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

mortgage

March 30, 2013, 9:42 am
$
0
0
hi

I have a small amount to pay on my mortgage and want to buy a cheap property I have seen in Ireland. I do not want to sell my house here at present and am looking for a provider who can let me remortgage my home for around £70k bearing in mind my house is worth around £180k I cannot see the problem apart from the fact my age is against me. I am working full time and have at least 10 years till I retire.
would I be able to get a loan for amount required and if so, how do I go about it. the bank wont let us re mortgage as my husband is not working but my earnings are such that it is immaterial, they have said they can take my husbands name off the mortgage but then he would have to move out!! bit drastic and don't see what difference that would make advice anyone please?
:rotfl:
↧
Search

Complex situation?

March 30, 2013, 10:18 am
$
0
0
Hey. I'm looking for some advice on what seems to me to be a compex situation but probably isn't really.

I have mortgage on a flat but in around a years time I would like to buy a house with my partner. I would however also like to keep the flat.

By the time it comes to buy the house, i should be at around 75/80% LTV on the flat and with the interest rates as they currently are, the rent will easily offset the monthy mortgage payments whilst accounting for tax. Putting me in a position where I'm freerolling the flat (albeit with the exposure to risk).

My question is, at present I don't think the bank would lend me more money to move since I couldn't pay much more than I am now. But with the rental income would they consider lending me more?

Could I run a mortgage calculator with my salary plus rental income, see the maximum I could borrow, and then subtract my current outstanding mortgage balance or repayments? Would this be accurate?


Any advice would be helpful. Obviously I'll need to speak to a mortgage advisor also.
↧
↧

Tax Implications

March 30, 2013, 11:06 am
$
0
0
Hi,

I hope you will be able to help me..

I am asking this on behalf of a friend. He has a mortgage with his wife and his brother. His brother has been helping to pay the mortgage for approx 3 years. My friend now wants to take his brother of the mortgage which he has agreed to do. Is my friend and his wife liable to any tax implications. His brother doesn't want any of the money back....

Thank you in advanec for any help.

Griffo
↧

deposit

March 30, 2013, 11:09 am
$
0
0
Excuse my ignorance but does having as big a deposit as possible increase your chances of getting a mortgage? For example would 40% be looked upon more favourably than 20% or is it the case of if the company is willing to give you a mortgage you'll get one whether you have 20% or 40%?
I'm just trying to number crunch as to how much we should set aside per month when our financial situation is cleared up in a few months and we're cleaning up our files. In reality we probably won't be in a position to buy for about 10-15years (unless we have a windfall) which I know is a very long time away but I would like to ensure we're doing our best to be able to buy our own place.

Thanks in advance
↧

Opening/applying for credit cards so close to getting a mortgage/buying a house?

March 30, 2013, 4:51 pm
$
0
0
Basically we shut down all our credit cards in January, figuring that a load of credit to our name would be a bad thing & we'd be looking at buying a house from April onwards.

I read yesterday that this could possibly be a big mistake & harm your credit rating/score.

We've not registered on Experian yet. I'd have to pay £15 anyway but the missus would get it free. We have both registered on Noddle though. She is 4/5 on their scoring, but i'm only 3/5 which i'd obviously like to raise to 4/5 & hopefully 5/5.


Would opening a credit card now as we're so close to getting into buying a house & getting a mortgage (each of us) & then using it occasionally & paying it off in full still be a good idea, or is it kind of late now to be applying?
↧
↧

Changes to paying halifax mortgage by standing order??

March 30, 2013, 6:07 pm
$
0
0
Halifax has recently changed its mortgage payment set-up and customers mortgage a/c numbers.
Does anyone happen to know what you need to change your standing order sortcode + a/c number to if you pay funds by standing order? Unfortunately mortgage dept closed easter sunday and i'd like to try and get my s/o for 1 April changed so it doesn't disappear into oblivion.
thanks
↧

Will my HSBC mortgage be rejected with this criteria

March 31, 2013, 3:48 am
$
0
0
Like most we met with HSBC to enquirer about a mortgage due to their outstanding deals. The one that appealed to us was the life time tracker simply because of the “life time” part and the fact it is a great rate.

It is a joint application with both my partner and I and our financials are as follows:

She is working full time with a salary of £15,000 PA.

For the past 3 years I have been a company director with 50% shares which a friend and myself started. Year one was very slow and we were still employed (PAYE) with our previous employer before we made the brave leap to fully start on our own business.

The past 3 years for business accounts activity:

Year 1 – Net Profit 10k (~£8k after taxation). £0 dividends drawn, £0 salary taken and £8k retained profit.

Year 2 – Net Profit 60k (~£48k after taxation). £21.4k dividends drawn, £10.5k salary taken and £35k retained profit.

Year 3 – Net Profit 106k (~£85k after taxation). £76k dividends drawn, £13.5k salary taken and £44k retained profit.

