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Tricky one really, just remind them that it will affect both of your credit and ability to do anything else if it is not paid!

@@mortgageadvice.vantage having got to eviction stage it's clear he's not bothered

Ah, yes ok that's not going to work then, I'm sorry to hear that. there isn't really a way of forcing it though really, I hope you eventually get it resolved

Difficult one, some are not very good! beware of cheap I would say but there are some that are good too! Go with the recommendation from your broker or get in touch if you would like ours

Hi, yes they do have an impact on affordability, any dependant does, some lenders more than others though so it is just a case of finding the best one. Happy to look at figures for you

Yes please. How do i contact you?

Just book a call in my diary on this link: calendly.com/adam-vantage/new-meeting-with-adam

I will share this with my hubby. Thank you

I am sure you can do whichever you prefer, however, your HTB loan is going up with property prices so I would tend to encourage you to do that first

You're very welcome! Happy to go through it all with your daughter, just get in touch on the website www.vantage-mortgages.co.uk

Yes absolutely, subject to affordability of course and credit score but yes you can buy out the other half. You will naturally have equity in your share so you may be able to just use that and not need any extra, but we would need to check all of that when the time comes!

Hi, if you are making payments towards your loan from your income then the lender will just factor that in to their affordability assessment but if no payments yet then no, it wont affect you

You have to maintain some equity in the property but should be able to take a new mortgage up to 90% of the full value if you are buying 100%

Yes that can be an issue! I wouldn't say you need to wait a year though, there are lenders that will be ok if they can see it wasn't a long term thing

Hi, the lender's solicitor will be able to handle it for you but will just have a small fee, I usually say to allow £350 or so for that. When we do the whole process for you we will use a solicitor that will do both, I tend to avoid lenders solicitor where possible!

Glad it was helpful!

Hi, yes that could well be an option for you. not all lenders are that easy to borrow the extra from though so just go through that process before you commit to the HTB valuation cost maybe just in case. that is a good rate so it would not be so appealing to come away from that!

In your experience, how long does it take to remortgage after the RICS valuations done and the mortgage offer obtained ? I hear stories that it can take many months , which is a problem if your mortgage rate falls onto SVR during the meantime

It shouldn't take long really, there isn't much to do after that! Your valuation only last 3 months anyway so it needs to be within that time

probably just an agreement in principle or credit check. A good step but always best checked by a broker to make sure the info provided is accurate!

You're welcome!

Yes I will put it on the list! Feel free to get in touch in the mean time for any questions!

@@mortgageadvice.vantage thanks for replying. Yes, I wondered based on your videos how to get a lower side valuation for the htb element, and then would a lower valuation for the btl be good too? Not really sure how it works, just that I have to rent out my property and don’t want to screw the process up!

Yes I will put it on the list! Feel free to get in touch in the mean time for any questions!

It is but there was a bit of a technical issue with his one unfortunately! Opted to get it out there though rather than redo it

Great!

Glad it was helpful!

Hi, yes similar, but it is always tricky when buying a new build when it comes to timing. Finding a buyer that will wait is hard, it is sometimes worth breaking chain if you can although that is not always an option!

@@mortgageadvice.vantage thank you 😊

Hi, sorry not quite sure what you mean? A second property if it is a buy to let generally doesn't need to be factored in for a new residential mortgage as long as the rent more than covers the mortgage payment. hope that helps, if not feel free to get in touch! www.vantage-mortgages.co.uk

@@mortgageadvice.vantage am speaking about tax then selling a property

​@@mortgageadvice.vantageI was meaning the rule if you own 2 propertys that you have to pay tax on the sale of the second property within 30 days. If your selling and also buying around the same time do you technically have 2 propertys to your name.

Hi, might be best to chat this one through properly. The tax you might pay on a second property sale would be capital gains tax if you have made a profit on it over time but I think I need to understand your situation more to give a proper answer! feel free to get in touch on the website www.vantage-mortgages.co.uk or email me adam@vantage-mortgages.co.uk

Oh that is odd! This can sometimes happen but it is rare. Sometimes it is just "internal score" which is not very helpful! which lenders have you been to? it may be worth trying someone a little more flexible

Hi there, no that wont affect you at all, as long as it is all within an arranged overdraft then it is all fine!

Hi, I don't see why not but you may struggle to get a personal loan for enough? You could maybe borrow more from your existing lender if you have enough equity but that is sometimes tricky too. The best way is by remortgaging to a new lender but that isn't always the best thing for you if you are tied in at the moment!

⁠@@mortgageadvice.vantage Hi! Thank you for your response! We are planning to pay early next year. Personal loan would just be about 10k, the rest would be covered by our savings. They gave us 7% APR. I think it wouldnt be too bad is it?

Sounds good to me!

@@mortgageadvice.vantageNiiice!! Thanks for your insight!!

Hi, You would maybe think that wouldnt you but it is often easier to just do it all in one process with a new lender! Then we get your income proof and everything all ready as we would anyway and do one application. Staying with the same lender and borrowing more can be a bit of a pain so if your rate is ending anyway it makes sense to swap! We can find the best new lender for you and take care of the swap over.

