r/Mortgageadviceuk

I’m currently in the process of buying my first home alone and the price of the property is £149k with a 5 percent deposit. The mortgage price will be £710 per month on a two year fixed rate.

I earn £2300 take home and currently only pay for car insurance (£75) and my phone bill (£25) monthly.

I’ve estimated after living costs, fuel and food I should have around £700 left over to save or spend on non essentials.

I can do overtime if needed.

Does anyone else have a similar amount left over? And if so, do you manage to live comfortably?

We have a old family "friend" who arrange original mortgage which we pinned at 1.16 and now need to remortgage at 4.64 pinned for 2 years ,best offer or, 4.66 pinned for 5 years.

The part I don't fully get is that their best offer is the exact same as HSBC Premier.

Either of these will add around £1000 to my repayment.

I was thinking, do I:

1. Take a 2-year fixed at 4.61 from either HSBC or via advisor (what is the benefit of either?)
2. Take a 5 year fixed at 4.66 from either HSBC or via advisor (what is the benefit of either?)
   1. This is, I think, unwise I think
3. Take an interest-only for 2 years and pay the same as I would have thus paying off the principle at the same time.
4. Something else?

I'm trying to get a sense of where I am in terms of getting a mortgage.

I've got two defaults on my credit report: one dating from January 2023 (£1200) and one from April 2024 (£200). Both have now been satisfied.

Other than that, I've got perfect payment history on all other credit.

I'm looking to borrow for £160k with a £120k deposit.

Two questions:

1. Would it be best to wait until the January 2023 default has cleared in 2029 before looking to buy?
2. Would there be any way that I'd be able to borrow 5x my salary?

We're looking to upsize from our flat to a house. Max purchase price is £546,000, deposit £186,000 and joint income of £91,000. My wife will go back to full-time work iin two years so that will go up to £117,000

I always assumed porting our existing mortgage and taking a top-up was the most logical route to avoid early repayment charges. However, when I compare the two options, the monthly costs look very different:

Option 1: Port + Top-up (£364,000 total):

• Ported mortgage: £186,000 @ 3.84% over 13 years = £1,516/month
• Top-up mortgage: £178,000 @ 4.6% over 25 years = £1,000/month
• Total: £2,516/month

Option 2: New Nationwide mortgage (from their own calculator):

• £364,000 over 25 years = £1,956--£2,190/month

At a like for like borrowing amount, the new mortgage comes out roughly £300-£550/month cheaper. My assumption was that porting would avoid early repayment charges and preserve the lower rate on the existing balance, but the monthly difference is a lot higher,

Am I missing something? I understand there could be early repayment costs if leaving the existing mortgage, so I need to take that into account.

How accurate are those calculators?

Appreciate any feedback.

Please can someone help explain as per title, I currently have a mortgage on a property which we bought for £170k (5% deposit so 161500 mortgage) at 4.05%, 35 year term 5 year fix.

I am looking at moving in the near future however I am still within my fix term period, I do not want to pay the early repayment fee so trying to work my head around how the porting of mortgage and borrowing more works?

House I am looking at moving to is 210k, and my house (based on approximate valuation) has gone up 10-15k since we bought it, so approximate value of 180-185k. With this I have an approximate equity amount of £27-32k.

Few questions with this:

• How is the interest calculated on the additional amount required? Is that based on the LTV of the new house value?
• If I needed to "release" some of the equity month to pay for solicitors fees and stamp duty, is that possible?

Apologies if this is a silly question, I can't seem to wrap my head around it all!

Hi all. I’ve just had a MIP of £270k over 40 years at 90% LTV. If I find a house and want to now change this to 35 years, do I have to update the MIP first before I offer or can I put the offer in and then change this when I do the mortgage application?

Hi all,
Looking for some opinions from people familiar with UK mortgage underwriting.
My partner and I are buying a property with a 95% LTV mortgage and there is no chain.

Our situation:
- Joint mortgage application.
- Both of us have self-employed income.
- My partner has been self-employed for several years, mainly doing tiling work.
- She has recently moved into a permanent employed role with a company in the same industry, starting this month.
- Our broker initially tried Leeds and we received a credit-scoring decline.
- A second lender virgin money also failed their soft credit scoring.
- The broker then ran a soft search with NatWest, and we were told that we passed their credit scoring.
- The full application has now been submitted to NatWest.
- NatWest has come back asking for some additional information about my partner’s previous employment/self-employment and a P45. We’ve provided the requested information and are now waiting for them to come back.
- Our credit isn’t perfect, but there are no CCJs, defaults or bankruptcies. We’ve also reduced our credit card balances since the earlier applications.
- The deposit is partly coming from a Lifetime ISA and the full amount will be available when required.

Our broker has remained fairly positive and specifically said NatWest is more accommodating on credit than the previous lenders.

So I’m wondering how people would view our position at this stage.

