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 21 January 2010
Hi, we have a UK mortgage of £180000 on a house value of £320000, combined income of £65000 and have other outgoings - car loans etc £400 month and credit cards totalling £15000. How much more could we realistically borrow on...
Category: Holiday homes, Remortgaging, Second properties
Posted on 31 August 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...
Category: Buying abroad, Raising capital out of property, Remortgaging, Second properties
Posted on 8 June 2009
I own outright a house valued at 350,000 and I currently have a 2nd home value at £125,000 with an outstanding mortgage of £50,000. I would like to purchase another home as a 3rd home valued at £175,000. I have a cash deposit...
Category: Buy-to-let, Remortgaging, Second properties
Posted on 14 April 2009
You successfully arranged a mortgage for myself (a british national) and my partner (an Australian national) - this was 18 months ago. We are seeking to buy a second property in another area. Are there any providers who will...
Category: Second properties, Special circumstances
Posted on 12 February 2009
I am currently living overseas due to work commitments and this is likely to continue for the forseeable future. Currently we own a flat in the UK in my wife's name which we lived in before we left. We are now looking to buy a...
Category: Buy-to-let, Ex-pats mortgaging in the UK, Second properties, Special circumstances
Posted on 7 February 2009
Hi,
I live with my mum who is retired and had my name added to her endowment mortgage, because I couldn't afford to buy a house by myself (I earn £20,000).
Over the years I have built savings of £10,000+ and would like to...
Category: Second properties, Special circumstances
Posted on 2 February 2009
A potential route out of negative equity?
My husband and I have a Together mortgage with Northern Rock for £129,000, but since recent price falls believe our house to only be worth c. £110,000. Between us we earn c. £60,000...
Category: Buy-to-let, Raising capital out of property, Second properties, Special circumstances
Posted on 5 March 2008
Dear Katie, I am buying my flat. I owe £29,000 roughly on the mortgage, but I also have debts of about £30,000. The flat will be mine in February 2009 and the endowment is stacking up to meet the commitment and a little more. My...
Category: Second properties
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 4 February 2008
I currently have a joint mortgage with my parents which is £165k. My salary is £25k and my parents salary is £35k. The property is valued at £450k and we have a borrowing agreement with our lender of upto £300k. We have used some...
Category: Buy-to-let, Second properties
Posted on 17 January 2008
Hi Katie, we have a London flat, with only £5,000 mortgage outstanding with a current market value of £450,000. We would like to buy a house property for £700,000. My partner and I have an income of £75,000 pa and no other debts....
Category: Second properties
Posted on 6 January 2008
Hi Katie, my wife and I own outright a property worth around £250,000. I am 55, my wife is 47 and we are both in work. We would like to buy a flat for our daughter to live in whilst completing her studies. We have never had a...
Category: Second properties
Posted on 5 November 2007
I own a property (Let at £650 per month) worth approx £190,000 with outstanding interest only mortgage of £48,000. I would like to purchase another property worth approximately £140,000 which I would let to my son with his rent...
Category: Buy-to-let, Second properties
Posted on 8 October 2007
I own outright the property I live in (no mortgage) I would like to buy a smaller property to renovate and sell on, which mortgage is the best for me?
Category: Offset mortgages, Remortgaging, Second properties
Posted on 5 October 2007
I currently have a property with a residential mortgage in my name only and rented out with lenders permission. Would like to buy a property in the North West soon. Would it be possible to get a residential mortgage in my wife's...
Category: Second properties
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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