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Remortgaging questions

April 3, 2013, 10:19 am
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Firstly, apologies if these have been asked before.

My fix is up soon and it's looks like I'll be moving mortgage as Santander haven't been particularly competitive. As this is the first time I've had to remortgage I'm quite new to this.

1) I asked Santander what my mortgage value would be at the end of my fix in June and they told me a "rough figure, but there or thereabouts". Now I guess I need to know the exact value to apply to my new lender so how does it work? Can I work out the figure myself or doesn't it really matter and the two companies talk to each other?

2) I have to pay an exit fee to Santander. Do I have to wait until the mortgage has expired as would this technically be ending my mortgage early (and incurring the Early Repayment Charge) if I was to pay now or doesn't it matter? Or can you choose not to continue in advance?

Many thanks
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mortgage reclaim?

April 3, 2013, 12:20 pm
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today I had a phone call from a company claiming that I could have a right to get back money from my mortgage lender, due to a) using a broker who put his fee on the top of my mortgage b) because I took it out since 1998 c) because I was only offered on deal which may not of been the best deal available to me and could of been offered as worth more to the broker. is this true? and if it is how can I claim this myself ( they wanted to do the claim and have 35% of the refund! as if!)
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FirstBuy scheme refused

April 3, 2013, 12:29 pm
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Well we have just been refused to be given the governmental 20% because we're earning too much, allegedly. The new build 2 bed property value is 90k. Which means a deposit of 4.5k which we raised. It isn't in our accounts yet as it's a family gift.

The scheme should have given us 20%, which would mean a 67k mortgage after the 4.5k deposit. I earn 20.5k and my wife is on 17k. Apparently we earn too much. Now we've submitted an application for a 95%, assuming we're approved we could go with that, but it would mean a higher interest rate, but no loan to give back to the government. Any ideas or suggestions?
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Changing jobs mid mortgage application

April 3, 2013, 1:17 pm
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Does anyone have experience of this?

I have been in my job for 7 months and am unhappy with it. I have applied for another, very similar job (but with more responsibility and slightly more pay) and have had a couple of interviews, so there is a good chance I'll get it.

We have also just put an offer on a house and are about to go through the mortgage application process. If I change jobs, is this likely to cause problems?

We have found a perfect house and would be really sad to let it fall through.

Are mortgage applications considered by real people - ie. would someone understand my circumstances, see I have always held down a job and this change at this time is a coincidence?

If not, is there a way for someone (like a parent) to act as a guarantor on a mortgage, in the same way as a rental agreement?
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nationwide FTB application and overdraft advice

April 3, 2013, 1:50 pm
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Hi, just wanted to know if anyone has been successful getting a mortgage with Nationwide on the FTB scheme whilst
in there overdraft?
Im in my interest free graduate overdraft of £1000 and has a limit of
£1500, i dont go over my £1000 as thats when charges occur/interest occur. I plan on paying this on payday if it will help
thinks but dont know if it'll be too late?

I have a car on finance that is £195pm and due to finish feb 15, and a contract phone all which i have always paid on time.

My other half is great with money and has a fair bit saved in his account.

We have £8000 in our save to buy account
and wanted possible to buy a house we have seen that is on the
market £100k.

We went in to nationwide and they've said they could offer us £127,500 way over what we want.

Ive been on supply in same school since sept 2011
being paid through local authority and since June
2012 been on 2 contracts with another starting next week till
end of August 2013, Nationwide say i meet criteria of
12 months employment via fixed term contracts
and that by sept 2013 ill have 2 years worth of payslips from the same local authority.

My other half has been in full time permanent work since 2005 and is on £12.5k a year

Any advice? Im so worried about me being in my overdraft even though ive stayed in my agreed limit, and paid all my
finances on time.

Thanks! A worried
FTB
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Mortgage application first direct - does this sound right?

April 3, 2013, 2:24 pm
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Hi all. Hope someone can help.
Had an agreement in principal arranged through first direct.
Figures as below
Purchase price £450k
Deposit (savings and sale of house after mortgage cleared) £200k
Mortgage amount £250k.

Not found a house yet but have been looking.

We are a couple with a joint income of £63k. Plus income from a rental property of about £12k a year. (Mortgage on this is 7.2k)

Called today to see if this loan can be increased to £275k (on a £500k property) and told we were at the maximum we could borrow.

Not taking the rental income into consideration their own mortgage website indicates we could borrow £252k. They said the mortgage on the Btl was a liability which I accept but they offer no 'credit' for the income this liability generates.

Does this sound about right to the mortgage experts on here?
Thanks.
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Do banks take (potential) income from rent into account when lending?

April 3, 2013, 2:25 pm
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Hi,

I earn £17k and I suspect I would be able to get a pitifully small mortgage. Its a pipe dream but I would like to buy the house I'm currently renting a room in which I suspect will go on the market for £130/140k. Its a three bedroom house and I plan to rent out two rooms. Would the banks take this into account?

