Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • seagull1983
    • By seagull1983 8th Jan 18, 4:43 PM
    • 5Posts
    • 1Thanks
    seagull1983
    Beneficiary of a will within 6 months.Would this help application?
    • #1
    • 8th Jan 18, 4:43 PM
    Beneficiary of a will within 6 months.Would this help application? 8th Jan 18 at 4:43 PM
    Hi,

    Mortgage coming to the end of its 2 year rate in April.

    House worth 320,000
    Mortgage is 50,000

    Total salaries 38,000 a year.

    But, we have loans and credit is very poor, BUT we are beneficiaries of a will that we will receive in 6/8 months that will clear the mortgage. Can this information help increase our chances of a mortgage?

    Thanks in advance.
Page 1
    • Mortgage_Adviser
    • By Mortgage_Adviser 8th Jan 18, 5:22 PM
    • 136 Posts
    • 47 Thanks
    Mortgage_Adviser
    • #2
    • 8th Jan 18, 5:22 PM
    • #2
    • 8th Jan 18, 5:22 PM
    I dount that the lenders will be overly excited that they would only make money of you for 6 months. In fact if they know you are planning to repay the morgage so soon they can potentially decline you for this reason.

    How bad is standard variable rate you are coming out to with your current lender?

    Have they got any mortgage products wit no early repayment charges?

    These may be the best options for you bearing in mind the coming full repayment of the mortgage from the inheritance.
    • KB2018
    • By KB2018 8th Jan 18, 8:41 PM
    • 4 Posts
    • 0 Thanks
    KB2018
    • #3
    • 8th Jan 18, 8:41 PM
    • #3
    • 8th Jan 18, 8:41 PM
    This isnt related but id love some
    Advice did you get your mortgage with your poor credit history?
    • dimbo61
    • By dimbo61 8th Jan 18, 9:22 PM
    • 9,912 Posts
    • 5,335 Thanks
    dimbo61
    • #4
    • 8th Jan 18, 9:22 PM
    • #4
    • 8th Jan 18, 9:22 PM
    What do you mean by Coming to an end !
    Is it the end of your current deal ?
    Could you look at New deals for existing customers ?
    Consider an offset mortgage so you can fix for a short period of time but put the money once you receive it into the offset savings account
    • Thrugelmir
    • By Thrugelmir 8th Jan 18, 9:29 PM
    • 58,961 Posts
    • 52,279 Thanks
    Thrugelmir
    • #5
    • 8th Jan 18, 9:29 PM
    • #5
    • 8th Jan 18, 9:29 PM
    Can this information help increase our chances of a mortgage?
    Originally posted by seagull1983
    Lenders aren't interested in information. Just hard facts, i.e. circumstances now. Why not use the inheritance to clear your other debts before repaying the mortgage. This will provide a solid base to improve your credit rating moving forward.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

2,104Posts Today

6,323Users online

Martin's Twitter