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Private house purchase - how best to use equity?
My partner and I earn £66k PA between us. We are buying our first house from a family member for £120k. The value of the house is £220k. We want to borrow an additional £60- £80k for building work. A mortgage advisor has advised that we will not need a deposit, as there is so much equity in the house. She also advised that…
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Deposit question
I have a 20k deposit from a transfer of equity following my divorce. Prior to this payment, we were generously gifted some money that I transferred into my isa as I didn't want that much in my current account. When my divorce settlement came through, I transferred most of that into my isa minus the money we had been…
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First time mortgage with one default
Hi all hoping for some reassurance. I am a first time buyer on my own im buying a house at 160,000 and have a 15 percent deposit. I have a great experian score of 985 out of 999. I have no loans however I do have one default on my file from a mail order. it was for 100 and it defaulted in march 2019 and it was paid may…
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Partner moving into my mortgaged home
Hello all,Firstly, let me apologise in advance for this long winded and drawn out post. I have been a home owner for six years and last year sold my previous property and solely bought a forever home, knowing that should I ever start a family the size and location of the new property would mean I would never need to move…
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Change AIP
Sorry for asking so many questions lately, Our mortgage broker has came back with a AIP with Halifax for £130,000. We wrote on the initial mortgage questionnaire sheet about a property at £150,000 with a £20,000 deposit hence the £130,000 AIP however I thought the AIP would also show the maximum we could buy for as well?…
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Lifetime Mortgage Inheritance Question
Afternoon My mother-in-law (80) has a lifetime mortgage/equity release against her house. My wife is the sole benificiary of her mothers will. We have always had a thought process that we would end up living in their family home upon her mothers death. I don't know much about lifetime mortgages as we've only recently found…
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Nationwide Trackers
Do their online mortgage accounts give you a daily/monthly update on your house valuation so you can move to a favourable fixed as and when, or are LTV’s and Valuations not available on the online account like that where it’s instant? Also, does anyone know if changing the term for existing customers is straight forward…
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MSE News: 'Lowest ever' rates on two and five-year fixed mortgages launch - check if you can save
Platform and NatWest have today launched fixed-rate deals with the lowest ever interest rates seen on a two-year and five-year fix respectively, according to brokers. But while these mortgages won't necessarily be best for everyone, the headline-grabbing rates of 0.95% and 1.17% indicate that competition between lenders is…
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Porting a Barclays mortgage
Has anyone done this, and is it relatively straightforward? I have four years left on my fixed term, so will need to try and port my Barclays mortgage (which only completed the beginning of January this year) to move house. I can see from my previous offer that I only have a three month window in which to redeem this…
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Tenants in common without partner being on mortgage.
Hi, Bit of a strange one here. Last year my partner moved into my house (mortgaged solely in my name) and we would both like her to have a financial interest in the property. Ideally this would be a tenants in common scenario but that is where I think the problem lies. Her IVA ended in October 2018 and at present failed at…
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Remortgage Lenders who don't charge for Leasehold Remortgages?
I am going to end up declining continuing with HSBC as they expect customers who have ANY leasehold property to pay an extra £114 for remortgaging, in addition to notice charges to the Landlord etc. Does anyone else know any other lenders who do this or ones that do no not. I am looking to remortgage with AB at the end of…
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Mortgage with Credit Card Debt
Hello, Is it possible to get a new mortgage if one party has credit card debt? We currently have a mortgage of around £100,000. ( In my partners name) With savings of around £60,000. Equity in house would be £240,000. To move to a larger property we would probably need to look at borrowing around £200,000 max. Our joint…
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Lots of little loans or one big loan??
Hi everyone! It is my first time posting on here so please bear with me. Myself and my partner are currently renting a property and as I am a first year student, we can’t afford a mortgage on his salary alone. We’re spending so much on rent and the area we live in isn’t the cheapest so we have decided to go for a shared…
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Skipton building society application
Hi We have applied with a broker to skipton building society for our mortgage. We are self employed and we got our aip online and then with the broker full application went in on Friday. How have people found them? We were also thinking about barclays but our broker called skipton and advised we go with them in the end.…
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Mortgage Overpayment
Afternoon all, Just after some advice on mortgage overpayments. I am currently with Nationwide who allow a 10% overpayment of the original loan amount each year. I usually put money aside each month and at the end of the year pay off a piece of the mortgage (around 5-8k) which is slowly reducing the whole term of my…
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Newcastle building society morgage
Hi everyone i was wondering if anyone here had had a morgage from newcastle building society? How long does the application take? My full application went in on 25th may through a broker. I had a credit check done on the 28th may and then didn't hear nothing. I have today got a text to say my valuation is booked for the…
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Future Mortgage Seeker - Questions from a First Time Buyer
Afternoon All I posted some time ago about a projected scenario for a mortgage but Covid has changed my situation somewhat. Hoping for some assessment of my chances: Fully appreciate this is a projection of where I want to be in 18 months' time but I am hoping someone can advise. I would like to be in a position to begin…
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Getting a small mortgage on "low" earnings
I am self-employed and looking to buy my first property. Due to the sector I work in and the coronavirus, my last year's earnings were very low. The two years prior to this I had a mix of PAYE employment and self-employment income, but I don't have the PAYE job anymore. Before that, my SE income was fairly regular. I have…
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Re mortgage or stick with interest only and overpay?
My credit score is now 999 on Experian with no blemishes. Full employment history earning £45k. Current house value £150k owe £118k no redemption penalties and currently on interest only paying £330. Should i look to remortage to capital repayment or stick and overpay? Any advice is good
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Right to buy regulations
Hi, I would be very grateful if I could get some advice. I brought my house from the council in 2018- I have 2 years until the 5 years period is up. I recently remortgaged and had the mortgage + deeds into my sole name. I am now looking to carry out some home improvements. My mortgage lender has approved the advance on my…