Note that the above figures (inc salary’s and dividends) would be 50% mine and not the full amount.

A projection of year 4 (which of course can’t be taken into consideration) would be around 5 – 10% increase on year 3.

Both my partner and I have a tip top credit rating, no credit cards, store cards, never are over drawn or in our agreed overdraft, our out goings are very minimal and our leisure spending pattern is not out of the ordinary.

Together both my partners and I have saved £140k over the years of which ~£130k is to be used as the deposit of the mortgage. We have had an offer agreed on a property and need roughly £195k loan value.

We had a AIP before we started looking for a property and because of the low Y1 figures the amount we could borrow was a little lower than what we wanted but the mortgage manager said that they would put our case forward using 2 years only which should be accepted due to the circumstances and the year on year growth of the business. This AIP was a lot higher than the loan that we now require.

I recently met to apply for the mortgage and then was told that the underwriters will ONLY accept 3 years multiplied by ~4.5 or so. Now as year 1 was near none existent and the fact that we kept money in the business as retained profit this has come back to bite me in the butt. Had I taken a little more dividend in year 2 and 3 we would have been fine.

Based on our current situation I was advised that we have a good case. The mortgage manager also said that they wouldn’t put it across to the underwriters if there was no chance of being accepted.

I guess I am going to just plan ahead now as if it is already rejected and look at other lenders next week to prevent further disappointment.

However it would be nice for other peoples input and their experience possibly with a similar situation to me... maybe there is hope :)

All the best!
↧

Mature student about to graduate - how long to wait for mortgage?

March 31, 2013, 6:59 am
$
0
0
I'm a mature student and haven't been working for that last four years. I'll be starting work again in July and want to buy a property as soon as possible. I have a 20% deposit and will be in a secure job with no debts. Can anyone suggest how long I should wait before thinking about a mortgage? I've been working on the assumption that 12 months will get me the best rates, but would I be able to get one sooner without paying a premium for it?
↧
Search

How much do I have to pay ex if I sell the house?

March 31, 2013, 7:58 am
$
0
0
My ex husband has been paying half the mortgage even though he hasnt lived in the house for nearly 5 years. He now wants to come off the mortgage so it looks like selling is the only option as I can`t get a mortgage on my own. How much of the proceeds will he be entitled to or is it just a 50/50 split?
↧
↧

Use savings or take out against mortgage

March 31, 2013, 8:04 am
$
0
0
Hi all

Looking for some advice, maybe someone with a mathematical mind!!

I am adding an extension to my house at a cost of £21000. I have £15000 in cash and £6000 in shares which could be used, but would really be using all my savings. I could get a further advance on my mortage at a rate of 2.64% over 2 years as that is all i have left on my term.

I have a savings account which pays 2.8% and another which allows me to pay £250 per month at a rate of 6%. What I would like to know is it worth keeping my money in these accounts and drip feeding it into a further advance on my mortgage or would the interest I make be negligible. Hope someone can help. thanks
↧

Yorkshire Building Society Pass or Super Pass?

March 31, 2013, 8:35 am
$
0
0
Hi all, can someone explain what the difference between a pass and a super pass is?

My situation:

FTB with 10% deposit. I completed a mortgage application with a mortgage advisor in Yorkshire Building Society branch. She took all my payslips, ID. Went through all my history. I was told I met the affordability criteria comfortably. The advisor then ran through a credit check and it came back as accepted. Great I thought...but then the advisor said she would need to get the decision upgraded to a super pass. She finished off the application by taking my solicitors details and vendors details. I was given a printed version of the application form and asked to read through it, sign it and post it back with a cheque for the application fee.

I am a little concerned as I assumed credit decisions were a simple accept, declined or reffered. Never heard of this super pass. Can anyone shed any light on this please? Really concerned as I do not want to start paying fees and getting my hopes up only to find out they are going to turn me down because I did not get this so called super pass decision.

Any advice, comments would be appreciated.

Terry
↧

Mortgage repayment holiday for 6 months to pay off credit card HELP!!!!!!

March 31, 2013, 8:40 am
$
0
0
Me and my husband have had our mortgage for 8 years with Natwest. We have never missed a payment or had any trouble with our mortgage. However, after getting married we now have £6000 on a credit card, which we cannot move to a interest free balance transfer or a loan because we already have one and arent able to apply again. The credit card is now also gaining interest monthly, and we are paying off around £4-500 a month of it but around £150 of that goes to interest. We want to look into getting a mortgage repayment holiday with our mortgage provider natwest, for 6 months as we could have this credit card cleared in time for the payments to start back up again. What do you think?
↧

Mortgage Application with Satisfied Defaults

March 31, 2013, 10:40 am
$
0
0
Hi. Very new to all this and looking for some advice.

