Has anyone reached the end of a fixed rate BTL mortgage? I am wondering what will be offered to OH rate wise when it ends, should he simply do nothing and will they they then just revert to a variable rate, which may be lower ? any ideas please ?
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fixed BT let mortgage ending soon
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shortfall - endowment.
I have 2.5 yrs till end of mortgage, but have a shocker of a predicted shortfall of 15k,
Where can I input figures to to find a payment solution? I dont have a clue how to work it out.!
PS claimed comp a long time ago, but it wasnt very much .
Where can I input figures to to find a payment solution? I dont have a clue how to work it out.!
PS claimed comp a long time ago, but it wasnt very much .
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Getting a mortgage after completing a DMP
As title really - what sort of things should we keep in mind?
OH has recently finished a DMP (was around £3.5k when he defaulted in 2011, consequence of losing his job) and we're looking to start saving for a deposit (ideally 15% plus fees on a £120k property). Would like to be 'prepared' and give ourselves the best possible shot.
Is there a 'timeframe' we should wait out before applying? I'm assuming we will need to approach a broker nearer the time.
Single applicant for mortgage isn't really an option as my income is only £17k p/a, so all advice greatly appreciated.
OH has recently finished a DMP (was around £3.5k when he defaulted in 2011, consequence of losing his job) and we're looking to start saving for a deposit (ideally 15% plus fees on a £120k property). Would like to be 'prepared' and give ourselves the best possible shot.
Is there a 'timeframe' we should wait out before applying? I'm assuming we will need to approach a broker nearer the time.
Single applicant for mortgage isn't really an option as my income is only £17k p/a, so all advice greatly appreciated.
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Nationwide mortgage for self employed contractor
My husband is a self employed gas fitter. He contracts to a company who pay him weekly and pay his taxes for him. We have applied to the nationwide for a mortgage which is 30% Ltv. We have been offered our mortgage in principal but now the nationwide are chasing everything but the sun. The company he contracts to has provided a employment reference saying he is paid £x weekly And he is self employed. Nationwide are now requesting an accountants certificate ? Where do we get one of these from - I do his online self assessment which is pretty straight forward and as this company pay his taxes we do not have an accountant.
Hope someone can help and sorry if this has been posted before I have searched for help.
Many thanks
Hope someone can help and sorry if this has been posted before I have searched for help.
Many thanks
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Mortgage Reference
Hey all
I have applied for a mortgage with the nationwide.
I got a DIP through straight away and have now gone to a full application
They have had my last 3 payslips and P60 and now they want an ref from my employer, which is fine as I have told the truth.
All I wanted to know is does anyone know at what point they ask for this??
I have applied for a mortgage with the nationwide.
I got a DIP through straight away and have now gone to a full application
They have had my last 3 payslips and P60 and now they want an ref from my employer, which is fine as I have told the truth.
All I wanted to know is does anyone know at what point they ask for this??
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Dividends / Re-Mortgaging
Hi
Im looking for some advice or if someone has been through a similar experience.
I am about to become a shareholder (as of 1st April) in my employers company (only a small share of 1%) and paid a small salary and the rest will be paid in dividends.
Would this effect a remortgage when removing an ex partner and adding a new one to the mortgage? Im not sure of the implications this might have - or if I am making a big mistake and should just remain salaried on a higher pay! As its a remortgage with my current provider Intelligent Finance Im wondering if they will need to recheck me or just my partner?!
Thanks
Im looking for some advice or if someone has been through a similar experience.
I am about to become a shareholder (as of 1st April) in my employers company (only a small share of 1%) and paid a small salary and the rest will be paid in dividends.
Would this effect a remortgage when removing an ex partner and adding a new one to the mortgage? Im not sure of the implications this might have - or if I am making a big mistake and should just remain salaried on a higher pay! As its a remortgage with my current provider Intelligent Finance Im wondering if they will need to recheck me or just my partner?!
Thanks
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Understanding porting a mortgage
We have had our house on the market for months and have accepted an offer and have found a place to buy.
