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MSE News: Martin's 'Should I start overpaying my mortgage?' help
The below article was first written by MoneySavingExpert.com (MSE) founder Martin Lewis for our weekly email on 5 October 2022. It was updated by the MSE Team with the latest rates on 6 October 2022. Martin: "Today I want to focus on a specific issue many are asking me about. Should those still with savings use them to…
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Mortgage offer for first time buyer
Hi my daughter is looking to buy a quarter share of a shared ownership flat. The quarter share would be £50,000 , the company selling it have also organised the Mortgage via a broker. They have found her a five year fixed rate deal at 6.4% which she can afford but she isn't sure if it's a good deal and is worried about…
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Remortgage and completion date cross over
Hi there, I am currently selling my house and arranging the completion date. My current mortgage is about to run out at the end of the month on the 31st. If my completion date is potentially on the 1st of November, does that mean that I will end up paying for the full month of November plus whatever sky high interest rate…
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Up-sizing preparation: To port or pay-off but pay FTB rates again
Hello, We have a small flat and are itching to upsize to a small house, hopefully next year. We are in the fortunate position of having enough savings to clear the remaining mortgage on this flat (~£20k) and still cover the costs of moving (~£25k), but we’ve paid premium first-time-buyer (FTB) rates twice over already.…
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Mortgage options for the future?
Hi all, I've recently paid off a decent sized amount of debt and my eyes were fully set on saving hard and getting a mortgage mid/end of next year to get out of the rent trap I've been in for so many years. I hate my current living situation but I don't want to keep moving around either, places are becoming more and more…
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Aldermore mortgages
Hello. I am feeling anxious, and answered how likely our Aldermore application is to be accepted. DIP approved, full application sent next day Three days later call from Aldermore to broker saying how much they can lend and rate. Agreed some debts paid off and a slightly higher borrowing amount and back in three day wait.…
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Fiscal help for mortgage holders - is this a realistic possibility?
What are people's thoughts on this? It would be highly controversial however it's looking so bleak that the Government may have to intervene.
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Re-mortgaging an ex-new build house - value expectations
Hi all, First post - I was looking for some advice about expectations for re-mortgaging a (previously) new build house 2 years after moving in. It's a 4 bed detached in NW England. Does anyone have any experience of how ex-new build houses are valued a couple of years after first occupation? For reference, we were probably…
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Lifetime Mortgage to clear existing Mortgage
Good Afternoon, A relative of mine is single, aged 56, with no dependants. They own their flat worth circa £140K, with an outstanding mortgage of £80K. They are considering taking early retirement and using the £30K pension lump sum due, to reduce the outstanding mortgage debt to £50K. With no dependants, protecting the…
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NatWest Mortgage Timelines 2022
Morning all, I am a new poster, so please bear with me! My husband and I have recently applied for an "unencumbered" mortgage with NatWest (We own our house outright, and are looking to raise funds via a mortgage). We have applied via broker. My timeline so far:- 27th Sept - Application submitted (by our broker) 27th Sept…
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Overpaying to borrow more for home improvements
Hi, Is it a good idea to overpay my mortgage now so I can borrow money for home improvements? Currently owe 122000 (house worth 190000) can comfortably afford to overpay 300 a month due to end current deal in Jan 2024. Want to borrow 25k for garage conversion. What do you think?
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Question about ERC
Hello, Can anyone clarify if paying the early repayment charge to get out of a fixed rate deal means you go onto the new rate straight away? My mortgage is with TSB and they said I could choose to start my new term upto 3 months down the line which didn't sound right to me. I know you can do this when your deal is almost…
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Mortgage valuation 0 after discovery of spray foam
Hi All, I found out yesterday that I can't go forward with my purchase after spray foam was found in the loft. The mortgage company won't lend (fair enough) but have said that if the spray foam is removed by the vendor, subject to new checks, building regs etc. they may reconsider. I guess I am just interested in peoples…
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Mortgage Dilemma In The Current Climate
I recognise there are thousands in the same or similar boat! I am in between exchange and completing on a new house due November. I am porting my current mortgage to the new house with the current fixed rate 1.74 until end of March next year! This is agreed with the bank. Now (2nd Oct) I am in the 'within six months…
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Can I change what I do with money released on remortgage?
We remortgaged in August (5 year, 1.5%) releasing 100K equity for an extension and loft. We're now not sure. With house prices looking like they could drop I wonder if it could be an chance to move to a larger house instead of doing the work on ours. I've read we'd need to stay put for six months with the new mortgage, but…
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NatWest Mortgage Offer Extensions
I’m freaking out a little with the recent mortgage updates, so hoping someone might be able to offer some reassurances. Our mortgage offer with Natwest runs out on 3rd November. We’re in for a new build and been told that the completion date could be October, but I have a feeling it’ll more likely be November. We’re still…
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Buy to Let requirements
Hello, I’ve just read something in the home section of the forum and it left me confused. Can you have a buy to let mortgage on a rental property if the home you live in is not owned/mortgaged by yourself? Many thanks for any help!
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Gifted deposit from a friend
I have been kindly gifted a sim of money that is to be used for a deposit from a friend. im having trouble with lenders cos they want gifted deposits from family. If my friend gives the money to hold myself how long do I need to hold onto it before it is no longer ‘from a friend’ or will I still need to show it was from a…
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Halifax error, not honouring applications made
Just had a call from our broker, our application for 4.08% that was made yesterday afternoon was apparently struck by a system error, and not processed by Halifax. They're refusing to accept it, so we have to apply again - the best rate now is 5.29% with Natwest. Beyond annoyed. We already had a house fall through at the…
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Mortgage Audit
Hi there We are first time buyers & had our mortgage accepted with Satander just over 2 and a half weeks ago (which we were over the moon about as then the rates shot up again!) The offer was posted to us at home and uploaded to a portal for our broker. It was never sent to our solicitor. Our broker struggled to get hold…