Does passing NatWest’s initial credit scoring materially improve our chances, or can the full underwriting still quite easily result in a decline?

And does the fact that my partner’s new employed role is in the same industry as her previous self-employed work help from an underwriting perspective?

I’m mainly trying to understand whether we’re now at the relatively normal underwriting/document-check stage, or whether there are still major hurdles that could realistically cause the application to fail.

Would really appreciate opinions from brokers or anyone who’s been through a similar situation.

I've got an offer accepted so now im in the mortgage process and I'd like to query this group for advice on mortgage products. I am currently being offered 4.54 - 4.58% for 2 and 5 year, but I am interested in a tracker (potentially). I was reading that inflation in the UK is expected to rise by the end of the year so we should expect the BOE to rise early 2027. This would only slightly deter me from a tracker because if the BOE went up to 4% + .5% tracker rate I would still be below 4.54%. Although, .04% - .08% flux is not a huge difference on my monthly payment.

What would anyone recommend? I don't expect the global conflicts environment to cool down any time soon.

Has anyone taken a mortgage or refixed in the last 6 months? If so, what did you go with and what market conditions helped you get to your answer?

I completed on a residential house 6 weeks ago and am doing renovation works. I want to remortgage as soon as these works are complete (by end of Sept).

I therefore need a lender who will:

- allow a remortgage/increased borrowing within a couple of months of purchase (not the standard 6)

- accept rental money as income on a new tenancy (I will have had 1 months rent and a tenancy agreement). My previous house is being let out and I need them to accept the rent as income for affordability.

- accept as much of that rental income as possible (I think unlikely a lender will meet the other criteria and 100% of rent)

- accept self employed income (have 2 years of tax returns already so should be fine for most lenders)

Do such lenders exist without being specialist lenders or higher rates/fees than average? Who would they be?

I am organising a call with a broker but feeling quite panicked that I'm going to have to look at a specialist lender with very high fees (my previous broker said it isn't possible and I need to wait until I've had the rental longer and/or the house for 6+ months).

Thanks!

My granddad died in January. He has left the house to my dad. My dad has had it valued at roughly 320k. I own my house which I bought through right to buy, I bought my house for 100k in 2021 and it’s now valued at roughly 190k. I have 90k left on my mortgage and 4 years left of my fixed rate deal so I would need to port my mortgage as well.

My dad has said he would sell me the house for 288k to qualify for the 10% needed for a concessionary purchase.

I have 2 personal loans equalling 16k, with the equity from my house I would settle them as well to help monthly payments but also rid of the debts entirely.

I earn 45.5k a year before tax.

Can I/should I buy my grandads house?

This is in Essex

Had a chat with a mortgage advisor and they recommended bank of ireland. Then I found the exact same deal on comparison sites.

However, when I try and contact them directly it mentions I have to be a resident of NI. However, mortgage advisor did not mentioned this. I have since moved on from the mortgage advisor as there fee’s were a bit eye watering.

Is the NI residents aspect something a mortgage advisor could help me work around or was this purely an oversight before I got rid of them?

As per title, my current residential mortgage rate is up for renewal.

I'm considering quitting my job and moving abroad. Before moving though, I am considering getting a buy to let mortgage and then rent out my property for the term of the BTL mortgage. I'm gauging if this is a sensible way to retain a foothold in London whilst I take some time off abroad.

Yes, I have considered the costs of renting out a flat and the potential unpredictable repair costs. Yes, I have considered the logistics of managing a flat from abroad (not going to the other side of the world). And yes, I know I can get more money by investing in stocks & shares.

From what I've seen banks only assess residency at the point of application. However, as my residency will move abroad shortly after the application, this might raise red flags? Any help or experience with this is welcome!

Thanks

Need to refinance a cash purchase with a btl mortgage. It is held in a limited company. England & Wales.

We have a shareholder dispute. The sole director wants to refinance, as does a 50% shareholder. There is one 50% shareholder who utterly refuses to co-operate. He wants to leave the company and has instructed solicitors to represent him.

Can we bypass a 50% shareholder and refinance anyway? Would any lenders allow that? He obviously won't sign a PG or give any consent.

Thanks.

Random hypothetical:

If I paid £312,500 for a house and a bank lent me £282,000 for the mortgage (at roughly 10% deposit from me) with no down valuation after a physical inspection by an L&G RICS surveyor for the bank - what are the odds that the house is actually worth less than the mortgage and the bank just decided to ruin my equity for a laugh?

Hi, there’s loads of great advice here for changing jobs after a mortgage has been approved, however I couldn’t find much for applications that were pending approval.

We are using a broker and thought we may have to go through a specialist lender due to a CCJ on my partners file. However this is satisfied and close to expiring from his report and our broker found one high street lender that may accept us.

We have applied for the mortgage and submitted all of our documents, we are just waiting to hear back.