We have a 85% LTV self cert mortgage which we have had for 5 years with no late payments. Mortgage amount £248600. The new property would require a mortgage of £195500 (85% of the purchase price)
After phoning Birmingham Midshires in July when we put the house on the market, we were given the impression we could just transfer our product to the new property paying back the original amount and they release the new amount. That's why we decided to sell.
My broker says it would be treated as a new application and BM would only offer a 75%LTV mortgage. We also wouldn't meet their lending criteria. Yet we have paid the larger amount with no problems for five years.
Surely 'porting' a product is everything we signed for. Rate, term and LTV.
Would our previous good record count for nothing?
We have a 85% LTV self cert mortgage which we have had for 5 years with no late payments. Mortgage amount £248600. The new property would require a mortgage of £195500 (85% of the purchase price)
After phoning Birmingham Midshires in July when we put the house on the market, we were given the impression we could just transfer our product to the new property paying back the original amount and they release the new amount. That's why we decided to sell.
My broker says it would be treated as a new application and BM would only offer a 75%LTV mortgage. We also wouldn't meet their lending criteria. Yet we have paid the larger amount with no problems for five years.
Surely 'porting' a product is everything we signed for. Rate, term and LTV.
Would our previous good record count for nothing?
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Deed of trust advice needed
My Father died last year so I was left a lump sum £100.000 which we are going to put towards buying our first house.
So I will pay the deposit and for any renovations on the house and my boyfriend (because of my bad credit rating) is taking out the mortgage. £180.000
The deposit will work out at 25% of the mortgage and I will use aprox £60.000 on the house.
We have been advised to make a 'deed of trust' along side our mortgage.
Can someone tell me how do we work that out?
So I will pay the deposit and for any renovations on the house and my boyfriend (because of my bad credit rating) is taking out the mortgage. £180.000
The deposit will work out at 25% of the mortgage and I will use aprox £60.000 on the house.
We have been advised to make a 'deed of trust' along side our mortgage.
Can someone tell me how do we work that out?
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Order for possession
Hello All
Sorry not sure if this is the right place to ask. My house was repossessed in January and I just wanted a bit of advice about the court order.
It says:
And it is adjudged that the claimant recover against the defendant the sum of £71,250.52 for the debt and interest to the date of the judgement.
So if I owe more than that, can they charge me more than what the judgement says?.
Just wondering as my house has been placed on the market for around that value which is far lower than others in the area.
Sorry not sure if this is the right place to ask. My house was repossessed in January and I just wanted a bit of advice about the court order.
It says:
And it is adjudged that the claimant recover against the defendant the sum of £71,250.52 for the debt and interest to the date of the judgement.
So if I owe more than that, can they charge me more than what the judgement says?.
Just wondering as my house has been placed on the market for around that value which is far lower than others in the area.
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Transferring money to seller
Hi, first of all i apologise for whats probably a basic question. Im a first time buyer, approaching exchange of contracts in about 3 weeks time.
M y question is whats the best way to get my money to my solicitor to pay the depost, I have 12k in an ISA and 7k in another online savings account with the same back. My other half is also contributing another 3k from an ISA with a different bank.
We have already been quoted £25 CHAPS fee on our list of fees from the mortgage broker, will I have to pay an additional CHAPS fee for each of the 3 payments I will be making to get the deposit over, or is there a better wya to do it, perhaps BACS?
Thanks - Will
M y question is whats the best way to get my money to my solicitor to pay the depost, I have 12k in an ISA and 7k in another online savings account with the same back. My other half is also contributing another 3k from an ISA with a different bank.
We have already been quoted £25 CHAPS fee on our list of fees from the mortgage broker, will I have to pay an additional CHAPS fee for each of the 3 payments I will be making to get the deposit over, or is there a better wya to do it, perhaps BACS?
Thanks - Will
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Mortgage and Maternity Leave
Situation: My wife and I are looking to get a mortgage soon. She owns the property that we just sold and was the mortgage holds, this would be my first mortgage. My wife will be going on Maternity leave in about a month.
Questions:
Any help or advice would be appreciated. It seems odd that there could be a problem as you could get a mortgage and then find you're pregnant after with no repercussions. Then again - i know that things are never sensible or straightforward in the world of money.
Questions:
- Can you be refused a mortgage because of one of the applicants going on Maternity Leave?
