Quantcast
Channel: MoneySavingExpert.com Forums - Mortgages & Endowments
Viewing all 36823 articles
Browse latest View live
↧

Would there be any problems with this

March 26, 2013, 4:58 pm
$
0
0
Me and my brother are currently looking to0 start a business but that would mean me waiting 3 years minimum for a mortgage.

Would there be any issues with me allowing my brother to own 100% of business and have me registered and paid a fixed wage as an employee allowing me to get a mortgage a lot quicker?
↧
Search

need some advice for mortgage FTB

March 26, 2013, 5:14 pm
$
0
0
hi i'm new in this forum hope you can help me.
so, i'm looking to get mortgage for max 200,000. i have deposit 20,000 plus 3000 for all bills i need to pay. my pay is 35,000 (30,000 without overtime), my wife's is 18,000 is it enough to get mortgage?
My wife is pregnant and baby is due on around 10/2013. so i think the best would be to get a mortgage before baby born, because wife's pay will go down. The problem i have is default notice on my credit history which is settled and ends on 31/06/20013 (other credit history is very good). after default goes i have not a lot time to find a house and get the mortgage but still will try.
when can i start looking for house? should i look before default goes? if i make an offer when bank makes full credit check? maybe i can try get it whit default so could look for house now? and should i say at bank or to advisor that my wife is pregnant?

thanks
↧
↧

Solicitors not kept to agreement. Im penalised? HELP

March 26, 2013, 9:57 pm
$
0
0
I have recently set up a payment with a solicitors in December. This was to draw an additional sum each month out. I have arrived back from business (away for a few months). The solicitors didn't set this direct debit to go on top of my mortgage for payments in Jan/Feb/March so i now get a letter saying i didnt keep to my agreement and owe it all at once. Who's fault is this? my account has my normal amount going out on the months? Regards
↧

Self employed, can I remortgage?

March 27, 2013, 12:52 am
$
0
0
Hi I've just been declined a remortgage by Halifax and just wanted to ask on here if its worth bothering with other lenders?

I'm self employed (ltd company)
We only went ltd less than 3 years ago so the Halifax mortgage lady wanted to see every years net profit/loss dating back to 2004 when I started as a sole trader.
She also had a letter from my accountant showing the last 3 years accounts as ltd with the third year being a forecast, it did show a slight increase although not that great so I would just like to get some idea of what sort of figures I need to be at to be in with a chance of remortgaging.

Here are the numbers:

Me
2011 year end £564
2012 year end £3,882
2013 year end £6,500 (forecast)

Credit card debt £17,000

Wife
Salary from permanent job with council £16,000

House value £200,000
Mortgage left to pay £128,000
Mortgage per month £807

The lady in the Halifax said she would try for a 150k remortgage which would enable us to clear the credit cards and still be paying less per month for our mortgage.

Sorry if I've missed out any information!

Any advice appreciated

Thanks
↧

Mortgage application and old defaults

March 27, 2013, 1:33 am
$
0
0
Hi

My boyfriend and I are in the process of purchasing a new build property with a joint mortgage. Cash price £370k, deposit £56k joint income of £148k. AIP all ok but here's the query:

Over 10 years ago I had credit problems and defaulted on a storecard (over 20 years ago) and a personal loan. The storecard was cleared in full at the time and the personal loan went to debt recovery. I have made every payment since and on time and the debt was paid off last year. My credit reports with experian and equifax don't show any defaults and shows the personal loan as settled. 20 years ago i also had an unpaid parking fine which escalated and resulted in a court order (is this a ccj?)

Do I need to declare defaults/ccjs on a mortgage application?

I've had credit since all this (personal loans)and always paid on time and all have been settled and currently have a credit card with a £10k limit and no outstanding balance (paid in full each month). Do you think I will have problems getting a mortgage?

Thanks in participation
↧
↧

Getting a mortgage/self employed/partner full time employed

March 27, 2013, 3:53 am
$
0
0
Can anyone offer me some advice/input on the following situation please?

My partner and I are looking to buy a home together. Im a director of a company with less than a years trading, but we do have a 5 year contract with a global company which documents what we stand to gain financially from the 5 year deal. Ie. My share would more than cover buying a 180k house outright!

