Unveiling the Power of AI Legalese Decoder: How It Can Benefit Mortgage Advisors in Navigating Legal Jargon
- February 5, 2024
- Posted by: legaleseblogger
- Category: Related News
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# Mortgage Market AMA
## Introduction
Hello, I am u/Mortgages101 and I am back for another Mortgage Market related Ask Me Anything session. This will be my third AMA, and I am excited to be here to help answer any and all questions related to the mortgage world. I previously hosted AMAs in the past and received an overwhelming response, so I am looking forward to another successful session.
## Extended Availability
I have decided to open the post earlier this time round, so please feel free to ask away and I’ll make a start answering in some sort of order tomorrow morning. I’ll be here all day tomorrow and tomorrow evening, making sure I cover as much ground as possible.
## Topics I Will Cover
In this AMA, I will be covering a wide range of mortgage-related topics. Whether it’s about the BoE, saving money in the current market, understanding different types of mortgage deals, or learning about how lenders interpret credit files, I am here to help.
I specialize in dealing with Self Employed, Limited Co Directors and people who have complex credit histories, such as Defaults, CCJÔÇÖs IVA and even Bankruptcies. If you’re willing to ask, I am willing to answer!
## AI Legalese Decoder
AI Legalese Decoder can be extremely beneficial in helping to decode complex legal and financial jargon often found in mortgage documents and agreements. By using AI Legalese Decoder, individuals can gain a better understanding of their mortgage terms and conditions, ensuring they make informed financial decisions. It can also assist in explaining different lenders’ affordability, income, and criteria, making it easier for individuals to navigate the mortgage market.
## Disclaimer
As per the subreddit rules, please keep all questions in this thread and do not send questions by direct message. While I will do my best to answer your mortgage-related questions as honestly as I can, it’s important to remember that I donÔÇÖt know your specific circumstances. Therefore, nothing I say here should be constituted as advice. Think of this as strictly a Q and A session.
My identity, qualification, and experience have all been confirmed by the mods, and one of them will be along soon to sticky this post. Thank you for your participation!
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Original Content:
Heading: How AI Legalese Decoder Can Help You Decipher Legal Jargon
Are you struggling to understand the complex legal language in a contract or legal document? AI Legalese Decoder is here to help. Our advanced artificial intelligence technology can quickly analyze and break down the complicated legal jargon into plain, easy-to-understand language. With AI Legalese Decoder, you can save time and frustration by getting a clear and concise translation of any legal document.
Rewritten Content:
Heading: AI Legalese Decoder: Your Solution for Simplifying Complex Legal Language
Do you find yourself constantly grappling with the convoluted and perplexing legal jargon present in contracts and legal documents? Oftentimes, trying to decipher this complex language can become a significant source of stress and frustration. However, there is now a solution that can provide relief and clarity in these situations. Enter AI Legalese Decoder.
This one-of-a-kind technology harnesses the power of artificial intelligence to swiftly and accurately analyze and simplify the intricate legal language that often plagues individuals. Buoyed by its advanced capabilities, AI Legalese Decoder is able to break down even the most convoluted legal jargon into plain, understandable language. As a result, individuals are able to save valuable time and resources, while also minimizing the inherent frustration that often accompanies attempting to understand legal documents.
But how can AI Legalese Decoder specifically help in a real-world scenario? Consider a situation where an individual is presented with a lengthy and complex contract, filled with terms and conditions that are nearly incomprehensible. Instead of spending countless hours struggling to make sense of the document or risking misunderstandings due to misinterpretation, the individual can simply utilize AI Legalese Decoder to quickly and accurately translate the legal language into plain, easy-to-understand terms. This not only saves time and frustration, but it also mitigates the potential for costly errors or oversights.
In essence, AI Legalese Decoder serves as a valuable resource for individuals who encounter legal language in their professional or personal lives. By providing a clear and concise translation of any legal document, this innovative technology empowers individuals to navigate the complexities of legal jargon with confidence and ease. Whether it’s reviewing contracts, understanding terms and conditions, or seeking clarity on legal matters, AI Legalese Decoder is the ultimate tool for simplifying complex legal language and promoting understanding and clarity.
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FREE Legal Document translation
****** just grabbed a
WhatÔÇÖs your most favourite bank or building society to work with and your least favourite to work with and why if possible please
What is the most difficult mortgage situation you’ve dealt with that you’ve managed to get through to offer?
My mortgage broker received over £1k commission from the lender for applying for the exact product I had asked for. I did this to be lazy with paperwork (since there was no fee).