I interviewed for a role earlier this year and was unsuccessful, however they’ve reached out with a new role they would like to offer me. I received the contract today. It’s a £13K payrise, plus two yearly bonuses, taking our household income to ~£80K. When we applied it was around £65K.

I have notified our broker but I’m not sure whether this is likely to have a positive impact on our application as I’m earning more, or a negative impact as there is obviously a probationary period.

The job doesn’t start until the end of October so I won’t be able to provide any payslips for the new role, but I will still be employed at my current job in the meantime.

Does anyone have any insight / anecdotes / expert advice on what kind of impact this may have on our application?

Thanks!

Looking to buy a new property, but likely to be delayed between completing on the new house, and our sale.

Are there any products for a short term that have no ERC? So when the time comes I can port my existing mortgage and clear the funds outstanding?

Not looking for a bridging loan (although I know this product fits the bill, but is just highly expensive).

Hi everyone,

I’ve seen a flat i really like. It’s 135K, the service charge is £2150 and ground rent is £250.

The service charge for many places I’ve seen is closer to £1500, but they’re rubbish compared to this place. I worry that a lender will refuse me if this fee is too high. There’s also the worry it could increase, how would that affect me as well? Is this something a mortgage broker can help with? Could they find a lender who is ok with this? I don’t want to make an offer, pay for checks etc. just to find out it’s not mortgageable.

I will be putting up a 40% deposit which I hope would help the situation, but I’d like to hear from anyone who has more knowledge about this.

Thank you.

So I made a really stupid mistake in my late teens, moved out of home and started renting, got caught in the rental trap and been stuck since, basically the majority of my wages went to rent. Tried a few times over the years to get a mortgage but because my wife only worked part time min wage to avoid childcare costs we apparently couldn’t afford it.

Fast forward to now, my eldest is 22 looking to buy, he only earns min wage, I don’t earn much more myself tbh, but there’s things like CoOwnership housing which would help, would we even be able to get a mortgage on something around £200k? Could gather up a 5% deposit I think.

Our rents due to go up again and buying would be cheaper

Hi there, this is a very dumb question SO please help me see reason.

Dual application, take home of £32k for me and £13k for partner.

Currently have an official offer for £135k loan on a FTB house. At the time of the application, I had around £2.5k in credit cards which I had full intended to pay off by the time of completion. I did manage to pay this off. On top of this I have a personal loan of £215 a month. My partner has a credit card debt of £500 and a personal loan of £85 a month. Neither has ever missed payments and we’ve both kept up with every bill and commitment we’ve ever made. Practically clean record.

However, we’ve been waiting for our seller’s new build to be built and during that time, we have had no end of trouble in our rented flat (broken appliances, furniture etc.) which our landlord is unwilling to help fix and has since accrued extra living costs, and on top of that, our dog has had a medical emergency (he is fine, he decided that he can fly and also hurt himself in the process). I am hoping to get my money back one way or another (insurance). But as a result, my credit cards have gone up to £4.6k.

I am incredibly stressed over this, because it was nice to have no credit cards debt for like a month. But also, I don’t want to jeopardise our mortgage at all, especially because now (after many, many months of silence) is the time we are discussing completion dates. So, Sod’s Law is that I can’t pay off the credit cards in time.

Our offer has no special conditions to pay our credit card debts off, and our broker has said (and shown) we were approved up to £200k based on our circumstances on declaration. So, our requested lending is quite a way under anyway, but I’m still incredibly paranoid.

I have looked into a debt consolidation loan/personal loan to cover my existing loan of £215 a month and my credit cards, and it would be £197 a month if I cleared it all off using this. So, then I would have no credit debt and my personal loan payments actually go down instead. However, I also know that taking out new credit can get you in a lot of trouble and possibly get your mortgage offer revoked. Which is the last thing that I want to do.

So, to stop my mind from going insane with panic and stress, what’s the best thing for me to do right now? Do I just leave it and hope for the best? Notify our broker? Do the loan? A mix???

Urgh, I’m sorry if this is rambling and stupid. First time buyer panic is truly the worst and I don’t know if I’m acting so stupid or not. I desperately need to get out of this rented flat lol thanks for your patience, I do appreciate it. Please be kind - I know I’m not the best with money.

Hi there, basically as the title says. My partner and I own a house in wales and our current fixed deal ends in november.

My partner has a pretty good job they've had for 5 years or so but the problem is I've just graduated and don't (yet) have a permanent full time job.

Ideally, we’d remortgage with another lender, but I’m worried I’d need three months’ payslips - does anyone know of any lenders who wont need this?

Would I need to do this through a broker?

Our fallback options are either taking another NatWest fixed deal through a product transfer, or going onto their variable rate temporarily and remortgaging later, but this seems riskier and way more expensive.

Any advice is welcome as it's been majorly stressing me out! I was meant to have more time, but had 2 jobs fall through at the last round of interviews this month which was slightly demoralising haha

thanks!