Comments for Mortgage Information for 1st Time Buyers http://www.1sttimebuyersmortgage.co.uk Mon, 20 Feb 2012 00:30:19 +0000 hourly 1 http://wordpress.org/?v=3.1 Comment on Losing Weight – Some Challenges Now by facebook of sex http://www.1sttimebuyersmortgage.co.uk/losing-weight-some-challenges-now/#comment-7665 facebook of sex Mon, 20 Feb 2012 00:30:19 +0000 http://www.1sttimebuyersmortgage.co.uk/losing-weight-some-challenges-now/#comment-7665 <strong>muslim dating...</strong> From my examination, shopping for consumer electronics online may be easily expensive, although there are some guidelines that you can use to help you get the best things. There are constantly ways to uncover discount specials that could help make one ... muslim dating…

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]]> Comment on Renting out current apartment and buying another house to live in …? by Jolly Green Giant http://www.1sttimebuyersmortgage.co.uk/renting-out-current-apartment-and-buying-another-house-to-live-in/#comment-7652 Jolly Green Giant Fri, 13 Jan 2012 06:19:01 +0000 http://www.1sttimebuyersmortgage.co.uk/renting-out-current-apartment-and-buying-another-house-to-live-in/#comment-7652 The mortgage conditions would often specify that you cannot rent the property without written consent. You need to get such consent before renting it out and you will normally be asked to provide this consent as motgage providers don't lend when you already have a residential mortgage. They will typically charge £70 for such a letter, sometimes it is free depensing on the lender. The consent effectively turns that mortgage into a buy-to-let for however long they give it to you. Play it safe now, because banks would rather have the cash that a mortgage these days. I used to live in a buy-to-let and the sent me a letter refusing further consent for me to live there, so I had to either move out or pay up as I was in breach of the conditions. I moved out. Bradford & Bingley. Great if you can actually get a mortgage these days! The mortgage conditions would often specify that you cannot rent the property without written consent. You need to get such consent before renting it out and you will normally be asked to provide this consent as motgage providers don’t lend when you already have a residential mortgage.

They will typically charge £70 for such a letter, sometimes it is free depensing on the lender.

The consent effectively turns that mortgage into a buy-to-let for however long they give it to you. Play it safe now, because banks would rather have the cash that a mortgage these days. I used to live in a buy-to-let and the sent me a letter refusing further consent for me to live there, so I had to either move out or pay up as I was in breach of the conditions. I moved out. Bradford & Bingley.

Great if you can actually get a mortgage these days!

]]> Comment on Renting out current apartment and buying another house to live in …? by Matt http://www.1sttimebuyersmortgage.co.uk/renting-out-current-apartment-and-buying-another-house-to-live-in/#comment-7651 Matt Fri, 13 Jan 2012 06:19:01 +0000 http://www.1sttimebuyersmortgage.co.uk/renting-out-current-apartment-and-buying-another-house-to-live-in/#comment-7651 Fixed rate mortgages have early redemption fees, usually 3 or 4% of the loan value, so you would probably have to pay this unless you switch to buy to let mortgage (with the same lender) on less favourable terms. You need a buy to let mortgage and buildings insurance that covers you if the tenant burns your apartment down! Best to check the mortgage terms and conditions. I think that if the mortgage lender finds out you are renting they could demand you pay back the mortgage amount and take you to court if you dont! Fixed rate mortgages have early redemption fees, usually 3 or 4% of the loan value, so you would probably have to pay this unless you switch to buy to let mortgage (with the same lender) on less favourable terms.

You need a buy to let mortgage and buildings insurance that covers you if the tenant burns your apartment down! Best to check the mortgage terms and conditions. I think that if the mortgage lender finds out you are renting they could demand you pay back the mortgage amount and take you to court if you dont!

]]> Comment on Renting out current apartment and buying another house to live in …? by InvestInRE101 http://www.1sttimebuyersmortgage.co.uk/renting-out-current-apartment-and-buying-another-house-to-live-in/#comment-7650 InvestInRE101 Fri, 13 Jan 2012 06:19:01 +0000 http://www.1sttimebuyersmortgage.co.uk/renting-out-current-apartment-and-buying-another-house-to-live-in/#comment-7650 The mortgage was purchased under the assumption that you would occupy the property. If you plan on renting the property then it is no longer owner occupied. If you read your loan documents you will probably see that the documents state you must live in the property for at least a year. Since you meet this requirement then you should be ok to rent it out. The mortgage was purchased under the assumption that you would occupy the property. If you plan on renting the property then it is no longer owner occupied. If you read your loan documents you will probably see that the documents state you must live in the property for at least a year. Since you meet this requirement then you should be ok to rent it out.