- I hear that they will ask for a letter from your employer confirming that you will be returning to work on X salary and at X date. What if you change your mind (you don't have to tell your employer the date usually)? Can you just say 6 months but actually extend it - would this be any kind of breach of contract?
Any help or advice would be appreciated. It seems odd that there could be a problem as you could get a mortgage and then find you're pregnant after with no repercussions. Then again - i know that things are never sensible or straightforward in the world of money.
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Voluntary Possession
Hi all, just need a little advice.
My brother bought a 1 bedroomed flat at the height of the property boom. He was naive, bought it off-plan hoping he would make a profit and sell on. He owes about £75k on the mortgage but the property at best will struggle to reach £50k. He rents it out for £300 a month after fees but on top of that he pays £60 ground rent and service charge himself. He pays about £500 a month on his mortgage interest only.
In my opinion the flat which is tiny will never get back to its mortgage redemption figure. He is a teacher, has a credit card and bank account so if black listed he can get by. He has moved back in with my parents and will never buy again just rent when he does move out.
I know if he approached his mortgage company they would say nothing he can do but is there a case of emptying the property and posting back the keys recorded mail. He has no assets. He is not in arrears with his credit card so no real need of bankruptcy. He is struggling to get by so he is trying to stop it getting any worse.
Can anyone tell me the likely scenario the mortgage company will take?? Ie. The shortfall after auction sale passed onto a debt company and their likely course of action??
Many thanks in advance.
My brother bought a 1 bedroomed flat at the height of the property boom. He was naive, bought it off-plan hoping he would make a profit and sell on. He owes about £75k on the mortgage but the property at best will struggle to reach £50k. He rents it out for £300 a month after fees but on top of that he pays £60 ground rent and service charge himself. He pays about £500 a month on his mortgage interest only.
In my opinion the flat which is tiny will never get back to its mortgage redemption figure. He is a teacher, has a credit card and bank account so if black listed he can get by. He has moved back in with my parents and will never buy again just rent when he does move out.
I know if he approached his mortgage company they would say nothing he can do but is there a case of emptying the property and posting back the keys recorded mail. He has no assets. He is not in arrears with his credit card so no real need of bankruptcy. He is struggling to get by so he is trying to stop it getting any worse.
Can anyone tell me the likely scenario the mortgage company will take?? Ie. The shortfall after auction sale passed onto a debt company and their likely course of action??
Many thanks in advance.
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Question about remortgaging?
I took out a 5 year fixed mortgage for my first house purchase and I still have just under 4 years to go but wanted to get clear in my mind about how a remortgage works when my fixed deal ends.
So in the time remaining I am hoping to save up around 40k. So what I wanted to do is get another mortgage and put this 40k towards it. Is this possible, what costs are involved, can i go onto another fixed deal?
Just wanting to get things all stright in my mind is all.
Thanks.
So in the time remaining I am hoping to save up around 40k. So what I wanted to do is get another mortgage and put this 40k towards it. Is this possible, what costs are involved, can i go onto another fixed deal?
Just wanting to get things all stright in my mind is all.
Thanks.
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Buying out of a mortgage
Hi all, I'm just about to buy out of a £362k mortgage at 4.59% (it's in the last year of that rate) to move to a 1.79% fix and was wondering on opinions as to whether or not a rate of 1.79% is likely to be bettered in the (very) near future. LTV is just under 60%, the borrowing is on the edge of affordability but I could manage with a new mortgage of £340k or so.
Thanks in advance.
Thanks in advance.
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Mortgage after repossession
My bottom line question is, how would a mortgage lender know that you had a previous repossession?
