General Discussion: mortgage help


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Kadafi39
Kadafi39 avatar

1569 posts since 30/10/09

19 Dec 2014 19:38
COV Laughing out loud
MrW
MrW avatar

2559 posts since 1/8/11

23 Feb 2015 21:00
Probs an obvious question but do I need to switch my current mortgage to a buy to let mortgage if I decide to rent out my place? And if it's my only property, would renting it still be seen as a business and therefore any profit subject to income tax?
Double D
Double D avatar

3552 posts since 8/3/07

24 Feb 2015 01:41
Technically yes your mortgage company may get pussy but I've gotten away with it in the past, really depends on whether your mortgage company decide to kick up a fuss, or even find out.
suki2shoes
suki2shoes avatar

892 posts since 6/10/04

24 Feb 2015 07:50
It will depend on your lender and individual circumstances, but your mortgage deal could be kept the same and your lender will provide you ‘consent to let’ without any changes to your existing mortgage.

I've done it in the past.
hang_on_voltaire
hang_on_voltaire avatar

497 posts since 11/11/09

24 Feb 2015 10:53
Yes you have to pay income tax, you may also be liable for capital gains tax if you sell it after renting long term although it is quite complicated and depends on how long it was that you lived there and how long it's been rented…
MrW
MrW avatar

2559 posts since 1/8/11

24 Feb 2015 14:41
Thanks gents
phish
phish avatar

271 posts since 5/1/10

5 May 2015 19:08
any decent broker recommendations? if you've had a decent experience as a first time buyer with them that would be a bonus
Brian Damage
Brian Damage avatar

7994 posts since 21/10/03

5 May 2015 21:53
London and country are free for the client, but don't think they check direct - only deals. Which? brokers are popular, you pay a fee, but believe they check the whole market. I used the first one recently as a FTB, but they still couldn't match the direct - only deal overall with nationwide.
ginner
ginner avatar

261 posts since 15/4/14

6 May 2015 07:28
Whoever you go with just make sure they are whole of market. The two lenders that Brokers won't deal with are HSBC and the Post Office. These both only offer their mortgages on the retail market so check them yourself.
sydneyking
sydneyking avatar

4586 posts since 26/9/09

6 May 2015 07:46
Got my mortgage at just over 2%, applied online and got the agreement in principle. With interest rates as they are I can't imagine brokers can get anything much more favourable than what's readily available. Can't really see the benefit of paying them a fee for something you can do yourself?
CovOne
CovOne avatar

8652 posts since 17/8/04

posted 6 May 2015 08:43, edited 6 May 2015 08:43
Brokers are good for finding deals for those of us who might pass affordability checks or need speciality mortgages etc. We used one as my wife was on a nil hour contract type thing despite working full time hours. Broker advised us that Nationwide only need to see your bank statements for proof of income so we went with them. The rate we are tied into for 2 years is ridiculously high though 5.35% Sick!
CovOne
CovOne avatar

8652 posts since 17/8/04

6 May 2015 08:44
If you have a healthy deposit and good credit/wage I would just go direct using something like MSE to see what is available
ginner
ginner avatar

261 posts since 15/4/14

6 May 2015 13:14
There are a number of Lenders who only lend through brokers. For example mine is with Accord Mortgages and is a FTB loan. They are the broker only arm of Yorkshire bank and the rates they offer are better than comparable products from Yorkshire Bank. A lot of brokers also have a good knowledge of who is best for FTB/low deposit etc. mortgages in terms of how stringent their checks are of you. Worth an initial chat with them at least which should cost you nothing.
Brian Damage
Brian Damage avatar

7994 posts since 21/10/03

6 May 2015 23:00
Be sure to clarify what type of checks they do in the affordability search ie soft check or full check because they can impact on your rating
kozsie
kozsie avatar

100 posts since 12/9/07

10 Jul 2015 12:24
Thinly veiled link of the day - just sold my house and need to move in to rented accommodation until my house is completed.

We have a dog and everywhere I call are knocking me back when I tell them that - is it a case of saying nada and hiding him if the landlord decides he wants to visit?



figurine
figurine avatar

5767 posts since 14/5/07

10 Jul 2015 12:49
How long until completion? If its only going to be a couple of months I wouldn't say anything and take a dog out for a walk if the landlord ever comes over.
kozsie
kozsie avatar

100 posts since 12/9/07

10 Jul 2015 19:17
Nah, going to be a minimum of six months.

I'm trying to be crystal but soon as I mention the mutt, they don't even entertain a viewing.

Plan B:

Essence
Essence avatar

3108 posts since 10/1/05

11 Jul 2015 19:05
Had the same problem with my dog - just moved her and made sure she was out when the agents came round.
figurine
figurine avatar

5767 posts since 14/5/07

11 Jul 2015 19:31
Other option would be to offer a larger deposit for carpet cleaning etc
EDW
EDW avatar

2581 posts since 23/2/10

posted 4 Aug 2015 17:36, edited 4 Aug 2015 17:36
Mortgage Redemption statement - Which solicitor should i give this to? We have one dealing with the sale of our property and another dealing with a purchase. May be a silly questions but i haven't a clue.

Cheers in advance Fuk