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Is it worth opening nationwide account to mortgage Flexclusives?

March 25, 2013, 5:45 am
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Hi. Am looking for any advice please.Im just about to apply for a Nationwide Buy2Save mortgage as my house offer has been accepted.
I dont normally bank Nationwide but the bank said if I open a current account with them, then apply for my mortgage I getter a better deal.
What I wasnt sure of - will this affect my credit rating applying for a new bank account a week before my mortgage? Thanks.
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should I buy? advice needed pretty please :)

March 25, 2013, 6:11 am
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Hi all,
I was hoping I could get some opinions and maybe some recommendations from some of the knowledgeable folk on here :)

My current situation
I am a 27 year old freelancer in animation/film/commercial industry in London (have been about 2/3 years now).
I have been paying various rents from 550 up to 650 a month every month during that period.

Currently I have only student loan debt, and a credit score 352 which as I understand is reasonable?

I dont really have any savings to speak of - some small savings which i consider my buffer for freelance etc.

However i am lucky to have 40k family money (which is earmarked to help me with a deposit)

So my question is, should I consider buying?

I have thought about buying a 2 bedroom flat some where in london, with a mind to rent out the spare room. My girlfriend would probably live with me and share my room and pay me a small rent.

I havnt spoken to any mortgage advisor about the potential mortgage I could get, which leads me onto another question
can anyone recommend and independent advisor that could give me just a quick idea if I could get a mortgage and how good it would be (free if possible of course :) )

as im a freelancer its a bit tricky to estimate my wage.. but I would say average over the time i have been a freelancer its maybe 45k-50k a year..though often it doesn't feel like it because of cash flow!

I need to look at those figures to make a accurate average

Thanks in advance!
Toby
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Valuation to Offer

March 25, 2013, 6:14 am
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Hi All

I have a valuation on a new build property this coming wednesday the 27th, ive been asked for proof of deposit and gift letter from my parents which are being sent today.

How long do you think it will take for a final offer to come through?

the company selling the house want to exchange within 4 weeks that was a week ago
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Compliance fee

March 25, 2013, 6:45 am
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A mortgage advisor is asking me to pay a £300 "Compliance fee" - is this right?
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FTB -- Declined by Halifax-- what are my chances of with other lenders?

March 25, 2013, 7:48 am
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Hello people,

Just frustrated and annoyed... at the same time.
My mortgage with Halifax was declined (off the phone with the mortgage adviser) and I am being told I cannot appeal. The reason for decline was discrepancies in the paperwork I submitted. All I submitted was my 3 months payslips/bank statements (2 months printed off online and the latest one got from the bank stamped), gift letter from my parents who gave us around 28k for deposit. I could not give a P60 coz I am working since 6 months as a perm employee and Obv I cannot provide P60 until next year.. coz I was working temporarily on and off and was not really on the payroll.

Am looking forward to meet a MA from the Lloyds TSB bank tomorrow, I have been banking with them since 6 yrs (since i have been in the uk!!) All I can give is the same documents.... what do u guys think? what are the chances of me getting the mortgage? Please advice.
Cheers
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Taylor Wimpey Mortgage

March 25, 2013, 8:42 am
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Hi,

I am thinking of taking advantage of the new HomeBuy scheme and have been looking at some properties. I have placed my final decision on an apartment built by Taylor-Wimpey. The problem is that they will not let me use my own financial advisor/get my own mortgage/solicitor. Surely this is not legal and a home buyer should be free to use who they choose? Help
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Can my Father in-law buy a house for me?

March 25, 2013, 8:43 am
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As it says on the tin really!!

Me and my partner have 2 children and have been renting privately for a number of years and have always thought of buying our own place as a longshot, but my father in law who is mortgage free and has a nice amount of savings tucked away suggested that we do a Springboard Mortgage through Barclays.

Unfortunately although not terrible my credit score wasn't up to Barclays standard so it didn't happen, so my question is - Can my father in law get a mortgage and buy a house (all in his name obviously) and me and my family live in the property until our credit scores are good enough for us to get our own mortgage to buy the property from him?

It sounds very simple but I'm assuming as with anything too simple there are restrictions or things we need to look out for?

