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 27/10/2008
Which institutions offer drop locked tracker mortgages ?
Posted on 25/10/2008
I have am Interest only mortgage with db bank of £210k which is not due for remortgage until 2009, payments up todate, no missed pyt, in the current climate would I be abe to get part repayment/interest or is it best to continue with int only with new lender. I do hold shs within my company but the market has reduced my shs drastically,
Posted on 20/10/2008
HI I AM THINKING OF BUYING MY EX PARTNER OUT OF OUR HOME WE HAVE HAD TOGHER FOR 5 YEARS WE HAVE BEEN SEPORATED FOR 4 YEARS BUT BEEN VERY AMICABLE ABOUT THE MORTGAGE AND ALWAYS SPLIT THE PAYMENTS 50\50 THERE IS NO ANIMOSITY SHE JUST WANTS TO MOVE OUT WITH HER NEW PARTNER I NEED TO KNOW WHAT I NEED TO DO NEXT? ANY ADVISE WOULD BE GOOD
Posted on 19/10/2008
Hi
Myself & my partner took out a 30 year mortgage with 5 year fixed rate exactly 2 years ago. We have now decided to split up and would obviously incur charges to change mortgages and the house is in negative equity we were thinking of renting our house out so it would at least pay most of the mortgage until the fixed rate ends. Would we be able to do this or do we need to change to a buy to let mortgage and probably incur charges..??
Posted on 16/10/2008
I am planning to buyout the share of my sister in the property in which I cuurently live (alone) and we own jointly. As there is only 5 years of loan left on theproperty, I will need to take out a loan to pay my sister's share. What typeof mortgage will I be able to take out and how can I find out if I be required to pay stamp duty on the whole porperty again on remortgaging?
Posted on 13/10/2008
We have an endowment mortgage (10 years)which up to the credit crunch was on Track. What effects will the downfall of the stock market have on its value?
Posted on 12/10/2008
HI
I am looking to raise my own mortgage and buy out my exs share of the property. We both own the property.
If I get a mortgage offer as the buyer can I make him a lesser offer than the 50% of the value of the property once I have had my mortgage valuation.
Posted on 10/10/2008
my husband and i have retired and would like to move to cyprus.the house market is slow and we need to sell our house first.if we kept our house how could we raise money to buy an apartment abroad.and then we could have 6months here and six months there.
Posted on 05/10/2008
I am considering putting my house in part exchange for a more expensive new one.
Do I need to pay the full stamp duty on my purchase or only on the difference in value?
Thanks
Peter
Posted on 03/10/2008
Hi Bea, can you advise any companies who will look through your credit report and advise you of how credit worthy you are and how likely a mortgage will be?
Posted on 02/10/2008
We are looking to buy a property for approximately £400-£450k but have trouble finding a buyer for our home which is on the market for £265k, a property we are keen on has now been offered as part exchange available and the developer has agreed to give us full asking price for our property on the basis we pay full price for his (£450k)as we were hoping to get a like for like reduction in asking price-about 10% we would be worse off than a straight forward selling and buying situation, however we have considered that we will not have any estate agents fees but not sure on what level stamp duty we would be charged, if it is only on the 'cash' difference then a part/ex would be ok for us, could you advise on the stamp duty payable by both parties and if there is any ways to reduce the level due? many thanks
Posted on 02/10/2008
my partner has recently left the household. We have a child that remains with me at the moment. when she gets her own place we will have roughly 50-50 care of her. The house mortgage is in both of our names. is she liable for half the mortgage until the house is sold or i buy her out. if she is and refuses to pay what can i do?
Posted on 01/10/2008
I am in a bit of an unusual situation. I bought a flat which i lived in and could comfortably afford the mortgage (a 2yr fix). A year into this I moved in with my partner and am fortunate to not have to pay any rent to her. I now let out my property but am in no way dependant on this rental income to pay the mortgage - I can cover it with ease from my job income as it remains my only monthly outgoing. My question is this: when I remortgage will I have to apply for a buy-to-let mortgage or will I be able to get a normal residential mortgage? Initial inquiries have suggested that at least some lenders will not lend to me on normal residential terms - although they would if I didn't have tennants in and left it empty, which seems somewhat obsurd. My mortgage is due for renewal in 2 months. I would really appreciate your advice. Many thanks
Posted on 01/10/2008
I have a £48k mortgage with GMAC and a £10k loan with Norton finance. I used to have a Halifax mortgage but got into arrears and had a default notice three and a half years ago, since then I’ve been with GMAC and had 3 late payments in 2 and a half years, so I’m stuck in the sub-prime market with poor credit history and low income, My flat is worth around £175-£180k. I'm trying for a loan to pay off some debts, the loans i can get are subprime, have been quoted for a 20k loan over 25 years £276 per month 16.9 %,(Blemein Finance) via a broker. I need the £20k to pay of the £10,000 Norton loan which I took 15 months ago at £117 a month, i now owe £10,700 to settle early. I cant get a high street remortgage and although its a bad time to sell rather than spiral into more debt, should I sell or take the loan as I really the money
Sara
Posted on 30/09/2008
Hi Bea,
I currently own a flat in London with c£70k equity tied up and a variable rate mortgage, I am also (due to personal circs) renting in Berkshire.
Due to market conditions I am struggling to sell, therefore, considering another property purchase in Berks as the rental is dead money.
Please can you tell me what are the pitfalls of doing this? and also how do I go about releasing the equity from the London Property to fund my deposit and new mortgage/move etc? - or - should I just stay still and wait.
Thanks for your help
Adrian
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.