General Discussion: mortgage help


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kid unknown
kid unknown avatar

5320 posts since 8/12/01

posted 4 Aug 2014 15:50, edited 4 Aug 2014 15:50
assume no how many jackets/jeans/trainers do you own type Qs that would kill fukers.

ps - thanks a
swede
swede avatar

8028 posts since 21/3/09

4 Aug 2014 15:55
Laughing out loud
phish
phish avatar

271 posts since 5/1/10

4 Aug 2014 19:31
how easy is it to get lenders to give you the dosh over 35 years instead of the usual 25, and would doing so give you a better chance of getting a mortgage in the 4-5x salary range?

assume it must be driven by how far you off retirement age?
CovOne
CovOne avatar

8652 posts since 17/8/04

4 Aug 2014 20:08
I went in the other day and I just said what term I wanted, they won't search the whole market etc if you go into a building society/bank. They ask what you are looking for i.e 3 years fixed rate repayment over 30 years, that equals…..

At least that is what the women said to me.
R
R avatar

12994 posts since 17/5/03

4 Aug 2014 20:46
Some lenders will do 30 year term max.
swede
swede avatar

8028 posts since 21/3/09

4 Aug 2014 22:45
phish wrote: how easy is it to get lenders to give you the dosh over 35 years instead of the usual 25, and would doing so give you a better chance of getting a mortgage in the 4-5x salary range?

assume it must be driven by how far you off retirement age?

nationwide doing mine for 40 years. if my mum was to be guarantor it would have been shorter due to closer retirement age, so that will factor in. the length of mortgage does not effect how much you can borrow (at nationwide at least)
Essence
Essence avatar

3108 posts since 10/1/05

5 Aug 2014 12:07
I struggled without a 25% deposit - 25 year - dad as guarantor - earn 60K +

CovOne
CovOne avatar

8652 posts since 17/8/04

posted 5 Aug 2014 12:16, edited 5 Aug 2014 12:16
I know it is all relative but we are only asking for 120/30 with 10% dep on top, so we both incomes it went through straight away. Benefits of living in the midlands/up north I guess.

That was with Cov BS and they were happy for me to choose the length between 25 and 45 years.
zoom
zoom avatar

6061 posts since 22/7/05

posted 7 Aug 2014 18:38, edited 7 Aug 2014 18:38
Can anyone help me out here.

My solicitor and mortgage advisor are saying I cannot exchange contracts until they see my house insurance policy for my new gaff.. but I can't get that until I know my completion date?

Is it normal to get house insurance for a property your not even in yet?

Anyhelp would be great, can't find much online.
JustinCredible
JustinCredible avatar

2502 posts since 11/6/08

7 Aug 2014 19:24
Yes it's normal and I was in the same boat recently. If you currently have home insurance on your current gaff then ring them - i am with M&S home insurance and they just cover the new property for free in the interim and once you actually complete they will swap your policy over to the new one and you pay the extra premium. If not just ring any home insurer and they will do it.
figurine
figurine avatar

5740 posts since 14/5/07

18 Nov 2014 19:57
Went to see a mortgage advisor who said I could borrow 5x my salary. I have a small deposit, 10%, and a tiny credit card debt. I thought the days of lending 5x salary were long over?
stoney
stoney avatar

17396 posts since 22/1/05

18 Nov 2014 22:03
What's the CC debt ? Why not clear with deposit ? I thought CC debt fucked up how much you can borrow.
Kadafi39
Kadafi39 avatar

1564 posts since 30/10/09

posted 19 Nov 2014 00:08, edited 19 Nov 2014 00:08
zoom wrote: Can anyone help me out here.

My solicitor and mortgage advisor are saying I cannot exchange contracts until they see my house insurance policy for my new gaff.. but I can't get that until I know my completion date?

Is it normal to get house insurance for a property your not even in yet?

Anyhelp would be great, can't find much online.

Totally standard and usually a stipulation of the mortgage and the lease if leasehold. Legally the risk passes to you from exchange so you would want to insure even if freehold and cash purchase.

As Justin said just ring your existing insurer and tell them, won't be the first time they've done it or just get a quote online and insure with a totally separate policy.

Edit: just realised it said 3 months, not 3 hours Oops
swede
swede avatar

8028 posts since 21/3/09

19 Nov 2014 08:37
stoney wrote: What's the CC debt ? Why not clear with deposit ? I thought CC debt fucked up how much you can borrow.

agreed, why wouldnt you just clear the debt?
figurine
figurine avatar

5740 posts since 14/5/07

19 Nov 2014 08:46
Debt is about £400, minimum payment is like a tenner a month. Didn't really think it mattered, but could easily clear it if needed.
SJ
SJ avatar

616 posts since 27/11/11

19 Nov 2014 09:24
Never understood the insurance thing when I bought. How can you be liable for the security of a property you haven't got the keys for?
vaughty
vaughty avatar

149 posts since 9/3/07

19 Nov 2014 09:57
SJ wrote: Never understood the insurance thing when I bought. How can you be liable for the security of a property you haven't got the keys for?

You only need buildings insurance, not contents.
SJ
SJ avatar

616 posts since 27/11/11

posted 19 Nov 2014 10:19, edited 19 Nov 2014 10:19
vaughty wrote:
SJ wrote: Never understood the insurance thing when I bought. How can you be liable for the security of a property you haven't got the keys for?

You only need buildings insurance, not contents.

I had to do buildings and contents for mine, wouldn't be surprised if I was told wrong though. It was still insured by the builders until completion aswell.
Kadafi39
Kadafi39 avatar

1564 posts since 30/10/09

19 Nov 2014 11:03
SJ wrote: Never understood the insurance thing when I bought. How can you be liable for the security of a property you haven't got the keys for?

When you exchange contracts you have entered in to a legally binding contract to purchase the property. The risk of owning the property passes to you at the time you exchange. Usually you pay a 10% deposit on exchange so if the property is damaged in the meantime and even if the seller and their solicitors don't enforce the contract by serving a completion notice and forcing you to complete in the best case scenario you lose your 10% deposit.

Generally the seller would still have adequate insurance cover on the property, but why rely on someone else to insure the most important purchase of your life.

Just so much easier and cheaper to take out the most comprehensive insurance you can find and have that peace of mind.
timmbo
timmbo avatar

3411 posts since 9/2/10

19 Nov 2014 11:35
first time buyer, looking to get a buy-to-let mortgage. possible, or out of the question?