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Mortgages & endowments

Archives for April 2022

Rates with default
Hello. Me and my partner are hoping to buy a house soon. We are looking at properties between 350-375k and have a 10% deposit. We have a joint income of 95k. Debt wise we have an 8k personal loan with three years left to run but that's all. My credit report is clean but my partner has a 5k credit card default from July…
Redemption figure more than expected on switching mortgage
Hello Long time reader, first time poster. Please bear with me because I am not really familiar with finances! Just posting this to get some ideas rather than stewing all bank holiday weekend waiting to speak to banks on Tuesday. I am moving mortgage from bank 1 to bank 2, as my current deal with bank 1 is ending and they…
Shared ownership eligibility
Hi. I am wondering how self employed income is calculated when buying with shared ownership scheme. We would like to buy outside London. I know that household income should be less than 80k annualy if outside London. I am wondering if we are eligible. My other half has a full time contract annual salary of £22,829. I am…
Private Mortgage from parents
Hi, Can anyone tell me if there are any flaws in the following plan? Any advice would be greatly appreciated. My wife and I have a mortgage which is coming to the end of its fixed term. We also have a child who will be going to nursery soon. My parents have proposed a plan to help us with costs during this time. They have…
What is a charge registered against a property?
We were in the middle of transferring names on the deeds when we were advised by a solicitor, there is a charge registered against the property..... Unfortunately I didn't see the message in time so I couldn't ask the question but what does this mean?
Bespoke indemnity policy requirement from Nationwide
Hi, We are trying to sell our flat and Nationwide are the lender for our buyer. Our flat is a leasehold property and the lease contains a forfeiture clause but no mortgage protection clause. Nationwide have said they require an indemnity policy or a Deed of Variation to cover this. Our freeholder will not agree to a Deed…
Skipton mortgage application paused at valuers
Hi all, Applied with Skipton 7/4/22. Valuation happened on 14/4/22 and the valuers requested the CML on 16/4/22 and I haven’t heard anything since. Skipton keep saying they’re waiting to hear from the Valuers (Connells) and aren’t giving me any time frame to wait by. For context we are buying a New Build at 95% ltv,…
Mortgage redemption
Hi. My remortgage completed yesterday, moved from HSBC to Nationwide. How long should it usually take for the balance to show as cleared in my HSBC mortgage account? TIA
Missed payment before completion- please help!
Good morning all, I hope someone can help with my query! I applied for a mortgage with Santander which has been fully approved subject to valuation. Credit report is largely okay with 2 missed payments in the last three years (2020 and 2019) Everything has moved along perfectly until I realized yesterday that I had missed…
Remortgage early
Hi, I am completely out of my comfort zone with mortgages and interest rates so apologies for questions that might seems little silly. I am trying to figure out our next step. We are due to remortgage in Feb 2023 however I wanted to look into this early to establish the best approach due to rising interest rates. What…
Mortgage overpayment
Our mortgage allows us to overpay 10% of the outstanding balance every calendar year without any early repayment charge being applied. Pretty common, from what I read. We were fortunate to be able to do this earlier this year (so using up our overpayment allowance) but now we are changing our mortgage with the same lender…
Desktop vs physical valuation
Hi all, I have very limited knowledge about the difference between desktop and physical valuations. Desktop is mostly used for newer or standard properties whilst physical valuations are more for older or heavily modernised/extended/altered properties? Have I got that right? My mortgage is finally moving and barclays have…
Switching fixed rate with early repayment charge
We have a 5 year fixed Nationwide mortgage deal that comes to an end in December. Our current rate is 1.79% and we have about 90k remaining with well under 60% LTV. The full remaining term is about 14 years. We are trying to decide if we should switch our deal now and pay the £900 early repayment charge so we can move to a…
Coventry BS Valuation timeframes
Is anyone currently going through/recently been through an application with Coventry and would be willing to share timeframes? Mine are below! 6th April - Viewed house, made an offer 7th April - Offer accepted 11th April - Mortgage Applied for via broker 12th April - Mortgage valuation booked in 27th April - Mortgage…
Calculating mortgage overpayment amount
Hi all! I'm trying to set up a mortgage overpayment, but a bit confused on how to calculate it. I'm allowed to overpay by 10%, so trying to figure out how much £ I can add to my monthly payments, can anyone advise?
Mortgage overpayment
Seeing as TSB refuse to answer my emails and the phone line is over an hour wait can anyone confirm if I can make a mortgage overpayment in a TSB branch via chip and pin?
Halifax further advance for debt consolidation - term limit?
Hello all We are considering a further advance on our mortgage for debt consolidation. I've been in touch with Halifax directly, who said that there is a "strict" 10 year term limit, whenever there's any debt con. The monthly payment on a 10 year term would be too high for our affordability. Our current mortgage has just…
Equity Release - Good idea? Any Alternatives?
Are there any alternatives to Equity Release that people have knowledge or experience of? Situation - My Mum and Dad are both retired and wanting at least £50k to see them into their twilight years! They're mortgage free and house valued about £250k. They saw a broker today... £2k fees, interest rate about 3.6% (I can't…
Remortgaging - complete a house price evaluation?
Hi all, my mortgage is up for renewal in September. we purchased our house new in 2017, and since then the price of similar houses has increased by around 50k is it worth me getting my house revalued before I get it remortgaged? looking at Martin’s remortgaging guide, it seems like everyone should do it?? thanks
Conveyancing service
We have paid for the use of a conveyancing service and so far have not been impressed with their service. We have spoken with another broker who has found better mortgage deals. If we were to go with the new broker, can we still use the conveyancing service for our legal requirements or do we have to accept that if we…

