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When did interest only mortgages get so hard to obtain?
Hi there I'll try to keep this post short with only relevant info. In July last year my partner and I bought our current property on bridging because we needed to act fast to secure it - our dream house on the coast with some land. Property bought just in my partner's name as I have a CCJ dropping off my credit file in two…
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Issues with Birmingham Midshires computer systems
Heads up to anyone with a BM mortgage, their computer system has a serious fault which they are not addressing. A rate increase of 0.25% at end of January early February produced a monthly increase of £11 odd on a mortgage balance of just over £2000. I contacted them and they admitted their error saying the january and…
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Selling my PRC house buyers having issues getting mortgage
I'm currently selling my PRC house, it's a semi-detached property but only this half is repaired and the other half is still owned by the council in it's original Unity construction state. I've provided the PRC certificate from the council to my buyer's solicitors but after my buyers have tried to get a 10% mortgage with…
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Mortgage After Divorce
Hi all, I am currently going through a divorce and will be losing my house. I'm trying to work out my options but cant find too much for my situation. I read that I will not be classed as a first-time buyer and I cant get any of the benefits from anything like the lifetime ISA. I am in the military also, unsure if any…
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Skipton Lender
Broker has applied to skipton for a residential mortgage. Changing current residential to BTL with a different lender. Skipton have asked a few questions to broker(broker said questions were ok and was able to answer them). Also asked for p60’s for last two years from me gave 20/21 however 21/22 isnt available for me yet…
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Overpay or Less Years?
We're re-mortgaging. I'm not talking about huge amounts though - perhaps only an extra £50-£100 a month overpayment. Is it better to have less years on the mortgage (thus pay more per month) or have the full years left from the original term (in my case, 19) and overpay? Sorry, still really confused with this stuff. I have…
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Equity Release thoughts
Any advice welcome. My mother is 90, in good health and has a house worth roughly £330k. I am 57, have recently divorced and have a lump sum of £250k to find a 3 bedroom home for me and kids. I work for the nhs and have very little pension as lived abroad therefore I doubt I would get a mortgage. My mother will leave her…
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Mortgage overpayments with two subaccounts
Hi there, Looking to sense-check my mortgage overpayment plans... Our mortgage has 2 sub accounts - one with a higher amount of borrowing on a 1.45% interest rate, and one with a lower amount on a 1.88% interest rate. Both are fixed until Jan 2024, and on each sub account we pay approx £228 of interest per month (£456…
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skipton Mortgage offer extension
got mortgage offer from skipton in December how long can they extent mortgage offer for dont think i will be completing soon there is probate on property im buying which is being sorted dont know how long it will take offer expires in 2 months. thanks
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Let to Buy and avoiding early repayment charge
Hello! I would appreciate some clarification if anybody can help! I currently live in a property with a residential mortgage on it. I want to buy a new house, which would become my main residence, and keep my current house as an investment. I know that I can convert my current residential mortgage to a buy to let mortgage,…
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Alliance and Leicester mortgage
Hi I initially had an interest only mortgage in 2008 from A&L. In 2011 when the term finished I called them in 25 January 2011 and arranged repayment which was agreed on the phone and a letter was sent out to me with the new monthly repayment figure. I have since lost the letter and had rented out the house with their…
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Interest only mortgages
I'm looking to buy a home close to my elderly Mum but I would struggle with a regular repayment mortgage as my income is £20-£25k and as I am 51 my understanding is that I can only get a mortgage up to my retirement age so it would be 15 years rather than 25 years. Does anyone know if I would be able to get an interest…
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Joint mortgage help
My husband would like to help our son get on the property ladder by getting a joint mortgage in name only that our son will live in and pay for. My son has only been working for a year and both he and my husband are self employed freelancers - can anyone let me know if you think this will be problematic when it comes to…
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Mortgage rate increase during application
Hi all, We applied for a mortgage through a broker with HSBC - the rate when we applied was 1.76% but they've just sent us the offer and apparently the initial rate that we applied for has expired and they've offered us a rate of 2.29% which is their current rate for a 5 year fixed mortgage. Our broker says its rare that…
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Source of Deposit
Good Afternoon, new to the forum, so please be gentle. We are currently renting, and were lucky enough to be offered to chance to buy the property from our landlord. We signed a declaration of trust, which was witnessed in June 2021, with the option of purchasing the property 12 months later. We have been paying rent, but…
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To get a deal or not get a deal?
I'm currently with Nationwide and am on their Base Mortgage Rate (BMR) which is base plus 2% i.e. currently 2.5%. I have 58K left on my mortgage over 9 years and overpay £100 per month. I don't need to fix to have security as I can financially cope with variations in the rate. The big question for me is - am I financially…
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Mortgage offer extension query
Hi guys hope you can help, We've been told by our solicitor we should get our mortgage advisor to get an extension on our current mortgage offer as there's a chance it could expire before completion. I've put this question to our advisor and he's come back saying it can get be extended but would need to be a new product…
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Mortgage overpayments
Hi, Would anybody be able to explain how overpayments work regarding interest. I know I can overpay 10% of the balance each year. I don’t understand when you overpay how much goes towards paying capital and how much towards interest? And does this reduce the amount of interest during the fixed period? Thanks for any…
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Bank withhold my £21K from my mortgage account
hello, Can some one please help? Is it fraud if the bank collects funds from my endowment policy but fails to add those funds to my mortgage account? Like for 3 years? In the meantime, they insist that I am the one responsible for collecting policy funds. What can I do about it? TIA for all advice
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Mortgage rate increase
If mortgage rates increase between application and offer is the rate that was originally applied for still honoured?