Hi, yes it is not an easy decision! I certainly wouldn't be remortgaging now to do it and coming away from your very low rate. I would think about it at the end of the 5 years though, if you keep it the 1.75% soon goes up after a few years so it only gets more expensive. Then with house prices potentially going up it is getting more and more costly to repay it. Plus then the time, I don't know how old you are but we only have a certain window of working life in which to take the mortgage over so that is a factor. All in all I would say the end of the 5 years is a good time but it will always be a bit of a gamble either way unless we start predicting the future?! Hope that helps!

@@mortgageadvice.vantage thanks Adam, super useful! I’m currently 24, and have 32 years left on the mortgage. Even with the equity loan interest rate starting at 1.75%, it would take several years to reach 3-4% if we assume inflation stays at around 2-3%. It feels like we might be better off overpaying our mortgage in year 5-7 to build up equity faster, and then maybe buy out the equity loan at the end of year 7 (by remortgaging). By that time, rates would likely be lower at around 3% (forecasts on Bloomberg), but likely still higher than the interest rate on the equity loan. Like I said before, with interest rates expected to be much higher over 2024-2030 vs the last decade, do you agree that house prices will not be appreciating as fast as they have? So the downside is somewhat limited today, vs when we bought the house in 2021?

I can't really tell you what is best without knowing the whole situation but generally I would say if you can buy a whole property and not just some of one that will be better!

Hi, it will depend on the rest of the case but at that value I would be surprised if it had too much affect, I would say you could still be looking at a few High Street lenders! Happy to look for you, just let me know!

@@mortgageadvice.vantage hi at the moment we had valuation on a property all the thick good mortgage application/ Aip income done we are waiting on mortgage offer

@mortgageadvice.vantage just had updated by MS underwriters looking at notice of correction?

Ok, sounding good so far then! Just let me know if anything goes wrong and you ned some help

@mortgageadvice.vantage I will I was looking at the 3 main credit score Companies I can't find any notice of correction

Thanks 🙂

Hi there, no I wouldn't have thought so if that is your only issue I wouldn't be too worried! Happy to take a look for you, just get in touch if you would like at www.vantage-mortgages.co.uk

@@mortgageadvice.vantage thank you I will send an email!

@@mortgageadvice.vantage by unauthorised I mean unarranged sorry!

Hi, yes £400 is probably higher end but around what I would expect. You are right with the 10% chunks, that's 10% of the property value at a time so you need a valuation each time. In terms of whether to now or not it really depends what the future holds! If property prices don't go up it wont matter but if they do then you will wish you had already!

Hi, no I wouldn't to be honest, it's just extra cost you don't really need. What I usually do is submit the mortgage application now based on what we think, then this can always be amended once the HTB valuation is done, just apply to the lender based on the maximum you think it would be. Obviously happy to help you with it all, just book a free call here if you would like: calendly.com/adam-vantage/new-appointment-youtube

Hi, yes in theory you are right with your figures of £356k that will get HTB paid off. The problem though is your new loan to value. If your house is worth £360k you are nearly at 100% borrowing which you can't do. You could move to a new lender and hope they will value you at more like £395k which would give you 90% loan to value but obviously that is quite a big difference!

Hi there, that's an interesting one! I haven't heard of that happening to be honest, I have had a few cases where the value is now lower and it has been fine, it can't be helped! If you are selling it is very unlikely the valuation will be different to your sale price but don't get the valuation until you are sold and proceeding as it still only lasts 3 months!

@@mortgageadvice.vantage that’s really helpful. And yes I won’t be doing the valuation until the property is SSTC. Sadly we own a property in a new build building and the some of the other properties were sold to a shared ownership/right to buy organisation and they were sold at a cheaper price. Meaning there is some devaluation we have had to wait to balance out.

It can definitely be stressful! If you want to run through things in more details just pop me an email adam@vantage-mortgages.co.uk and I will be happy to help!

Awesome!

Hi Sorry for the delay! Yes you may be able to do this a couple of ways really if you have the equity, its quite bespoke depending on the exact situation! Pop me an email and I can go through it with you adam@vantage-mortgages.co.uk

Hi, sorry about that, we have refreshed our website! send me an email and I will send it to you - adam@vantage-mortgages.co.uk

We start with an estimate based on similar property sales recently but then your HTB valuation will give us proper figures

Hi, thats basically the same thing, we just tend to use the term remortgage to cover all bases. you just borrow more from a new lender than you owe your old one and the balance s yours to keep or repay HTB in this case

Hi there, it will depend on how much deposit you will have really but something small like that over 12 months may not cause too much of a problem with some lenders. The best thing to do is get a copy of your credit report so we can see exactly what it says then go from there but I suspect there will be a few good options for you!

@@mortgageadvice.vantage thanks! It would be a 10% deposit, my other question was if two pay day loans have been taking out within the last 12 months but are fully paid back by the time of applying for the application, will that cause any issues?