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First time buyer

March 31, 2013, 3:12 pm
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Hello

I'm just looking for advice/ people's opinion as to if i could get a mortgage

I'm 21 and i am a first time buyer

Ive seen a house i really like priced at offers around £65,000 (what would be a reasonable price to offer first)

I have a £21,000 deposit which i've worked and saved very hard for, i could maybe stretch to £21,500

I earn £854 a month, this may soon be increasing by £100 if i can get more hours at work but could be nearer to the end of the year

I have no debt/ loans/ store cards etc...

Thanks for any help :)
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Interest Only Overpayments

March 31, 2013, 3:28 pm
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Hello everyone and thanks for looking....

I have a buy to let mortgage on interest only, balance is approx £66,000 and interest rate is 4.9% (£270 monthly payment).

The property is not currently tenanted, but when it is next month, I plan to pay the difference between rent payment (£600) and mortgage payment towards my outstanding balance.

I understand that the monthly payment is worked out based in balance and interest rate, so if my balance reduces my compulsory payments reduce. My question is, at what point will the lender work out what my outstanding balance is and how much my repayments will be? Every month? Every year? Or not until the end of the term?

Hope this is clear enough, I look forwards to reading your responses and thank you fit you help.

Nick
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Can I??

March 31, 2013, 5:01 pm
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Looking to downsize house and have mortgage. Can I for exmaple pay most of the mortgage off with funds from house sale and "port" say £20,000 to the new property with the aim to pay that off in 6 months. I don't want to enter into a new mortgage contract. If the answer is yes will the building society do a credit check for remaining amount?
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How important is credit history when applying for a mortgage?

April 1, 2013, 1:50 am
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I have £20,000 to use for a deposit towards a mortgage on a property, I am looking at properties in the £200,000 range with a yearly salary of £60,000.

I have minimal credit (a credit card that I have no late payments on in over 3 years, bank account with no overdraft) and all my other accounts paid in full over the last 5 years (mobile phone, utilities) and I have been on the electoral register for the last few years.

Around 2 and a half years ago I took out a few payday loans (the most recent is 30 months ago) and paid them all back on time, this was due to being temporarily unemployed and experiencing a family emergency although I don't think the reason matters. My finances are now stable and have been since I got my current job (salary started at £50,000 per year 2 and a half years ago, moved to £60,000 about 10 months ago).

Will having these payday loans in my credit history make me ineligible for a mortgage? Should I wait another 3 years for them to disappear from my history (because of the 6 year expiry)?

Another question is I was reading about the "Help To Buy" scheme, would my financial history make me ineligible for that scheme?

Thank you in advance.
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Help To Buy

April 1, 2013, 2:35 am
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Hi,

Hopefully a straightforward query which someone has came across since the HTB scheme was introduced.

If we were looking at a home which was priced for example at 200k, with a less 20% figure taking it down to 160k, ignoring our 5% deposit, would we need a mortgage in principle for 200k or for 160k?

Thanks for any help received.

Tony.:)
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Share your mortgage process

April 1, 2013, 3:01 am
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Hi all,

Me and my partner are FTB and I wanted to get an idea of what happens next and how long it can take to get to completion. So far our time line is as follows:

Thursday 28 February -DIP
Monday 18 March - Offer Accepted
Wednesday 20 March - Applied for Full Application
Thursday 28 March - Valuation Booked
Friday 29 March - Valuation Took Place. Valuation Satisfied & Formal Mortgage Offer Received via text.

Our buyers started looking for a home once offer was received & now I am under the impression that all that's left to do is complete searches/draw contracts and set a date to complete.

I just wanted to hear how long it has taken others to complete from being given a formal offer?

Thank you :)
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Is it possible to plead your case direct to underwriters?

April 1, 2013, 3:50 am
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I want to downsize my house and therefore mortgage, but don't meet current lending criteria. Having had no late payments on this mortgage on a large amount and now want £50k less, does anybody know if you can speak direct to the mortgage underwriters to explain your circumstances?
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Multiple bank accounts and credit record cleansing

April 1, 2013, 4:29 am
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Hi all,

Hoping for a bit of advice here re: bank accounts and their affect on both credit records and mortgage applications (banking with lender).

Originally posted the question in the Nationwide Save to Buy thread, but am yet to get a response there. Basically, I'm looking at opening Nationwide Save to Buy account with a view to moving my current ISA money into one of these accounts and then gradually adding my (and possibly my partner's) savings towards a deposit (we're planning for a mortgage app late 2013/early 2014).

