General Discussion: mortgage help


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robii
robii avatar

18857 posts since 8/9/06

13 Sep 2011 12:46
FLG wrote: Really? Maybe an England/Scotland thing but can't understand why. All my mortgages changed after 2/3/4/5 years and then you remortgage to get the best deal available. Sometimes saving up to £200 a month on the mortgage.

Surely you can only do that if interest rates have gone down?

When my fixed rate ended rates had gone up so I moved on a variable mortgage with the same lender (no fees) and the monthly cost only went up about £20. At their highest, and for a short time, my payments creeped up to £150 a month more than my original rate. But then interest rates dropped to 0.5% and I'm now £100 a month better off (compared to my original rate). If I'd have gone straight onto another fixed rate I'd be paying a lot more now.
subsection
subsection avatar

194 posts since 25/5/10

13 Sep 2011 18:11
seenmy wrote: anyone on here got a mortgage who is self employed?especially in creative industry,

You'll need an accountant, somebody who will or does do your books. Will need to provide a minimum of six months last work and have a good deposit on the property you wish to purchase or the price range you wish to invest in. Get a good mortgage broker - some specialise in obtaining mortgages for those that are self employed. I know of one, can pm details if you wish. They get their fee from the mortgage lender once everything has gone through with a particular property as oppose to some who want upfront payment from you directly.
inversesquare
inversesquare avatar

6667 posts since 7/6/08

13 Sep 2011 18:13
PM Andy I'd say.
Hello World
Hello World avatar

12100 posts since 7/3/05

13 Sep 2011 18:28
Best advice above, speak to your accoutnant to get a broker sorted out.
Stranex
Stranex avatar

94 posts since 22/3/10

2 Jul 2012 19:09
I've had a mortgage with my brother for about 9 months but its looking ever more likely he is going to move in with his girlfriend. I've got a couple of friends who are keen to move in as lodgers but how would that affect the mortgage? Do I need to tell the bank and pretty much do everything by the book?
Noble Locks
Noble Locks avatar

66963 posts since 10/7/03

2 Jul 2012 19:13
youre in shit. worlds of fucking pain.
Stranex
Stranex avatar

94 posts since 22/3/10

2 Jul 2012 19:21
Good to know!
Homer
Homer avatar

23926 posts since 8/5/03

4 Jul 2012 15:40
Just got my mortgage confirmed, was surprisingly simple and hassle free Cool
Noble Locks
Noble Locks avatar

66963 posts since 10/7/03

4 Jul 2012 15:41
its always easy and hassle free if you and the bird have worked all your life since leaving school and aint trying to lie of fiddle anything.
congrats by the way.
R
R avatar

13011 posts since 17/5/03

4 Jul 2012 16:12
my 2nd go was extremely easy, still no idea why turned down 1st time. irritating cos didnt have time to go back in for an interest only mortgage, so have to pay capital off too.
seenmy
seenmy avatar

6533 posts since 17/6/06

4 Jul 2012 16:51
why would you not want to pay some capital off?

congrats homer, now enjoy the buying bit (which is way more hassle)
R
R avatar

13011 posts since 17/5/03

4 Jul 2012 16:56
because for the sake of paying off a drop in the ocean, id rather have more cash in my pocket until im earning more.
Homer
Homer avatar

23926 posts since 8/5/03

4 Jul 2012 17:45
seenmy wrote: why would you not want to pay some capital off?

congrats homer, now enjoy the buying bit (which is way more hassle)

Word waiting for solicitors to sort stuff is long.
It's all going through at the moment
seenmy
seenmy avatar

6533 posts since 17/6/06

4 Jul 2012 17:46
so you had offer accepted on a place?
Homer
Homer avatar

23926 posts since 8/5/03

4 Jul 2012 17:54
Yea , this was the final mortgage approval/offer after valuation/credit checks etc etc
Brad
Brad avatar

5019 posts since 20/6/01

4 Jul 2012 17:57
Homer wrote:
seenmy wrote: why would you not want to pay some capital off?

congrats homer, now enjoy the buying bit (which is way more hassle)

Word waiting for solicitors to sort stuff is long.
It's all going through at the moment

Keep hassling them and ask the seller to do the same from their end. It's worth it.
vaughty
vaughty avatar

149 posts since 9/3/07

4 Jul 2012 18:11
Being a property lawyer the best advice I can give is never talk to your seller/buyer directly and hassle the estate agents/solicitors as much as possible.

Oh, and don't believe Kirsty Allsop or any of those Property programmes when they tell you how the process works; in reality it's nothing like that.
Serbia
Serbia avatar

4932 posts since 22/3/06

10 Jul 2012 16:31
need some advice please, would really appreciate some input here. know very little about mortgages.

hoping to buy a new build 2 bed in london, guess it will cost 300 - 400. will be going on it with my old man. I have fuck all equity and probably couldn't mortgage it on my own unless it was shared ownership which it won't be. Any ideas roughly how much monthly repayment would be on a mortgage say for 390? and even though my old man will be fronting deposit, and mortgage will be in his name is there any thing i can do as a 1st time buyer to get any discounts of some type? aware the holiday on stamp duty for 1st time buyers has now ended.

cheers
Noble Locks
Noble Locks avatar

66963 posts since 10/7/03

10 Jul 2012 16:34
bout 1800 to 2k a month. no pressies no freebies.
Serbia
Serbia avatar

4932 posts since 22/3/06

10 Jul 2012 16:55
Cool 1800 would be all good.