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Mortgage Overpayment

April 2, 2013, 2:05 pm
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Hi Everyone,

I've got a mortgage with the Halifax and last year I made a couple of lump sum payments totaling £34k. At the time I was advised by the Halifax that making overpayments was a good idea as I could make underpayments at any time as I hadn't asked for any changes to the term of monthly payments on the mortgage.

My personal circumstances changed recently which meant I really needed to either underpay the mortgage for a period or get some of the lump sum back.

I was surprised to be told that as of February my overpayments had been captialised and as such I'd benefited from reduced interest payments.

I have the following questions:

1. Can they just capitalise payments without my consent or request
2. My payments are exactly the same as they have always been (at the current interest rate) so I've seemingly had no benefit from the Halifax capitalising me overpayments.

Any help would be appreciated as the Halifax won't even discuss with me and just keep telling me it's happened now and there is nothing they can do for me unless I look at remortgaging my house to release the overpayments as capital.

Thanks in advance.
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thinking of remortgaging

April 2, 2013, 2:14 pm
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Hi everyone,
I currently have a mortgage with nram for £96,500 on their discounted variable rate as it was a together mortgage we took out. I've been looking at remortgaging and from a basic search on a comparison site found we could probably reduce our monthly payments by around £45, which I would actually continue to pay as a regular overpayment. This does assume my estimated valuation of my property is accurate which is difficult to discern as most of the properties in the surrounding area are lah so sales are few and far between. Firstly, is there anyway to get an accurate valuation of my property, preferably without having to pay anything out. Secondly, when we took out the mortgage I was earning around 22k a year and my husband something similar, since then my husband's wage has pretty much stayed the same and I have given up work to become a sahm so our income has halved, we are comfortably managing all our outgoings and as we used redundancy money to pay off our other outstanding debts we have less than £300 short term debt on a tools account for my husband and nothing else. So do you think we would get a mortgage for nearly £97,000 on an income of around £22,000?
I would really love to be able to make overpayments on my mortgage, and obviously don't want to be paying out more than I need to in interest.
Thanks in advance
Jen
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Endowment value over figure set to repay -

April 2, 2013, 2:14 pm
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should we cut and run or hold on in there?

Bit of background, OH and I took out a mortgage in 1988 and were persuaded to take out an endowment policy to, and I quote 'repay the mortgage, see any children through university and probably have the holiday of a lifetime'. As we all know, that wasn't quite accurate and although we had looked at changing it over the years were never financially in a position to do so and decided we would have to see where we were when it matured and re-arrange our finances accordingly to repay the remainder of our mortgage (which has increased since the original loan as we moved then had an extension). The original policy was taken out with Regency Life, who sold out to Windsor Life and our policy is now owned by Re-assure.

Roll forward 24 years and 7 months and I telephoned Re-assure today to get some idea of what happens in September and how far out the payment will be from the £73k it was supposed to cover. The lady on the phone told me if we cashed the policy in today it would be worth £78.5k :T:T:T

Obviously I was delighted as we have spent the past 10 years getting 'red alert letters however I am now in a quandry as I don't know whether to cut our losses and take the money or hold out until September. She was unable to advise me if there was an early redemption policy or if there was a bonus that would not be paid if we don't stay in to the end but said she would find out and come back to me. She also said she will get a forecast figure sent to me as it wasn't available on her screen due to it being less than 6 months to the end of the policy.

I know no-one will be able to tell me if the policy will go up or down in the next 5 months (and if they could they would be a very rich man ;)) but would be interested in opinions as to what you would do. I don't want to lose out on any potential increase but equally be gutted if it goes down before maturity.
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FTB mortgage help please?

April 2, 2013, 3:48 pm
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Hi,
Just wondering if someone in the know can give a bit of advice please??

Myself and my husband are looking to buy our first home together, here is our current situation...

My husband owns a flat, this is in the process of being sold, offer has been accepted. I am a FTB. We are renting a flat elsewhere.
Once the sale has gone through we can pay off his mortgage and all of our debt. This leaves us with around £9k to use as a deposit. Not a huge amount but debt free & about £700 better off per month (mortgage & loan payments).
He earns 24k per year. I normally earn 15k but currently covering maternity leave and gone up to 17.5k (minimum 9 month contract, could be extended).
Only other outgoings are mobile phones, car insurance etc. nothing huge.
Some mortgage calculators are giving us around 100k, some up to 180k.... It's varies so much!
We are thinking we will wait a while and boost our deposit with what we would usually pay our debts with. But we'd love to get on and find a new home!!
We live in Cornwall and house prices are unfortunately high. Hoping to get the higher end of the scale really!
Any thoughts on these NewBuy, government backed schemes? Will we count as FTB's as at point of buying neither if us will be homeowners??
Where is best to go? Looking at Nationwide for best deals?!

