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21 Jan 10
08:51
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Date Joined:
14 Aug 07
Chisel (or anyone else for that matter) - would you mind giving me a bit of advice about the following.
Im a year away from the end of a five year**on my mortgage where I owe 56k on a property worth approx 280k (so I have 80% equity in the house).
My only income for the last 7 years has been via Betfair so my question is, how easy will it be for me to re-mortgage to another**either with my current lender (Nationwide was originally with Portman) or another lender as I cannot provide any proof of income except bank statements showing transfers in from Betfair. I have a perfect record for previous payments.
My initial (2 year) deal was arranged through a broker and when that expired I used the broker again all I had to provide was a sheet detailing the monthly income I made! I assume it wont be that easy this time but will they totally blank me even though I am only looking to re-mortgage 20% of the property value?
Im a year away from the end of a five year**on my mortgage where I owe 56k on a property worth approx 280k (so I have 80% equity in the house).
My only income for the last 7 years has been via Betfair so my question is, how easy will it be for me to re-mortgage to another**either with my current lender (Nationwide was originally with Portman) or another lender as I cannot provide any proof of income except bank statements showing transfers in from Betfair. I have a perfect record for previous payments.
My initial (2 year) deal was arranged through a broker and when that expired I used the broker again all I had to provide was a sheet detailing the monthly income I made! I assume it wont be that easy this time but will they totally blank me even though I am only looking to re-mortgage 20% of the property value?
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Welcome to my hell!
I am trying to upgrade by about 35k and secured my last mortgage through a broker...
It's a self-cert at 5.9% and even if I find the 35k difference to keep the mortgage at the same level - my mortgage company now require company accounts etc as I am self employed...
I have not missed a payment ever and have also paid off as much capital as I am allowed to without incurring penalties for early payment...
In a right mess now! I mean if I don't keep up payments then have the house - that's fair isn't it?!
No idea what to do - god knows what will happen at the end of the 5 years... About 2.5 to go I reckon... Will just have to pay alot of it off I guess...
This is **!! Need to find the broker I used before! If I get anywhere I'll shout or if anyone has any half decent advice it would be much appreciated.
Cheers
I am trying to upgrade by about 35k and secured my last mortgage through a broker...
It's a self-cert at 5.9% and even if I find the 35k difference to keep the mortgage at the same level - my mortgage company now require company accounts etc as I am self employed...
I have not missed a payment ever and have also paid off as much capital as I am allowed to without incurring penalties for early payment...
In a right mess now! I mean if I don't keep up payments then have the house - that's fair isn't it?!
No idea what to do - god knows what will happen at the end of the 5 years... About 2.5 to go I reckon... Will just have to pay alot of it off I guess...
This is **!! Need to find the broker I used before! If I get anywhere I'll shout or if anyone has any half decent advice it would be much appreciated.
Cheers
Judge
You are in a very good position as long as you do not want to borrow any more money. The nationwide are a very fair lender, and their SVR is 2% above base , so you would pay 2.5% Nationwide will also offer you the choice of any of their products(usually a fee involved) so you may be able to choose a Fixed rate if you were so inclined.. By the way, you can also pay upto £500 per month extra off your mortgage each month without charge, so maybe try and pay a little extra if you can afford it..Good luck to you my friend!!
You are in a very good position as long as you do not want to borrow any more money. The nationwide are a very fair lender, and their SVR is 2% above base , so you would pay 2.5% Nationwide will also offer you the choice of any of their products(usually a fee involved) so you may be able to choose a Fixed rate if you were so inclined.. By the way, you can also pay upto £500 per month extra off your mortgage each month without charge, so maybe try and pay a little extra if you can afford it..Good luck to you my friend!!
Wickett
Who do you bank with and do you have a good credit history. What is teh value of your property?
Who do you bank with and do you have a good credit history. What is teh value of your property?
chisel
So are you saying that the Nationwide will let me**again without having to provide proof of income etc.? I wouldn't want to**if it was expiring now but that could change in a years time.
Am I right in saying that if I do nothing they will just put me onto SVR without me having to do anything?
I have already paid off the maximum overpayment (5% of original loan each year) for the last 2 years but I am now not sure whether to do that again as I may want to move up in the next few years. I figure I may be better off stashing the money as it doesn't look like I will be able to increase my mortgage? I assume from your comments that the chances of increasing my mortgage are zero (even with 224k equity).
wickett
sorry to hear your predicament mate. Hope things work out for you
So are you saying that the Nationwide will let me**again without having to provide proof of income etc.? I wouldn't want to**if it was expiring now but that could change in a years time.
Am I right in saying that if I do nothing they will just put me onto SVR without me having to do anything?
