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 01/06/2010
We have a property in the UK worth £200k mortgage free and rented out for £400 a week.
We are looking to buy to let, but NatWest didn't want to know due to us living in Australia and working in Papua New Guinea. Who can we go to for a mortgage?
Categories: Buying abroad
Posted on 19/05/2010
I want to borrow £25000 for home improvements, but I don't have enough equity in my house to raise that amount. Can I use a property I own outright in France as equity to help raise the cash I need?
Categories: Buying abroad, Foreign Currency or foreign tracking rate mortgages
Posted on 01/05/2010
I am a UK citizen now returning to live in the UK, from Australia. I have an Australian property which I own 100%. Can I get a mortgage in the UK, using my Oz property as security, to buy a UK house? If so what mortgage amount and interest rate would apply?
Categories: Buying abroad, Foreign Currency or foreign tracking rate mortgages, Raising capital out of property, Special circumstances
Posted on 31/08/2009
Hi we have a house worth £380k and mortgage left to pay of £195k. We would like to buy a holiday cottage to let in Ireland for £130k do you think we will be able to get a mortage based on the equity in our house? And if so what are the best current optins? Our current combined salary is £78k
Claire,
From the figures you have given this should be possible, providing neither of you have significant other financial commitments,. Such as an unsecured loan or credit card debt.
For a couple on your joint income it should be possible to borrow at least 4.5 times your income, which would be more than adequate. However, the cost of a new mortgage increases rapidly if you borrow more than 75% of the property value and it is very expensive to get a remortgage over 85%. I am assuming you have no early repayment charges on your current mortgage but if you do you may be better off asking for a further advance from your current lender rather than remortgaging.
If you would like more detailed advice we will need more information and so please call one of our consultants on 0800 71 81 91.
Categories: Buying abroad, Raising capital out of property, Remortgaging, Second properties
Posted on 07/03/2008
I am looking at a commercial venture into the USA, a 10 room B&B with inn and tavern attached. I have two properties in the UK to sell to provide some financing but need to source the rest. The venture in the USA has a gross turnover at present over the last five years of $550,000 per annum. Enquiries to UK lenders are generally stonewalled. Where can I possibly obtain funding? Regards, Paul
Categories: Buying abroad
Posted on 06/03/2008
We have seen a property for sale in Germany, which we would use for holidays and as a long term investment. We have had our offer accepted and could raise a mortgage as our property is worth £190,000, with £4,000 debt left on it. I want to know if we can use capital in our property only, instead of tying up my income, in any way. I am 44. We don't want to sell to raise the monies either. Please can you help in any way. Thank you.
Categories: Buying abroad
Posted on 10/02/2008
Dear Katie, we would very much appreciate your advice and sign posting for the following enquiry: We have a property in the UK worth £205,000 with the outstanding mortgage of £96,000 which leaves roughly £110,000 in equity. We would like to buy a property in Slovenia worth 200,000 Euros and will need to raise between £70,000 and £130,000 Euros to do that. The rest we will pay from our savings. What is the best way to raise the money? Can we get a UK lender who would fund the purchase in Slovenia? If not, where can we look in Europe or Slovenia? Yours sincerely, Zafir Behlic
Categories: Buying abroad
Posted on 05/02/2008
I am a British citizen currently (and indefinitely) resident in Germany. I have no British income, apart from rent on my London property. I would like to buy a property in Germany, but I need a deposit of approx £25,000. Could I take out a new mortgage against my London property to provide the necessary deposit? My current mortgage lenders (Nationwide) say no!
Categories: Buying abroad
Posted on 01/02/2008
I am a German citizen but UK resident, living and working in London for many years. I am looking into buying a property in Germany and would like to take out a UK mortgage. While many UK banks offer oversea mortgages they seem not to cover Germany. Would someone have similar experiences?
Categories: Buying abroad
Posted on 28/01/2008
Hi My wife and I lived and worked abroad for over 12 years, we moved back to the UK in 2004 we have adverse credit rating because of not living in the UK and during the 18 months we had a few financial hiccups, we left the UK in 2006 and now are working in the UKraine we are both teachers. Our rent and all bills included our paid by the school. We receive a local salary which we can live on, this leaves us with a joint income of $66,000 paid tax free approx. 33,000 pounds a year we have an HSBC UK account to which it is paid, I am 50 my wife is 55 and we would like to purchase a property in the UK either apartment or house pref in retirement complex. Can we borrow from the UK, if so how much and how do we go about this, we would like to purchase end of this year and would be willing to put down around 10,000 to 15,000 any information would be of great help.
Categories: Buying abroad
Posted on 28/01/2008
We are looking to emigrate by July. With the housing market being so slow we are starting to panic. Do you have any suggestions for us if we cannot sell our property by that time?
Categories: Buying abroad
Posted on 22/01/2008
I am a UK resident living in Mexico. I wish to buy property in Mexico. I do not own a property in the UK and I am unable to get a mortgage in Mexico since I have not lived here for 5 years. Could you advise me on a suitable product?
Categories: Buying abroad
Posted on 02/01/2008
I have a property in the UK with a maximum of £25,000 equity available. I am interested in purchasing a long term leased flat in Germany for around £70,000. I'm hesitant to try and get a mortgage in Germany for this using my UK home as collateral. Any suggestions would be welcome.
Categories: Buying abroad
Posted on 19/11/2007
We bought an old property in Italy in 2003, renovated and added a new extension. Its currently valued at 250,000 Euros but no mortgage, and we would like to repeat the process with another property. We have the contacts and experience now what is the best way of raising £80,000. We have a property in the UK worth around £250,000 with a £60,000 mortgage.
Categories: Buying abroad, Foreign Currency or foreign tracking rate mortgages
Posted on 25/10/2007
Hi, I owe around £260k on my mortgage but my property with 7 beds, swimming pool bar, cinema, etc (i built the house out my saving) has been valued around £800-900K by a local estate agent, but i now want to buy a property in Dubai. How would this be possible as i already own a property in the UK and don't want to sell my base (home) in the UK can you help me?
Categories: Buying abroad, Foreign Currency or foreign tracking rate mortgages
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.