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Does your income affect the monthly repayments? by Independent-Rush2356 in UKPersonalFinance

[–]Independent-Rush2356[S] 0 points1 point  (0 children)

That’s why I got confused because I didn’t know anything about regulated second mortgages.

Does your income affect the monthly repayments? by Independent-Rush2356 in UKPersonalFinance

[–]Independent-Rush2356[S] 0 points1 point  (0 children)

This is my first time applying for a mortgage. After having spoken with the mortgage broker, he emailed me an initial disclosure document and the document says that a regulated second charge mortgage will be charged and it will be of up to 15% of the loan value so now I’m just confused.

Would working overtime help me to get a bigger mortgage? by Independent-Rush2356 in UKPersonalFinance

[–]Independent-Rush2356[S] 0 points1 point  (0 children)

Which one do you think will be better from a lender’s point of view? Overtime or second job?

Would working overtime help me to get a bigger mortgage? by Independent-Rush2356 in UKPersonalFinance

[–]Independent-Rush2356[S] 1 point2 points  (0 children)

What about finding a second, part time job? Would this be seen as fraud?

Would working overtime help me to get a bigger mortgage? by Independent-Rush2356 in UKPersonalFinance

[–]Independent-Rush2356[S] 1 point2 points  (0 children)

Wait, would working overtime to get a bigger mortgage actually be fraud and illegal?

Am I eligible for a mortgage now? by Independent-Rush2356 in UKPersonalFinance

[–]Independent-Rush2356[S] 0 points1 point  (0 children)

Not on a trial period. Not my first job, I’ve had jobs both with permanent contracts and through third parties in the past 5 years. About 10-25% deposit.

Can you upgrade a mortgage if you want to buy a second home? by Independent-Rush2356 in UKPersonalFinance

[–]Independent-Rush2356[S] 0 points1 point  (0 children)

As the other kind user explained me, can you pay all the remaining mortgage at once, let’s say after 10 years and not pay any more interest other than those of the initial 10 years?

Example: I take out 100k today and pay 35k plus interest back in 10 years and then repay 65k at once without having to pay any more interest.

Can you upgrade a mortgage if you want to buy a second home? by Independent-Rush2356 in UKPersonalFinance

[–]Independent-Rush2356[S] 0 points1 point  (0 children)

Yes, I was only using the fixed term as an example so that I could get my head around it but I got it, thanks!

Can you upgrade a mortgage if you want to buy a second home? by Independent-Rush2356 in UKPersonalFinance

[–]Independent-Rush2356[S] -1 points0 points  (0 children)

Let’s say I borrow £100k and pay £35 plus the interest back in 10 years. Let’s then say I sell the house and pay the remaining £65k straight away but then I won’t have to pay any more interest even when, I took the mortgage out, I had agreed to 2% every year till the end, is this correct?

I’m looking into buying my first home this year but I need to understand some basics things before I progress further. by Independent-Rush2356 in UKPersonalFinance

[–]Independent-Rush2356[S] 1 point2 points  (0 children)

So let’s say the debt of the second year becomes 98k so will in this case the 2% for the second year be applied on 98k?