I have already paid off the maximum overpayment (5% of original loan each year) for the last 2 years but I am now not sure whether to do that again as I may want to move up in the next few years. I figure I may be better off stashing the money as it doesn't look like I will be able to increase my mortgage? I assume from your comments that the chances of increasing my mortgage are zero (even with 224k equity).
wickett
sorry to hear your predicament mate. Hope things work out for you
There are some decent self cert buy to lets out there
It hardly oozes honesty .. unlikely they will check you still live there though
Worth considering if you are totally stuck
Good luck
It hardly oozes honesty .. unlikely they will check you still live there though
Worth considering if you are totally stuck
Good luck
If this is your only living what's wrong with putting a set of accounts together?-Job title Trader!
Judge
You are spot on. If you go onto SVR you will at any time be able to ask Nationwide to change your product , as long as you pay a fee. you will not have to provide any income proof. SVR is a good option as there are no Early Repayment charges. It ensures that if you do sell you keep your options open.
If you decide to move, you will have to provide proof, even if you have a "portable " mortgage. This is what stuffs some people, as you need tofit the lenders criteria at the time. You are not guaranteed to be able to take the deal with you If you plan to move in the future you really need to make sure that you have a job at the time, or some income .
You are spot on. If you go onto SVR you will at any time be able to ask Nationwide to change your product , as long as you pay a fee. you will not have to provide any income proof. SVR is a good option as there are no Early Repayment charges. It ensures that if you do sell you keep your options open.
If you decide to move, you will have to provide proof, even if you have a "portable " mortgage. This is what stuffs some people, as you need tofit the lenders criteria at the time. You are not guaranteed to be able to take the deal with you If you plan to move in the future you really need to make sure that you have a job at the time, or some income .
Hmmmm.... Looks like my only option is to stop paying off early and stashing/investing the cash elsewhere if I want to buy something bigger in the future.
Thanks for taking the time to reply chisel - much appreciated.
Thanks for taking the time to reply chisel - much appreciated.
chisel
Sorry to come back to this but can you just clarify something for me.
You said that I will need to provide proof of income if I move in the future. Is that always the case and even if I am not looking to increase the amount borrowed?
It seems a bit crazy that they would not let me move my existing mortgage onto a house that had an even higher amount of my own equity in it than the one I am already in, especially as it would be such a high amount.
If that is the case, do you see that changing at all in the future as things become a bit looser? I am asking as I am in a quandry about whether I should be paying off the mortgage with any spare cash or trying to stash that cash elsewhere to help me 'step up' in the future.
Sorry to come back to this but can you just clarify something for me.
You said that I will need to provide proof of income if I move in the future. Is that always the case and even if I am not looking to increase the amount borrowed?
It seems a bit crazy that they would not let me move my existing mortgage onto a house that had an even higher amount of my own equity in it than the one I am already in, especially as it would be such a high amount.
If that is the case, do you see that changing at all in the future as things become a bit looser? I am asking as I am in a quandry about whether I should be paying off the mortgage with any spare cash or trying to stash that cash elsewhere to help me 'step up' in the future.
Hi Judge
I am afraid not . When you move , although the mortgage is portable, you MUSt meet the lenders current lending criteria. That entails providing proof of income etc.
Have you a self employed or employed income? Have you a spouse who earns?
The only other option for you would be to have a guarantor. Typically it would need to be a family member, and their income less commitments would need to be sufficient to meet your mortgage requirements. Some lender would still not be happy even with a guarantor, as they are usually used only when your income is likely to be able to support the mortgage in the future.
I am afraid not . When you move , although the mortgage is portable, you MUSt meet the lenders current lending criteria. That entails providing proof of income etc.
Have you a self employed or employed income? Have you a spouse who earns?
The only other option for you would be to have a guarantor. Typically it would need to be a family member, and their income less commitments would need to be sufficient to meet your mortgage requirements. Some lender would still not be happy even with a guarantor, as they are usually used only when your income is likely to be able to support the mortgage in the future.
I have no income, self employed or otherwise. My living comes from the money I make on Betfair. I can show a steady transfer of funds from Betfair to my bank but thats it. My wife has some income but she only works part time and it is a small amount.
So it seems from what you are saying that the only way I will ever be able to move from this house is to pay off my mortgage and then fund any step up/moving costs myself in their entirety! :( Seems mad to me.
The only positive I can find from all this is that I am really glad I got back into the property market when I did as it was so easy to get a mortgage then - i'd be stuffed now even though I had a great big lump of cash.
Once again chisel, thanks for taking the time to answer my question.
So it seems from what you are saying that the only way I will ever be able to move from this house is to pay off my mortgage and then fund any step up/moving costs myself in their entirety! :( Seems mad to me.
The only positive I can find from all this is that I am really glad I got back into the property market when I did as it was so easy to get a mortgage then - i'd be stuffed now even though I had a great big lump of cash.
Once again chisel, thanks for taking the time to answer my question.
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