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 28 February 2008
Hi, my interest only mortgage deal is due to run out in April 2008. I hope to sell my property before then. I assume if sold before April I will part with my lenders with any profit made? My question is, when I go to buy again...
Category: First-time buyer
Posted on 27 February 2008
My house is valued at around £400,000 and I currently have a mortgage balance of £137,000 owing and a term of 8 years. I'm currently earning £65,000 - £70,000 (salary+pension) per year & paying approx £20,000 in tax. I'm allowed...
Category: Interest only vs repayment
Posted on 26 February 2008
Katie, I'm considering an offset mortgage with a term of 14 years and a sum of £73,500. My wife and I have savings of £25,000. We earn bonuses which give us lump sums to reduce the debt further, approximately every 6 months...
Category: Offset mortgages
Posted on 25 February 2008
We would like to buy a house to renovate. Would a bridging loan be suitable? Or are we wasting our time applying? We currently have a mortgage with the Nationwide but we wanted to do this as a separate entity without releasing...
Category: Raising capital out of property
Posted on 25 February 2008
Hi Katie, I currently have a mortgage on my residential home. I am looking at buying a second property with a friend of mine to refurbish and sell on. There are a couple of things I am not sure of, the first being, can I secure a...
Category: The application process explained
Posted on 24 February 2008
We have a part repayment/part endowment mortgage and need to borrow £25,000 to extend our property. Would it be better to cash in the Standard Life endowment (due to mature in 2015 and predicting a shortfall of between...
Category: Mortgages in retirement
Posted on 24 February 2008
Hi Katie, my partner and I are considering moving house. I own our present home and have about £32,000 left to pay on the present mortgage. I would expect to sell for about £100,000. We hope to borrow about £100,000 for any new...
Category: Temporary employment
Posted on 19 February 2008
Hi Katie, I'm on a variable mortgage tied in until January 2010. I am only tied in by the 5% of the balance charged if I change the mortgage type or lender. The balance is around £82,500 which is about a £4,000 fee. Is it worth...
Category: Current rates & the market
Posted on 19 February 2008
We have a house valued at £350,000 and owe £60,000. We would like to buy a property in Crete for £175,000. We are 61 & 63. What is the best way to do it?
Category: Second properties
Posted on 18 February 2008
Our monthly income is approx £4,000. We have debt accumulated to £23,000. Our current mortgage of £160,000 is with Northern Rock and our current repayment is £1,200 per month. If we consolidate and remortgage for £185,000 over 17...
Category: Consolidation of debts
Posted on 18 February 2008
I currently own outright a property worth £165,000. I earn between £35,000-£40,000 per annum and am looking to obtain a BTL property. I could command about £400-£450 a month in rent for the location and would like this to pay a...
Category: Buy-to-let, Raising capital out of property
Posted on 17 February 2008
Hi Katie, I have a £137,000 mortgage on a property worth £220,000 and I am nearing the end of my 2 year fixed deal. I am currently with the Halifax at a rate of 4.39%. Would you have any advice on whether or not to stay with my...
Category: Lower mortgage payments
Posted on 17 February 2008
I have an existing joint mortgage with my wife, however she pays the mortgage each month. We have separated and I am looking to buy another property. Will I be able to get another mortgage even though I am still named on the...
Category: Separation or Divorce
Posted on 17 February 2008
How will the Northern Rock nationalisation affect current Northern Rock mortgage holders? Will it affect our repayments? Any information would be grateful please Kate.
Category: Current rates & the market
Posted on 14 February 2008
Hi, I can afford to pay £600 per month back on a mortgage. How much roughly would I be able to borrow?
Category: First-time buyer
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.
Categories
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