Any advice much appreciated!!!!!
Thank you in advance! :)
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Remove a Name from a Mortgage

April 3, 2013, 1:03 am
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Hi, my mother took over from my ex on the mortgage back in Oct 2005 as I had been self employed less than 3 years & my income couldn't be used solely. I am now remarried & haven't had contact with my mum for over 4 years. She did ask, by email, to have her name removed from the mortgage 2.5 years ago but didn't sign the paperwork & despite request by myself to have her removed now, she won't respond. She has never made any financial contribution since being added & I don't owe her any money, does anyone know of how/if I can get her name removed? With thanks.
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Mortgages on buildings made from non-aluminate concrete?!?

April 3, 2013, 3:56 am
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Hi

Just made an offer on a flat in a grade 2 listed building.
Offer rejected and EA advised on checking with the bank that they would lend on a property made from 'non-aluminate concrete' or something like that!

Supposedly HSBC and Santander are the only lenders lending for this type of property right now but this EA has been in contact with me for weeks and only just raised this point now
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Getting a 'second' mortgage

April 3, 2013, 4:05 am
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Hi,
Hope someone can advise with this!

I am on a mortgage with an ex partner. I haven't lived there or paid anything towards the mortgage for 5 years. I want to buy a new house, been renting for a long time now!
We have a child together so I don't think i have any chance of forcing a sale. Would a mortage comapny give me another mortage despite me still being on the first? My income wouldn't be enough for the two but i haven't paid anything for 5 years so would this matter?
Thanks for any advice!
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25yr or 30yr mortgage?

April 3, 2013, 4:16 am
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Hi, Im a FTB and about to apply for my mortgage (house offer accepted).
I did assume I would apply for 25years, but as Im a sole applicant a 30yr mortgage may look more affordable on paper? (I could always then overpay).
Do you think I might have a better chance of getting it by going for 30 years please?
Any downside to applying for 30years -is this unusual?
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Advice Needed - On a Mortgage/ Bridging Loan - Trying to purchase mums house

April 3, 2013, 4:45 am
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Hi again,

I'm in need of some advice if possible so I thought who better to ask!

Right, that's the compliments over and done with....he he he.

Hopefully, you might be able to help. Unfortunately, we lost our mum just before Christmas 2012. Contrary to popular belief my mum's debts didn't go with her as we're finding out, but she did have a house which she'd re-mortgaged several times over and is now insolvent. In addition my mum also has several charges against the property.

Now, if we take on the mortgage in addition to the estate being insolvent we would have to take on her charges on the property (17k) and the mortgage being in (15k) of arrears. This would put me and my sister in a worse position financially but we would like to secure the property nevertheless for sentimental reasons as well as so my sister has somewhere to live. It was just my mum, me and my sister and now it's just me and my little sister (she's 23)!

Could we propose to the bank a cash purchase at a reduced cost and if so, what would you advise would be the best way to approach this? And how much would be a realistic amount? Should I base it on going to market or auction led prices?

In terms of how we'd like to come up with the funds for a cash purchase, we're thinking a bridging loan? Is this the best way forward as that way we wouldn't have to take on the charge on the house or the arrears, as the house is currently in negative equity of about 20k in addition to all the other negatives.

We're at our wits end but I'm trying desperately all things considered to see the wood through the trees. My sister is on a low income so I would have to act as guarantor in this instance, any advice on the best mortgage company and bridging loan company to secure this?

Is this all legal by the way? If not, then it's back to the drawing board.

Thanks in advance

All advice is welcomed. I'm desperate to find a way through all this
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Mortgage advice - am I losing money?

April 3, 2013, 5:02 am
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Hello, just looking for mortgage advice!

My partner and I want to get a mortgage for a flat worth £260k.

I am in a lucky situation in that my partner's mother has offered to gift him 30% (£78k) of the cost as a deposit so we would get a mortgage for the remaining 70%. We'd be responsible for paying back half each of this mortgage each month. If we then re-sold the house later, partner's mum would get 30% of the sale value back and we'd split the remaining 70% between us.

So in essence, I would own a third of the property but pay half of the mortgage, and in return I get a big cash deposit, essentially as a free loan, for as long as we want to live in the house. My partner would own 2/3, and give his mum a third of anything we sell it for.

Firstly, are there any legal issues you can see in this? I am lucky that mother-in-law seems to trust me enough for this arrangement, and anyway the deposit would be gifted to my partner rather than her legally owning a third of the house.

Secondly, am I losing money here? I am paying half the mortgage but only owning 35% of the property at the end of it all. However, I'm not paying any interest on the 'loan' of the deposit and could never gather that much of a deposit in any other circumstances as I have no savings.