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MSE News

Ofgem proposes new 'no standing charge' Price Cap – but Martin Lewis warns vulnerable customers need to be opted in or it won't work
Ofgem has today launched detailed proposals for a major shake up to its Energy Price Cap that dictates the price over 80% of homes in England, Scotland and Wales pay for their energy bills.
Lloyds, Halifax and Bank of Scotland to cut overdraft rates for millions but hike them for others – here's what's happening and full help
If you're a Lloyds, Halifax or Bank of Scotland current account holder, the interest rate you're charged for using your overdraft could change soon as part of a fees shake-up. The Lloyds Banking Group, which owns all three brands, says millions of its customers will pay less after the changes – but a "few" will pay more.
Warm Home Discount expansion confirmed with millions more eligible for the £150 top-up this winter – here's what we know
Around 2.7 million more low-income households, including 900,000 families with children, will become eligible for the £150 Warm Home Discount this winter, as the Government has confirmed it will remove the existing 'hard to heat' eligibility criteria. The extension has only been confirmed for winter 2025/26, with further changes possible for future years.
Martin Lewis: At last a chance to fix Council Tax flaws impacting millions – debt collection, difficulty challenging your band, discounts and more
Major flaws in the Council Tax system in England could finally be fixed in future, as the Government has launched a wide-ranging consultation to review hideous debt collection practices, the difficulty of challenging your band, the overly complex and horribly-named Severe Mental Impairment discount and more. MoneySavingExpert.com founder Martin Lewis, who has long campaigned on these issues, shares his response and analysis.
Energy complaints to be dealt with more quickly and Energy Ombudsman to get new powers under Government plans
If you have a complaint about your energy firm, it may be resolved more quickly in future, as the Government has announced a raft of proposals to strengthen consumer protections in the energy market. The planned changes include giving the Energy Ombudsman new powers to force firms to comply with its decisions – but it's still very early days. Here's what we know so far.
Warm Home Discount expansion confirmed with millions more eligible for the £150 top-up this winter – here's what we know
Around 2.7 million more households, including 900,000 families with children, will become eligible for the £150 Warm Home Discount this winter, as the Government has confirmed it will remove the existing 'hard to heat' eligibility criteria. The extension has only been confirmed for winter 2025/26, with further changes possible for future years.
Base rate held at 4.25% – here's what it means and when it might be cut next
The Bank of England has held the base rate at 4.25%. Below we explain why, when it might be cut, plus what it means for your mortgage and savings.
Applied for South West Trains 'boundary fares' compensation? Act now to claim it
If you applied for compensation from South West Trains before the deadline in January 2025, you now need to provide your bank details to the claim administrator so it can be paid to you. Here's what you need to know.
Winter Fuel Payments to be reinstated for millions – Martin Lewis explains how it'll work, what it means and if it's an improvement
All State Pensioners in England and Wales will receive a Winter Fuel Payment this winter, though those who earn over £35,000 will see it clawed back through the tax system. It means nine million pensioners will get the £200 or £300 top-up. Here MoneySavingExpert.com founder Martin Lewis shares his instant response and analysis, and we include answers to your key questions.

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