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 30 January 2008
We own a shop and live in the flat above. We have a commercial mortgage. The property is split approx 65% residential to 35% business. Is it possible for us to change from a commercial mortgage to a residential or split it into 2...
Category: Commercial, Valuations, Freehold, leases & unusual property
Posted on 19 December 2007
I am hoping to place an offer on a property with a flying freehold on 2 of the bedrooms to the property. I understand not all mortgage lenders will accept this. Which ones do you suggest we approach first?
Posted on 5 November 2007
Hi Katie, Almost a year ago I bought a two-bed flat and started renting out the one-bed flat I had owned and lived in for six years. It just about breaks even - the rent I receive covers mortgage payments (interest-only) and the...
Category: Buy-to-let, Valuations, Freehold, leases & unusual property
Posted on 4 October 2007
I am in the process of buying a pair of flats which are being sold together for one price. There are an upper and lower and cover three floors, one of top of the other. They have separate entrances. I want to live in one flat and...
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
Posted on 7 September 2007
I am trying to get a mortgage to buy out my husband as we have now separated. At present I earn £45,828 as a headteacher. Our house has been valued at £375,000. We have an interest only mortgage of 120,000 and I would have...
Category: Interest only vs repayment, Lower mortgage payments, Mortgages in retirement, Remortgaging, Valuations, Freehold, leases & unusual property
Posted on 4 September 2007
Dear Katie...My daughter and her partner, ages 35 and 37 respectively, own an immaculate end-of-terrace home in a slow-moving area but are anxious that their aspirations seem to be sliding fast away. They wish to invest in a...
Category: Lower mortgage payments, New build, Tax issues, Valuations, Freehold, leases & unusual property
Posted on 4 September 2007
Me and my partner would like to buy in a couple of years. We worked out we can probably get between £20-25,000 saved as a deposit in that time. Our salaries total approximately £30-33,000 a year - what are our chances of...
Category: First-time buyer, Valuations, Freehold, leases & unusual property
Posted on 22 August 2007
I am a first time buyer in the process of a private sell on a house. We had a private survey done and the house is valued at £100,00. However, the seller is asking for £120,000. What would you say is the best...
Category: First-time buyer, Valuations, Freehold, leases & unusual property
Posted on 20 August 2007
Hi, I owe around £260k on my mortgage but my property is a 7-bed with swimming pool, bar, cinema, etc. I built the house out of my saving and it has been valued at around £800-900K by a local estate agent. I now want...
Category: Buy-to-let, Buying abroad, Remortgaging, Second properties, Self-build, Valuations, Freehold, leases & unusual property
Posted on 13 August 2007
My house is on the market and I expect to make at least £60,000 (after fees) from the sale. My salary is £24,200 and I have my eye on a property for £169,000. Is there any way I will be able to borrow £109,000? My partner is a...
Category: Lower mortgage payments, Special circumstances, Valuations, Freehold, leases & unusual property
Posted on 13 August 2007
How do I get an Agreement in Principle using your website? I have found the mortgage I like, but I have not found a property so I am not in a position to proceed with a full mortgage application.
Category: Special circumstances, Valuations, Freehold, leases & unusual property
Posted on 3 August 2007
Hi Katie
At present my mortage is with B&B and it is for £110K, I recently had a walk through valuation and was told it was worth between £450 and £500K. I would like to raise another £90K but for reasons that I won't go into I...
Category: Remortgaging, Self-certification, Valuations, Freehold, leases & unusual property
Posted on 17 July 2007
My question is around the average house value growth rate. Based on history what % CAGR would you suggest I use to understand how my house value will (hopefully!) grow at? Alternatively is there a web site that could...
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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