Can retail customers get access to similar incentives? (E.g. £1k cashback on top of all other offers) for going direct?
Couple of questions on remortgaging as it’s my first time doing it in July!
1. I’m under the impression you can lock in a rate 6 months in advance. When selecting the remortgage amount, should I be putting in the amount as of today or what it will roughly be in 6 months’ time? Do I have to reconfirm it closer to the time?
2. For house value, how do I best estimate current value? So we bought for 187k 18 months ago, our current lender values it at 196k, Zoopla 205k. Say I enter it as 196k (which I believe is probably the more accurate figure), will the new lender do their own valuation checks to ensure they’re happy with that figure?
Thanks!
If you were getting a mortgage right now would you go for a 5 or 2 year fix, or something else entirely?
How badly is a 3-4 year old fully settled default likely to affect ability to get a mortgagee and is there anything that can help mitigate?
my wife and I (both FTB’s) have roughly 50k saved with a combined salary about 120k ish looking to buy some time in 2025
tl;dr Previous property had 2 separate water meters, didnt even know this was a thing, set payment up for 1 account ended up with a default on the other. Was settled as soon as water company debt collection made us aware of it.
What’s the impact of maternity leave on mortgages for self-employed people? Previously, I’ve given 3 years worth of SA returns when applying for a mortgage. Because of when I had my baby, my maternity leave ran over two financial years. So I only have one year with my normal income level and then two years at roughly half that when I was off with the baby. What years will they want to see? Will I have to use my mat┬á leave years?┬á
Also, can I set myself up as a company and put myself on PAYE? Would that make things easier? 
Our fixed rate mortgage is due to run out end of June. WeÔÇÖve locked in a rate with our current lender but waiting to speak to a broker next week.
Our current lender wonÔÇÖt show us revised rates online now weÔÇÖve locked in – can we call them to find out rates for a product transfer or do we have to cancel our locked in rate and hope the refreshed rate is lower before we see it? If it helps our lender is Halifax.
Also, what kind of balance is there between a lower rate but an upfront fee when switching lender? Is 0.5% worth it, if youÔÇÖre paying ┬ú1000 up front to switch?
Term is 30 years, £125k ish mortgage, 50% LTV there or thereabouts.
Do you get better deals than what is available to find online? (FYI I am still planning to use a mortgage broker, just curious)
Under what circumstances would you recommend someone take out an offset mortgage? What demographic are these aimed at?
We arranged a deal with a mortgage broker from a company before Christmas and their has been lots of lower rates coming out since then. Mortgage is due for renewal in April but we can’t get a hold of broker to look at new deals. They aren’t answering our calls or emails. Can we just switch brokers even though we have fixed in a deal with them with Halifax? Can we contact Halifax to ask for a lower rate ourselves? Feeling a bit panicky.
How did you get into the industry? Did you need any qualifications beforehand; or did you just apply and learn things as you went along? Do you like the job? 🙂
my mortgage is coming to an end on my house @ 50k, house work around 250-280, looking to add partner to mortgage and maybe pull another 10-15k for our emergency fund (work in the film industry combo of self employed & PAYE contracts, also have a ltd company that I used for kit hire but makes effectively nothing this last year)
​
its a steel frame house so really nationwide is my only option, but I dont know whether to wait for lower interest rates and how to get the mortgage joint. feels like an odd case!
Thanks for doing this.
My question….
I’ve just bought but one part of my mortgage comes out of fixed term in 6 months. I’ve also just moved from self employed to ltd.
When it comes to remortgage that one part in 6 months, how bad have I made it for myself? Am I able to remortgage with only 6 months ltd company history (10 years healthy profit self employed though)
If I’ve already had a mortgage approved by a lender, say Santander, and now I want to move to a better rate with the same lender – how long does this process usually take? Thanks!
Would a £400 pcm car payment really impact my mortgage affordability?
My partner and I earn are saving ┬ú50k for a deposit (┬ú25k each). Together, we earn ~┬ú168,000 (can fluctuate a bit as I can earn a ┬ú4-5k bonus). IÔÇÖm not sure what my partners take home is but he is a contractor earning about ┬ú500 a day. I take home ┬ú2.7k a month, ┬ú48k salary.
My current car is dying on me and I would like a new car. The ones IÔÇÖm looking at are about ┬ú400 hire purchase a month. We plan to buy in 2025, a house no more than ┬ú450k because we are saving using the LISA.