]]> Comment on I am really frustrated with my life as my boyfriend is in £4000 debt…? by weeze1988 http://www.1sttimebuyersmortgage.co.uk/i-am-really-frustrated-with-my-life-as-my-boyfriend-is-in-4000-debt/#comment-7649 weeze1988 Fri, 13 Jan 2012 06:19:00 +0000 http://www.1sttimebuyersmortgage.co.uk/i-am-really-frustrated-with-my-life-as-my-boyfriend-is-in-4000-debt/#comment-7649 We;;. firstly, after 8 years together, why have you not settled down already? My thoughts to you are, as much as you want to help out your family, you need to get yourself a full time job which is better paid. Ref- the jobs situations....there are loads of jobs out there, ive applied and been for 5 interviews in the last 3 months, he is obviously being too picky in what he is applying for. Advice for the future - well the most obvious thing is not to get into that much debt again, learn to save for what you want rather taking out various loans and putting it on credit cards. and when you eventualy have a baby, when they grow up, also teach them to be sensible with money and encourage savings from day one ( that means you saving for the baby once its born so when the child is older, they can take over the savings) If the above comes across abrupt, its not meant to be, im on a night shift and im knackered lol We;;. firstly, after 8 years together, why have you not settled down already?

My thoughts to you are, as much as you want to help out your family, you need to get yourself a full time job which is better paid.

Ref- the jobs situations….there are loads of jobs out there, ive applied and been for 5 interviews in the last 3 months, he is obviously being too picky in what he is applying for.

Advice for the future – well the most obvious thing is not to get into that much debt again, learn to save for what you want rather taking out various loans and putting it on credit cards. and when you eventualy have a baby, when they grow up, also teach them to be sensible with money and encourage savings from day one ( that means you saving for the baby once its born so when the child is older, they can take over the savings)

If the above comes across abrupt, its not meant to be, im on a night shift and im knackered lol

]]> Comment on I am really frustrated with my life as my boyfriend is in £4000 debt…? by mark j http://www.1sttimebuyersmortgage.co.uk/i-am-really-frustrated-with-my-life-as-my-boyfriend-is-in-4000-debt/#comment-7648 mark j Fri, 13 Jan 2012 06:19:00 +0000 http://www.1sttimebuyersmortgage.co.uk/i-am-really-frustrated-with-my-life-as-my-boyfriend-is-in-4000-debt/#comment-7648 You have answered your own question, you both sound very determined, at the end of the day what has happened has happened. It sounds like you both work hard. 2 years is not a long time. Just be steady and dont follishly ruch into anything. Remember do not have a child unless you are happy that you are secure enough to have one Good luck, im sure you will be fine. You have answered your own question, you both sound very determined, at the end of the day what has happened has happened.

It sounds like you both work hard.

2 years is not a long time.

Just be steady and dont follishly ruch into anything. Remember do not have a child unless you are happy that you are secure enough to have one

Good luck, im sure you will be fine.

]]> Comment on I have a mortgage which has SVR of 2.05 above Libor after the fixed rate period the current Libor is 1.72.? by Unbiased Find a Mortgage Adviser http://www.1sttimebuyersmortgage.co.uk/i-have-a-mortgage-which-has-svr-of-2-05-above-libor-after-the-fixed-rate-period-the-current-libor-is-1-72/#comment-7643 Unbiased Find a Mortgage Adviser Thu, 05 Jan 2012 08:20:38 +0000 http://www.1sttimebuyersmortgage.co.uk/i-have-a-mortgage-which-has-svr-of-2-05-above-libor-after-the-fixed-rate-period-the-current-libor-is-1-72/#comment-7643 Firstly, it is illegal for someone to cold call regarding mortgages, so if you do receive a call like that, hang up. As for your mortgage, in order to know exactly what you will be paying, look at your mortgage offer, this will explain the exact details of your mortgage and how the rate will be set. In your case, the state the rate you pay will track the LIBOR rate. This is the London Inter-bank Offered Rate, which is a rate based on the average of the inter-bank interest rates offered by the members of the British Bankers Association. This rate is set every morning and can vary each day. While banks can set there own rates for what they charge other banks, the LIBOR rate is set in the manner explained above, and banks can't choose what they want it to be, the LIBOR rate is what it is. Your mortgage offer should explain exactly when the rate being charged to you is set, it may be set for example on the x day of each month and then the LIBOR rate of that day will apply for that month. As mentioned above, your mortgage offer will explain this. If you are having trouble understanding the information on the offer, speak to a http://www.wwfp.net/mortgage/mortgage-broker.htmlwho I am sure will be able to decipher it for you. Disclaimer: The answers above are for guidance only and should not be acted upon without you receiving professional mortgage advice relevant to your circumstances. To find an independent mortgage adviser please go to http://www.unbiased.co.uk Firstly, it is illegal for someone to cold call regarding mortgages, so if you do receive a call like that, hang up.

