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Overpayments
"I have been making extra payments of 10% on my mortgage each year in January to reduce the amount I owe. I am currently on the final year of my five-year fixed mortgage. My penalty for overpaying more than 10% in the final year is 1.1%, but I still decided to overpay more than 10% to pay off the mortgage before I move to…
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Mortgage Cooling off periods
Does anyone know if mortgages have cooling off periods? Long story short, started our mortgage hunt back in October, got the cheapest rate which happened to be with our current provider HSBC, 60% LTV at 5.84% with no product fees, 2y initial term. This came into action when our mortgage deal expired which was December 1st.…
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Hoping to buy a house this time next year but I have adverse credit. Any advice?
Hi everyone. So background is me and my partner have been together 5 years. I’m not great with money, although am a lot better now. He has perfect credit but is self employed. My credit is currently at the higher end of the “poor” category with all of the agencies. I have around £7000 debt with numerous lenders which is…
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Mortgage rate will be unchanged until
The announces its next decision on interest rates on Thursday 1 February 2024. Will it be an unchanged mortgage rate until 1st February 2024?
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Paid Natwest Mortgage off by CHAPS
Hello, I paid my full redemption amount on Friday from my HSBC account by a chaps payment. Its cleared out of my account, but has not arrived with the Natwest yet. The low interest rate deal ended on the 30 November and the standard rate started on the 1 December, so I used savings to pay the whole thing off. Natwest are…
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Mortgage deal ends
Hi all, trying to plan ahead. In 18months my 2yr remortgage deal will end and I will owe around £16800. Ive been told that lenders wont be interested in lending such a small amount unless its iver 3 years (which works out expensive) what will i do at the end, i dont have enough savings to cover all of the £16800 and dont…
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Rolling 2 mortgages into 1
Hi All, I am looking for some re-mortgaging advice so hopefully someone can advise. * House is worth around 1,000,000 (mid range for the road we live on) * We initially took out a 29 year mortgage on our house in 2021 and got a 5 year fixed rate at 1.5% (balance is around 350k). * We then took out a 2nd charge mortgage in…
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Remortgage due 31/12/2023, should I go on tracker/variable rate until the decrease further?
Me remortgage is due to start at the end of the month. With rates decreasing quite a lot, do you think it is wise for me to go onto a tracker variable rate for a while as this seems to be the direction they are going in? My payments are increasing by £900, to £2250 so I am looking to make this as low as possible.
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Mortgage charter 2023: What happens after the six months forbearance?
Does anyone have any information or informed insight into whether banks will be offering customers more than one six-month interest-only period? The mortgage charter was obviously a quick political fix to postpone the immediate impact of the cost-of-living crisis but many customers will need more than six months on…
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Source of funds nightmare
Hello Has/is anyone having issues with proving source of funds for a Mortgage? I paid an invoice for our current home extension in March, directly to the builder via invoice. my partner, as it was pre end of his tax year paid me back from his business out of his personal dividends. Essentially now I’ve been told I can’t…
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Fixed rate ended on my mortgage and now I'm really stuck
Hi, I know nothing about mortgages and I'm so confused, I wondered if anyone had any words of advice or could point me in the right direction. I've had a mortgage overall for over 10 years with no problems, I re-mortgaged about 6 years ago. The fixed rate ended on my mortgage and I was automatically switched onto the…
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Remortgaging to a joint mortgage
Hi all Bought my house 3 years ago (a mortgage in my name only). Affordability was tight, the shortest term I was offered at the time by the broker was 35 years with my deposit amount (15%). This was in between lockdowns 1 and 2. At the time I had a large car finance payment which I don’t have anymore, but my salary hasn’t…
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Nationwide mortgage-what shall I do?
I took out a mortgage with Nationwide in 2016, for £60,000. Today it stands at £36,100, with £8,000 overpayment (over 7 years, I overpaid £100 a month since the start). It runs out in May 2026 and the interest rate is 1.49%. Maximum I can overpay in a year is 10%, that’s £5,940. It’s 33% in a shared ownership, and I am 47,…
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What are my options ? SO and additional property
Hi, firstly please be kind my personal situation is quite complex and I don’t want to go into details here. But just to say I am very grateful for what I have. I have a shared ownership property in the south east (25%) share. I live with my 2 adult sons ( one disabled) and I am also disabled. It would be pretty impossible…
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One off overpayment on a part repayment/part interest only mortgage
I am looking to make a one off overpayment on my mortgage which is part repayment and part interest only, both recently fixed on the same 5 year rate. I can choose which part of the mortgage I want the overpayment to overpay on and was wondering which would save me more interest over that period. Thanks
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Right to buy discount + LISA - very low LTV
I have a question about LISA and right to buy mortgages. I am not sure what options will be available to me and whether I will lose out on my LISA bonus. I have 20k (plus interest) saved in my LISA. Initially I wanted to buy a dream home but my circumstances changed and now my only option is to buy the council house I am…
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Advice on 'mismatch' between mortgage and life/critical illness policy
Hi all I've been exploring the possibility of taking out the Green Additional Borrowing from Nationwide to fund solar panels and it's thrown up an issue with my life assurance I wanted to check out with the knowledgeable folks on here. There's a slight mismatch between my current decreasing term life & critical illness…
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Mortgage Rate rise and time
Hello. Newbie. I have two BTL mortgages with Birmingham Midshires. Fixed at 1.7%. I've had paperwork recently, but nothing about rate rise. Emailed and no response. Spoke to a FA and he said they will contact you. On the 15th December I received notification my new rate would be 9.56% and is payable from the 1st January…
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Should I repay my HTB loan or do something else with money?
In 2015 I took out a HTB mortgage on a £145,000 new build apartment. The HTB loan was £29000. After my initial fix I didn't remortage to repay it as I thought I could save up enough to repay it myself, however, I ended up leaving my job in December 2019 and starting working self employed at the end of 2020 which used up…
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NatWest annual over payment allowance
For the last few years, NatWest have been sending me an overpayment allowance statement, and the annual period has been from 1st Oct to 30th Sept the following year. Just noticed that this year's is only for 3 months - 1st Oct to 31st Dec 2023. My current fix ends on 31st December, so I guess that's probably why. I've…