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 19 May 2008
I cant afford to make over payments but I need a mortgage where I can take payments holidays as we would like to start a family in the next few years and could not afford to pay our mortgage whilst I would only be on standard...
Category: Overpayments, Payment Holdays, underpayments, Borrowback
Posted on 14 May 2008
We have just started making overpayments on our mortgage beginning with £10,000 off, continuing with £200-£500 a month hopefully. Is it better to reduce the term or reduce the mortgage payment amount but continue paying the...
Category: Offset mortgages, Overpayments, Payment Holdays, underpayments, Borrowback
Posted on 5 May 2008
You gave us some very good advice before. We have already been in touch with an adviser at your firm. He advised us to borrow the whole amount we need, around £150.000, with an Offset Mortgage and draw the amounts required for...
Category: Offset mortgages, Overpayments, Payment Holdays, underpayments, Borrowback
Posted on 10 January 2008
Hi Katie, I have £26,000 left on my mortgage which finishes in 4 years @ £439/month. If I paid an extra £50/month when would I be mortgage free? p.s. It is a fixed rate of 5.09% approx. Many thanks, Bill
Category: Overpayments, Payment Holdays, underpayments, Borrowback
Posted on 30 December 2007
I have recently taken out a mortgage with a fixed rate for 2 years on a repayment deal. I have an online account and can see the details of my mortgage payments. For example, paid in £740, paid out £451, which leaves £289 to be...
Category: Overpayments, Payment Holdays, underpayments, Borrowback
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 7 November 2007
We have a joint mortgage on a 10 year term, £80,000 interest only & £53,000 on repayment total £133,000. The house is currently valued at £300,000. Our current tracker ends in Jan 2008 so we are looking to remortgage now. In July...
Category: Interest only vs repayment, Overpayments, Payment Holdays, underpayments, Borrowback, Remortgaging
Posted on 2 October 2007
My son is starting his own business, could he take a "payment holiday", for say 6 months? His mortgage is with Nationwide.
Category: Overpayments, Payment Holdays, underpayments, Borrowback
Posted on 28 September 2007
Hi Katie, complicated one for you....!
I own 2 buy to let properties, and have had enough with being a part time landlord. I have decided to sell one (I would rather keep one, as my pension!) to fund purchasing at auctions to...
Category: Overpayments, Payment Holdays, underpayments, Borrowback, Second properties
Posted on 1 September 2007
I have a 38k mortgage with 12k on capital and interest and the remaining 26k on interest only. It still has 7 years to run. As I'm 2/3rds through a fixed 3 year term I've been overpaying £500 a month with the aim of paying it...
Category: Interest only vs repayment, Lower mortgage payments, Overpayments, Payment Holdays, underpayments, Borrowback
Posted on 20 August 2007
Hi, I am looking at remortgaging at the end of my fixed rate and want a flexible loan, but dont know whether to go for repayment or interest only, and overpay. The loan is for £130,000 fixed at 6.39% for 15 years with...
Category: Interest only vs repayment, Lower mortgage payments, Overpayments, Payment Holdays, underpayments, Borrowback, Remortgaging
Posted on 20 July 2007
Should I overpay my 5 yr fixed mortgage by £100 p/month, or save it in a cash ISA, then borrow £6K (+ interest) less when I re-mortgage in 5 years time. My mortgage is for £144, 000 at 6.19%?
Category: Overpayments, Payment Holdays, underpayments, Borrowback, Remortgaging
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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