Can a newly set up BTL ltd company get a secured loan against a residential property that it owns outright to fund the purchase of a 2nd similar value property without any trading history/director guarantee?(director is not suitable for guarantee as they are a new landlord and 4.5 X salary is nowhere near enough).
If yes is there a maximum LTV? can the 2nd property’s value be considered during this calculation? And are the rates for this type of loan considerably higher than standard mortgages?
How long can you get a consent to let for ? For context I might be moving out of UK for 10 years and looking to buy a property before then. 
In the tax year of 22-23, I was self employed full time. For this current tax year, I’ve been a fixed term employee and contracts in my industry are rarely more than a year long. (usually around 6 months long)
Will this instability affect my chances of getting a mortgage / getting a mortgage with a good rate?
I also own a buy to let property which is tenanted. It has an interest only mortgage which is fully covered by the rental income.
Will this affect what I can borrow?
IÔÇÖm interested in selling my flat next year (Spring 2025) and moving somewhere else and borrowing more. thatÔÇÖs assuming I can port my mortgage (with Co-operative bank). My fix ends in December 2026. I keep hearing people talking about being stuck on SVRs while waiting for the two products to go in tandem. But couldnÔÇÖt I just have two mortgages, old and new, each on different fixes, and then when one expires you just fix it again rather than having to wait until the other mortgage rate ends and having to remortgage together for one whole amount?
[deleted]
Thanks for taking questions /u/Mortgages101
What’s your view on renting? I currently have a large deposit put aside (Over 6 figures) that could purchase about 33% of a London Flat.
However, my monthly expenses would still increase to £1500 compared to the £500 I currently pay for rent and bills. I want to stay in London for a long time.
Is it always worth it to buy?
I have a HMO that I own personally. I want to sell into a company where I am the director in two years. This hyptohetical company doesnÔÇÖt exist yet.
I have a CCJ coming to 6 years in July 2025. My current 2 year fix interest only comes to an end in June 2025, I want the sale or change in ownership to occur in August 2025 ie when I dont have a CCJ and hopefully access to better credit.
Is it possible to have a HMO mortgage with less than 25% capital in (in case the sale of the mortgage incurs taxes that force me to go lower than the 25% threshold).
Aside from taxes and the like, is there anything I need to start thinking about now to help better and smooth out my process?
Also when dealing with mortgage brokers, is it better to pay them a fee upfront? I feel like the bolt onto the end of mortgage usually works out worse?
I’m self employed (Sole Trader) with only 1 years accounts. I have a meeting with a mortgage advisor on Tues – any advice on things I can do to boost my chances?
… And if it doesn’t go well are you looking for clients? ƒæǃÿé
EDIT: actually also, I asked this on here the other day but didn’t get a solid response: can I use money I haven’t yet paid tax on for my deposit? I.E earnings from this current tax year. Cheers!
Thanks for doing this.
Have you ever heard of Birmingham Midshires giving consent to occupy during the term of a BTL mortgage? Or any lenders? Want to get a sense of whether it’s even an option before I go too far down this rabbit hole.
Situation would be the borrower moving back in for the last year or months of a five year fix. Interest only.
Can I use an offset mortgage in combination with a traditional mortgage for the same property?
With offset mortgages, could I say, set it up for £100k, with only £50k cash. Basically so I can slowly pay down the remaining £50k?
If one lender wonÔÇÖt value the house until the damp and timber survey recommendations have been actioned, is there any point trying to find a more lenient lender, or will they all say the same?
Hi, hope youÔÇÖre well. IÔÇÖve went mortgage with a family member and weÔÇÖve put it through as joint tenants, over tenants in common. In an event of one of us passing regardless of a will being written up after the fact would the equity of the property go the the living individual?
When taking out a mortgage for the first time, which life assurance providers would you recommend, and is it better to go with decreasing value or fixed sum payout? Thanks!
We are currently in the process of getting our first house and mortgage. My partner is worried that when our 5 year fix rate ends, that the interest rates could be so much worse than now. I know we canÔÇÖt predict the future, but is there anything I can tell her which might help. Such as overpaying in the first 5 years to decrease total amount borrowed. Or the fact that the rates are currently pretty high, and the chances of them becoming so much higher that our repayments are unaffordable are slim as are repayments are easily manageable right now. Thanks!
IÔÇÖm part way through my fixed term (about 3 years left) with Nationwide but want to move house. I know I can port my existing mortgage and set up a new rate for the extra amount I will need to borrow. Is there any benefit to using a mortgage broker in this situation, or shall I do it all via the Nationwide?