Any advice would be much appreciated!:D

Thanks!
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Remortgage for sole applicant

April 3, 2013, 5:21 am
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Hi
I currently have a interest only mortgage of £76,000. I would like to remortgage and change to a payment mortgage over 30 years. I would also like to release some money for some home improvements (as much as I can).
I estimate the house is worth about £94,000 (next door sold for £92,000 last June and I have newer kitchen/bathroom).
I work part-time and taking into account salary, wtc, child benefit, and 60% of the child maintenance i receive my annual income is £24,000. I have 2 dependents and an excellent credit rating.
Can anyone advise of a high ltv deal for these circumstances.
Thank you
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Bad Credit and Help to Buy Scheme

April 3, 2013, 5:32 am
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Me and my husband are looking to purchase a new home at a price of £280,000. As it is a New Build the builders are currently offering a Help to Buy Scheme which would require us to provide 5% deposit (£14,000) and they would lend us 20% therefore requiring us to obtain a mortgage of 75%.

We have a joint income of approximately £60,000 and each month after bills have been paid are left with approximately £2,600 to save/play with. We currently have £10,000 in our savings and have equity in our current home of approximately £10,000.

The thing is approximately 4-5 years ago I went through a bad patch with money and defaulted on various accounts. I have 6 defaults, all for under £500 and 5 of them for under £200. All defaults have been paid and marked as satisified for 6+ months. I also have a CCJ for a college course that I didn't complete. This again was for under £200 and has been marked as satisified for 6 months.

I have no late payments on my file for over a year. My husband has a excellent credit rating.

What do you think our chances of securing a 75% mortgage are?

Thanks
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Advice - wrong details on application.

April 3, 2013, 6:05 am
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I'm a FTB but this is my 2nd mortgage application (first one expired) with the same place (NW). Last time I went for a meeting with their mortgage advisor and everything went smoothly but this time not so much.

I contacted my advisor from last time to ask them the best way of re-applying/continuing the previous application and they just wanted to know of any change in salary etc. so I sent them all the details but was told they couldn't lend as much as I wanted, which wasn't confirmed by their online calculator. When I queried it they run the figures again and came up with a higher amount, still not as high as the online calculator but doable in terms of budget (at a squeeze).

Having just accessed the application through my online bank, I have looked through the summary and found about 10 mistakes :eek:

These range from switching mine and my OH's details halfway through (as we are labelled applicant 1 and 2) to having no mention of our bonuses which is presumably why the figures were different.

I now don't know what to do, I don't want to hold up the application or annoy anyone by pointing it out but surely if they are doing their jobs properly someone along the line will query why half the details are wrong? It would also make things a lot easier if we could borrow the higher amount...

Has anyone else had this problem?
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Too early to look for a mortgage?

April 3, 2013, 6:58 am
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Having originally been intending to move next year the wife and I have put the house on the market this weekend and are viewing a property we like this Friday.

It's one we've had our eye on for a while and it's recently been reduced to a more 'realistic' price.

Now I know ours has just gone on the market but they tend to sell well where we are, so with a bit of luck things should progress quite quickly.

I've done my sums, set our budgets and, as I've managed to make my head spin looking at mortgages this morning, may go the broker route. The Estate Agent has one in house but I don't think they are whole of market so will likely look elsewhere.

If the house we are viewing meets our expectations it's likely I'd put an offer in.

What I'm wondering is, should I be progressing the new mortgage and an agreement in principle at this early stage? Can this even be done without an identified property and rock solid figures?

Any advice welcome!
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Lenders error is stopping me get a mortgage!

April 3, 2013, 8:05 am
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Hi, any help would be amazing. We paid off our mortgage in January, and are now moving and applying for a new mortgage. We are being refused because in March 2012 we were late with 1 payment. This was the error of our previous mortgage lenders. We had set up a payment plan with them which they cancelled 1 month early, and we were unaware that the payment hadn't been made. I have spoken to the lenders who say they will look into it to see if they can take the red mark off my report, and I have messaged Equifax. Is there anything I can do to move this faster??? We are in the process of selling our house and it's now looking like we will be homeless soon!
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Mortgage audit holding up exchange

April 3, 2013, 8:38 am
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We were agreed for a mortgage for a property and the valuation was also completed and agreed.

About a week before our exchange date, the lender (Santander) said that they had to conduct a random audit. It has now been 2 weeks and there is no answer.They have said (through our broker) that we cannot exchange until the audit is complete. They cannot reveal what is holding up the audit. We were 100% honest and truthful with everything, not self-employed, don't own other properties, have no debt.

The seller is getting a bit aggressive and pushing us to exchange this week - which of course we cannot do. We have informed them so.

The broker is saying that if the audit is not completed by next week, he recommends us starting over with a new lender. Says he's never seen a delay like this in his entire career. I don't know if the seller will be OK with that.