She is full time employed and as a health professional is classed as a key worker. Between us we have £35k deposit and we're looking but to spend no more than £180k on a property.

Ive had a mortgage for the past four years and the only reason that will be stopped is because the sale on my property is going through and we'll be renting for a short period of time to save some extra money.

Am I going to be caught out by the whole 3 years accounts/scrutiny/lender wont touch me with a barge pole scenario? or could we make it a little easier by just getting the mortgage in her name and adding me to it in a number of years?

For the purposes of offering words of wisdom - both of us have impeccable financial histories.

Thanks in advance
↧

Mortgage Overpayment Help

March 27, 2013, 4:08 am
$
0
0
I have a mortgage with Nationwide on a 10 year fixed with 31 months remaining set at 4.89%.

It will cost me £1500 to ditch the fixed rated.

I am aloud to pay £500 overpayment per month which I do.
I also put £1500 into premium bonds per month too because of the £500 overpayment limit.

I have £100,000 left to pay.

I have done the ditch the fix calulator and it advises me to change. however my question is.....

How much would I save if I ditch the fix to 2.59% where I can pay the full £2000 in overpayment straight of the mortgage compared to what I am doing at the moment?

Thanks for your help in advance!!!
↧

Credit rating drop after paying off mortgage

March 27, 2013, 4:15 am
$
0
0
Hi guys - we are considering changing our mortgage product from a 70% LTV with the Woolwich to an 80% LTV rate also with the Woolwich. I spoke to the Broker at L&C yesterday and said they may re-score us (she's just waiting to hear back).

I know there are mixed opinions on Experian and the like, but I checked both mine and Husband's just now - mine has dropped slightly but is still within the excellent bracket. Husband's has dropped like a stone and is now Fair.

The only change on either account is that we have paid off our old mortgage after selling our house back in January.

Does anyone know if the Woolwich would look at the circumstances or just the numbers?

Thank you
↧
Search

Halifax Mortgage help!

March 27, 2013, 4:17 am
$
0
0
Hi,

i am a self employed FT[B] and had an offer accepted on a house on Friday.Friday mornng i had received a positive D[I]P to borrow more than required on a 15%mortgage at the Halifax. The D[I]P was completed by a broker. [I] gave him copies of my D / accounts/ bank statements that morning so that if the offer was accepted he could submit the appication without me being there to speed the process up as the offer was on the basis that would be quick. Following the offer being accepted i found a soicitor and the broker made the application formally on Saturday. i havent been asked for any fees yet apart from the brokers fees. The valuation was instructedMonday [I] beieve but have been tod to tel the EA to hold off the vauation unti the paperwork is agreed - this is worrying me. How often does it normaly take for the mortgage company to make you an offer so that you can proceed with surveys / searches etc. dont want to waste money but dont want to lose this house by being slow as i love it. Someone please reassure me - i want to enjoy my easter break rather than spending it stressing!
Thanks
↧
↧

HSBC Suspended Possession Order

March 27, 2013, 4:19 am
$
0
0
Can somebody please point me in the right direction?

We have two accounts with HSBC which we got into arrears with, when the business went into administration in June 2009.

Various letters and correspondence transpired until we ended up in the following situation.

28.09.11 HM Courts & Tribunals Service, ****** County Court
Order for possession (Mortgaged Premise) (suspended)
On the 26.09.11 at ***** County Court

This order has been made on discretionary grounds and the court orders that
1) The defendant give the claimant possession of ***** on or before 24.10.11
2) This order is not to be enforced so long as the defendant pays the claimant the unpaid instalments under the mortgage of ****, by the payments set out below in addition to the current instalments under the mortgage.
3) Payment required £534.00 per month, the first instalment to be paid on or before 01.10.11

07.10.11 Letter from Shoosmiths acting on behalf of HSBC, at the hearing on 26.09.11 the Judge granted an order for possession suspended on payments of your monthly instalment plus £534.00 per month towards the arrears.

