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income/debt
Hi all, I was wondering what is better to pay off.
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Mortgage offer declined
Has anyone been in a situation where the property they were buying the owners had built on land that turned out not to be their’s to build on in the first place? They’ve tried contacting owners but heard nothing back so indemnity insurance isn’t an option so have asked their lender (Natwest) if they will still lend if once…
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Borrow from mortgage overpayment or liquidate ISA?
Hi - thanks in advance. I have a car and the finance is ending soon. I’d like to keep it and the final payment is £10,500 due 21/10/2024. Currently I repay £230 a month. Personal loans are looking at 6.1% for me. All will be £1000+ in interest. I thought of borrowing from my mortgage overpayment reserve. I have a mortgage…
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Overpaying Mortgage to Reduce Pot but Retain Borrowing Power
Morning, We have been overpaying our mortgage by a significant amount (the overpayment is larger than the monthly repayment) each month since we moved to this mortgage 2 years ago. We are on a 10 year fixed term at a good rate. We are lucky to be in our forever home, have a good stable income and are in our late 30's with…
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Credit history with fully paid accounts affecting mortgage app
I’m wondering if anyone here has an experience with applying for a mortgage with an excellent credit score but not as good credit history. I am looking at applying for a mortgage imminently - £120k joint income, £100k deposit and 1 car loan (my partners) so on the surface we should be ok! However, I have credit file…
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Selling house to pay off mortgage , can we be evicted if it takes too long
Due to major money issues some years ago we switched to an interest only mortgage and have never had any way of paying off the mortgage. It has always been our intention to sell the house to pay it off. Not ideal, but it's all we can do. There is plenty of equity in house so that's not the issue. What I am wondering is, if…
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Santander mortgage application
Hey! FTB here. I wanted to hear everyone’s experience with Santander? How was the mortgage application process and how long did they take? My current timeline is the following: Our broker sent our mortgage application on the 13th March and so far the lender has done the following checks: 05/03 - soft credit check…
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Third residential mortgage help
Me and my partner have: A. 1x permissions to let air bnb worth £400k(mortgage is £90k) B.1x residential mortgage where we both live,(worth £350k, mortgage is £95k) that will be rented on a permission to let when we move into the property we are trying to buy (C) C.A cottage worth £405k, we have a £160k deposit to put on…
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Need to extend my mortgage to clear debts but have been declined
Hello, I am looking for some help and guidance please. My husband has accrued some debt, but we have a lot of equity in our house. I tried to apply to Halifax to extend the mortgage on our house to clear the debt, but we have been declined due to the level of debt. It feels frustratingly like chicken and egg. I have some…
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How long does an Occupiers Consent Form take to be sent by lender? Currently delaying our exchange
We are FTB and our purchase has had issues with the chain for a few months now that have been out of our control. At this point, we were told that our seller's solicitors are expecting an Occupiers Consent Form to be sent form their lender before we can agree on an exchange date. Everything else is signed and ready to go.…
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Remortgaging or Loan for Home Improvements?
Good morning guys, Newbie on the forum looking for some advice please. I own my own house, a three-bed former council house which I purchased under the right to buy scheme in 2019. The house is valued at around £95/£100k now, but at the time the council valued it at £80k, selling to me for £33k with my right to buy…
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Bad credit shared ownership and mortgage
Hi, First time posting and really hopeful for some much needed advice. I am in the process of selling my property and I'm in 40k worth of debt. This will be paid off on completion but I have really hurt my credit. It's very poor with at least 2 ccjs as of last month. My money is tied into the property and I'm grateful that…
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Overpayments and early repayment charges
I'm thinking about taking a 5 year fix with Nationwide. If I overpay the maximum amount each year without incurring an ERC (and opt to keep monthly payments the same), I calculate that the mortgage will be cleared after about 3.5 years. Would I then incur some sort of charge for clearing the mortgage before the 5 year fix…
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Does overpaying reduce term length?
A ridiculous question, I apologise! But this is a safe space...? :# So I discussed this with my mortgage broker and mortgage lender before making a lump sum overpayment, and obviously my partner and I discussed it extensively. So it is a bit embarassing if I have somehow misunderstood this. This was a lump sum overpayment,…
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Remortgage to pay off credit card debt
I’m looking for some advice. We recently purchased a property which required an extensive renovation. We got the property £40,000 below market value and put a 10% deposit in knowing the very little we had left over would be spent on the renovation along with 0% credit cards, with the idea of remortgaging at the higher…
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Mortgage application advice with payday loan history
Hi In the next twelve months I’m going to apply for a mortgage as a first time buyer. I have a past history of payday loans none of which are in the last 6 months. I’ve read lots online about the impact of payday on the ability to receive a successful mortgage application. For the next 12 months my plan is to be paying…
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Why are there so many short lease properties on the market?
Hello. There are many flats for sale at the moment with a lease c. 85 years. The estate agents suggest to reflect this on the asking price and reduce it accordingly. The question is by how much? It's not only the extension but the legal fees. Also, if it's below 82 years, then the extension is getting very expensive. An…
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Would you repay mortgage in full
Hi all i currently have a mortgage of £52k at 5.25% with an early repayment charge of 2% the mortgage doesnt finish until May 2026. I have various funds available i have max holdings in premium bonds and only won £925 in the 8 months so far this year. Would it be wise to pay the mortgage off in full and pull money out of…
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Impact of son at uni on mortgage renewal
Hi, My son starts uni next month & in December I can apply for my next fix on our mortgage. Anyone know if financial support for kids at uni is seen differently by lenders than cost of having them at home? For his rent, we could pay his first year up front and therefore he would not need a guarantor nor would termly…
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Advice please
We accepted an offer from a buyer they had an AIP, so we thought they’d go on and submit an application for a mortgage. We are weeks away from completing to be told their first mortgage application was rejected and they’ve applied again. But this has only been done last week.They put an offer in 2 months ago…I’m wondering…