Has anyone been through this and have any advice at all? I am so stressed out worried that we will lose this place and be homeless (we've given notice at our rental).
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Joint mortgage woes - how to get free?

April 3, 2013, 8:48 am
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Hi, I got a joint mortgage with a mate back in 1998 and we pretty much fell out within months. He left the country (to Northern Ireland) and I've lived in the house and paid the mortgage ever since.
The mortgage was with Abbey National Mortgage & Finance.

Now, seeing as I put the deposit on the house and have all the repayments come out of my account - how do I get his name off the mortgage?

I went to see a lawyer who said it would cost £5000 to do this! Really?
I can't go over to find him to get him to sign papers. What do married people do on 'abandonment'?

I'm loathe to pay £5k to get his name off as there's only £10k outstanding now!
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Endowments maturing soon

April 3, 2013, 9:17 am
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We have a couple of with profit endowments maturing in the next few months. I have been tracking the surrender values monthly to try and estimate what they will pay - values below. They seem to have progressed 'smoothly' with the odd jump up which i think coincides with the half yearly bonus reviews.

I'm expecting a smooth progression into maturity, but does anyone know whether they tend to increase at a faster rate towards the end?

The Standard Life one has the 'promise' so there will be an additional payment if we keep to maturity of £1200 - £1500. We also received some SL shares and small mis-selling compensation amounts on both policies.

I'll keep tracking the surrender values and post back here.

Andy



L&G

SA........£36360
Premium.........£44.51 per month
Term..........25 years
Maturity..........31/10/2013

Last Prem...........SV
31/1/2012..........£24472.3
29/2/2012..........£24575.4
31/3/2012..........£24678.7
30/4/2012..........£24781.8
31/5/2012..........£24885.1
30/6/2012..........£24988.4
31/7/2012..........£25091.5
31/8/2012..........£25194.9
30/9/2012..........£25298
31/10/2012..........£25405.8
30/11/2012..........£25513.6
31/12/2012..........£25621.3
31/1/2013..........£26093.6
28/2/2013..........£26203.1
31/3/2013..........£0
30/4/2013..........£0
31/5/2013..........£0
30/6/2013..........£0
31/7/2013..........£0
31/8/2013..........£0
30/9/2013..........£0
31/10/2013..........£0



Standard Life

SA........£52500
Premium.........£64.24 per month
Term..........25 years
Maturity..........15/9/2013

Last Prem...........SV
15/2/2012..........£30285.45
15/3/2012..........£30462.3
15/4/2012..........£30639.65
15/5/2012..........£30817.75
15/6/2012..........£30996.5
15/7/2012..........£31175.9
15/8/2012..........£31747.55
15/9/2012..........£31886.7
15/10/2012..........£32026.15
15/11/2012..........£32165.9
15/12/2012..........£32305.85
15/1/2013..........£32446.2
15/2/2013..........£32852.55
15/3/2013..........£33036.3
15/4/2013..........£0
15/5/2013..........£0
15/6/2013..........£0
15/7/2013..........£0
15/8/2013..........£0
15/9/2013..........£0
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NRAM Together mortgage - settling on sale of property

April 3, 2013, 9:21 am
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H all,
I've a Northern Rock (now NRAM) together mortgage (Secured mortgage + unsecured loan). My property is now in negative equity taking into account the whole balance, but the mortgage portion is lower than my estimated sale price if it sold now.

Unofficially, on the old Northern Rock telephone line (a few years ago, and the guy said 'I'd have to check with my manager' but I didn't have time to hold on) I was told that if I sold my property the entire sale proceeds would have to go on the loanS, so if the sale was more than the mortgage part, the balance had to go towards the unsecured part.

Now don't get me wrong, paying off my unsecured bit is a good thing, seeing as the rate jumps a lot if it is separated from the mortgage part - but is that advice above correct? Or could I keep the balance as cash and keep my unsecured loan as it is?

Anyone had any experiences?
Thanks in advance if you can help.
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Halifax - viewing mortgage online

April 3, 2013, 9:38 am
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Just logged into my account to check my balance only to be greeted with the message again.


IMPORTANT INFORMATION FOR MORTGAGE CUSTOMERS
Dear xxxxx xxxxx


We are currently carrying out some improvements to the mortgage information we provide online for some of our mortgage customers. This means your online mortgage account information may be unavailable for a few weeks.

We are sorry for any inconvenience this may cause. In the meantime, if you have any questions or need help with your mortgage, please call our mortgage helpline, details can be found by clicking the ‘Contact us’ box.

Well it's been a few weeks now with no sign of a change.

I tried phoning up but was informed I'd be waiting at least 15 minutes.


Anyone know how long the 'few weeks' is likely to be?
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