Paying off a mortgage

Dick_Turpin99

This is probably a bit "A.B.C." for the forum and comes from someone who is in his 40s and a mortgage virgin. To explain I work overseas & has stayed with family when in UK, suddenly a nice property is coming up close by to my folks and don't really know where to begin, I think I can stump up a reasonable deposit and basically I want to pay off as much as possible as quickly as possible with other various maturing investments that should occur over the next 3 > 5 yrs. What kind of mortgages are there tailored to this kind of purchaser?

***edit: I should add at this point that the property I have in mind I only want to buy for the land, then sell the small bungalow on again with a large garden as soon as is possible

With the current situation how strongly do you think the lenders will try to steer me towards something unsuitable for my needs,in other words, after cutting through all their sales talk, is it actually more favourable to borrow money from them for such a long term or better to go with my initial plan.....thinking that if its profitable for me it won't be for them......only I really hate the idea of being in debt to anyone

Appreciate your patience on this (I am abroard right now & can't simply pop in to a local mortgage broker for advise)

Dick_Turpin99

no-one knows the answer?....oh well, have to ask someone who does

redpete

!!!!!!_Turpin99 wrote: »

no-one knows the answer?....oh well, have to ask someone who does

Or maybe they've got better things to do on a Bank Holiday than scan MSE.

There are flexible mortgages that allow you to overpay but there are often limits on how much you can overpay by per year. There are offset mortgages that allow you link your savings (and current account) with your mortgage with interest calculated on the net outstanding balance.

The mortgage guides on this site should help you understand if these are what you are looking for.

Dick_Turpin99

Thank-you Pete

luckyfool

Mortgage availability will depend on your work circumstances. Are you ex pat, do you pay UK tax etc. If not a UK taxpayer then that will cause problems with many lenders.

Dick_Turpin99

Yes & No to your answers......out of interest why does that affect it?

I seem to be on good terms with the Natwest bank manager....investments are with them.....he had touched on mortgages before but at the time I wasn't shopping for one so brushed it off.....he was aware of my status and didn't seem to think it would be a problem.....maybe when we had got down to the nitty gritty this would have emerged.
I remember thinking at the time purely for the simplicity of moving the financial affairs around how convenient it would be to work with them.....
How do you rate mortgages from banks?

Thrugelmir

Why not book an appointment with a lender and see what they offer you.

Mortgages are by their nature long term products. All you need to ask for is a product which has no restrictions when it comes to overpayments. This may raise the interest rate charged.

Dick_Turpin99

OK, I'll do it when I am back in August

getmore4less

It's not just the mortgage allthough the plan to sell off the house will complicate things.

Whats the plan for the land, seperating the title and planning also need looking at.

Dick_Turpin99

I want to keep the land for personal use.....but the house doesn't hold any attraction for me to live in.

Pincher

I think you should talk to Knight Frank, and ask them for somebody more used to land deals. Most mortgages are meant for a house.

By the way, "exclusive deals reserved for our Premier customers" are usually worse value than the regular mortgage offers from the same bank.
Sunday Times Money did an article on this recently.