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valuations of property when switching to new product with existing lender
If I switch to a new product with a my existing lender - no additional borrowings or change of term how do they value my property?
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Renting a spare room out and the home remains your only residence - mortgage implications?
Do you still require consent to let from the lender? Is this scenario treated any differently from renting the whole property out? I am already aware of the tax reliefs you can get under rent a room scheme etc. I've already looked at my lender's T&Cs and it simply says "if you let your property in future then you need to…
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Lender reneging on offer probability
Hi friends I'm sitting on a mortgage offer at a rate of 2.67% which is valid to December 2022 (Barclays' 5Yr Fixed 2.67% S&S Cback (JK44)). My question is, how likely is it that the lender reneges on their offer? I'm holding off pulling the trigger to say October time as that will cost less fees etc and to see what happens…
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Barclays 3x monthly payment rule
Hi friends As you may be aware, there's a 3x monthly payment rule for Barclays mortgages. You can see more here from this reddit link…
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Fixed rates ends 1/6/23 questions
Hi there my fixed rate ends on 1/6/23 - I can lock in a new rate from 1/12/22 (per clydesbank bank) My redemption penalty to change before then is £3400 - I will most likely go for a fixed rate again but am wondering if I should change before then and pay the redemption -Im looking at the current rates with clydesdale -…
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First time buyer , first mortgage fixed mortgage advice
Hello My daughter has just bought her first house , she is looking at mortgage offers at the moment I know you would need a crystal ball to see into the future so always a bit of luck involved However She is unsure to fix for 3 or 5 years No plans to move in 5 years ( hopefully) Would welcome any thoughts Regards
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My Mortgage Fixed ending soon, can I switch with current balance minus a lump sum amount?
My 20Y mortgage fixed rate term ending in September I recently received email saying this mortgage can be switched from July (which I promptly ignored!)But I would like to make a lump sum payment to reduce mortgage balance before I switch to a new rate. This payment I want to do is on the top of overpayment allowed if I…
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Mortgage offer - will they withdraw
Our mortgage finished its deal in September. In May as rates were increasing we decided to look for a new offer and have secured a 10 year fix at 2.29 (We are risk adverse so this suited us well) it was accepted and it’s sitting there waiting for us to action after the date for the exit fee passes because it’s quite…
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Unjust Enrichment....
I'm massively out of my depth here but I stumbled across this term while looking into a Shared Appreciation Mortgage argument. Could the principle be used to nullify such a contract? (Half a mill payment for a £40k loan can't surely be anything other than unjust!) As I say, out of my depth here, so be gentle, eh?
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Did I make a mistake overpaying my mortgage?
Hi, I've got a Nationwide mortgage with just over 2 years left on the 5 year fixed term with a decent rate if of interest. There's 22 years left on the whole term. Due to rising interest rates, I decided a few weeks ago to overpay my mortgage by an extra £250 p.m. while the rate is still low (for the next 2 years), as I…
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Fix lengths- currently cheaper for longer
I have another year left on my 5 year fixed mortgage. At time was 90% LTV mortgage on a 90K property at 3.35%. My guestimated LTV based on house prices estimates, solar panels and making overpayments is currently about 50-60% . I try to keep an eye on what it might be for future planning. One thing I have noticed recently…
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Paying off lump sum of mortgage vs putting money in savings
We have a mortgage (200k) over 20 years. We have around 20k in cash which we were going to use to overpay. However the interest on our mortgage is 1.39% (3 years left of a 5 year fix). Are we actually better now putting the 20k in a savings account because the interest would be higher than 1.39%? I've used the calculator…
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Paying deposit from different account than proof of deposit account
Hi all, Might be overthinking this, but worried about doing something wrong and delaying buying process. According to my solicitor I will be at the stage of sending my house deposit to them. I currently have my deposit stored in an Aldermore savings account. I have statements ready to send them to show where the money has…
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Equity release in my 20’s
Hello everyone , I am in my 20’s and have made a significant amount of equity in my house since first buying it a couple years ago , I was wondering if I could release some equity in my house whilst only being in my 20’s? I have read loads but apparently you have to be at least 55?
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First mortgage payment querying
Hi guys Just looking through our paperwork from Halifax. It states that our first payment will be £1597.24 and then £964.18 a month there after. I get that interest is added on between the completion date and the first payment but is it really gonna be £600 more?! (I mean it's not the end of the world but just wondered if…
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Self employed mortgage declined
I’m comming up to my second years trading so technically going in with 1 years accounts but they have seen a lot more info and evidence from my second year (pay slips, bank statements) etc Deposit is £50,000 loan value is £80000 single no debt ccj first time buyer , renting right now no dependants yet I can’t get a…
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Getting a new mortgage with previous bad credit
Hi all, So I got myself into a stupid financial situation a few years ago. Won't bore you all with the details but I had a sudden break up prior to a planned wedding, I was in an awful place mentally and could t afford the house I was left to deal with so I ended up with payday loans and all that fun stuff.. It snowballed,…
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Remortgage early or wait and see
Hi all, Looking for some general opinions on my situation and advice on what others would do in my shoes given the base interest rate increase yesterday. We are in the annoying position where our fixed rate of 2.5% ends in June 2023, we have a ERC of around £4,700 and about £295k left on our loan. When we purchased we had…
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Withdrawal of a Formal Mortgage Offer
We are currently remortgaging, locking into a 10 year fixed rate with the Halifax since I believe rates will rise - possibly significantly. We have a formal offer from Halifax which expires on 28th February 2023. Our current Nationwide mortgage has an ERC due of around £3000 and the new mortgage will be £160 more expensive…
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Trying to get a mortgage offer with a new LTD company / previous sole trader
Hi everyone I am in an awkward position when it comes to lending for a mortgage due to a newly opened LTD company - Am I stuck waiting 1-2 more years for a higher mortgage offer? I was sole trader in 2019 and ended it in April 2022 (end of tax year). In Sept 2021 I formed a LTD company for tax efficiency reasons. My job…
