Owning your own home

I would just prefer to be pretty straight and up front with my lender and insurer, it doesn't cost me anything but does mean I am compliant if anything does go pear shaped. Also, we've had the same lodger for the last 3.5 years so it's been pretty stable, however, he will be getting moved on after Christmas as we're having a baby and would like the house to ourselves, plus, not sure it would be fair on him.

I was in a similar position earlier this year - the option that made the most sense for me was to go with a tracker mortgage with no early repayment charge (was with Santander).

Since it could be closed at any time and rates were unlikely to massively jump in the short term, it worked out well.

So, I hope to complete new purchase first week of August, but my sale still hasn't gone through yet. As far as I know, all searches have been done and all questions answered. I've even said they can keep the beds (which they're undecided on) and just chuck them if they don't want them, in an effort to hurry things up.

Can I/how can I get my solicitor to push things along?

I would just prefer to be pretty straight and up front with my lender and insurer

Yep! I would say to Hoefla, think carefully about having a lodger when you come to re-mortgage :)

Can I/how can I get my solicitor to push things along?

Assume you mean the sale of the property you currently own?

So not exchanged contracts yet? Get on to your estate agent and figure out what is what if there's nothing for their solicitor to do.

Just remortgaged with HSBC (new customer) with the same lodger so some banks are pretty cool with it.

If you have someone over 18 living with you, isn't there paperwork involved if you remortgage? Nothing onerous, something like "I'm over 18, I live here, I have no financial benefit over this property."

I know! It really would depend on the other circumstances of the loan.

I'd be interested to know if lenders offer worse rates to those with lodgers, I'd assume they are more likely to use that information as a lending decision factor combined with all sorts of other stuff like LTV, affordability, property type, age etc...

On the subject of 'coming to the end of current deal' and not wanting to go through the palaver of SA302s any time soon, will it say anywhere on the lenders paperwork if they'll switch no questions asked or is it just a case of who picks up the phone that day?

Similarly, does it go to a kind of 'rolling' deal you can switch at any time like a phone contract or is it a narrow window where you have to go straight away to the new deal at the end of the current one? Presume the former but just so I'm clear : /

This is pretty much why we went through a broker as our circumstances weren't completely straightforward. I expect having a lodger and the wife being self employed and working from home does not create a warm fuzzy feeling for a lot of banks! Not sure if they would offer worse rates than what they advertise, but may require further checks or would just refuse you outright.

Similarly, does it go to a kind of 'rolling' deal you can switch at any time like a phone contract or is it a narrow window where you have to go straight away to the new deal at the end of the current one? Presume the former but just so I'm clear : /

Rolling (but check your paperwork just to be sure) because the FoR (Follow on rate) is usually much higher than any of the other deals.

More often you'll be offered to move to a new deal early (the idea is that you get a better rate and save money but stay with the same lender, if you wanted to move to a different lender early then you'd have to pay an ERC or pay your current rate for a few extra months until you're free to move).

Thanks. That's what I'd hoped. Not due any time soon but when it does my payments double.

Mrs CYOA has taken a year (which has turned into 2 years and realistically 5 years) off on maternity leave so it's just my income which is my main concern when I come to remortgage - passing on paper affordability checks etc.

Just had an initial call with bank, waiting on mortgage advisor to call this afternoon. Worst case scenario is that I stick with tracker for a while until I'm safely in work, then remortgage. I don't imagine it'll take long. I also don't want to be in this flat for too long before making the move. We could in theory just sell up and borrow enough on Mrs Sparky's salary alone to get a place we want (next door to @amey ) so that's an option. We "only" owe five figures currently so interest rate move won't be too terrifying.

Yes that's it. Not exchanged yet.

I've just heard that their solicitor is waiting for the deposit from the buyer. Hopefully that comes through this week.

Sounds like my only option is to stay on the tracker: shortest fix they have is two years, and it'd cost me 3% to get out of that early if I move in first year. Increase in payment moving on to tracker is only £70 a month, so I'll just suck it up for a while and see what happens.

walks back into the house with cup of sugar, smashes it on a wall

Doesn't stop us moving necessarily, as Mrs Sparky obviously has a job. Keep an eye out for something with a basement and I'll swoop in.

Phone up someone like London and Country and see if they can do something for you, if you and your wife pass the affordability checks then you should be able to get onto a discounted tracker with someone else with no repayment charges and minimal fees whilst not costing you £70 a month, worth a phone call at least!

Total fees for moving to a new mortgage provider could easily be more than the savings if it's only £70/month for a short period.

fanks @Bernhard , @Howard
I do not currently have a lodger. but I would like someone else to live in the house too. at some point. no rush.
I will not be relying on lodger income, but it would be nice.
I am seeking to change mortgage possibly this summer. (5 years is up next spring, but general worries about What Might Happen. also I need to buy the house from the other half, we are currently co-borrowers. hoping same lender is possible and would avoid 14k early exit penalty... )

Best of luck, I tried to exit early with my provider as well but they wouldn't waive the penalty even if I stuck with them so didn't make sense, dicks!

I'm looking for some advice.

We made an offer on our first home. At the time, the estate agent said the seller was buying a family member's house so there is a chain but not the worst possible chain.

2 months in, after we have done, and paid for, all the searches, conveyancing, survey etc, we have found out through the seller's conveyancer that the vendor wants to exchange contracts now, and complete in 2 months because she needs to renovate the house she is moving in to. She didn't want to start until we were tied down.

I am quite annoyed by this because it seems the estate agent told the vendor we would be fine with this then roped us in by not revealing this to us until we had invested our money.

I have refused to have a 2 month gap between exchange and completion. I am not happy to insure a property while I don't live there, and take on the added risk of a crisis (e.g. mortgage being withdrawn or being made redundant during the gap) meaning I forfeit the exchange deposit.

Am I being reasonable here? I feel like we're in a bit of a deadlock and everyone has gone quiet. Where do we go from here?

Stick to your guns

So, joining this thread after our current lovely landlord has been forced to sell our flat. In a random bit of 'where can we afford to buy near here' zoopla-ing, we found the larger flat next door had just gone on the market at a price I can afford. So i can look to buy their bigger flat (but with more monthly outgoings), or my current one (for around the same) plus have the time and cash to do the current one up a little.

Questions:

A) Anyone bought an ex-LA freehold in a tower block before? I've gone through a banks 'what floor's it on, is there a working lift?' type questions, and both my current and prospective flat have got HSBC mortgages, but I'm aware that's the just the start of some pain. I've got ground rent, details of previous Lambeth Special projects, and a guestimate of what's next in their 10 year cycle of works. Khan's just (for his term at least) set up better TA / Residents control over estate regeneration / demolition.

B) I get on with the neighbours, is it worth persuading them to sell outside of their current Winkworths agency to save each other cash?

Khan's just (for his term at least) set up better TA / Residents control over estate regeneration / demolition.

Hmmmmm