Thanks in advance

Shaun
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New Mortgage special case

March 25, 2013, 8:58 am
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I purchased a property with a repayment residential mortgage. My circumstances later changed and I moved out, and let the property with the full permission of the lender. I have been letting the property now for 5 years with the same tenants.

I have been renting since and now wish to buy another property to live in whilst continuing to let the first property. I approached the lender for my first mortgage and they say I cannot borrow for a new property and I can't transfer to a buy-to-let as they do not do buy-to-let mortgages nor do their parent company.

Any ideas as to what options I have?
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MSE News: Mortgage approvals at lowest level for seven months

March 25, 2013, 9:08 am
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Nationwide free legal fees offer (or £250 cashback)?

March 25, 2013, 9:37 am
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I am making an application for a mortgage through the Nationwide. I am an existing customer & I want to borrow more money to buy another property. For this reason, then I can be offered free legal fees, or £250 cashback. I chose the free legal fees. I am now not so sure I have made the right decision, since I will be putting my existing property on the market, so I need to sell that one. I am able to finance the purchase without the sale of my existing in the short term, so I don't need to create a nice chain.

Should I stick with my choice of the free legal fees, or should I take the £250 cashback and find my own?

I've done a quick search and:-

Option 1) pay for selling legal fees only (£260+VAT); plus the unavoidable variable costs.
Option 2) having one solicitor doing the buying & selling (£560+VAT); plus the unavoidable variable costs (minus £250 cashback).

To me, option 2 would cost more money than option 1! Or have I missed something?

Option 1) £312 (1.2x£260)
Option 2) £422 (1.2x£560-£250)

I'm worried having two solicitors would be more hassle than it is worth, or am I wrong?
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Wanting a Mortgage but already have a personal loan

March 25, 2013, 9:54 am
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I am wanting to get a 70k mortgage how I already have a personal loan that I pay £500 per month and I still have 13 months left on this loan. I Earn £19k per year

Is there any way I can considate this with a mortage plan so i can wipe my loan out and still be able to get a mortgage?

Ideas and thoughts pelase
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Urgent advice please re. mortgage app and credit checks!

March 25, 2013, 10:03 am
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Hi everyone

I need some urgent advice, any opinions really appreciated. Here is my situation:

I currently own a property with a single mortgage with Intelligent Finance.

I am buying a new property and converting my mortgage to a Joint mortgage with my partner. We have had our offer on the new house accepted.

We have both checked our credit reports with Experian and Equifax. Our scores with Experian are 971 and 999 respectively. With Equifax are scores are in the 'Good' and 'Excellent' range.

HOWEVER, we have realised that my partner is not, and has never been, on the Electoral Register at the address she is using to apply (although she has 12 years there). We rent a place during the week and she registered on the electoral roll there rather than the address where all her credit cards and bank records are located.

Intelligent Finance tell me they use Equifax and that Electoral Roll info is requested through the credit check but they won't advise if this is a primary reason to refuse. However I have seen reports from people on the internet turned down for mortgages purely based upon not being on the Electoral Roll when checks are made with equifax.

The advise I need is:

- Are IF likely to turn us down despite both having good credit scores as my partner is not on the register?

- Do I take the risk and make a joint application now, as our records are currently not linked and if we are turned down I am told we are then linked going forward?

- Could my partner use our rental address to make her application where she is on the electoral roll (with the drawback that she has no credit cards or history at that address and we have only been there for 18 months). Would those drawbacks offset the benefit of being on the roll?

- Will getting declined mean IF will not lend to either of us again in the future? I want to stay with them as I have an excellent low cost tracker rate.

If we add my partner to the electoral roll I'm told it won't be updated until May and then Equifax may not update their records until June or later. Therefore if we try to delay the process we will almost certainly lose the house we have got the offer on and have to wait 3 months or more and start the whole house hunt process again.

Any advice appreciated!

regards

David
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Buying a house with a business attached

March 25, 2013, 10:48 am
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Hi, does anyone have experience of buying a house which also has commercial use for outbuildings?

No property in mind yet, just tentatively looking but we would like somewhere with either an established business to buy with it or outbuilding which we could set up for business use or already have permission.