A few years ago we had a very troublesome tenant who knew every loophole In the law and how to get away without paying rent for over a year, appealing all evictions first because she was pregnant, then because her children were to young and she couldn't be made home less etc. etc. during this time we had no rental income, the property was losing equity due to the house price crash and we were spending a lot of money in legal fees for letters and going to court etc. after a lot of stress and heartache we decided it was easier to let the property go and let the lender evict her which he did after about 6 more months. We have now nearly paid all our debts, we are going to offer F&F to two creditors and our credit will be restored completely. The repossession does not show on the credit report and somebody told me that a register used to exist where details of repossessions were kept by credit agencies, however this register was stopped and all documents destroyed in 2010. So going back to the question how would a lender find out that your previous property was repossessed? Should I risk trying to get a mortgage? Thanks
A few years ago we had a very troublesome tenant who knew every loophole In the law and how to get away without paying rent for over a year, appealing all evictions first because she was pregnant, then because her children were to young and she couldn't be made home less etc. etc. during this time we had no rental income, the property was losing equity due to the house price crash and we were spending a lot of money in legal fees for letters and going to court etc. after a lot of stress and heartache we decided it was easier to let the property go and let the lender evict her which he did after about 6 more months. We have now nearly paid all our debts, we are going to offer F&F to two creditors and our credit will be restored completely. The repossession does not show on the credit report and somebody told me that a register used to exist where details of repossessions were kept by credit agencies, however this register was stopped and all documents destroyed in 2010. So going back to the question how would a lender find out that your previous property was repossessed? Should I risk trying to get a mortgage? Thanks
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Switching Brokers...
Hi,
I am currently going through a very painful DIP process for a Nationwide NewBuy mortgage.
The advisor promises this, that and other in terms of calling me, giving me updates and never does. I appreciate she is busy, but she is the one that says she will do X, Y and Z.
She doesn't answer my calls , she hasn't for some time and has resorted to emailing me. She has even give up answering my emails. It's not that I am calling her, or emailing her every day.
I am going through a builders recommended mortgage provider, as I can't go direct to NW, and I thought it would be simpler.
The deal is I pay £250, or nothing if I buy their insurance products.
If I wanted to switch would I have to pay anything? I haven't signed anything. If I could switch it is possible (assuming I get a yes from the DIP)?
Do brokers get commision from a NW NewBuy product?
Thanks
I am currently going through a very painful DIP process for a Nationwide NewBuy mortgage.
The advisor promises this, that and other in terms of calling me, giving me updates and never does. I appreciate she is busy, but she is the one that says she will do X, Y and Z.
She doesn't answer my calls , she hasn't for some time and has resorted to emailing me. She has even give up answering my emails. It's not that I am calling her, or emailing her every day.
I am going through a builders recommended mortgage provider, as I can't go direct to NW, and I thought it would be simpler.
The deal is I pay £250, or nothing if I buy their insurance products.
If I wanted to switch would I have to pay anything? I haven't signed anything. If I could switch it is possible (assuming I get a yes from the DIP)?
Do brokers get commision from a NW NewBuy product?
Thanks
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Will we qualify for a mortgage?
Halifax have said yes repetedly that we would qualify. My husband earns 28k but he has a spouse visa due to expire oct 2013, we will of course be applying for an Indefinite leave to remain before that only having to prove that we still live together. Our LTV is 30% as we have 50k deposit. I earn v little at basic wage of 4.4k pa. We can easily afford repayments and my husband has a great career ahead of him. I still have a doubt..
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Newbie Mortgage advice
Hi guys!
Apologies if these questions are naive, but I'm completely uneducated re mortgages etc and was wondering if anyone could offer advice please.
- What are your thoughts on house prices being likely to go up following the government's new Help to Buy schemes? ie is NOW a good time to buy because after January next year more people will be able to get mortgages and so there'll be more demand keeping house prices high/less willing to negotiate discounts?
- Is the Help to Buy scheme for new build properties already available to first time buyers? ie it's simply being extended to all people as from 1st April? Again, does this mean new build house prices are likely to go up/unlikely to be discounted as from next week?
- I'm getting a house with my fiancee, who works a regular employed job, whereas I work a mixture of self employed and PAYE work. Will a lender only take into account my self employment earnings and disregard my PAYE earnings? If so, will the lender look at the total amount earned through self employed work, or just look at the net profit?
- Finally, and this is probably a ridiculous question, does the mortgage repayment rate you get depend solely on the size of the deposit you can pay, or does the rate offered to you also depend on your level of earnings? ie will you be offered a better rate the higher your earnings are?
Thanks guys
Apologies if these questions are naive, but I'm completely uneducated re mortgages etc and was wondering if anyone could offer advice please.