To get the most attractive mortgage offers (free legal and standard valuation fees) it looks like it is best to open a Flex Account (current account) in tandem with a Save to Buy account. But I already have two current accounts (one with HSBC and one with Halifax), so does my partner. We have both switched between which we use most and which we choose to have our wages paid into. So...

a) Would it really be wise to open two new accounts at this stage (saver and current), leaving me with 4 in total?

b) Would it be better to stick with the accounts I've had for years in order to show 'stability'?

c) My partner holds one account with HSBC and 4 with Halifax (opened at various times to take advantage of introductory offers/savings rates). I've suggested she should get rid of three of those 4, is there any advice on which to cut (e.g. would the longest held account do us more favours than keeping the most used?)

We're not even certain we want a Nationwide mortgage, just that their offers currently rank amongst the most attractive to us (better than both Halifax and HSBC for starters). Would doing the above both damage our credit record and damage our potential relationship with, say, Halifax, if they turn out to be the more realistic/attractive option in 9-12 months time? How much of an aid is it really to have banked with the same potential lender?

Thanks!
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"of no fixed abode"

April 1, 2013, 5:51 am
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Hello again - just looking for an opinion on this please, as I had an email last night that means our house-purchase is back on track!

We sold our house at the end of January and moved out, without having purchased our new home, to stop the sale from falling through.

It was originally supposed to have been for a matter of a couple of weeks - but has turned in to 10 weeks. It is looking as if it will be nearer to 3 months by the time it is (hopefully!) all sorted.

In that time we have lived in a succession of Holiday Cottages - all legit and above board and I have the receipts and addresses and agent details for each one.

My question is, how will being "of no fixed abode" go down with the mortgage company when it comes to the crunch? We did it with the best of intentions, but I'm now wondering if we did the wrong thing and should have looked at a 6 month rental instead. It's too late really to sort one of those now.

Any advice or opinions gratefully received.

Many thanks, Sarah
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Shared ownership offer seems crazy

April 1, 2013, 6:19 am
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Hi there

I've just applied for a shared ownership scheme in South Manchester to get on the housing ladder. They've come back with an offer of me taking a 75% stake. Using their own calculations, as well as those from MIS, this leaves me with -£272 a month after all bills and food / petrol etc. Why would they offer this to me on that basis when it seems ridiculous?

Has anyone else had a similar outcome and is there anything I can do or any advice anyone can give me?

The houses themselves seem perfect.

I should add that I earn £24000 a year before tax / NI / student loan and I have one loan repayment of £125 a month. I also pay £100 a month into a pension. I have no credit card debt. The house value to buy 100% is £110000. The trust are offering stakes at 50%, 60% and 75%.

Cheers
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NRAM asking for ctl but I have lodgers

April 1, 2013, 11:28 am
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Shared equity schemes

April 1, 2013, 11:38 am
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Is the % that you buy negotiable? Or does it depend on the area and company that organise the scheme?

Just wondering if they give you a designated % that you can own, or if there's any wiggle room :D

TIA x
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First Time Buyer, help us please !!

April 1, 2013, 1:17 pm
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Hi guys

I would really like some help please. :o

I am a First Time Buyer currently wanting to buy a new build with someone who will be classed as a 'home mover' , she has a mortgage with her ex and will still be on the mortgage once she moves.
We have seen a new build property but we've only got a 10% deposit.

I've looked around on the net and it looks like most high street banks won't offer mortgages based on 90% ltv on a new build
:(
Are there any lenders that would be able to help us?
Thanks.
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Experian

April 1, 2013, 2:32 pm
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Hey guys,

I am a first time buyer and I am looking to buy my first property soon.

I understand that I need to have a credit report in order to see if I am eligible for a mortgage. I can see that it is free for 30 days, how many cards can I check on one account?

We will be using our Joint Account to pay back the mortgage but I am unsure what cards I should register. I have already had my card checked and the results are excellent - should I also check my wife's private card and then our joint account? Can all of this be done on one account or should I register multiple accounts?

I look forward to hearing from you! :money:
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Be careful.. Halifax Valuation Con??

April 1, 2013, 3:19 pm
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Self employed (SE) , trying to mortgage new build (not yet built) house utilising first buy scheme through intermediary. Halifax gave AIP and within days had the surveyor out to sales office, looked at plan, agreed valuation for purchase. £430 taken from us. All they required was my first year books to complete the application. I've been SE for 3yrs.

Turned us down because my 1st year of SE showed no profit from business, but I did make £18k from partial employed income that year. So if we average my earnings before tax over the past 3 yrs that sums to £28k per year. Coupled with my wife's income we easily satisfy the < £60k joint income. Clean credit hence we satisfied AIP.

Surely we have a case for asking for the £430 back or at least some of it? Anybody help on this one?
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Complicated mortgage...

