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 works in our technical department. Peter spent his formative years as an underwriter with one of the major UK lenders so what he doesn't know, quite frankly, isn't worth knowing...
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 29 April 2008
Could you explain the difference between a discount tracker and a variable rate tracker?
Category: Fixed or Variable?
Posted on 29 April 2008
I want to buy a new home. I have a £159k mortgage on a house which is not selling at the moment and the rental figures for this house won't cover 125 % of the mortgage payments. I also have a holiday house in Scotland with no...
Category: Current rates & the market, Let-to-buy
Posted on 29 April 2008
My partner and I currently have a joint mortgage with Nationwide. Our property is worth approximately £200K. The outstanding balance is we owe is £130K. Our total take home salaries amount to £60K.
Category: Buy-to-let, Let-to-buy
Posted on 24 April 2008
My partner and I are looking to buy our first property. I am employed and earn £24,000 a year. He is self-employed and earns around £18,000 a year BUT the problem we have is that he is unable to prove his income as he does not...
Category: 100%+ borrowing, First-time buyer
Posted on 24 April 2008
I purchased the other half of my shared ownership property in 2003 valued at £173,000. I combined my mortgage halves with Northern Rock. The fixed term comes to an end in October 2008 after five years. I need another mortgage....
Category: Current rates & the market, Remortgaging
Posted on 24 April 2008
I have a part interest part capital repayment mortgage. The fixed rate expires in April 2008, the endowment matures in October 2008. Should I revert to the variable rate until October before considering another deal?
Category: Remortgaging
Posted on 24 April 2008
I live and work in Paris. I own 3 properties outright with no mortgage. I have only one home improvement loan of 56,000 Euros (about £40,000). I have seen a property in England for £175,000. Is there any way I can buy this before...
Posted on 24 April 2008
Hi, I currently have a house estimated at £250,000, I want to do a buy to let, rent out the property and move into another worth £300,000. How much deposit would I need for both of these properties?
Posted on 24 April 2008
I have 2 BTL mortgages of £20,000 each, so that is £40,000 combined. The properties are worth £110,000 each so that is £220,000 combined. I would like to release £30,000 for my primary home improvements. What is the best rate...
Category: Buy-to-let
Posted on 24 April 2008
I am 41 and getting divorced. The family home is worth £285,000 but is difficult to sell. I have an interest only small mortgage of £1,100 per month as my mum lent us £115,000. I have a new well paid job of £75,000 +pa and need...
Category: Separation or Divorce
Posted on 24 April 2008
Hi, my partner works for himself as a musician. He is currently paying off a gigantic tax bill that's making his finances very stretched. Also he owes £30,000 on cards and loans. This is the bad news. The good news is that he...
Category: Consolidation of debts
Posted on 7 April 2008
Hi Katie, I am thinking about remortgaging. I have a £138,000 interest only mortgage, a £12,000 unsecured loan and a credit card of £2,800. I am thinking of consolidating the unsecured loan into the mortgage. Can you tell me if a...
Posted on 1 April 2008
Hi Katie,I have a property in the UK worth around £140,000 which I am lucky enough to own outright with no mortgage attached. There are tenants installed giving me an income of £500 per month. I would like to borrow around...
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 Limited. All comments are made in good faith, and John Charcol Limited will not accept liability for them.
We recommend you seek professional advice with regard to any of these topics where appropriate.
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