- What are your thoughts on house prices being likely to go up following the government's new Help to Buy schemes? ie is NOW a good time to buy because after January next year more people will be able to get mortgages and so there'll be more demand keeping house prices high/less willing to negotiate discounts?
- Is the Help to Buy scheme for new build properties already available to first time buyers? ie it's simply being extended to all people as from 1st April? Again, does this mean new build house prices are likely to go up/unlikely to be discounted as from next week?
- I'm getting a house with my fiancee, who works a regular employed job, whereas I work a mixture of self employed and PAYE work. Will a lender only take into account my self employment earnings and disregard my PAYE earnings? If so, will the lender look at the total amount earned through self employed work, or just look at the net profit?
- Finally, and this is probably a ridiculous question, does the mortgage repayment rate you get depend solely on the size of the deposit you can pay, or does the rate offered to you also depend on your level of earnings? ie will you be offered a better rate the higher your earnings are?
Thanks guys
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sandander and their charges
hi
i am new to all this.
wondered if anyone can help and shed some light on all the goings on with santander, they seem to be charging me left right and centre, bouncing cheques, and mainly charged me over £643.00 to move my santander mortgage from the 1st of the month to 15th of the month.
i cannot get to the bottom of how they have got to that figure.
it seems a heluva lot of money to charge me just for moving it 14 days.
further more, they have now not taken the correct amount, twice this happened, i was misinformed of how much, initially they said it would be £1200.05, on the 15th then took £960 on the 15th and then said i still owed the £643.00..............
which clearly i did not have.
they then advised they that would take my mortgage out each month with an extra £100 for the next six months, which in turn has affected my credit scoring/rating.
Which they claim they will rectify in six months time.
i am at my wits end.
i do not know how they have got to this figure for moving it 14 days, which is a D/D coming out of their 123 account which i set up, and had no end of problems with that too.
I also do not know how they can take an extra £100 a month and it is affecting my credit rating and how i can put this right.
Every one i talk to at santander, whether on the phone or over the counter are clueless and really not making any sense at all
£643 is a heluva lot of money
HELP, HELP HELP, PLEASE
i am new to all this.
wondered if anyone can help and shed some light on all the goings on with santander, they seem to be charging me left right and centre, bouncing cheques, and mainly charged me over £643.00 to move my santander mortgage from the 1st of the month to 15th of the month.
i cannot get to the bottom of how they have got to that figure.
it seems a heluva lot of money to charge me just for moving it 14 days.
further more, they have now not taken the correct amount, twice this happened, i was misinformed of how much, initially they said it would be £1200.05, on the 15th then took £960 on the 15th and then said i still owed the £643.00..............
which clearly i did not have.
they then advised they that would take my mortgage out each month with an extra £100 for the next six months, which in turn has affected my credit scoring/rating.
Which they claim they will rectify in six months time.
i am at my wits end.
i do not know how they have got to this figure for moving it 14 days, which is a D/D coming out of their 123 account which i set up, and had no end of problems with that too.
I also do not know how they can take an extra £100 a month and it is affecting my credit rating and how i can put this right.
Every one i talk to at santander, whether on the phone or over the counter are clueless and really not making any sense at all
£643 is a heluva lot of money
HELP, HELP HELP, PLEASE
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Help to Buy Equity Deposit + Offset Mortgage
Hi All - a very quick question.....
The detail on the Help to Buy equity deposit is very light currently and I was trying to see if this scheme would be eligible with an Offset style mortgage? The detail i can find states that a capital repayment mortgage is required and i'm therefore assuming that as an offset mortgage isn't directly paying off capital, that means that the HTB Equity Deposit scheme would be not be applicable in conjunction with and Offset mortgage?
Any ideas!?
The detail on the Help to Buy equity deposit is very light currently and I was trying to see if this scheme would be eligible with an Offset style mortgage? The detail i can find states that a capital repayment mortgage is required and i'm therefore assuming that as an offset mortgage isn't directly paying off capital, that means that the HTB Equity Deposit scheme would be not be applicable in conjunction with and Offset mortgage?
Any ideas!?
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