My husband and I are currently looking for a mortgage for a property in guernsey. At the moment most lenders here are still offering 5 x joint salary. Our combined salary is 84k and we have a 130000 gifted deposit. We are looking for a mortgage of about 210000, perchase price in the region of £330000 - cheap for Guernsey prices.

The problem is we have two defaults dates over three years ago and settled. We have one credit card balance of 1500 which we will be paying off next month. I won't go into our sob story about how we got into this mess but I have explained n the application and have a notice of correction on experian.

W are applying to Skipton International Bs and during the initial enquiry I was totally honest with the advisor. she advised us to apply regardless of the defaults but would not say whether we would get approved as it would go through two underwriters.

We have two dependants but my grandmother will be paying the child are fees if we buy a house.

I know we can afford this but do you think we will get a mortgage with our credit history? Any thoughts would be great.

Really want this to happen but will not have my hopes up at all as I know it is a slim chance.

Thanks
↧
↧

Buy to Let possible?

March 31, 2013, 11:05 am
$
0
0
I have a large chunk of money saved up, enough for at least 25% deposit on a property, however I am a contractor so I think I will be unable to prove I have a steady income as I have only been doing my current job for 3 months.

I would like to buy a 2 bedroom property so if worst came to worst I could let it out to cover the mortgage (maybe rent one room out and live there while I am working).

However I am a first time buyer so will this be impossible?

I should have a good/excellent credit score
↧

Influence of Loan on Mortgage Application

March 31, 2013, 11:15 am
$
0
0
Hi All,

Quick question.

I have a loan from Nationwide for an original amount of £18,500 at 7.4%. How does a loan (in good status) influence any mortgage application?
↧
Search

Do i need life assurance b4 applying 4 mortgage?

March 31, 2013, 12:42 pm
$
0
0
Hi I was hoping someone can advise please. I've got my full mortgage app date coming up and received a list of documents to take, which included copies of life assurance. I don't have any,would this go against my mortgage app?
I've started to look at life assurance and possibly get the decreasing one that would cover the mortgage,but it seems more sense to get this AFTER my mortgage is agreed?
↧

Need mortgage advice

March 31, 2013, 1:09 pm
$
0
0
We have complicated situation and need mortgage advice...do I need a mortgage advisor and how do I find one that can help us
↧
↧

Mortgage Retention - work not needed?

March 31, 2013, 1:26 pm
$
0
0
Hi,

I wonder if any of you can help.

My husband and I have just bought a new house. it was a repossession in need of work - my husband is a builder and our previous property needed work so we are used to it.

The cost of the property reflected its condition and we were prepared for what was needed.

We had a basic survey however the company tore the house to shreds. they stated that we needed wall ties, the house was damp, needed air bricks and had wood worm (all of which we did not agreed )as well as a list of problems we could see (guttering, soffets and facia and lintels needing replacing)

as a condition of our mortgage we had a retention of £6000 added,

we have now started to renovate the property and can PROVE that this work is not needed.

we had a fumagator at the property to do a flea treatment, he did a full inspection of the property and we do not have probles with any infestation inc wood worm

the wall ties they state are rust are perfectly fine, we have photos to prove this

what are our options now. Obviously there is no work to be done - but we have a retention.

We will be contacting the surveyprs and mprtgage company tuesday and are looking to go much higher - to an ombusmun or something.

this company has quoted for work that does not need doing. how is this legal!?

on the plus side we managed to get 2.5k off our purchace price but we knew this work was not needed and now we can prove it.

we will still need to do soffets and facias, lintel replacing etc and this is included in the retention (a few hundred pounds)
↧

Property rented out but live with parents

March 31, 2013, 2:46 pm
$
0
0
Hi
I currently have a property (from a break up) but I have consent to let until dec 2014 and rent it out.

In the meantime I am staying with my parents and saving enough money to switch it to buy to let and purchase another property.

My first target is to get it on BTL. However, I've read that you can't get a BTL on a property unless you already have a mortgage on another property you live in. Is this correct?

That seems a bit daft and scuppers me a bit, for example, take this scenario. I buy another property first to meet their requirements, then my consent to let runs out, a BTL is rejected as I don't have enough equity or charge enough rent, the CTL is not extended by my current provider leaving me to tell my tenants to go and me having to fund two mortgages.

So, my question is, what is the BTL ruling about having a BTL mortgage on the only property you own?
↧

Buy to Let for Self Employed

March 31, 2013, 2:56 pm
$
0
0
I've just become self employed, but have contracts signed for a value of £100k

My Cash Assets are £150k

I'm wanting to buy a BTL, looking to put down in excess of a 50% deposit.

Looking at critrea of a few lenders it looks like I don't qualify for any BTL loans (I'm also a non owner-occupier)

What are my options ? will anyone lend to me ?
↧
Viewing all 36823 articles
Browse latest View live
Search