mortgage query

MortgageMamma

My point is, they are human beings and their affordability is most likely not an issue. In an ideal world we would all be debt free before applying for a mortgage, but this isn't the case for 9/10 customers and I wouldn't say their situation is exactly dire or undesirable for a lender. I agree it would be good and look BETTER if they could clear those debts up, and I'm not faulting your maths but we have no evidence they would go forward to the future spending irresponsibly just because there have been a couple of minor blips in the past.

For all we know, there may have been even more debt that's been paid off beforehand, we don't know what their current living costs are regarding rent etc, we don't know if they have children etc. All these things affect ones ability to save, the important thing is they have got the money they need for a deposit and in the short term it doesn't really matter whether they have an equal balance of debt to savings - that can be addressed once they have achieved their goal.

I think if they got the right advice from outset from a decent advisor who could help with more than just the mortgage but able to make them consider a lot of the possible eventualities before committing and make sure contingency is in place in terms of illness/redundancy/loss of earnings etc they would be ok. Its hard enough for people to get on the property ladder these days, if its such a struggle to get on it, surely that makes it all the more important for a homeowner to strive to stay on it!

TerryTJ

I have a £133,000 mortgage on a property only worth around £70,000. Is their anyway possible way I can transfer this mortgage to another property which has no mortgage on it and is worth £135,000?

Much appreciated folks if anyone can shed some light 👍

AnotherJoe

Terry, you should ask this question as a completely new subject rather than add onto someone else's completely different topic.

Is this related to Buy To Let (BTL) concerns? If so use that as the topic subject rather than "quick question" or similar since if everyone just posted "I have a question" or "please help" it wouldn't be very useful would it? If its not BTL at least indicate the subject, eg "transfer mortgage".

amnblog

TerryTJ wrote: »

I have a £133,000 mortgage on a property only worth around £70,000. Is their anyway possible way I can transfer this mortgage to another property which has no mortgage on it and is worth £135,000?

Much appreciated folks if anyone can shed some light 👍

No Terry. That is not possible.

To redeem the mortgage you need to find £133,000.

TerryTJ

Thanks amnblog, is there any other options open to me regarding this? Could I get another mortgage from another bank to clear the £133,000 and set it against the other debt free house? Cheers.

Babybeau

Hi
I'm hoping someone out there can help please.
I have a Northern Rock mortgage taken out in 2003, its 'together' mortgage that had and still has an unsecured loan attached. I have never missed any mortgage payments.
My rate of interest is fixed at 4.75% (I know!) I'm stuck though because I have an incredibly low credit rating, it was 0 but has slowly improved to a 2 according to Noddle. I can't negotiate with Northern Rock as they are no longer a bank. I'm worried that if I start looking for another mortgage provided my credit rating will go back to 0 and I have worked hard to try and bring it back up. Is there a bank out there that I can approach without it recking my credit score? Its crazy that I'm paying nearly £800 a month an little mortgage (my house was £69,000) and a £14k loan when the interest rates are so low.
Any help at all would be greatly appreciated, I just need to take the right first step.
Many thanks

Contemptuous

TerryTJ wrote: »

Thanks amnblog, is there any other options open to me regarding this? Could I get another mortgage from another bank to clear the £133,000 and set it against the other debt free house? Cheers.

No bank will lend you £133k against a £135k house.

Is it an interest only mortgage? Can you overpay?

Contemptuous

Babybeau wrote: »

Hi
I'm hoping someone out there can help please.
I have a Northern Rock mortgage taken out in 2003, its 'together' mortgage that had and still has an unsecured loan attached. I have never missed any mortgage payments.
My rate of interest is fixed at 4.75% (I know!) I'm stuck though because I have an incredibly low credit rating, it was 0 but has slowly improved to a 2 according to Noddle. I can't negotiate with Northern Rock as they are no longer a bank. I'm worried that if I start looking for another mortgage provided my credit rating will go back to 0 and I have worked hard to try and bring it back up. Is there a bank out there that I can approach without it recking my credit score? Its crazy that I'm paying nearly £800 a month an little mortgage (my house was £69,000) and a £14k loan when the interest rates are so low.
Any help at all would be greatly appreciated, I just need to take the right first step.
Many thanks

How much is your house worth? That's a good starting point.

Thrugelmir

Babybeau wrote: »

Hi
I'm hoping someone out there can help please.
I have a Northern Rock mortgage taken out in 2003, its 'together' mortgage that had and still has an unsecured loan attached. I have never missed any mortgage payments.
My rate of interest is fixed at 4.75% (I know!) I'm stuck though because I have an incredibly low credit rating, it was 0 but has slowly improved to a 2 according to Noddle. I can't negotiate with Northern Rock as they are no longer a bank. I'm worried that if I start looking for another mortgage provided my credit rating will go back to 0 and I have worked hard to try and bring it back up. Is there a bank out there that I can approach without it recking my credit score? Its crazy that I'm paying nearly £800 a month an little mortgage (my house was £69,000) and a £14k loan when the interest rates are so low.
Any help at all would be greatly appreciated, I just need to take the right first step.
Many thanks

Please start a new thread to ask your questions. Otherwise the whole thread becomes a complete muddle. You'll receive more responses if you do.

TerryTJ

Contemptuous wrote: »

No bank will lend you £133k against a £135k house.

Is it an interest only mortgage? Can you overpay?

Even if there is another property mortgage free in my name? Could they not use this as some kind of security?