10% and I am aware of it for the next 5 years. I am keen to get my 23 year mortgage done in half the time, potentially…
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Mortgage plus Scotland help to buy
I purchased my flat for £110k using the Scotland help to buy who own 20% share. I don’t pay any interest on this and never have to pay this back for as long as I keep the flat. This therefore saves me interest on my mortgage as I had to borrow less from the bank. My question is now I can afford it should I remortgage and…
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Mortgage Providers : 12m proof of earnings required
is it standard for a mortgage lender to require 12 months proof of earnings from a buyer? are some lenders flexible in terms of taking other assets into account, or is it the case that lenders want to see affordability via consistent income from employment?
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Right To Buy Mortgage
just helping a friend who has the right to buy a council flat. local building society doesn't have 'the product' available at the moment. i queried that, as it didin't occur to me why it would matter that it was rtb ie. the discount would in effect be the buyer's deposit. however, following further discussion, the building…
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Mortgage advise with a default
Hi I would be grateful if anyone can share with me who they have successfully applied for a mortgage with a default on record. Thanks in advance.
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House with outline planning permission
Hello Quick query - we have just received info from our mortgage adviser that our lender's surveyor has downvalued a forever home we are in the process of buying. The house has a garden which has the benefit of outline planning permission for another dwelling. We have offered to buy this along with the house (as in we have…
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Feel like I'm pressuring myself to buy my first house
My little sister moved out last weekend to move in with her boyfriend after they’ve bought their first house together. Now that I’m the last child still at home has got to me a bit, firstly the house feels quiet now without my little sister there and secondly I feel like I’m being judged by society for still living at home…
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Shared Ownership Affordability Calculator and Universal Credit
Hi, I’m hoping someone will be able to help me with a very frustrating problem I’m having with Home England’s affordability calculator. I have been looking into Shared Ownership for a while, and after finding out I am eligible for a large enough mortgage I enquired about a property and was required to complete the…
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Barclays Mortgage- ILA pack
Hi everyone I'm at my wits end! We took out a mortgage (through a mortgage advisor) for a joint borrower sole proprietor mortgage back in October. It took absolutely ages, Barclays were leaving a week or 2 between communications each time but we finally got a mortgage offer 18th December. Throughout the case Barclays have…
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Straight from the horse's mouth - strong hints of stamp duty 'holiday' extension to June-end
Fingers crossed for my current pipeline clients. I just hope they announce it early enough as there's just about enough time to potentially squeeze in a chain-free freehold purchase even if you were to have an offer accepted by the end of Feb or early March.…
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Advice please: Mortgage offer THEN taking out a credit card?
Hello! We in the process of porting our existing Nationwide mortgage (+ borrowing additional funds), expecting the formal mortgage offer to arrive early next week sometime following the valuation which is underway. However, we won't be completing until July as the house needs to be built first. Assuming then that the…
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Does getting virgin internet effect credit report prior to completion
I am hoping someone can help me.... we exchanged last week and due to complete next week. We have virgin tv and internet in our current house and yesterday we arranged to have it transferred to new property. I am now worried that perhaps I shouldn’t have done this in advance to completing in case it somehow effects our…
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zero hours contract but want a Mortgage!
I have a 15% deposit and a property available, however although a mortgage was approved in principle, and I regularly take home approx 1800 a month + I have having difficulty obtaining a mortgage offer due to being on a zero hours contract not a care home or nhs setting!. Turned down and not asked to supply pay slips Any…
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Mortgage repossession 1998
Back in 1998 my partner, now husband, had his house repossessed. It was jointly owned with his ex-partner who he’d split up with about 6 years before. He stayed in the house and took on the mortgage, but as there were arrears at the time the mortgage company (Bristol and West) wouldn’t take her name off. In 1998, due to…
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Banks reporting to CRA's
Despite paying mortgage and arrears as arranged for seven years on time bank reported it as 'late' to CRA's and badly affected credit score. Took a mortgage holiday due to COVID and bank reported account as 'in arrangement' and credit score dramatically increased. Pay mortgage and agreed arrears on time and credit score…
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Will it affect my application?
Hi, My partner and I are in the middle of a mortgage application and they have requested 3 months bank statements. Last month one of my partner's standing orders bounced as the account was short by 90p. The standing order was to a friend's business who has been doing some work for us. The payments were a basic standing…
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Self management with Freehold
We have dismissed our building management company in favour of self-management and all that entails, in a block with 11 flats. One of the freeholders has concerns that mortgage companies may not lend if there is no management company in place. Obviously this concerns all owners with a mortgage and the investors who have…