Thanks!
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Joint Mortgage - 1 partner has bad credit

April 3, 2013, 7:38 pm
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Hello all, wonder if anyone can help

Myself and my girlfriend are looking to go into a joint mortgage together. Only problem is that while she has an excellent credit rating/history, mine is not so good, i have 4 defaults in total which i am currently trying to pay off little by little and 2 late payments. The total owed on my credit report is £1161.

I earn 13,600 per year and she earns 14,500 per year, we have 15% deposit and are looking to find a place worth £80,000-100,000. Would it be best to apply jointly for the mortgage or to just apply using her wages and credit history?

Any help would be great

Thanks
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Can a name be on a house but not its mortgage?

April 4, 2013, 12:44 am
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Hello all

When I met my now wife some years ago, I owned a small house. When we got married and began planning a family, I took a buy-to-let mortgage (in my name alone) on this house to raise a deposit for a new home (in both me and my wife’s name).

For the last few years my mother, who lives in another part of the UK, has been ‘renting’ the buy-to-let house (paying the mortgage interest) so that she could have her own place to stay when she came to visit.

My mother is now considering using a lump sum she has to pay half the mortgage on this house as the money saved in interest is greater than she can get from a savings account.

Understandably, however, she is concerned about what might happen to this house should my wife and I split (which is not on the cards).

Ideally, I would like to sign half of the house over to her, but she is a pensioner and does not want to get involved with the mortgage.

My question is, is there a way I can protect my mum’s investment in the house without her name being on the mortgage?

Thanks for any help or advice.
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I have a CCJ but a good credit rating... will I get a mortgage?

April 4, 2013, 1:23 am
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I have applied for a mortgage with my husband but I have a CCJ I declared this before applying to my mortgage advisor at lloyds.


We credit scored together as an A (which I believe is the best) but as I have a CCJ it has been sent to an underwriter.

I have paid the CCJ in full and I am waiting for a letter to take to the court for a letter of satisfaction.

Other than this my credit history is fine and I am very good with money, it's just something I made a mistake with at a young age.

Will our application be accepted? Help!
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Self Build Mortgage Help

April 4, 2013, 1:31 am
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Hi, we are looking to self build our own house but trying to understand how we can fund it.

I know with self build mortgages are paid in tranches and the maximum LTV seems to be around 80%. But is this 80% of the final valuation of the property or 80% of the cost of land+cost of build?

If it's the former we can probably afford it but if it's the latter then we are snookered!

Any tips or advice from those with experience if this would be much appreciated.

P.S We're in Scotland if thats makes any difference
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Bank offered credit card? Hope to apply for mortgage pretty soon...

April 4, 2013, 1:56 am
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I am sure this has been asked so many times, but I currently bank with the Halifax and they have offered me a 0% credit card. I do not have any credit other than an overdraft which I rarely use. Although many years ago I was in debt etc... Life has changed and turned around.

I am in private rental, and have been for over 15 years with dd and at last have a deposit saved (will be going for northern irelands co-ownership scheme).

To cut a long question short, the bank recently made an appt for me to apply for a mortgage (I never thought about a mortgage, they just told me to come in and apply) and now this week they offered me a credit card. I do not need a credit card, but wondered if making a mortgage application in the next month if it would be a good idea to take it.

Sorry for such a long winded question!
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Day Rate Mortgages

April 4, 2013, 3:00 am
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I have been out of the UK for some years now and have had the benefit of a Day Rate mortgage. Is there any way I can obtain the same type of mortgage upon my return to the UK. My reason for wanting this type of mortgage is obvious once you take a look at the way the interest is calculated on what you owe. Over the whole term of the mortage and therefore the amount owed drops each month and the interest charged over the term of the mortgage is in the regi!n of 40 per cent less. In short you mortgage reduces quicker and the interest charged is far less.

Thank you
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Help to Buy Advice please

April 4, 2013, 3:20 am
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Hi all,

My wife and I are currently renting. Her nan has said that she is willing to gift her the 5% deposit required for the "help to buy" scheme to enable us to get a mortgage, instead of getting it in the will.

So the situation as it stands is as follows:

My Income: £50'000 + ~£3000 p/a extra
Wife Income: £30'000
Total Income: £80'000

My debt:
£50'000 unsecured loan (for training, never missed a payment in 3 years, 4 years remaining, monthly commitment £1000 - I make loan repayments before paying tax and NI and therefore class my salary as £38'000)
£4000 student loan (monthly commitment £150)
£400 Barclays Loan for laptop (could pay off in a couple of months)
£250 credit card (again could pay off in a couple of months)

Her Debt:
£8000 mix of credit cards and overdrafts, paying off slowly (monthly commitment min. payment around £300, she's currently paying 5-600)
£9000 Student loan (monthly commitment £150)

I have checked my credit rating on experian and its "Fair", a score of around 870, mainly due to the high level of borrowing. Her's is also fair to good.

