General Discussion: mortgage help


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phish
phish avatar

271 posts since 5/1/10

20 Nov 2014 19:38
figurine wrote: 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?

where was this if you don't mind me asking?

only spoken to barclays so far and they would only give me 3.66x salary.
FrIEND
FrIEND avatar

13435 posts since 27/11/03

20 Nov 2014 21:28
Im sure this is a simple question i should know the answer to but anyway……. Say I'd got a house with a 20k deposit that was worth 220k, if I'd then spent 20k on it and it was now worth 330k.

When it comes to moving to the next house…should I be looking at houses worth 330k….or would i start from scratch again but I've now got a 110k deposit when they're looking at my circumstances so could borrow more?
Brian Damage
Brian Damage avatar

7993 posts since 21/10/03

20 Nov 2014 21:52
timmbo wrote: first time buyer, looking to get a buy-to-let mortgage. possible, or out of the question?

Think you need your own mortgage on your own house first and then at least 25% deposit on a buy to let..
JustinCredible
JustinCredible avatar

2521 posts since 11/6/08

20 Nov 2014 23:25
FrIEND wrote: Im sure this is a simple question i should know the answer to but anyway……. Say I'd got a house with a 20k deposit that was worth 220k, if I'd then spent 20k on it and it was now worth 330k.

When it comes to moving to the next house…should I be looking at houses worth 330k….or would i start from scratch again but I've now got a 110k deposit when they're looking at my circumstances so could borrow more?

If you paid 220 with a 20k deposit then your mortgage is approx. 200k. If you sold it for 330 you'd have 125ish deposit which is 30 - 35% deposit on a 330k house (factoring in fees & stamp duty etc.) As long as you earn enough to cover the remaining 200ish bags you'd need to borrow (which I guess you do if you borrowed 200k before) then it's all gravy as long as you don't have any red flags on your credit rating / loans or credit cards outstanding etc.
rural
rural avatar

17563 posts since 26/9/06

posted 20 Nov 2014 23:33, edited 20 Nov 2014 23:33
Anyone here got a good knowledge of a when a leaseholder wants to buy a freehold of the same property? Ta
Kadafi39
Kadafi39 avatar

1564 posts since 30/10/09

21 Nov 2014 10:53
Its called collective enfranchisement, where you and other tenants get together and purchase the freehold then manage the maintenance yourselves by setting up a tenants management company.

Not the same for every building though so there's no blanket answer. You would need to seek legal advice.
andymakesglasses
andymakesglasses avatar

20207 posts since 26/1/06

10 Dec 2014 13:02
Any recommendations for home insurance providers (contents only)?
Mr.X.
Mr.X. avatar

2858 posts since 23/6/13

10 Dec 2014 13:04
Santander.
pops
pops avatar

4032 posts since 2/9/09

10 Dec 2014 13:28
andymakesglasses wrote: Any recommendations for home insurance providers (contents only)?

PM Evers
Mike Hunt
Mike Hunt avatar

1671 posts since 6/6/03

10 Dec 2014 13:34
Just make sure you dont use a broker. Smiling
figurine
figurine avatar

5746 posts since 14/5/07

17 Dec 2014 12:20
I've about 6 or 7 late payments on my credit report, all are from a phone contract that I didn't have a direct debit for. The most recent was about 3 years ago, will these matter when applying for a mortgage?
suki2shoes
suki2shoes avatar

892 posts since 6/10/04

posted 17 Dec 2014 12:59, edited 17 Dec 2014 12:59
shouldnt do as it was a long time in the past and even if they do bring it up, you can explain to them why.

timmbo wrote:
first time buyer, looking to get a buy-to-let mortgage. possible, or out of the question?

Yes it can be done, there are certain lenders like Paragon/aldermore that will do it. PM me and i can send you a brokers details who i discussed the same topic with last week for a friend.
CovOne
CovOne avatar

8652 posts since 17/8/04

19 Dec 2014 17:56
Completed today, went for a look up in the attic

Jesus
Jesus avatar

5971 posts since 7/10/08

19 Dec 2014 19:13
Laughing out loud
JustinCredible
JustinCredible avatar

2521 posts since 11/6/08

19 Dec 2014 19:14
oh dear
swede
swede avatar

8047 posts since 21/3/09

19 Dec 2014 19:24
Laughing out loud fuck
CovOne
CovOne avatar

8652 posts since 17/8/04

19 Dec 2014 19:28
If it weren't for my elbows I would have went straight through, house needs gutting but still Laughing out loud
Mike Hunt
Mike Hunt avatar

1671 posts since 6/6/03

19 Dec 2014 19:28
Laughing out loud
EssexBoyII
EssexBoyII avatar

6489 posts since 5/6/07

19 Dec 2014 19:31
rural wrote: Anyone here got a good knowledge of a when a leaseholder wants to buy a freehold of the same property? Ta

You in a house converted into 2 flats? Assuming the flat owner of the other is the freeholder then he sets the price if you want a shared freehold. Usually more expensive if your long term lease is running low. Collective enfranchisement is more for bigger blocks
swede
swede avatar

8047 posts since 21/3/09

19 Dec 2014 19:36
need a GOOD specialist mortgage broker. halifax just fucked me over