This is an idea my Husband and I are thinking about and I'm a bit confused about whether it would just involve a standard mortgage or part mortgage/ part business loan.
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Are fixed-rate mortgages similar to fixed term ISA's?

March 25, 2013, 11:21 am
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I'm guessing that this is a bit of a random question, but is the process for a fixed-rate mortgage similar to the process of a fixed term ISA where at the end of the term you simply move it to whoever is offering the best rate?

I appreciate there may be fees involved with switching provider at the end of the fixed mortgage term, but if you are going to chase the best rate I'm guessing the SVR at the end of the term isn't too much of a concern?
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bank credit checks

March 25, 2013, 11:36 am
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Hello

Me and my partner are looking to buy our first house. He is from another country in the EU and has borrowed some money from the bank there (which he is paying back in installments) my question is in our morgage application, can they see this money on the credit check? should we declare it or keep it quiet in hope of a better morgage?

Im not really sure how it all works, it will be our first buy :)
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is a re-mortgage possible whilst in a dmp?

March 25, 2013, 12:04 pm
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hi there im pretty new round here was just wondering if anybody had any idea what my chances of remortgage may be? i am currently in dmp with stepchange paying £163 month on £18,000 debt.. just over 9 years to go.. i am stuck on a variable rate on my current mortgage with santander which is 4.74% around £403 a month. There are no options for me to take a fixed deal with them at the moment which is probably because my santander overdfraft is on the dmp and defaulted.. anyways the house worth around £130,000 and mortgage outstanding is £77,000. i have a secured loan outstanding of £13000, this is £260 a month! total is £90,000 and £660 a month which leaves around £40,000 equity in the property. I just want to know if anyone knows of anywhere that would possibly let me either remortage to a fixed deal or even possibly remortgage and include my secured loan in this taking out a total mortgage of what would be £90,000 and possibly come in cheaper than £660 a month so i could put more towards my dmp? i know its probably not going to be possible but i thought the equity amount i have may help?

if anyone has any ideas or suggestions it would be appreciated cheers
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Re-mortgage with secured loan

March 25, 2013, 12:41 pm
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I currently have a joint mortgage in the house I live in but my ex husband wants to come off the mortgage. I want to stay in the house and take over the mortgage but we also have a joint secured loan which would work out too much if put on the mortgage. My ex is prepared to still pay his half of loan but will anyone give me a mortgage in this situation. I will not be any better off selling and renting as the monthly mortgage payment is lower than rental prices. I am also 45 years old and need to have mortgage for 20 years and although this will take me to just lower than my retirement age I realise I would probably be high risk. Hope this makes sense!
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Likelyhood of mortgage

March 25, 2013, 1:19 pm
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Son has been declined from nationwide for mortgage, they told him there was nothing bad on the files and that their score was just a bit low yet and to keep saving, with the details below is it worth applying anywhere else or just to sit tight and save a bit more,

details are

First time buyers

Him 24yr old
Her 22yr old

Both on electoral roll, him 19yrs same house and her 18 yrs same house

House value £85000
Deposit £8500
Mortgage needed £76500

His income £39698 same employer 8yr
Her income £16100 same employer 4yr
Joint income £55800

outgoings

His
car finance £380 /month 4 years to go
credit cards £4500 pays £450 / month
overdraft £400


Hers
Car loan £199/ month 1 year to go
Credit card £400 pays £50 /month (just took out about 3 months ago)


They have done their experian and his score is 900's hers is 800's, he has a 4 late payments ranging from 24 - 48 months ago when he didn't know any better, nothing since everything is green and hers is all green too with no late payments.

Any advice for them would be appreciated.

regards
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Re-mortgage with secured loan

March 25, 2013, 1:26 pm
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I have a joint mortgage with my ex husband on the house I live in. He wants to come off the mortgage but we have a secured loan which he is still prepared to pay. Does anyone know any companies that might help me? I am 45 years old and would need it over 20 years. I know this would be risky but still takes me to under my retirement age. Thanks.
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New mortgage needed in Southampton

March 25, 2013, 1:55 pm
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Hi,

Mortgage due to expire in June and new one needed. Anybody help?

Property valued at 175000, mortgage of 124000 needed.

Please contact sf250674@yahoo.co.uk if you can help.

Thanks


Steve
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