We are currently paying £1500 in rent (yes I know it's a lot...) but haven't missed a payment on anything ever, so could easily afford a mortgage if we were accepted.

We haven't applied or tried saving before because we have tried to always pay off the debt first- but now with the kind offer from her nan and the government scheme it's something we have now been considering.

So the question is - what are the chances of getting the 75% mortgage and being accepted for the 20% laon from the government? I am seeing a broker next Wednesday but would like some advice beforehand, and if you have any advice on what to ask him as well that would be great. I understand we would have to buy a new build and that isn't an issue. We would be looking at houses between £250k-£300k.

Thank you so much in advance.
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Mortgage overpayments - pays off Capital?

April 4, 2013, 4:12 am
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Hi all, im looking at buying a place with a view to overpaying the £1500 pm mortgage by an extra £300 pm (the max allowed). Does the extra repay the Capital or interest as well?
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change of title deeds.

April 4, 2013, 5:29 am
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Guys-

Quick question as i'm fed up talking to my conveyancer and my lender to which i'm getting conflicting advice.

I have joint mortgage with my wife. Can i change the house to her name only whilst leaving the financial arrangements with lender exactly the same. Bank/lender drew up docs and sent them to me 'change of provision of sucurity' i think they're called. They said they've done it regularly in past and can categorically 100% do it. 2 individuals told me you can.

Meanwhile, my legal side after speaking to 2 lawyers say you 100% can't do it!

Confused. Probably not going to do it now and can't be bothered with grief but i'm stubborn and believe my conveyancer to be wrong!
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Paying off CC before mortgage application

April 4, 2013, 7:27 am
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Hi there, just after some advice really.

I'm hopefully going to be moving soon, porting my current mortgage and raising some extra borrowing on top.

I have an outstanding credit card debt of £5k (interest free) and ideally I'd like to pay this off beforehand, but can only afford to chip away at it by around £200 per month at the mo. I don't have any savings except for £5.5k in an ISA, but I don't consider this as 'savings' in the normal sense because I'm self-employed and this is my only buffer if my work situation ever gets dicey, and even that's far lower than I'd like it to be.

Should I use this money to pay off my CC? It would leave me feeling exceptionally vulnerable, but on the other hand I worry that a large CC debt like that might not look good to my lender. I do pay it off by much more than £200 p/mth whenever I can, if I have a good month for eg. But still likely to take another 1-2 yrs to clear at this rate.

Be interested to hear your views - thanks.
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advice on hopefully becoming a landlord!

April 4, 2013, 7:39 am
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I'm currently renting am and 27 years old. I have saved £50,000.
I wish to buy somewhere to live and get myself an investment property.
I would like some advice on how to best wisely spend my money - and if possible to get two properties!
My plan at the moment is to buy a property with 10% deposit after 6 months ask for consent to let. At this stage i will let out this property.
Then purchase myself a property using again 10% deposit.
On the basis both properties are £200,000 that would be £40,000 on deposits and leaving me £10,000 for fees etc.
Any opinions on this would be really appreciated and if it sounds like a good plan or not! Thanks
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Overpayment Vs Capital repayment

April 4, 2013, 7:40 am
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Hi all,
I have searched this and it has been covered before but I'm still unsure what is best for me so hoping for some advice! Currently have a Coventry BS mortgage which is 0.75% above base rate, so at time of writing, 1.25%. It's term ends in May 2036 and it is £490pm, however over the last year or so I've been overpaying by £760pm in a bid to be mortgage free sooner :) Have been finding this amount to be manageable so intend to keep it that way!
However, I've now been paying closer attention to the T&C's of overpaying, this is taken from Coventry's website and is the category I currently fall into:
Quote:
If the equivalent of 3 x your normal monthly payment is greater than or equal to £1,000 then:
Any additional payment greater than three times your monthly payment will be treated as a capital repayment.
Any additional payment less than three times your monthly payment will be treated as an overpayment.
The bit in bold being what is currently happening. I had to study this for a long time to realise what they were saying! Now that I do understand the difference between a capital repayment and an overpayment, my next problem is that my maths isn't good enough to work out what it best for me! It occurred to me that over a 2 month period, I'd fall into the capital repayment category anyway, as I'm paying a total of £1520 over what I should be. My options then are to reduce the calculated monthly payment, or reduce the term. I guess reduce the monthly payment would be better, because then a higher percentage of my total payment would become an overpayment, correct?

What I'd like to know is, on the interest rate I'm on, will it really have much of a beneficial impact? In reality what I'd do is ask them to take £500pm on my direct debit, then setup a regular payment of £1500 every 2 months to keep the numbers simple.

Hope this all makes sense and look forward to hearing your advice :)
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itl mortgages

April 4, 2013, 7:44 am
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can any one help with this company or had dealings with them i have a repossesion notice on the house and they have tried to evict me numerous times i have an interest only mortgage with them and the monthly payments are stupid
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