Ray of Light

Maintaining mortgage payments during seperation

david03@ntlworld.com — Mon, 22 Jun 2009 20:46:42 +0100

My wife and I have gone our own way but she has left and won’t pay half towards to joint mortgage! She also won't agree to let me sell it either! Where do I stand? If I can’t make the payments will they track her down for the money as well? If you haven’t already done so, you should look to seek proper legal advice from a solicitor. It is vital that you both come to a formal agreement in order not to miss any payments on the mortgage if at all possible.

First time buyer working on a 9 month rolling contract

mjchisuk@yahoo.co.uk — Mon, 22 Jun 2009 12:55:57 +0100

My partner and I are first time buyers and are wishing to secure a mortgage in the near future. We are, at present, in a position to put down a deposit of at least 20%. I work for West Sussex County Council who's policy is to only offer temporary contracts for 9 months then renew it for a further 9 months and so on, so it is like a rolling contract. I have been working in my present post for about 4 months now. My manager has told me that she may be able to provide me with a letter saying that she can see no reason why my contract shouldn't be renewed. Will all these factors mean that a lender will disregard our application and refuse us the loan for a mortgage? Kind regards, No, a lender with a flexible approach to underwriting can be considered. I would strongly suggest that you speak to an independent mortgage adviser who will be able to run through your current circumstance, i.e. your position within West Sussex County Council and what position you held with your previous employer; was it in the same line if work? All of these factors can be taken into consideration when applying for a mortgage. Of course details of your partner will also be noted and determine the maximum mortgage available to you.

Do lenders take tax credits and housing benefit into consideration?

simonap@wp.pl — Sun, 21 Jun 2009 22:47:03 +0100

I work full-time but my income is only £12,400 a year. Will it be hard for me to get a mortgage? I do get help from tax credits and housing benefit, I was wondering if I can add those figures to my income when applying for mortgage? There are a number of mainstream lenders that take into account tax credit and housing benefit allowance and a few that will allow you to add 100% of these to your income before calculating what you can borrow. Without knowing the value of your benefits I am unable to provide you with my guidance on how much you could potentially borrow. My advice would be to speak to an independent mortgage adviser who can go through your current situation in detail and provide you with details on the maximum mortgage available to you.

Do lenders take tax credits and child maintenance into account?

jayne.e.price@btinternet.com — Wed, 17 Jun 2009 14:06:16 +0100

Are there any mortgage lenders out there that will take into account salary, child maintenance and tax credits when calculating how much they will lend?

Using a pension to buy a house

marosaar@sky.com — Tue, 16 Jun 2009 22:40:36 +0100

Can I use my entire pension or part of it to cover the deposit for a social homebuy?

Calling from overseas

j.j.hogan@btopenworld.com — Tue, 16 Jun 2009 13:07:49 +0100

Can you please provide a number when calling you from overseas. Using the 0845 numbers costs 3GBP per min. Regards.

Using a pension for medical procedure

WerdlowD@DetroitMI.Gov — Mon, 15 Jun 2009 16:37:21 +0100

I am getting a medical procedure done (which my insurance will not cover. Can I draw down my pension for this? I live in Detroit,MI.

Can I take another mortgage on?

info@pointblankcreative.co.uk — Thu, 11 Jun 2009 23:22:08 +0100

Hi, I am looking at investing in a second home. I currently have a mortgage of 83k on a property worth 115, but am looking to buy a second house to renovate and sell on. I am looking at a maximum of £50 on the second property. What are my options for funding this second house? Am I able to take another mortgage out for £50.? MY income is £30k Thanks Sue

Expat buying a property in the UK

woodlands_school@hotmail.com — Thu, 11 Jun 2009 21:45:12 +0100

I'm currently an expat facing retirement next spring, and want to obtain a mortgage on a UK property to live in. Can you advise how this can be accomplished, ie. can your company help.

Letting out current property and buying a new one

lizziexbx@hotmail.co.uk — Tue, 09 Jun 2009 11:38:05 +0100

Hi, My partner and myself currently own a property bought for £84,000 plus £9,000 loan to cover furnishing and decorating costs. We would like to move to a bigger home in the next year or two but would like to also rent out our current property. Is this possible and if so how can it be achieved? How much money would we need to save to actually be able to progress this. I am in the early stages of researching our options so any advice would be greatly appreciated. Thanks

How should I organise my property portfolio?

n80fab@tiscali.co.uk — Mon, 08 Jun 2009 15:58:53 +0100

I own outright a house valued at 350,000 and I currently have a 2nd home value at £125,000 with an outstanding mortgage of £50,000. I would like to purchase another home as a 3rd home valued at £175,000. I have a cash deposit of £100,000 - would it make more sense to pay off the £50,000 on the 2nd house and £50,000 off the third or pay it all of the 3rd? I can afford the repayments no matter the outcome but what would make more sense - pay off 2nd house fully or pay larger amount off 3rd?

Mortgage with a small history of defaults

scouse@live.co.uk — Sun, 07 Jun 2009 20:24:34 +0100

I ran up a few credit cards whilst at university which resulted in a default around 3 years ago. I have yet to pay them off in full but am paying them each month. My wife and i earn a joint salary of £40,000 and want to buy our first house, we have a £15,000 deposit for a £140,000. Is there anywhere that would give us a mortgage with my bad credit? My father in law has offered to be guarantor if necessary, where would be able to get a guarantor mortgage from?

Remortgage and keep costs down

mwillis@gconnect.com — Fri, 05 Jun 2009 17:48:10 +0100

I am coming to the end of a fixed rate buy to let mortgage with Chelsea BS at 4.99% they are no longer offering BTL mortgages and their SVR is 5.79% I need to re-mortgage without it costing me more, where can I get the best deal on the rate and keep the fees down?

I currently have a low variable rate, when should I fix?

a7eca@hotmail.com — Tue, 02 Jun 2009 19:39:42 +0100

I owe £116,815 on my interest only mortgage, I am making a capital payment in December so the balance will be 108k, getting my ltv at 60% borrowing. The mortgage is libor plus 1.5% and I'm only paying 2.77% at the moment. I don't want to fix yet because the interest is very low, when should I look at getting a fixed rate and how long for and what percent? I'm happy to keep making regular yearly capital payments plus i max out my ISA allowance every year to go towards the mortgage in years to come?

Obtaining a mortgage with working tax credits

suzannejenkin@hotmail.com — Tue, 02 Jun 2009 12:42:22 +0100

Our fixed term has ended and we have an interest only mortgage. I want to change to a repayment mortgage now that the interest rates are low. I am earning £13,500 plus Working Tax Credits of approx £30 a week and my partner gets DLA approx £200 a month. Our mortgage is £73,000. Is there a mortgage lender that would consider giving us a mortgage? There are a handful of mainstream lenders that take tax credits and disability living allowance into account. The lenders that spring to mind are Abbey, C&G and A&L to name a few. Without knowing your precise financial situation, things like how much debt you have, how long you have been receiving tax credits/DLA allowance, it is difficult to provide you with specific advice. I recommend that you speak to an independent mortgage adviser.