Greyman 25,259 Posted October 31, 2019 Report Share Posted October 31, 2019 As some of you may or may not no I’m planning on moving out my house and onto a narrow boat, I now have a lovely boat lined up a dry dock and surveyor lined up, tennants waiting to rent the house and I,m ready to go, problem is I have a family member that works in the mortgage business that is arranging an interest only mortgage for me that will be paid by the rent from the house I own mortgage free, he has now been on the case for over a month and keeps coming up with problems and no solutions I would think it was a very straight forward arrangement that would be done and sorted in a matter of weeks as apposed to months, has anyone else taken out a mortgage recently and if so how long would you expect to wait from applying to being accepted or knocked back, if he was not related I would sack him off and move on but I need to no I,m not expecting a miracle before I tell him to fro and employ someone else, thoughts and advice cheers Quote Link to post Share on other sites
WILF 44,301 Posted October 31, 2019 Report Share Posted October 31, 2019 23 minutes ago, Greyman said: As some of you may or may not no I’m planning on moving out my house and onto a narrow boat, I now have a lovely boat lined up a dry dock and surveyor lined up, tennants waiting to rent the house and I,m ready to go, problem is I have a family member that works in the mortgage business that is arranging an interest only mortgage for me that will be paid by the rent from the house I own mortgage free, he has now been on the case for over a month and keeps coming up with problems and no solutions I would think it was a very straight forward arrangement that would be done and sorted in a matter of weeks as apposed to months, has anyone else taken out a mortgage recently and if so how long would you expect to wait from applying to being accepted or knocked back, if he was not related I would sack him off and move on but I need to no I,m not expecting a miracle before I tell him to fro and employ someone else, thoughts and advice cheers Your story is common now I believe mate, I dont think it’s your mates fault. They changed all the rules about 5 years back so that now they want chapter and verse on your whole existence to make sure you ain’t keeping a fiver you should give the tax man ! Unless you are a square goer, totally black and white on paper it’s a f***ing nightmare Quote Link to post Share on other sites
WILF 44,301 Posted October 31, 2019 Report Share Posted October 31, 2019 23 minutes ago, Greyman said: As some of you may or may not no I’m planning on moving out my house and onto a narrow boat, I now have a lovely boat lined up a dry dock and surveyor lined up, tennants waiting to rent the house and I,m ready to go, problem is I have a family member that works in the mortgage business that is arranging an interest only mortgage for me that will be paid by the rent from the house I own mortgage free, he has now been on the case for over a month and keeps coming up with problems and no solutions I would think it was a very straight forward arrangement that would be done and sorted in a matter of weeks as apposed to months, has anyone else taken out a mortgage recently and if so how long would you expect to wait from applying to being accepted or knocked back, if he was not related I would sack him off and move on but I need to no I,m not expecting a miracle before I tell him to fro and employ someone else, thoughts and advice cheers Your story is common now I believe mate, I dont think it’s your mates fault. They changed all the rules about 5 years back so that now they want chapter and verse on your whole existence to make sure you ain’t keeping a fiver you should give the tax man ! Unless you are a square goer, totally black and white on paper it’s a f***ing nightmare 1 Quote Link to post Share on other sites
stumfelter 3,032 Posted October 31, 2019 Report Share Posted October 31, 2019 There's a hell of an echo in here tonight..... Quote Link to post Share on other sites
NEWKID 26,191 Posted November 1, 2019 Report Share Posted November 1, 2019 At least 8.weeks mate, even for a simple deal. Yours sounds fairly straightforward as your raising capital against a property full of equity, so there is minimal risk to the lender... the rental market is buoyant so your repayments will be covered and if for any reason you fail the lender has first charge on your house so a win win for them... I could send you the number to decent mortgage advisor if you get stuck (brothers just used him, kept his old place as a MO rental and bought a new one using raised funds, not an easy deal but was complete on just over 12 weeks)... Let me know if you need it mate.. Good luck on your new adventure, sounds great! 2 Quote Link to post Share on other sites
WILF 44,301 Posted November 1, 2019 Report Share Posted November 1, 2019 Remember self cert? ........ahh, those were the days! “Have you got all your paper work and wage slips sir?” ”Nah, but I’ve got 50 grand?” ”That will do nicely sir !” lol 5 Quote Link to post Share on other sites
NEWKID 26,191 Posted November 1, 2019 Report Share Posted November 1, 2019 (edited) 4 minutes ago, WILF said: Remember self cert? ........ahh, those were the days! “Have you got all your paper work and wage slips sir?” ”Nah, but I’ve got 50 grand?” ”That will do nicely sir !” lol Times have certainly changed regards getting a mortgage mate, but perhaps it needed to be tightened up...I mean their was money being thrown around left right and centre to people with no chance of keeping up payments! With the interest rates still as low as ever known borrowing to invest ain't a bad idea, Greyman is in a good position his monthly repayments will be repaid plus some in rent... I'd tie in for a longer term if possible at the moment though as its uncertain times and interest rates could fluctuate during it... Edited November 1, 2019 by NEWKID 1 Quote Link to post Share on other sites
Greyman 25,259 Posted November 1, 2019 Author Report Share Posted November 1, 2019 New lads that got mortgages when they were still on the doll Back in the day just stuck tennants in from the off and stayed home with mum 2 1 Quote Link to post Share on other sites
