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Mortgage reserve
So we’re in a bit of a mess and hoping someone can advise us. We have a mortgage reserve with Barclays at an eye watering 8.4% We owe £35000 on it and are currently paying £300 per month towards it £250 is the interest. Our mortgage term currently stands at 4yrs 10 month. We are not on target for it be paid off. In 58…
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Credit Utilisation vs Debt-to-Income
Hi all, I’m wondering if anyone can help me. I will be applying for a mortgage within the next couple of months and will have £9000 of credit card debt (69% utilisation), which does not look good, however: - My partner and I’s joint income versus debt repayments gives us a conservative DTI ratio of 33% - My debts only…
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BTL Mortgage
I have a BTL Mortgage which runs out at the end of March 2025, where the tenant are leaving the house in the middle of January 2025. Plus I want to change the Mortgage so that it is a standard fixed one from April 2025 so that I can live back in the property Can I move back into the house after the tenants have moved out…
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Can I buy part of my parents house?
Hi all, just looking for some general advice. Recently discovered my parents are quite badly in debt - £100k+ Mum is 70 and severely disabled, she’s got £70k+ credit card debt. Dad nearly 80 and still technically a sole trader running a family business but my bro is actually running it for him but not making a penny,…
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Pay chunk off mortgage or use savings over time
Hi, I am 61 and currently have £116000 left on my mortgage, fixed at 0.99% until Dec 2026, about ten years left on it. Payments are £978 per month but I don't want to be working in a stressful job I hate until I'm 71! So I'm looking at ways to reduce the monthly payments after 2026 so that I can afford to take a lower…
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Porting a mortgage and borrowing more
Hi all, This might be a daft question, but I'd need some help, maybe from people who have gone through this already. Let's say I have £300k balance outstanding on my mortgage and I sell my property for £600k. I want to buy another property for £1M and the bank lets me port my mortgage and borrow the £400k outstanding. I…
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Switch from Tracker to Fixed?
Hi all, I’m currently on a tracker with Nationwide which is 0.1% above BoE base rate (tracker rate currently 5.1% as of Sept 2024). It seems like this is expected to drop further in the current months but perhaps by 0.5% as a max, and will continue to drop in the coming years but maybe plateau around the 3.5% mark.…
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Monthly interest charge on mortgage
Hi - I wonder if someone can help me understand. I recently took up a mortgage with Halifax and I am on an fixed rate. I would like to understand how the monthly interest on my mortgage has been calculated. In September, my monthly interest charge for was £1,473.83. Since then I paid an installment (so the overall…
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Getting a mortgage 18 years after repossession
Hi, I’m looking for some advice on the above. Myself and my husband were very young and unfortunately had our first home repossessed almost 19 years ago due to many factors. The main being me falling pregnant and not being able to work due to a complicated pregnancy and my husband losing his job. Although our property was…
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First Time Buyers - Adverse Credit Broker
I’m wondering if anyone has any experience with a specialist lender. We are FTB in a bit of a different situation as we have been private renting for years and our landlord is selling our property which we have been given first offer to buy but she doesn’t want it to drag on and wants to sell ASAP. My husbands credit…
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Pension contributions and mortgage affordability
For the past few years I have been sacrificing 100% of my bonus into pension, which I believe is a salary sacrifice arrangement. As a higher rate tax payer with no immediate need for the money this has been a tax efficient use of the money. However, I intend to move house within the next 12 months, and being based in the…
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Do you think interest rates are going to fall significantly (<2%) over the next 5 years?
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Equity release on Finnish 'log cabin'
Hello all, Does anyone out there have any experience of equity release on an all wood house? Mine is a kit log construction house from Finland, there is no masonry skin so every company I've approached has turned me down! Plus I don't have a builders or architects warranty as I built it myself with help from sons-in-law…
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Foreign income and mortgage affordability check
I am retired and a substantial part of my pension benefits is in euros. When I speak to mortgage brokers/bank etc. I get different answers to the question if my pension benefits in euros is taken into account to determine the affordability of a mortgage. Some yes (albeit sometimes partial) other say no. Has anyone any…
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RTB and mortgage
Hi guys My neighbour wanted to know, he's about 62 yrs old . He doesn't work. But wanted to know if he exercised his right to buy and gor a discount of 40 percent as he's lived there for some time. (Before the government changes take place). Can he have a friend to take a mortgage out. Would a lender allow that. His friend…
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Mortgage help for financial fool
Hope someone can give a fool like me some help on the best options regarding a mortgage and an ISA. We have been very, very cash strapped for a number of years. We both work 40 hour weeks but we only just keep our heads above water. We are not very clever with personal finances so any help would be great. We have only been…
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Need mortgage help!!!
So...a small bit of background, living in northern ireland but my income comes from ROI and I'm paid in euros. I have some adverse dating back to 4 years and 3 months ago (most recent), and almost 5 years (oldest). Adverse is 4 defaults (all satisfied). Other than this I have never never missed a payment etc, and my credit…
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Tracker mortgage when Bank of England rate changes
Hi, I have a YBS 2 year tracker mortgage. After the bank of england rate reduced in august i had a letter from them (haven’t kept this unfortunately), but what i wasn’t clear was that I had to phone them up to get my payment recalculated, and because i didn’t do this until 3 months later, i have lost he amount that i would…
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Incorrect advice from Mortgage advisor - where do I stand?
Recently moved house and stayed with Santander. Mortgage advisor stated that we would get ERC refunded after completion. I have that in writing. Santander have now said I won’t get it back as I ported to a different product. I do not fit into the criteria of getting it back as still had 13 months on mortgage left. just…
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Applying for a Credit Card before Remortgage
I am looking to Remortgage shortly as my current 5 year deal ends in April. I can see that my credit score has lowered a lot due to my debt to credit card ratio utilisation being more than 50% of my limit (due to me closing another credit card a few months ago). I wanted to ask if I should apply for a new credit card so…