As for your mortgage, in order to know exactly what you will be paying, look at your mortgage offer, this will explain the exact details of your mortgage and how the rate will be set.

In your case, the state the rate you pay will track the LIBOR rate. This is the London Inter-bank Offered Rate, which is a rate based on the average of the inter-bank interest rates offered by the members of the British Bankers Association. This rate is set every morning and can vary each day. While banks can set there own rates for what they charge other banks, the LIBOR rate is set in the manner explained above, and banks can’t choose what they want it to be, the LIBOR rate is what it is.

Your mortgage offer should explain exactly when the rate being charged to you is set, it may be set for example on the x day of each month and then the LIBOR rate of that day will apply for that month. As mentioned above, your mortgage offer will explain this. If you are having trouble understanding the information on the offer, speak to a http://www.wwfp.net/mortgage/mortgage-broker.htmlwho I am sure will be able to decipher it for you.

Disclaimer:
The answers above are for guidance only and should not be acted upon without you receiving professional mortgage advice relevant to your circumstances. To find an independent mortgage adviser please go to http://www.unbiased.co.uk

]]> Comment on I have a mortgage which has SVR of 2.05 above Libor after the fixed rate period the current Libor is 1.72.? by Gaytheist Buddha http://www.1sttimebuyersmortgage.co.uk/i-have-a-mortgage-which-has-svr-of-2-05-above-libor-after-the-fixed-rate-period-the-current-libor-is-1-72/#comment-7642 Gaytheist Buddha Thu, 05 Jan 2012 08:20:38 +0000 http://www.1sttimebuyersmortgage.co.uk/i-have-a-mortgage-which-has-svr-of-2-05-above-libor-after-the-fixed-rate-period-the-current-libor-is-1-72/#comment-7642 1.72 + 2.05 = 3.77 (about 3-3/4). LIBOR = set by the London Inter-Bank something or other. No, individual banks cannot set their own. Your Trust Deed (mortgage documents) should spell out the index used. For example, "The LIBOR Index published on the 1st Thursday of the month in the Wall Street Journal." 1.72 + 2.05 = 3.77 (about 3-3/4).

LIBOR = set by the London Inter-Bank something or other. No, individual banks cannot set their own. Your Trust Deed (mortgage documents) should spell out the index used. For example, “The LIBOR Index published on the 1st Thursday of the month in the Wall Street Journal.”

]]> Comment on Buying a new house and renting out the old one? by sara d http://www.1sttimebuyersmortgage.co.uk/buying-a-new-house-and-renting-out-the-old-one/#comment-7641 sara d Thu, 05 Jan 2012 08:20:37 +0000 http://www.1sttimebuyersmortgage.co.uk/buying-a-new-house-and-renting-out-the-old-one/#comment-7641 Wait until you know for certain what's happening with Northern Rock then you can act appropriately otherwise you're just guessing. Wait until you know for certain what’s happening with Northern Rock then you can act appropriately otherwise you’re just guessing.

]]> Comment on Buying a new house and renting out the old one? by The Masked Landlord (UK) http://www.1sttimebuyersmortgage.co.uk/buying-a-new-house-and-renting-out-the-old-one/#comment-7640 The Masked Landlord (UK) Thu, 05 Jan 2012 08:20:37 +0000 http://www.1sttimebuyersmortgage.co.uk/buying-a-new-house-and-renting-out-the-old-one/#comment-7640 Not directly answering your question but you should note that most mortgage lenders will require you to notify them if you are letting the property - and charge considerably more as you are granting a tenancy to the occupier which will still exist if they have to re-possess. Also, all rental income is subject to tax - although mortgage interest is an allowable expense. Also bear in mind that if you let the house for, say, 12 months you have no guarantee that in 12 months and 1 day the house will be vacant - tenants can legally stay in situ until you get a court possession order. Not directly answering your question but you should note that most mortgage lenders will require you to notify them if you are letting the property – and charge considerably more as you are granting a tenancy to the occupier which will still exist if they have to re-possess.

Also, all rental income is subject to tax – although mortgage interest is an allowable expense.

Also bear in mind that if you let the house for, say, 12 months you have no guarantee that in 12 months and 1 day the house will be vacant – tenants can legally stay in situ until you get a court possession order.

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