NEWKID 26,191 Posted November 1, 2019 Report Share Posted November 1, 2019 1 minute ago, Greyman said: New lads that got mortgages when they were still on the doll Back in the day just stuck tennants in from the off and stayed home with mum People who bought at the right time certainly done well, always a sound investment in bricks and mortar as my old man kept drumming into us when we were pissing it against the wall!! Lol 2 1 Quote Link to post Share on other sites
WILF 44,301 Posted November 1, 2019 Report Share Posted November 1, 2019 2 minutes ago, NEWKID said: Times have certainly changed regards getting a mortgage mate, but perhaps it needed to be tightened up...I mean their was money being thrown around left right and centre to people with no chance of keeping up payments! With the interest rates still as low as ever known borrowing to invest ain't a bad idea, Greyman is in a good position his monthly repayments will be repaid plus some in rent... I'd tie in for a longer term if possible at the moment though as its uncertain times and interest rates could fluctuate during it... Personally I never thought they changed the rules for the benefit of ordinary people mate, the markets made fortunes selling and betting against that debt and they never changed the rules in doing that. I can’t understand why it’s easier to buy a Merc than it is a house...... But then, I suppose people won’t be surprised to read that Orwellian shit from me ! Lol lol Quote Link to post Share on other sites
Greyman 25,259 Posted November 1, 2019 Author Report Share Posted November 1, 2019 3 minutes ago, NEWKID said: Times have certainly changed regards getting a mortgage mate, but perhaps it needed to be tightened up...I mean their was money being thrown around left right and centre to people with no chance of keeping up payments! With the interest rates still as low as ever known borrowing to invest ain't a bad idea, Greyman is in a good position his monthly repayments will be repaid plus some in rent... I'd tie in for a longer term if possible at the moment though as its uncertain times and interest rates could fluctuate during it... Mad thing is house is worth around 300k tennants will be paying 850 a month and repayments on an interest only are around £200 a month on a fixed interest over 5 year, i Will still be working full time and my misses will start a small cleaning business when we arrive we’re we are going so as you say mate absolutely no risk whatsoever even if we both dropped dead the next day, maybe I’m a bit impatient but once I get a plan I,m off also prices of boats plummet in winter so I have to do it in the next few months will give the lad a few more weeks then if nothing has happened may grab that numbers cheers 1 Quote Link to post Share on other sites
NEWKID 26,191 Posted November 1, 2019 Report Share Posted November 1, 2019 4 minutes ago, Greyman said: Mad thing is house is worth around 300k tennants will be paying 850 a month and repayments on an interest only are around £200 a month on a fixed interest over 5 year, i Will still be working full time and my misses will start a small cleaning business when we arrive we’re we are going so as you say mate absolutely no risk whatsoever even if we both dropped dead the next day, maybe I’m a bit impatient but once I get a plan I,m off also prices of boats plummet in winter so I have to do it in the next few months will give the lad a few more weeks then if nothing has happened may grab that numbers cheers No problem mate, I've stuck my toe in the rental market the last few years and it's a good return as the rates are so low, your bang on tying in for 5 years imo...it gives you the breathing space to crack on... I'm the same regards impatient, I start to badger daily once I know what I want, I think my solicitor and mortgage advisor were sick of me when we were buying this place and trying to tie everything up..lol I'll PM you that number later today, it's there if you need it then.. 1 Quote Link to post Share on other sites
WILF 44,301 Posted November 1, 2019 Report Share Posted November 1, 2019 6 minutes ago, NEWKID said: I'm the same regards impatient, I start to badger daily once I know what I want, I think my solicitor and mortgage advisor were sick of me I think you have to be like that, my Mrs was on the phone to them daily when we first bought and the same when we sold and bought this gaff. If you don’t, you just get lost in the pile of paper work. Quote Link to post Share on other sites
joe ox 2,547 Posted November 1, 2019 Report Share Posted November 1, 2019 Re mortgages within 2 to 4 weeks, new mortgages 8 weeks give or take a week, is a time scale I would be expecting. 1 Quote Link to post Share on other sites
Greyman 25,259 Posted August 31, 2020 Author Report Share Posted August 31, 2020 On 31/10/2019 at 11:36, Greyman said: As some of you may or may not no I’m planning on moving out my house and onto a narrow boat, I now have a lovely boat lined up a dry dock and surveyor lined up, tennants waiting to rent the house and I,m ready to go, problem is I have a family member that works in the mortgage business that is arranging an interest only mortgage for me that will be paid by the rent from the house I own mortgage free, he has now been on the case for over a month and keeps coming up with problems and no solutions I would think it was a very straight forward arrangement that would be done and sorted in a matter of weeks as apposed to months, has anyone else taken out a mortgage recently and if so how long would you expect to wait from applying to being accepted or knocked back, if he was not related I would sack him off and move on but I need to no I,m not expecting a miracle before I tell him to fro and employ someone else, thoughts and advice cheers Bank holiday Monday wtf, almost a year in and I,ve just received a message to say my mortgage has been accepted and an offer has been made, this has been an absolute ball ache, for someone that’s spent a lifetime dealing with cash, I’ve never experienced such a load of old bollox in all my life, incompompitance at every level plus a virus but I,ve f***ing got it against all odds and I will be out shopping for my dream home in the next week or so, 17 Quote Link to post Share on other sites
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