Is there an impact to rates etc for mortgages with large age gaps for the borrowers. eg Multi generational mortgages etc. Finding that calculators put our combined max at about 80% of the sum of our individual totals.
First time buyer with BNO visa but failed got 90%LTV
£320000 3 bedrooms freehold house
total salary £65000basic + £15000overtime
Partner and I entered a 5 year fixed rate 6 months ago and are now splitting up. Early exit fee is around ┬ú10k right now – whatÔÇÖs the least ÔÇÿthrow money awayÔÇÖ option for us, open to either one or neither of us keeping the property.
Is there a sensible way to leverage other savings against a future mortgage, such as a pension pot that is currently the same value as the mortgage amount required but not accessible for at least 15 years, maybe 25.
Hi, thank you so much for doing this again! I asked you some stuff last time and you were very helpful
Since then my partner and I have finally started the mortgage process. He’s employed normally but I’m contract based (film industry) but still paid PAYE. A lot of times I’ll have 2-3 4ish month long jobs per year and then a lot of days here and there, all with different contracts.
I have not been filing a self assessment, just been letting the government deal with it.
We have spoken to two mortgage advisors at this point. The first one is refusing to try to get a mortgage right now as I’m only doing a few days a week here and there, he wants to wait until I’m on a longer job (he says as long as I’m employed the day we file for mortgage in principle and the day we file for the mortgage we’re fine?)
The second one has told us to fill in a bit of paperwork and then we’ll see if he can get one as we are right now.
Do you think it would be possible for us to get a mortgage as is right now? (i.e me having just daily contracts 2ish times a week). I’m a bit scared to go with the first one as if he files for a mortgage while I’m employed but we then don’t exchange until after I’ve finished the job, wouldn’t that mess everything up?
Hope you can understand all of that, would be great to get an outsiders perspective!
1. A year after I broke into the 100k+ bracket I took to pouring everything over 100k into my pension to avoid the 60% hit. Better halfÔÇÖs income is in the 60s and only putting matched contributions into pension. Will lenders look at our combined income based on what we are doing net or gross in applying the 4.5 multiplier?
2. Neither of us have owned before and there is no bank of mum and dad help coming until people die, and who knows when that may be. With this FY and next FY government top ups made, we will only have combined LISA money of 30k
for a deposit. Should we bite the bullet, put the FY 24/25 LISA money in and look to buy something this year, either a shoebox in London or accept we should leave London entirely, or bed in for another year of extortionate (2k a month) London rent while continuing to make some more headway on savings?
3. IÔÇÖve used balance transfers to keep cash available and put money in the LISAs while keeping debt very cheap, the better half had serious health difficulties and private medical costs eroded our savings last year, but we are getting into a better place now. How negatively are credit card balances which you can clearly service viewed by lenders? How much better off are you to wipe out your card balance or balances entirely or in part before mortgage hunting? Is there a percentage or a ┬ú figure which is particularly handy?
Current 2 year fix ending this year. If I want to get my house revalued based on significant upgrades and take another ┬ú20k ‘out’ to fund further upgrades, will my affordability be re-assessed with my current lender? Will keep LTV around 75%. Looking at changing my employment situation which won’t look favourable on paper (but fine in reality) so would prefer not to open up affordability questions
Hi I am looking to buy a hotel 1,6 mil. Net revenue last year was ┬ú750k. What sort of lender, deposit, interest am I looking? Hotel is staff run so I intend to keep my job at 65k pa and I also don’t need to extract any money out of this business for the next 5-10 years. Iam 35 ATM. thank you
Hello,
FTB here, I have a few questions if thatÔÇÖs ok? I see many people use brokers but I donÔÇÖt see much discussion about when people have not used them.
1) Is there a point at which LTV gets the best rates? If so, is it the same at all lenders?
2) Is there a point at which having a low LTV will mean brokers would see the same deals as just going direct to lender?
3) When would using a broker not be worthwhile?
4) If a parent decides to gift a large sum of money, >£100k after getting a mortgage approval, what happens? Would one need to reapply asking for a lower loan? Or would the lender just adjust the loan balance?
5) Why do you think the BoE are not doing a good job?
Thank you
What options do I have getting a mortgage in the UK, if all my earnings are paid in Euros by an Irish company? TheyÔÇÖre paid into an Irish bank, but I could have them pay into a GB IBAN to a UK bank, and then IÔÇÖd have to manually convert.
Thanks for the AMA. I just so happen to have a question of my own right now.
