General Discussion: mortgage help


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seenmy
seenmy avatar

6527 posts since 17/6/06

3 Oct 2013 13:35
my advise would be get a mortgage broker, we used one and it was very straight forward, not much in way of costs as they basically make their money via the providers through finder fee as I understand it (could be wrong) but they did a good job with getting us a mortgage, as 1 year of books as self employed + my partner who is on a pretty basic london salary is not exactly very promising and also meant we only had to deal with one person who supported our applications right through the process.
sydneyking
sydneyking avatar

4557 posts since 26/9/09

3 Oct 2013 13:42
Did my application online, had no problems at all. Popped into nationwide with P60, wages slips etc and was all done in about 30 mins, last time i applied (which was 5-6 years ago) it took about the same length of time. Don't have any debt or adverse credit
trailofdavid
trailofdavid avatar

6334 posts since 14/8/09

3 Oct 2013 13:43
+1

My brother is self-employed and used a broker. Everything seemed really easy and straight forward for him.
San
San avatar

10493 posts since 14/11/05

3 Oct 2013 13:50
Best £500 you could spend is by using a broker imo
Plus they advise you how to play the game as well Laughing out loud
stoney
stoney avatar

17394 posts since 22/1/05

3 Oct 2013 13:51
Hello World wrote: debt is deadly for mortgage applications.

This is why i need to hang fire a year!
Hello World
Hello World avatar

12100 posts since 7/3/05

12 Oct 2013 12:14
Got approved on friday, Just done my 10% deposit to the developer. Now a race to completion!
San
San avatar

10493 posts since 14/11/05

12 Oct 2013 13:31
Cool
Homer
Homer avatar

23926 posts since 8/5/03

12 Oct 2013 14:33
Looking to move to a fixed rate mortgage, I need 85% LTV to get the deal I want, that relies on my place going up 10k in a year which is probably has as other similar are up for and have sold for 20k more.

How would a surveyor value my house, based on what I paid a year ago or would they just look at other similar properties?
mod*
mod* avatar

7035 posts since 25/3/04

12 Oct 2013 17:30
Will be a current valuation I'd imagine
stoney
stoney avatar

17394 posts since 22/1/05

12 Oct 2013 18:05
Homer wrote: Looking to move to a fixed rate mortgage, I need 85% LTV to get the deal I want, that relies on my place going up 10k in a year which is probably has as other similar are up for and have sold for 20k more.

How would a surveyor value my house, based on what I paid a year ago or would they just look at other similar properties?

As a surveyor, i would see how much you paid and when you bought it. Index link it using the nationwide calculator. Check what surrounding properties have sold for and are on the market at, and make an adjustment based on how yours differs. (either that or just agree with your estimate if its close enough and move on to the next one)
velvet
velvet avatar

9517 posts since 12/6/06

12 Oct 2013 20:07
San wrote: Best £500 you could spend is by using a broker imo
Plus they advise you how to play the game as well Laughing out loud

any tips on how to play the game?

i'm in the process of trying to find a flat and discovering all estate agents are so far very unhelpful / assholes
Homer
Homer avatar

23926 posts since 8/5/03

13 Oct 2013 11:37
stoney wrote:
Homer wrote: Looking to move to a fixed rate mortgage, I need 85% LTV to get the deal I want, that relies on my place going up 10k in a year which is probably has as other similar are up for and have sold for 20k more.

How would a surveyor value my house, based on what I paid a year ago or would they just look at other similar properties?

As a surveyor, i would see how much you paid and when you bought it. Index link it using the nationwide calculator. Check what surrounding properties have sold for and are on the market at, and make an adjustment based on how yours differs. (either that or just agree with your estimate if its close enough and move on to the next one)

Cool cheers
San
San avatar

10493 posts since 14/11/05

13 Oct 2013 13:15
Velvet: by playing the game i meant that they can manipulate what income strands are used and how this is presented to finance institutions (i.e. to minimise tax liabilities due).
This is not relevant to most who are under PAYE but people who are self employed, sub-contractors, Limited companies etc.
Hello World
Hello World avatar

12100 posts since 7/3/05

13 Oct 2013 14:02
velvet wrote:
San wrote: Best £500 you could spend is by using a broker imo
Plus they advise you how to play the game as well Laughing out loud

any tips on how to play the game?

i'm in the process of trying to find a flat and discovering all estate agents are so far very unhelpful / assholes

Dealing with estate agents is as follows:

1. Dont, new build.
2. Get rich, just keep throwing cash at a place you like.
or
3. Never show interest, their job is to exploit this to get more than the asking price.
stoney
stoney avatar

17394 posts since 22/1/05

13 Oct 2013 17:44
^ and dont deal with foxtons

anyone wanting to remortgage and get a high as poss value, hit me up and ill give you some good tips.
Dee
Dee avatar

11192 posts since 22/11/07

13 Oct 2013 18:05
Were hoping on moving by around this time next year, hopefully have a good deposit & jump on the new gov mortgage plans with a family house a bit further out, but I've just found out that you can only have one property and was hoping to keep hold of our flat and rent it out long term.

I'm only working as a temp at the mo, is it possible to put my name on the current mortgage and then, much later, remove her name from the mortgage so we could get the new gov plan mortgage against her name and for me to keep the current mortgage, thus retaining the flat? really don;t want to let go of it as it's a bit of a no brainer investment and in good shape for rental.

any other ways?


Hello World
Hello World avatar

12100 posts since 7/3/05

13 Oct 2013 18:16
The government new deals are not amazing, after 5 year the interest rate really ramps up nastily, so you should be looking at paying it off before then, it is also is linked to value increase as it is an equity loan not a fixed value loan.

If your married I don't think two separate mortgages is going to be possible, if your not and you claim single status then you are only looking at single income, and if your temp or self employed then you have more hassle there relating to income

The government deal has explicit rules to stop most of this regarding 2nd home ownership.

its up to 600,000k so you would have to chip in 30k, they would chip in 90k (mad), and you find a mortgage of 480k. (120k minimum dual income at a push)

bear in mind its an equity loan so any increase in property also increases the government load value by 15% of the value.
velvet
velvet avatar

9517 posts since 12/6/06

13 Oct 2013 18:58
i haven't dealt with foxtons (yet) - they keep offering me properties with lease's less than 70 years - Is that why they get a bad name as will try and sell anything?

HW - can you recommend any new build companies? - i have looked at the usual suspects but cant find anything interesting
Hello World
Hello World avatar

12100 posts since 7/3/05

13 Oct 2013 19:09
Well now at this stage thanks to the government, the estate agents are on a rampage, the market is open to hundreds of thousands more buyers with smaller deposits, and there are no more extra properties, so thats simple supply and demand.

I wouldn't touch anything under 75 years, but since prices are up everything is being cashed in on and they want it cleared out quick. That is the market now.

Thats why I moved crazy fast to get a property before october, as was everyone else. The agents can just advise buyers to wait and people will fight over the best stock.

I don't really have much to recommend I only went with red row on a finished property as it was cheap and in my buying zone.

If you are sick of agents and variable prices is the only way to go, but generally they want completion in insanely short time frames, like 28 days which I am battling with! Sad
stoney
stoney avatar

17394 posts since 22/1/05

13 Oct 2013 19:17
velvet wrote: i haven't dealt with foxtons (yet) - they keep offering me properties with lease's less than 70 years - Is that why they get a bad name as will try and sell anything?

HW - can you recommend any new build companies? - i have looked at the usual suspects but cant find anything interesting

most banks wont lend on properties under 70 years, thats the cut off term length. Cost to extend is variable, did a survey last week in wimbledon, and the bloke was quoted 40k to extend.