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Found 10 results

  1. I've been reading that the bank of england may drop interest rates. My mate works at barclays in canary warf and he says there simulations say that interest rates are going to drop around june next year. However, he also said that their simulations change very often. I've placed an offer on a house (new baby arrived) and I got a mortgage offer for a 5 year fixed with halifax. I'm debating with myself whether it would be smart to change it to a 2 year deal and then reevaluate (hopefully getting a better deal).
  2. http://www.marketoracle.co.uk/Article60312.html While many of the record low mortgage rates launched on to the market are reserved for those with a sizeable deposit, the latest research from moneyfacts.co.uk shows that the higher loan-to-value (LTV) market is going from strength to strength, seeing not only a significant drop in rate but also the number of two-year fixed rate deals on offer hitting an all-time high.
  3. Does anyone have any experience with getting mortgages with their siblings? Just floating this as an idea, to assess the feasibility &/or lunacy: Me: 40, single, can get a mortgage on a property up to £250k, which buys you the square root of eff all around here (Cambridge). Hence I'm considering asking my sibling for help... Sibling: 44, separated, 2 kids, owns property (valued currently at £550k, although I don't know how much equity / mortgage left to pay there is). Sibling earns a healthy whack, about double what I do. I saw that Barclays does a 'Family Affordability Plan' and this got me thinking down this road. Does this sound like a silly idea? Other than the fact that we may be on the precipice of a monumental housing crash that is.
  4. Long term lurker - essentially (and don't hate me!) I've moved back with the parents and possibly looking to buy. I live in a town in North-Oxfordshire, which I can't stand and so I'm moving to Scotland (family ties, love of the SPFL, etc). I fully expect a crash, it's just I don't know when and I've been waiting since 2009 and a bid fed up, so went to see how much I can borrow (hey, this doesn't mean I'll commit to purchase!) So I went to get a mortgage (big deposit, good job - no issue). The first thing both Halifax and Santander told me when I said I was buying in Scotland but living in England (I intend to move slowly, just want to get a small apartment purchased first, then source a new job and move North) was that they don't offer BTL mortgages anymore......... bit strange as I didn't want one (I think they assumed I was in the BTL crowd). They said pretty much no one does them anymore. SO in regards to an AIP; I've had AIPs before. Santander said they don't offer them in branch anymore and Halifax wouldn't even entertain the idea of myself buying in Scotland, even with large LTV and wouldn't even see me for a consultation. I asked twice. I got the impression they are genuinely wary of lending now. Additionally, my hometown has gone ballistic - sinkhole estates are even expensive; £250,000 for a 3 bed semi in an area I think I would cry myself to sleep every-night if I had to live in.
  5. Tomorrow's Times has an article about a start-up (Unmortgage.com) that "helps" you buy a home worth ten times your salary. http://www.thetimes.co.uk/article/dream-big-the-new-route-into-property-76x5mlt8g Based on the salary of a prospective homeowner and the area in which he or she wants to live, Unmortgage.com will offer a budget for a new home of up to ten times your income. You need to find 5 per cent of the value of a property you wish to buy and Unmortgage.com will pay the rest of the purchase price. This means that you own 5 per cent of the property and will need to pay a monthly sum to Unmortgage.com to live there. Your monthly payments can be increased to up your stake in the property Your rent will increase year by year in line with the Retail Prices Index (RPI) or 3 per cent, whichever is greater. As well as the 5 per cent deposit you will also pay 5 per cent of all other purchase costs, which include the survey, conveyancing and stamp duty. An individual with a £50,000 income and a deposit of £25,000 would be eligible to find a property to purchase in Clapham, southwest London, of £450,000. The deposit required would be £22,500 and purchase costs would be £950. ​Seems more like a very expensive way of renting than a sensible way of purchasing a home to me. For Unmortgage it looks like a pretty good deal, as even if the buyer continually overpays to build up their stake in the property, the 3% minimum annual increase in the rent means that the rent they charge is likely to carry on increasing year on year (for some reason the quoted example overlooks this).
  6. Ultimately, Carneys advice to Britons was to be prudent with their finances -- a message he said he would always deliver. You want to make sure that as a family, as an individual, that youll be able to service that mortgage when times are tough; you dont want to lose your home, he said. Wed tell you that if we were in the 10th year of a boom. http://www.bloomberg.com/news/articles/2016-07-05/boe-cuts-bank-capital-buffer-as-brexit-vote-challenges-stability
  7. ​Swansea dentist jailed for six years after £1m scam to pay for lavish holidays and school fees Read more: http://www.southwales-eveningpost.co.uk/8203-Swansea-dentist-jailed-years-1m-scam-pay/story-29367098-detail/story.html#ixzz4AsmgHhfj
  8. Hi all. I'm currently paying a mortgage each month. In March I'd my interest lowered from 3.04% to 1.99. Before I was paying £575 a month, and after april I started to pay £516 a month. Then I decided that I can overpay each month and I increased my DD up to £816. But my question is, why am I paying the same interest (around £190) even after I increased my monthly payment? I suppose the purpose of overpaying is to lower the amount of interest I'm paying each month? Or am I wrong? Please, explain me this. Otherwise I don't know why I'm overpaying. Please, have a look at the printscreen attached. Thank you.
  9. Hi there, I own a 2bed house in East London worth 320k now which I'm lucky enough to have paid off, and unfortunately recently become single so would like to move more centrally closer to my work in Westminster, ideally cycling distance. THE PLAN I can scrape together around 100k deposit if I save hard this year, and think I can get 200k remortgage on current property (which I would then rent and write off interest against tax). So I'd pay around 800 pm for 20 years on this remortgage (including tax write off, assuming I can include agent charges in tax write off too). I think I could then get a 300k mortgage on a central property, which would cost c. 1400 pm and which I could finance through rent on my current property. This leaves me with a bill of 800pm on a new property worth c 600k, the old property still mine, and not too much risk I think. (might not be able to let old priory consistently so need a buffer but I can save c 1500 pm ok so would have 700pm buffer fund, could also buy mortgage insurance in case of losing my job) My questions --Do you see any big issues for my plan? --Could you recommend any good advisors to discuss with? --Have you any recommendations for good areas to buy around the 600k mark? (I like Kennington, elephant, Vauxhall, Angel, Pimlico, would like a nice view, trendy feel and easy to go out from.) Thanks for reading and really appreciate any help! TL;DR I'm looking to buy relatively centrally at 600k. Any recommendations for areas and can you sense check my plan?
  10. Have you been trying to buy/sell a property in England and Wales and have found that vendors/buyers are difficult to commit even if an offer is accepted and ready to exchange? Have you lost most money, time and mostly patience with properties where things changed the last minute? Are you thinking of buying a property in the future and have your own family home but the news and house prices put you off on making this move? Do you think by changing the law, the process will be fairer and more transparent while stop house price inflation? If all the above sound familiar and bring bad memories of the property experience, then have a look at our petition and help us make a change. Share on Facebook and Twitter with friends and family. https://you.38degrees.org.uk/petitions/make-house-buying-fairer
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