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Time to change to a fixed rate?
Currently on a variable mortgage of 0.5% over base rate with about £ 49k still to pay. Saw a prediction yesterday that mortgage rates may stay around 4% for several years to come and so I was wondering if others are thinking of changing their mortgages for a fixed rate or just ride it out?
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First timer having trouble with LISAs, HTBs & proof.
Relative is about to purchase their first house. Seems to be doing it a little different to what I did. I had one guy (an IFA) who did the lot for me. Told me what to do & when & I just did it. Stupidly she's mentioned the LISA & HTB ISA which has caused confusion. Now this woman wont let go of this HTB ISA & is advising…
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Timeline to pay deposit
Hello, Roughly how long after an offer is accepted on a property is the buyer required to pay the deposit? I understand it can vary dramatically but a rough idea would be helpful. I am in Scotland if this makes a difference. Thank you.
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6 month rule?
Hi all, I’m after a little advice. Myself and my partner are first time buyers, and had an offer accepted on our dream property in mid August. All has been going okay, our mortgage offer has been secured with Halifax for about 3 weeks. My solicitor has recently raised an issue that the sellers only purchased this property…
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At what point can you complain a mortgage offer is taking too long to approve?
Hi all, is there a "standard" time for a mortgage offer to be either offered or declined? I understand that approval times are longer than they were a year ago however, we submitted an offer with Metro Bank on 19th July and we are still waiting for an approval. The whole process is painful. Once you reply to one of their…
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Agreement in principle
Hi! First time poster so please be gentle! We have offered on a property and are now in the process of getting our agreement in principle. How long does that usually take? We are using a financial advisor/ broker . only complication I can see is my age! I’m 64 and my hubby is 59 both working though We have a £10000 deposit…
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Re-mortgage payment
Looks like our current re-mortgage is falling through due to the lender last minute wanting details of our house we are moving to, to release funds, when we have not got a house we are moving to yet. We wanted the money while rates were low to go towards house in a year or more when we start looking. We were given the…
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Additional Mortgage Borrowing
Hi, I am currently on a fixed rate mortgage with HSBC (Until 2029) and am wanting to borrow more on my current mortgage in order to finance a loft conversion. Can anyone point me in the direction of what rate this is usually at? I can find the standard rates, but is it not different for additional borrowing?
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Remortgage deeds issue
Hi all, We are up for remortgaging our house, we arranged a good deal back in July going from Bank A to Bank B. Bank B's solicitors and myself had been chasing Bank A for the deeds to the house for the last 3 months to complete the deal, Bank A finally got back to us last month to say they never received our deeds when we…
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Debt consolidation remortgage
Hi All, I just finished of a full house refurb including a loft extension, outhouse and improved EPC from D to a B rating. The house has increased valve from £500,000 to £660,000. My current mortgage balance is £233,000.(Barclays) In the last 12 months both myself and my partner had to almost max out my credit cards limits…
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Nightmare finding a mortgage for £270k with £83k income
My situation is a bit complicated. We have an offer accepted on a £300k house with a 10% deposit. Up until April this year I was a director in the family business. I then switched to a salaried employee on £48k (based on the amount of money I normally make for the business each year) so I stopped being a director at that…
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Gift of equity
Hi, after some info.....a year ago my mother in law gifted me half her house to buy. my marriage to her daughter has now gone south, my mother in law lives in a annexe in the garden and we also have a 13 year old daughter....my wife or was, isn't on the mortgage or deeds as she got bad credit....it is purely my mortgage,…
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£300k in bank but cr*p credit rating!
I’m in a pretty unique situation whereby I am debt-free (other than £53k mortgage on a £200k property) and have over £300k in the bank….but my credit rating is so bad, I have been unable to secure a comparatively small mortgage. Let me explain. I got myself into a pickle and defaulted on 2 credit cards in late 2020. I…
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Help to buy 5 year term expiring and remortgage
Hi all, Currently on year 3 of our 2nd, 2 year fix and due to refix in March 2023. By December 2023 our HTB 20% is up and I don’t know what to do next. I’m on a DMP so entering another 2yr fix with current mortgage provider is likely the only option open to me. I don’t think financially remortgaging to borrow the money to…
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Help with mortgage overpayment. My head hurts.
Hello, So my mortgage amount is roughly £75000. I want to pay off £4000-£5000 as a one off payment. I wish to reduce the monthly payments instead of the mortgage term (which is 29 years) so that it stays within my budget. What's the saving in interest versus reducing the term if we used 6% interest as an example (which is…
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Remortgage or equity release ?
HI, We have recently paid off our mortgage, and have a dream to purchase a holiday home in Greece which we can rent out when family and friends are not using it. I still have about 18 years of work life before I can retire so am thinking that remortgaging our current home to pay for the Greece house outright. Question is…
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How best to align mortgages
Hi All, We moved house in July last year and ported our existing mortgage of £150k (fixed until Feb 23 @ 1.94%) and took out an additional mortgage of £100k (fixed until July 2026 @1.54%). I have a call with Nationwide in a few weeks as I want to get a mortgage offer before the rates rise again at end of the year and I…
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gifted deposit
My friend did a gifted deposit to buy their partner out of the house and declared that they would no longer occupy the property, but they have moved back in. Do they need to declare this to the mortgage company? Also, should their partner have declared the gifted deposit to HMRC?
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Interest Only Mortgage Advice Needed
Hi all, I'm currently on a interest only mortgage with the Halifax/Bank of Scotland. I'm on a discount tracker at around 1.09 above base which has around 8/9 years left before the end of the term of the mortgage product and am now considering options. I'm in a flat at the moment but realistically want to sell/move next…
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'Right to Buy' Remortgage possibility within 5yr pre-emption period?
Hi All, We purchased our council property last year using the right to buy discount, so are within the 5yr pre-emption period. I would like to do one of two things, either remortgage to fix for longer, or ideally would like to remortgage, fix for longer, PLUS raise some home improvement money. Firstly, are there any…