Mortgage Guide

tyson asked:

we are looking to get a mortgage, my husband is self employed and on a good income which is provable, i work part time so don’t get alot so i know my wages wont be included. where is the best place to go for a mortgage when you are self employed? and has any one out there got a self cert mortgage can you give me any info on them?
Many Thanks

Question posted courtesy of: Kathy

BMD asked:

I just read a few “answers” to someone’s post about ING Mortgage, and I am confused. ING Mortgage is telling me hand’s down that it is 695.00, plus odd days interest, and then the mortgage tax, and that is it. In their paperwork, they indicate “there will be some 3rd party fees” but when I ask them about it, they say “No, these are listed by law, but you (me the consumer) do not pay them, they do.” However a mortgage guy @ National City Mortgage told me to BEWARE…. he said that they can’t pay 3rd party fees themselves b/c it would be illegal. On different Yahoo answers, it supports what my National City Mortgage guy told me, but ING SWEARS that I will not have to. I would like to have it listed directly to me opinions from others on this site who either have applied for an ING mortgage, have one, or an expert.
This is not clear - I’m sorry. Cna someone tell me of an experience with ING Mortgage or any intelligence you have on company?

Question posted courtesy of: Dorothy

gijaneridesagain asked:

My husband wants us to take out a one account mortgage. He reckons that you put your savings and income in there, your mortgage shrinks, say, to 3 years - then your house is completely paid off and you still have all your funds 100%intact. I have pointed out to him that this is to good to be true, and therefore probably isn’t. I have read through the info pack and there are a couple of contradications - the on-line calculator said we could shrink our mortgage to 3 years, and yet the info booklet says the one account mortgage term is for a minimum of 5 years, also, one paragraph says that you can withdraw your savings at any time, and then another paragraph says your savings / lumps sum payment have to remain in the account for the duration of the mortgage term…confused? we are - are then any financial gurus out there who can help to simplify things in a nutshell for us please?? - specifically the pros and cons of taking out such a mortgage and any pitfalls to watch out for.

Question posted courtesy of: Russell

Clare B asked:

Hello

As part of our divorce settlement I have agreed to let my ex keep our house for which we currently have a joint mortgage. I am now in the process of buying my own property and in order to get a new mortgage confirmed on that property I need written confirmation from my existing mortgage company that I have been released from my old mortgage. I have signed a document from my old mortgage company agreeing that the mortgage andproperty can be transferred to my ex’s name only but after 4 weeks nothing has happened. My old mortgage company say that it is likely to take 3 months before they are in a position to provide me with a letter confirming I have been released. Does it really take this long?

Thanks for your help.
I should have said that my ex has bought me out of our current property hence why I am letting him keep it. The form was signed under the watchful eye of my solicitor who only let me sign it at the appropriate stage. The mortgage company has approved my ex taking over the mortgage in his own name having carried out a credit check etc but they are still saying they need the title deeds transferred to his name only before they will confirm I have been released from the mortgage. My ex’s solicitor says this will take a couple of weeks but despite that the mortgage company are still saying it will be 3 months or so before they confirm in writiing that I have been released from the mortgage.

Question posted courtesy of: Jill

XCuteX asked:

me and my partner have split up. we have a joint mortgage. he hasnt paid the mortgage for the last 6 months and has moved out. i have since been paying the mortgage alone.

i have obtained consent from the mortgage lender to have my ex released from the mortgage, the property has no equity.

i have instructed solicitors to do the transfer and to have my ex released but he will not consent to the transfer and being released from the mortgage.

is there anything i can do?

i dont want to sell as i will incur a massive loss with all the redemption penalties and due to no equity.

Question posted courtesy of: Hazel

TECH asked:

I have an odd question about Mortgage Interest deductions. Here’s the situation:

My step-father was paying on a mortgage, but abruptly had to go abroad to care for his ailing parents.

He made no mortgage payments in 2006 at all, nor supplied any income for my mother. My mother had a couple part-time jobs, but could not pay the mortgage. Therefore, the entire year of 2006 I assumed the bill and payed all of the mortgage payments myself.

My question is, who deducts the mortgage interest paid? Should it be on her tax return since the mortgage is in her name?

Or, should it be on mine, since I obviously paid it. I worry that if I put it on hers, the IRS will wonder how she paid all that interest, when she didn’t have even a third of that income.

Any thoughts?

Thanks…

Question posted courtesy of: Natalie

YEEH! asked:

I recently got a letter from my bank saying I owed them $199 from “late payments” on my mortgage. (you know how your mortgage is due and if you pay it late they tack on a charge) Well, everytime my husband went to pay our mortgage even if it was late, the bank teller never tacked on the charge. Anyways, they are saying their going to take us to collections for the amount due, does this mean their going to try and take our house? We have never missed a month on our mortgage, just a few times they didnt tack on the late charge…can anyone answer?
It’s was late a few times because our son was sick and we spent a ton of money going back and forth to st judes. But that wasn’t my question, will they try and take our house?

and we are making them on time now.

Question posted courtesy of: Ruth

P P asked:

I understand that G Brown was always very keen on fixed rate mortgages, and put a lot of effort into promoting them.

In the past people had standard variable rate mortgages with a lender and would probably never move their mortgage unless they moved house.

Now the trend for G Browns ‘fixed rate’ mortgages (but only fixed for a few years, with un-economic rates at the end of the fixed period) means that millions of people have to re-mortgage every few years, to pick up on the next deal.

And it is this remortgaging that seems a complete gamble — noone can know what the financial circumstances will be when the remortgage is required - if it comes when a Credit Crunch hits, then you are stuffed, cos noone is going to give you a new mortgage…

Isn’t this the root of the problems that are just about to hit?
http://news.bbc.co.uk/1/hi/business/6292266.stm
Maybe I should say - I have done well out of property and have no mortgage problems - but I hate the unpredictability that G Brown has generated (end of ‘boom and bust’ - ha ha ha)

Question posted courtesy of: Justin