April 1, 2013, 3:30 pm
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Hi,
Please forgive the long post. This is my first one after trawling through the boards looking for some advice.
We have got ourselves into a bit of a mess. The situation is as follows:
Husband and I have ltd company together of which we are both directors. We have 2 years accounts. We both have excellent credit scores.
We currently live in a 3 bed semi and have recently had our 4th child. Our house is too small for us. We had it on the market for a year but it failed to sell so looked into the possibility of renting it out.
We went to see an IFA. Our mortgage was on a rubbish rate as we hadn't wanted to be tied into a new one if we were going to sell. He advised getting a new residential mortgage and then changing it with consent to let, saying that we just changed our minds about staying there. He said it wasn't illegal just not necessarily the done thing. We have found a house we are desperate to buy. It wasn't on the market yet, we just came upon it by chance and really don't want to lose out on the opportunity. We have a 10% deposit to put down.
Our broker recommended 2 mortgages for us and said to apply for the remortgage first and then the second mortgage. The remortgage has taken a lot longer to complete than anticipated. So much so that we have managed to find a tenant for our house already who wants to move in asap. Will we be able to change our remortgage to a CIL this quickly as I don't want to rent it out without it being legit? I feel our brokers advice was more about what we wanted to hear rather than what is actually practical. Naively I didn't really understand what he was saying so didn't question it. If we are able to change the mortgage over it would be a very similar rate to changing via our existing mortgage provider. When we change over to CIL, because the new mortgage company valued our house at less than we thought it was worth, we don't have as much equity in it as we thought (20% as opposed to 25%) and the rent will not cover the mortgage. Financially this is not a problem, we can cover both mortgages if necessary but will this effect our chances of getting CIL and if we don't get it what will happen?
I am now also worried that the second mortgage will be in jeopardy. The broker said we meet all the criteria but what if they question the consent to let issue and we haven't got it sorted yet?
I feel really stressed out by the whole situation. I really wish it had been done properly from the start and I don't know what to do now. Does anyone have any guidance on what the best way forward is?
Sorry for the long and slightly disjointed post. There is so much going on I am finding it hard to write it down in a coherent fashion.
TIA
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Unique situation with owning a house/buying another.

April 1, 2013, 3:32 pm
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Hello

I've got a pretty unique situation which I'll detail below:-

My parents were in quite a bit of debt in 2007 and were going to sell their house to one of those companies that (before the crash) used to buy your property for 90% of its value and rent it back to you - to get the equity to pay off outstanding debt.

Rather than have them do that I said I would buy it off them and they then paid me rent. So I bought the house for £115,000 and there is currently £96,000 left on it, and the mortgage term ends in 2037.

At the minute I'm on Nationwides BMR rate (2.5%) with a residential mortgage. I work and rent a house away from theirs but still go back there once a month.

My question is; would I be able to get another mortgage while already having one on my parents house? I would be getting the mortgage with my girlfriend, our combined salary is £75,000 and neither of us have any other loans/credit cards etc.

Thanks in advance.
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FTB - First Direct / Halifax application

April 1, 2013, 4:28 pm
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Can someone tell me which would be cheaper, also seeing that FD have no branches how would you open and maintain it?

1.First Direct - 1.88% above base for term Admin fee: £599.00

2.First Direct - 2.29% above base for term Admin fee: £499.00

3.HSBC - Base +2.49% for term Admin fee: £0.00

4.HSBC - Lifetime Tracker Special Fee Free
Tracks the Bank of England Base Rate Plus 2.19% Booking fee - 0

Have seen a Broker and the cheapest he told me was with PERSONAL TOUCH finance at 2.89%.
(2 yr fixed, reverts to 3.99), no charges

property value-77k, mortgage -47k, deposit -30k

(asking for a friend i accompanied at meeting etc)
Thanks in advance
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Changing bank accounts

April 2, 2013, 2:17 am
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Hi all,

I really want to change my bank account (had enough of Santander they were good as Alliance and Leicester) but I will be getting a mortgage of my own in the next few months (after coming off a joint one with my ex) so I wanted to know how much of an affect changing bank accounts will have on my application? Will it matter will I need to have had an account for a certain period first?

Cheers.
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Buy to let mortgage - interest reduction based on LTV

April 2, 2013, 2:57 am
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I received a letter from Leeds Building Society saying that my interest rates might be too high given my LTV. I had to send my tenants agreement over for them to review and they have decided that i am paying £20 a month too much and have decreased my monthly payment from May. The question is what happens to the money i have been over paying all this time? I have been on this mortgage rate for 4 years, i currently rent out my shared ownership flat as it still is in negative equity so cant sell it. i have always thought i was paying a lot (£293 a month on a £45k mortgage) so im pleased this has happened but what now happens to the other money ive been overpaying? Does it come off my overall mortgage, do i get it back or does it just disappear?!
Anyone else had this happen to them?
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