We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

What is a "fast track non status mortgage"?

Lord_Julian
Lord_Julian Posts: 7 Forumite
Part of the Furniture First Post Combo Breaker
in Mortgages & endowments
I've been told I need one on my uk property as I am working outside the uk.
Thank you for your help.

Comments

  • Lord_Julian
    Lord_Julian Posts: 7 Forumite
    Part of the Furniture First Post Combo Breaker
    Oh yes! And I haven't a clue what one is!
  • Rifleman
    Rifleman Posts: 34 Forumite
    Part of the Furniture Combo Breaker
    I'm assuming you have a current mortgage on this property so who's it with and have you approached them for a re-mortgage?
    I am a qualified Financial & Mortgage Advisor
    However,anything posted on this forum should not be considered financial advice. What is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from a registered Financial Adviser who can advise you after a personal fact find.
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    What exactly are you looking to do?

    Have you come to the end of a deal and looking for another deal to move onto?

    WHere do you work and live? WHat is your income? What is the mortgage amount?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Lipstick_2
    Lipstick_2 Posts: 85 Forumite
    Usually this means that no checks are made on income but the lender may do so.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Lord_Julian
    Lord_Julian Posts: 7 Forumite
    Part of the Furniture First Post Combo Breaker
    Hi, I have a property valued at £310k (looking at local, comparable,property sales), with a £170k mortgage (was with Lambeth BS- sold o Portman, I believe?) currently tied in to March 2008. Wife to start 41k job abroad (with free house) in January, so I will take a year off with kids. Our current joint income is £80k, but this will drop, as I will be at home- but we can rent out our place and live in the rent free house provided. I was expecting IFA to recomend a B2L- but are FTNSMs better value? I want to go interest only for 5 years- any advice appreciated.
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    If you are going to let out the property then a BTL would be the way.

    However some lenders may consider this for you on residential deals, on the basis that you are going to come back to the UK within a given period of time. WOuld you be staying the UK with the kids? Or would you want to go to the free property? When would you come back to the UK?

    Fast track and non status mortgages are two different things - fast track may well be an option to you however I think discussing this with an adviser would be the best course of action, as it also depends a lot on what your plans for the future would be.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Lord_Julian
    Lord_Julian Posts: 7 Forumite
    Part of the Furniture First Post Combo Breaker
    Cheers for the advice- we wuld basically be away from the property for 5 years max. So tie the mortgage up for 5 years- if we come back earier then so be it. We'll be back before kids enter juniors. Woulf it make a difference that the wife is working for the MoD on a British Base?
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    With some lenders it will make a difference and with other's it will not.

    I dont think you will have a problem - it will be a case of making sure the lender is aware of your circumstances, in order to try and get the best deal possible for you
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Lord_Julian
    Lord_Julian Posts: 7 Forumite
    Part of the Furniture First Post Combo Breaker
    Thank you for your advice and I apologise for my awful spelling!
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 354.3K Banking & Borrowing
  • 254.4K Reduce Debt & Boost Income
  • 455.4K Spending & Discounts
  • 247.3K Work, Benefits & Business
  • 604K Mortgages, Homes & Bills
  • 178.4K Life & Family
  • 261.5K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture