Ask the experts
About our experts...
At John Charcol, we are constantly asked for advice by borrowers on what they should do when it comes to mortgages. As such, we created this section so that you can submit your questions to our experts. The answers are provided by a number of people who have years of experience in the mortgage market. The team is led by Peter Woodward who spent his formative years as an underwriter with one of the major UK lenders and the last 10 years in our Technical Department along side Ray.
So please do submit your question and we will do all we can to answer it as quickly as possible
Please be aware that these answers can only be generic and no personal recommendations can be made.
Posted on 02/09/2010
Dear Sirs,
My father has been retired for the last few years due to ill-health. He has a home valued at £550k with an outstanding mortgage of £250k. The problem is that he has around 18 months left on the term and has been unable to extend it. He has a private pension due to commence in around 3 years time which would take care of the mortgage payments and probably reduce it quite significantly. Apart from selling his home is the an another solution. He is 63 in November.
Regards
David
Categories: Special circumstances
Posted on 02/09/2010
My husband works as a Contractor. We recently sold our house and are now looking for a bigger family house. However, due to his job as a Contractor it seems that getting a mortgage is highly difficult. Could you please advice where we should look for a good deal for Contractors?
Categories: Special circumstances
Posted on 20/08/2010
My wife and I separated 3 yrs ago and she has applied to the Land Registry under LRA 2002 to protect home rights under FLA 1996. First what does this mean and secondly, if I sell the house of which I am the sole name on the mortgage will she be due any of the profits?
Categories: Legal matters, Separation or Divorce
Posted on 15/08/2010
My father lives in Australia whilst I live here in the UK. My question is, can my father be a guarantor for my property here in the UK?
Categories: Guaranteeing & buying with child
Posted on 11/08/2010
I am in the process of separating from my husband but we still live in the same house. We have a joint mortgage on our house and I would like to buy him out. However, he has told me he does not want to move out, but he can't afford at his income and age to buy me out. My only option seems to be to put the house up for sale. What is my legal position as the joint mortgage holder in this situation?
Categories: Separation or Divorce
Posted on 26/07/2010
I split up with my ex partner 4 and a half years ago - he left the flat that we have a joint mortgage on. Since then I have had no contact with him. He has not helped with any mortgage payments or repairs etc. Recently he contacted me and asked about selling the property so that he can have his half of any profit made. Will he be entitled to half or anything at all?? I heard he has been travelling around australia whilst I have been struggling to pay the mortgage. For all he knew the property could have been repossessed!? Luckily I have been able to pay the mortgage in full and on time every month, but I dont feel that he should be entitled to half of the profit when he hasnt paid a penny in over 4 years. The profit from sale would only be in the region of about £10,000 (minus legal fees, estate agent fees etc!)
Categories: Separation or Divorce
Posted on 18/07/2010
I have a house with an ex partner which I moved out of about 4 years ago. She still lives in the house with 3 children, 1 of which is mine, but the mortgage is never paid on time. It is always late with a £35 fine each month and it has been close to getting reposessed before. It is currently over 2 months behind again. I understand the fact that I cant sell the house because of the children, but my credit rating is getting battered and I would like to buy my own house with my current partner. This just seems impossible at the minute.
Is there anyway I can protect my credit rating or at what stage could I sell the property? She is currently living there with a boyfriend, does this make any difference?
Categories: Bad credit, Separation or Divorce
Posted on 14/07/2010
My parents bought a flat in Edinburgh a few years ago and put both my sister and myself on the mortgage. This was to avoid paying inheritance tax on the flat should they pass away. I now want to buy my own flat in London, but don't know whether I still qualify for First Time Buyer stamp duty exemption. Please can you advise?
Categories: First-time buyer, Tax issues
Posted on 12/07/2010
My husband has moved out of the property we jointly own and makes some payment towards the mortgage. We have two children together and are married. I just need to know if he should legally be paying maintenance for his children in addition to the payments he makes towards the joint mortgage?
Categories: Legal matters, Separation or Divorce
Posted on 10/07/2010
My daughter has a joint mortgage with an ex partner who has taken money out of the mortgage account and has disappeared. This caused arrears as she didn't know that he had done so. She has cleared the arrears and been to see the mortgage company and they say they can do nothing to help as she is paying the mortgage. She wants him out of her life and off the mortgage, what can she do? This seems an untenable situation as he will still be legally able to take half of any profit if the property were to be sold only she can't do that either can she without his agreement? What avenues are left open to her, she is working an extra job to keep up the mortgage payments?
Categories: Separation or Divorce
Posted on 05/07/2010
I have a property worth £250,000 with an outstanding mortgage of £93,000 with 14 years left to run, I need to raise £65,000 to pay off my wife from who I am seperated,any advice would be appreciated.
Categories: Raising capital out of property
Posted on 01/07/2010
My friend has moved out of his home after his wife asked him to leave due to drifting apart. It is a joint mortgage but he hasn't contributed for 6 months, however he has been paying child maintenance at 20% as asked for by his wife (ex? - they are only separated) As he bought most of the contents in the house, and paid his share of the mortgage up until being asked to leave, will he still be able to claim his share of the house if she decides to sell? Or should he have kept paying towards the mortgage to ensure he keeps his rights to his share?
Categories: Separation or Divorce
Posted on 21/06/2010
My fiancé and I are planning to buy a house together. He currently owns a flat, but I am a first time buyer. If we buy the house in my name, could I then, at some point, sign half of it over to my fiancé's name, or would we then have to pay the stamp duty?
Categories: First-time buyer, Tax issues
Posted on 17/06/2010
My husband and I have been living in our house for 4 years and we are currently in the process of a change of use from residential to business/residential. We have a fixed term mortgage, do we need to change our morgage agreement along with the change of use or can we leave it the same?
Posted on 16/06/2010
My elderly mother needs to move near family. Her house has been on the market for 18 mths. Can we buy the retirement flat with a 2nd m/g if she pays the interest as rent - or possibly my daughter could get a 1st time m/g if we find the capital? Mum would still need to pay interest as rent. Are these possible options? Where should we go for expert advice to minimise costs and losses?
Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not neccessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.
We recommend you seek professional advice with regard to any of these topics where appropriate.