According to Mortgage A, HomeOwner Loan the balance outstanding @ 31.01.13 is £36,959.51, based on your original offer document the remaining term of your loan is 7 years and 3 months.
Which would mean 87 payments of £424.83; I am currently paying £685.01 per month (Mortgage plus arrears)

According to Mortgage B, HomeOwner Loan the balance outstanding @ 19.03.13 is £4,166.45, based on your original offer document the remaining term of your loan is 7 months.
Which would mean 7 payments of £595.20, I am currently paying £700.47 per month (Mortgage plus arrears), I am not too bothered about this one, as that would see me paying that off a month earlier.

Because I am ahead of the repayments based on the terms for each loan, does that mean I am no longer in arrears, I must admit I am not sure what the arrears figure finally was but based on what I have said would have hoped so, would it be best to write to HSBC and ask them for clarification.

We have paid the Mortgages plus arrears without fail since October 2011, I just need to know what I can do now to remove the threat of the suspended possession order and get back to what I should be paying, based on the remaining terms of the loans, do I go back to the solicitors Shoosmiths, HSBC, The Court or all of them.

If there are any questions then please ask, I have tried to keep it brief, but with as much information as possible, thanks for reading.
↧

Halifax & Nationwide Lending Criteria

March 27, 2013, 4:51 am
$
0
0
Hello Everyone,

Does anyone know what the lending criteria for Halifax and Nationwide is (or even Santander)? All their websites and intermediary websites only give generalised criteria, not specific criteria like a lot of lenders. Just wondered if anyone has the specifics for those lenders? I am interested in the credit history elements to their criteria.
↧

M & C Saatchi 'Moving Tales' casting

March 27, 2013, 5:02 am
$
0
0
M & C Saatchi are making a series of online short films ofpeople’s tales of moving house. We arelooking for a broad range of people, from 1st time buyers to 2ndhome purchasers, ideally with a NatWest mortgage who are happy for a smallcamera crew to film them in their home. We cannot pay for your tales but we are offering a £300 location fee forfilming in your home. If you feel youhave interesting stories and are happy to be involved please contact Tree PettsCasting on 0208 458 8898



↧

Share in Parents property as deposit?

March 27, 2013, 5:18 am
$
0
0
Hi,
My parents have signs I've their house to myself and 2 brothers,shared equally, I just wondering if I could use my share on the house as a deposit towards a mortgag? We're not sellin the house as my parents still live there,
Any advice appreciated
↧
↧

Early Redemption Charge ERC

March 27, 2013, 6:02 am
$
0
0
Hi

Now that mortgage rates are so low im tempted to change my loan. However I'm with nationwide and they have a 5% erc on the balance. Gutted. I found an article suggesting that these charges are excessive and therefore can be contested. search " fool and redemption charge illegal "and you'll find the article. yes the article is a bit outdated but the reasoning behind it is solid. I've also read an old thread on here that someone successfully challenged it and won but not much more info. Please if anyone has ever successfully challenged the charge or claimed it back I would love to hear about it? I know its a shot in the dark but i hope someone on here can help. It's sickening how banks can charge these ridiculous fees. My fault for signing with them but they are no different to loan sharks. The govt bails them out when they created this whole mess yet they won't do the same for the tay payer when they need help. Rant over for now.Tia
↧

Halifax - Mortgage

March 27, 2013, 7:06 am
$
0
0
Our Halifax fixed rate end on 30th April, just wondering if anyone would know when Halifax would contact us to arrange a new deal???

Thank you
↧
Search

Mortgage after Maternity Leave

March 27, 2013, 8:20 am
$
0
0
Hi,

I'm currently looking to get a mortgage on my first property. I was working full time until I went on Maternity leave and returned 2 months ago on a 3 day week basis until my child settles into the nursery routine. As my normal full-time wage is different to what I'm currently receiving my application and pay slip/bank statement won't tally, therefore making my application appear as though it has the wrong information. I'm concerned about what to do or if in fact there is anything I can do as I won't get the same mortgage for the wage I've received the last couple of months.

If anyone has any information I would be so grateful.

