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Paying off mortgage to a nominal amount
Is there an argument not pay off the mortgage fully and leave a nominal amount? - e.g. in the case of wanting to borrow more money in the future. I know there used to be an argument to leave a nominal amount so that bank/building society retained your property deeds, but I think these are held digitally now.
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2 part mortgage with bank giving 2 different rates for same tracker mortgage
One part of my mortgage came to an end and was changed onto a 2 year tracker deal which is currently showing at 5.88%. The second part is on a fixed rate which is due to end on 31.01.25 and my bank is showing a 2 year tracker rate of 5.84%. Surely this is the same mortgage and therefore the other part should also be 5.84%…
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Need to decide whether to leave lifetime tracker that has served us well for about 15 years
Lifetime tracker Mortgage with Barclays on an interest only basis of £329000 on a property worth around £700 000. The main mortgage of £290000 is on 0.17% over base for the life of the mortgage (currently 4.92%) while the further advance/overdraft part of the mortgage owes £39 000 and is on a rate of about 3% over the base…
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Can i let to buy another home
Hi guys Im just after some advice. I currently have 11 years left on my mortgage. I've been over paying my mortgage and reducing the term. Currently I have approx 100k left and am due to remortgage in April. Ideally I have Been looking to move but ideally I'd love to buy another home and turn my current home into a buy to…
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Mortgage for over 80s
We are looking to move my dad, who is in his 80s, to a new retirement home closer to family. He is currently renting but has sufficent savings that depending on the property, we might be looking at around a 50% LTV. He has regular income from a pension. My sister and I would also be looking at contributing towards this. If…
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Residential remortgage, Development finance or Self Build mortgage?
Hi All, I was wondering what route is best/only option to go down for this scenario. My friend has a main residence (£400k value) with around £110k mortgage. He has separated some land at the back of his property and got planning permission to build a new house there. He wants to raise approx £200k to build this new…
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Mortgage with defaults
My partner and I are looking to get a mortgage. Ive previously had a mortgage with my ex husband, and my credit is 999/999 so as good as it can get. My partner unfortunately got himself into bother and has about 6 defaults, all now settled back in 2022. We have also just paid his car off in full but financial advisor could…
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Switching deal
Hi So our deal ends in April and irs the first time I am switching a deal so I apologise for the questions. Mortgage remaining :£58,405.78 with 14 years and 8 months left. We currently pay £396 on a 2.44 percent rate and was on 5 year fix. I have had a look and the cheapest deal I can see with my provider is a 5 year fix…
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Natwest like for like porting when don't pass affordability test
Hi there, I am seeking a little reassurance! Have applied to port my Natwest mortgage and buy a (£75k) more expensive property (with no additional borrowing). My wife has recently gone Self Employed and only has one years tax return (2023/24) so Natwest will only include my income and means we don't pass through…
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Equity Lifetime Mortgage Interest - Excel formula
I have a Equity Lifetime Mortgage and want to calculate with the fixed interest daily, what would the total repayment would be year by year on the drawdown amount in future years. I have used a excel compound formula but each month/year shows an error when comparing with yearly statements from the lender Formula used:…
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Santander Mortgage Application
Currently halfway through a mortgage application and hit a bit of what my broker calls a stumbling block. My partner and I are buying a house for £210k. I have £86k equity in my house but we were looking to borrow £135 and put down £75k deposit. I am porting £114k so we’re looking to lend and additional £21k on a new…
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Accord Mortgage Experience
Hello! I was wondering if anyone could give any insight into their experience with using Accord for their mortgage. We are in the process of buying our first home and submitted a recent application with Nationwide that was declined due a default on my account. Accord have asked for an explanation which we have given and…
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Planning for next remortgage
Hi sub-zero temperatures and currently thinking about best strategy with the mortgage. I would love to get your advice on how to best prepare for next remortgage - well in advance I know, Purchased new home end of 2023 with LTV just over 70%, 4.7% interest rate, 5 yr fix santander. Haven't been making any significant…
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£400K Mortgage Plan: Can I Sell My Home to Pay It Down?
Hi Forum members I was hoping to get some advice on the following question: Can I get a £400K mortgage for a new home and use proceeds from selling my current property for a lump sum repayment? I’m looking for advice on whether this scenario is feasible: * We’re planning to purchase a new home worth £500K with a £100K…
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How do I get a mortgage for only half a property?
I'm looking to help my son onto the housing ladder, as his mortgage ability would not get him a house locally. We're looking at a property on the market at 200k, and we're considering that the property would be owned 50/50. My son has 20k deposit in savings, so would be looking for a mortgage for another 80k to total his…
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HTB loan and further advance- is it possible!?
Has anyone who has used a help to buy loan managed to borrow more on their mortgage before paying the loan off? Halifax seem to think it's now possible and have progressed our request for a further advance without requesting us to repay the loan. They are requesting a letter of postponement from Homes England currently. I…
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Are we expecting BOE to remain at 4.75% on 8th February 2025?
Will trackers decrease further, ie a rate closer to the BOE rate, or is that it for trackers.....not much movement since January on them.....
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When should I remortgage?
I currently have a 5-year fixed rate mortgage. The fixed rate period comes to an end at the end of July. I would like to get your thoughts on when to start the remortgage process and whether I should apply to specific lender directly...or even move all my banking.I'm after a 2-year fixed rate interest-only mortgage and…
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Will a car loan affect mortgage?
Hello, i am currently on a sabbatical from work and return in April. I will be returning to my same role and so will my wife. We earn 50k and 30k. We will have no vehicles when returning so i was thinking about getting a 16k loan over 4 years for two cars. Will this affect applying for a mortgage at the end of year?
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Product fee at remortgage
Morning Like many, and per my previous posts, our mortgage is due for renewal with nationwide. Our options are fee free, £999 upfront (which means a lower rate and monthly repayment- but we don't have 999) £861 a month at 4.19% or adding the 999 to the loan for £861 a month 4.19% No fee works out £875 a month at 4.39%…
