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Mortgage v Pension
I am coming off a fixed mortgage deal in December and the options I have are around the 4.2% level. I am also old enough (57) to withdraw some of my pension. The question is, should I draw some pension and pay off some of the mortgage, or carry on as I am, paying into a pension and also a mortgage?
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Overpayment to reduce mortgage term requires a contract variation and fee - worth it?
Hello everyone. I have searched for this topic on the forums here and have found some useful information, but am still looking for a bit more guidance. I have a mortgage with a smaller lender (Marsden Building Society), and was fortunate recently to save enough for my first overpayment (at the maximum 5% per year allowed).…
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Mortgage fee vs no fee when overpaying
Hello! I wondered if anyone could help me please. My mortgage is up for renewal and I'm trying to work out if I would be better off paying £999 for the lower rate? I think ( although I'm probably wrong) the no fee rate will cost me £1500 more over the 2 years. (Likely to move after 2 years so not looking at the full term…
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Separation - estate agents / landlords refusing me as a rental tenant due to being named on mortgage
Currently going through a separation and want to move out and rent. Hitting issues with estate agents / landlords refusing me as a tenant due to being named on mortgage. Some saying I need to be either removed off the mortgage or house sale needs to be proved? Anyone any experience of this and have advice of how to…
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Income tax on 2nd home for parents to live in
I'm looking to buy a second home, not a buy to let, a standard mortgage. I pass the affordability checks and have the 25% deposit, plus stamp duty etc. Thave two options: * Have the mortgage solely in my name. My parents send me money every month to cover the cost of the mortgage payments. Will this incur income tax? Or…
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Stupid Question on How Much I Need to Borrow
I think I may have mis-calculated here. We're selling. I can port my mortgage to the new property. Mortgage left is £100,000. We sell our house for £200,000. House we're buying is £350,000. Does this mean I need a mortgage of £150,000? Boring bit: I originally thought it was going to be £250,000 as we'd use the £100,000 of…
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What’s the Ideal Down Payment for a Mortgage in 2024?
Hi all, I’ve been hearing a lot of conflicting advice about how much to put down on a home. Some say that 20% is the standard, but I’ve also read that many buyers, especially first-time homebuyers, are putting down much less. With changing mortgage rates and home prices, what’s the ideal down payment for today’s market? Is…
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New fix term due and lender wanting a new application
Hi, My fix term is due to end, I have had my mortgage 12+ years and usually choose a new fix term with the same lender online. I have tried to do this and they are now saying that I made 2x larger over payments during my last fix I now need to do speak with a mortgage advisor and do checks for a new mortgage fix!?! Had…
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Vida Homeloans.
Hi. All a bit new to this, my wife and I have applied for our first mortgage with Vida, via a broker. we had to go down this route due to a now satisfied trust deed, we have the Dip and now at the full application stage. We have pushed the valuation forward, just wanted to know what kind of turnaround time we are looking…
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Buying 1 parent out the house, 2 on deed 1 on mortgage
Situation - my parents own a property, they are mortgage free. They have split up to need to sell the house and split the amount 50/50. Let’s say for ease the property is £500k so they have £250k each.One parent wants to stay in the house so I want to know if it’s possible to buy with the parent staying in the house. The…
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Mortgage additional borrowing-valuation
We've recently requested additional borrowing to renovate our house. I have received a random text message stating that my lender has requested a valuation using Legal and General survey services. - I did not receive any communication from the mortgage lender alerting me that they instructed LGSS, is this normal? -Is it…
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How does borrowing against mortgage work?
We want to extend our home and will need to borrow against our mortgage. Total novice here and no idea how it works. We currently have an amazing mortgage rate (1.4%) as we fixed just before all the increases. Would we have to get a new mortgage deal, i.e. lose our amazing interest rate and pay a much higher interest rate?…
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Re-mortgage to buy another house. The ins and outs of how it all works??
Hi everyone I really need some clarity from a mortgage adviser regarding this….. I have a house I’m finishing renovating and planning on holiday letting it. After the kitchen is completed in a few weeks it will be worth £300,000. There is no mortgage on it now. Another house has come up for sale for £500,000. I believe I…
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Mortgage ending - dates not correct?
Morning, I took out a mortgage in November 2019 which was a 5 year fixed with TSB. Due to the massive changes in rates over recent years I have been keeping a close eye and was hoping to get my new deal 3 months early ( as TSB allow you to do ) as see rates may be on the increase again. I contacted TSB a couple of months…
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Halifax
HiMy broker has suggested we take out a mortgage with HalifaxI've had issues opening current accounts with them in the past, and Lloyds, as I once tried opening an account with a different email address to the one I already had open (that I'd completely forgot existed) and they said they'd flagged me for using different…
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Mortgage without partner
I own a property (mortgaged) in my sole name, which I live in with my partner and our 2 kids. Partner contributes a set monthly amount of “rent” which he transfers to me cover his share of bills and expenses. We do not share finances and are not financially linked. I am looking to move house. Partner has poor credit and…
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Mortgage overpayment
We are in the process of moving house Our new mortgage will be approximately (haven't secured a deal with a lender yet) £1,200 per month - £210k borrowed, 4.3% This is affordable for us and eventually we will pay it off early. However in the short term I have been considering whether the first few overpayments could be…
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Child Maintenance & Mortgage
Am getting different answers from mortgage brokers re: whether or not child maintenance is included as part of income / affordability calculations for mortgage. Any insight here? Kids are under 5. Maintenance agreement is informal, kids dad transfers me £500 per month, but no court order or CSA. Evidenced by bank…
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Mortgage overpayment logic
Today I confused Natwest with my questions about mortgage overpayments :smiley: They have two overpayment modes: - Up to 999, the monthly payment stays the same - 1000 or more, they recalculate the monthly payment I don't want to have my monthly payment reduced, so I asked them: "What counts as an overpayment?". If I were…
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Mortgage additional borrowing
I've just applied for additional borrowing on my mortgage. I have already supplied my payslips for my 2 jobs. They are now requesting for my p60. I have a p60 from 1 job only. It doesnt reflect the income of both jobs as I started the other after the tax year. Now a bit worried. Applying direcly to mortgage lender. What do…