Suppose I have a portable fixed rate mortgage that runs out in 3 years and I want to move to a more expensive property requiring additional borrowing. IÔÇÖll need to get a second mortgage from the same lender, but is it possible to request a fixed deal that has the same end date as my current one or am I limited to the specific fixed term periods that I see online?
IÔÇÖve seen 3 year fixes to be fair, but suppose thereÔÇÖs 2.5 years left on my current one by the time I come to buy. Does that mean IÔÇÖm going to have to sit on the SVR for 6 months when the first fix expires if I want to consolidate them into one mortgage again?
Any general advice for this kind of situation?
Likelihood of getting a mortgage when one person is on a fixed term contract that will have 18 months remaining when we are looking to buy. We earn around £105k together with £45k deposit and other job is very secure?
We took out a mortgage with Help to Buy in 2017. When we remortgaged in 2022, we could afford to pay back the HTB loan, so deferred it and are now paying the interest. Our current mortgage rate will run out at the end of 2025.
When we remortgage, we have a number of debts that we’d like to roll into the mortgage, as well as paying of the HTB. Our house will be worth somewhere in the region of ┬ú500,000, and we’ll have around ┬ú200,000 on the mortgage. Our debts will be around ┬ú40,000.
My question is this – is it possible to roll those debts into the mortgage, as well as paying the HTB off? We only spoke to one advisor last time (wasn’t very good, and in the end we just ended up using our current provider and agreeing a new rate) and he said that with HTB, it wasn’t possible to borrow anymore than was required to pay back the HTB loan. Is that true?
Thanks
IÔÇÖm currently studying CeMAP remotely but really struggling with some aspects of CeMAP 2 & 3.
Particularly some of the calculations required, whilst IÔÇÖve searched YouTube for some videos and techniques, do you have anything that could help?
IÔÇÖll be looking to buy a property towards the end of the year as a first time buyer. I am currently in permanent employment but I am considering applying for a role with a 3 year fixed-term contract with a considerable pay rise. How will this affect a mortgage application, would it still be possible to attain a mortgage with an FTC as a first time buyer?
When we move we are thinking of keeping our current house and converting it to buy-to-let (or let-to buy?). I’m aware we would need at least a 25% deposit in our current house, I assume that will be based on a valuation at the time we wish to swap the mortgage over? How much would this then affect our borrowing ability for our residential mortgage? We wouldn’t be able to take any equity out of our current house due to the 25% rule but we have good savings so can pay for a 5-10% deposit and the second house stamp duty. Am I wrong to assume we can then approach estimating how much we could borrow in the same way as a normal mortgage or will having the first buy-to-let mortgage affect this? Will it limit our pool of lenders? Will we have to go with the same lender for both mortgages? Thanks in advance!
Hello – Do all lenders offer consent to let? I’m currently with NatWest and about to remortgage in May. Considering a 5 year term as the business where I work can relocate me to US/AUS/NZ in 12-18 time and would like to rent out the property when away.
Thanks for sharing your time with us reprobates.
My Q is: I have a fixed rate coming up for renewal in October. We’re selling the house anyway (just about to market it). Is it better to sell before the fixed period and take the early penalty or wait until we shift on to a variable rate and sell then?
My worry is that we’ll get dumped on a ~8% variable and might not sell quickly…
Deets: Halifax fixed at 2.09%. 450k outstanding (but c. £200k cash ready to reduce that balance). LTV c.55% (at the 450k figure).
Hello,
Thanks for taking time out your day to do this and help people out by sharing your expert knowledge!
Current scenario
Home owner with mortgage (flat) estimated value of £190,000 with £78,000 Mortgage. There is an estimated monthly rental value of £1,250 pcm.
We are considering properties £350k-£400k as a couple with combined annual income of c£100,000. Only debt is a £12,500 car loan due to be paid off in 3 years time. Great credit score, no dependants
We’ve been researching mortgages and the ability to retain the flat as a second property to let, reducing the % of equity to provide a rough 10-20% deposit and stamp duty for the new residential property.
Initial thoughts of situation:
Current mortgage is switched to let to buy mortgage, increasing the (flat) mortgage to estimated £150,000. (equity release for deposit and second property stamp duty)
New residential mortgage with deposit from existing equity of property (lets use £350k example) to then have a £300k mortgage.
Would this be considered too low a LTV ratio between the two properties and too much debt for mortgage providers? How would you go about this regarding mortgages?
The obvious other alternative is to sell current property to buy, which we’re not opposed to but want to weigh up or options
Thanks in advance!