Thanks :)
↧

Remortgage Advice - Actual Cost over X years

March 27, 2013, 8:27 am
$
0
0
Hello,

Im doing some homework regarding re-mortgaging my house for the very first time. Im trying to look up as much I can and read/learn as much as possible but im a little confused on the "Actual cost over X years" meaning

Exisiting first ever mortgage deal:

137,700 borrowed at 5.99% over 3 years with Santander.
Monthly repayemnts £824.70


My Property:

Its current value should allow me to easily be in 80 LTV bracket, borderline 75% LTV.


Deals looking at:

Cov BS - 132,500 borrowed at 3.69% (80 LTV) Fixed until 30.6.18 over 27 years
Monthly repayments 647.99
Fees 499 (will be paid up front)
Actual 5 year cost £38,200.40

Notts BS - 132,500 borrowed at 3.44% (80 LTV) Fixed until 31.5.18 over 27 years
Monthly repayments 632.19
Fees 999 (will be paid up front)
Actual 5 year cost £39,195.78


So what is meant by actual 5 year cost?
Does this include all repayment fees both capital and interest (obv the capital amount grows each as term goes on).
Does it also include the setup fees?

My calcs:

Cov: 648 x 62 = 40,176 + 499 = 40,675

Notts: 632.19 x 62 = 39,195.78 + 999 = 40,194.78

Meaning by my working (and im probbo wrong) the Notts BS lower rate deal means works out better even though higher fees by just shy of £500 over the term.

So wheres the difference from for the "actual cost over......" to my calcs?

Is the above correct, in this instance with these 2 deals the lower initial rate covers the higher fees and is the one to persue?

Any other tips and advice you guys recommend i look out for?
Like i siad im trying to do as much as i can and learning all the time rather than asking other to do all the leg work for me.

Many Thanks in advance

Kind Regards
↧
↧

Remortgage to interest only?

March 27, 2013, 8:47 am
$
0
0
We're creaking under the weight of our credit card debts - but our 5 year fixed term on our mortgage has just come to an end so we are thinking about changing it... though even staying on the base rate mortgage would mean monthly payments are less.

We were wondering if it would be possible to transfer to interest only for a couple of years if we remortgage as this could potentially mean we could pay off our credit cards in 2 years rather than struggling for 6. After the two years, we would want to go back to a repayment mortgage.

I personally think that this would enable us to pay off our 'bad debt', and then give us more money - and possibly even enable us to move to a bigger house when the interest only term was up and debts paid.

I've read that interest only mortgages are a lot harder to get than they were 5 years ago. It seems simple in my head - can anyone see any potential pitfalls with this plan?
↧

Mortgage offer expiry

March 27, 2013, 9:11 am
$
0
0
We are hopefully going to Exchange in the next week or two (buyer is awaiting a Consent Order before we can exchange & process has been ongoing since Oct because of chains collapsing). BUT I cant be certain that it will happen because of all the other bad luck we have had so far with sale/purchase! My Mortgage offer expires 6th May and on one of the early letters from the solicitors it states we should reapply a month before the offer expires.

Does anyone have any experience of reapplying/asking for an extension (we are with the Woolwich (Barclays))? How likely is it they extend the offer? Would you advise reapplying on 6th April even if exchange looks like it will be happening very soon or could this mess up anything like the current mortgage offer we have been given?
↧

House has been valued at less than Agreed Sale price

March 27, 2013, 9:36 am
$
0
0
My partner and I are first time buyers and had agreed a price on a property at £62,500 which we thought was a fair price for the house and the area in which we were looking. We have been dealing directly with the owner rather than through an estate agent. I had a baby at the start of the month and we wanted to be in the property before the baby came rather than trying to move after, so we agreed that my partner and myself could move into the house and rent it while convayencing and mortgage went through.
The valuer was out yesterday and valued the property at £52,000, and as we were looking for 90% LTV it means we now can't get a mortgage to cover the whole of the sale agreed price.
Just unsure of what to do, we don't want to continue renting, the thought of moving house again fills me with dread, I can't see the owner dropping another £10,000 off the house, and we certainly don't have the cash to make the difference up.
It would be easy to walk away from the sale only being out the cost of the valuation, but we're actually living in the house and have invested in it already. I swear, once I buy a house I'm not moving or changing mortgages for the rest of my life, its a massive pain in the behind.
↧
Viewing all 36823 articles
Browse latest View live
Search