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mortgageinfo

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  1. 95% mortgages aren’t currently available unless under the help to buy scheme. The new gov backed Mortgage guarantee scheme is due to begin in April which will mean the return of 95% mortgages to most. There isn’t anything within the Mortgage Guarantee scheme which states this wouldn’t be doable and mortgage lenders haven’t yet released criteria on these. However, I personally doubt mortgage lenders will make them available to more than 2 applicants. If they do, I would expect lenders to only take affordability into account on two applicants anyway, so there isn’t likely to be much b
  2. The Mortgage Lender will expect your Mortgage Advisor to have seen your latest 3 months payslips and Bank Statements. And the Lender reserves the right to ask for these. However, some Lenders will often only request latest months payslips. If you are using income such as overtime, bonus or commission, Lenders will almost definitely want to see 3 months payslips. But when using basic only, it's common for lenders to ask for your latest month only.
  3. Hi Chay, https://www.vouchedfor.co.uk/ could be a good way to find an independent Mortgage Broker near you. Like a trustpilot for financial advice. https://www.unbiased.co.uk/ is another one similar to vouchedfor.
  4. The new "Mortgage Guarantee Scheme", is available to non-first time buyers. So if this is introduced, you may be eligible. Sit tight and keep saving, hopefully there will be an option available this year for you.
  5. Through the Help to Buy Equity Loan Scheme, you may be eligible for a Mortgage with a few High Street Lenders. Rates would be competitive, around or a bit less than 2%. You would use your 5%, plus 20% from the government (equity loan) to top up your deposit to 25%. Greater deposit, equals less risk to the Lender. So a greater chance of being approved. Obtaining a Mortgage on a traditional/non-new build property isn't doable for anyone at the moment with a 5% deposit. As you are looking to buy in November, you have a bit of time to make sure the rest of your finances are all in order,
  6. This isn't one for L&C in my opinion. There going to get paid a couple of hundred for this, so it's simply not worth their time. No income is going to complicate things more, but there could still be options. It will take a broker or yourself to ring around lenders and discuss the case with them. I imagine the answer will be subject to valuers comments in most cases. And as above, could result in a no. But I personally would give it a go, if Together was my only other option. I have nothing against Together, just feel it can be quite a painful process as well as expensive.
  7. Most mainstream Lenders will consider this subject to valuers comments, loan to value and the number of floors in the block. E.g. 6 floors with no lift at 85% loan to value will likely be a struggle. 3 floors at 75% LTV will likely be ok. Are you going through a Broker? If not, it would be a good idea to do so.
  8. It's possible from what you have said, yes. I would recommended speaking to an IFA that could look at the benefits of two options, using some of your pension balance or taking out a mortgage. Both options worth considering.
  9. Change Brokers. You'll find plenty of brokers that will be willing to do this for less £500. There are still a few Mortgage Brokerages which will charge high fees like this for every case i.e. 3% of the Mortgage balance. But for something like this, it's ridiculous.
  10. It wouldn't be a 100% mortgage. You're looking to do something called a concessionary purchase, more details here: https://ukmortgageadvisors.co.uk/blog/concessionary-purchase-mortgage/ This is simply where you buy a property for less than the market value and use the difference between the purchase price and the value of the property as your deposit. This is quite a discount though, so the Lender will ask some questions around this. Criminal record should be fine with most lenders, as the crime should be spent right, and it wasn't fraud/money related. CCJ will be off your
  11. You can complete a transfer of equity when you remortgage and be added to the property. How that will work financially is up to you and your dad to agree on, there isn't any rules on this. It is as simple as that. However, bear in mind there may be a stamp duty liability, which will be worth checking with a Solicitor.
  12. Just to reaffirm. The rates sound about right for your case. You may be able to get slightly lower. Definitely worth going through a broker as you've said.
  13. If the Lender allows you to port your Mortgage (take it with you to a new property). And you still meet the lenders criteria (inc Affordability) at the time of moving. It should be fine. By porting you will avoid early repayment charges, which almost all 5 year fixed Mortgages will have if you leave early.
  14. Sounds like you have it sussed. You can either do a consent to Let with your existing Lender on your current home, or Remortgage your current home on a Let to Buy Mortgage. You would then just take an ordinary residential Mortgage out on your new home. Worth noting in the case of Let to Buy, both the Let to Buy and new Residential Mortgage would have to complete at the same time.
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