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 17 March 2008
I have just bought my first property. I took a mortgage with RBS. Our monthly payments are very high - we have a fixed rate of 6.35% for 5 yrs. We are struggling with repayments, can we exit this mortgage without having to pay...
Category: First-time buyer, Lower mortgage payments
Posted on 5 March 2008
Hi Katie, I started a 10 year fixed rate mortgage in September 2007. My mortgage is for £156,000. My fixed rate is 4.92%. How much would I need to pay additionally each month so that the mortgage would be paid up at the end of...
Category: Lower mortgage payments
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 12 February 2008
Hi Katie, my home is worth £250,000 and I have a mortgage of £85,000. I am finding the repayments very difficult and the house needs some work. How can I best use my equity? I am 47 years old and working.
Category: Lower mortgage payments
Posted on 10 January 2008
Our monthly income is £2,000 yet our total outgoings per month are £2800. Much of this shortfall has been spread across credit cards that now total £15,000 with the 0% offers ending around June this year. We are currently only...
Category: Consolidation of debts, Current rates & the market, Lower mortgage payments, Remortgaging
Posted on 6 January 2008
I have a tracker mortgage at present, so during the recent years the payments have increased. I've just been told that due to the latest interest rate drop my payments have dropped to £808 pm. When the rates were last at 5.5%, my...
Category: Lower mortgage payments, Special circumstances
Posted on 26 December 2007
My current two year fixed rate with Nationwide is coming to an end on the 29th February. I am considering opting to replace it with Nationwide's 5 year fixed rate for existing customers at 5.63% but, in view of the current...
Category: Current rates & the market, Lower mortgage payments, Remortgaging
Posted on 20 December 2007
I'm looking to borrow more money on our house. Our house is valued at £175,000, our current mortgage £50,000 plus £28,000 on secured loan. I want to consolidate my debt. I have credit cards and want to clear them. What options do...
Category: Consolidation of debts, Lower mortgage payments, Overpayments, Payment Holdays, underpayments, Borrowback, Unsecured loans
Posted on 6 December 2007
Hello Katie, Like many others I am coming to the end of a 2-year fixed rate; I have the ability to take 5 months payment holiday on the mortgage. Should I go for the payment holiday in the hope that 2-5 year fixed rates will have...
Category: Lower mortgage payments, Overpayments, Payment Holdays, underpayments, Borrowback
Posted on 11 October 2007
My 2 yr fixed rate mortgage with Nationwide ends in March 2008 (4.84%). I am looking to take out a 5 yr fixed rate mortgage yet cannot decide when to reserve it. with the lowest fixed rates at about 5.6% it is tempting to reserve...
Category: Fixed or Variable?, Lower mortgage payments, Remortgaging
Posted on 2 October 2007
I currently hold my mortgage with HSBC I have 20 years left,my outstanding mortgage is 42,000,my payments are 368 per month, can I get a better deal.I am also looking to remortgage asking for 75000 to put against a business.
Category: Lower mortgage payments, Remortgaging
Posted on 24 September 2007
I'm looking to borrow £180 0000 what would the repayments be per month?
Category: Lower mortgage payments
Posted on 15 September 2007
On a buy to let interest only mortgage, how is the interest calculated?
Category: Buy-to-let, Lower mortgage payments
Posted on 10 September 2007
What is the cheapest way of me getting a mortgage of £120k so that my payments are as low as possible for the first 12 months?
Category: Interest only vs repayment, Lower mortgage payments, Remortgaging
Posted on 7 September 2007
We have a flexible mortgage owing £127,000 left over 13 years monthly repayments of £1,241.00. We have had our house on the market for some months and it has not sold. We have found a property we would love to buy for £315k. What...
Category: Bridging loans, Buy-to-let, Lower mortgage payments, Second properties, Valuations, Freehold, leases & unusual property
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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