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 20/05/2010
I jointly own a flat worth £140,000 with an outstanding mortgage of £112,000.
I also jointly own a freehold UK holiday let property worth £140,000 with an outstanding mortgage of £52,000. This property gives a gross income of £9500.
We have unsecured debts of £33,000 from renovating the holday let property.
My income is £29,000 and the income of my partner is £12,500.
My partner and I would like to permanently move to the holiday let property and rent out our current home on a short assured tenancy.
Is it likely that we would find lender who would remortgage our holiday let to a regular mortgage and include the outstanding unsecured borrowing within the new mortgage and also get a buy-to-let mortgage on our current home? The estimated achievable rent would be £550 monthly.
Categories: Buy-to-let, Holiday homes, Remortgaging, Second properties
Posted on 09/05/2010
We are considering buying a UK holiday home. Our main home has just been valued at 450-470k and we have outstanding mortgage of 175k. We would be looking to spend up to 200-250k on the holiday home, we may rent it out at times but would not want to rely on this. Our household income excluding bonuses is 150k and we could access 30-35k savings. Are there any options for us in the current financial market or would we be better saving more capital first?
Categories: Holiday homes
Posted on 21/01/2010
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 the equity of our house if we were to remortgage? What interest rates would we be offered? We also have a Spanish house, mortgage free, currently valued at 300,000 Euros. Could we draw down any funds from that?
Your advice is much appreciated.
Kind regards.
Mel
Categories: Holiday homes, Remortgaging, Second properties
Posted on 08/10/2007
I own a house with no mortgage. I want to purchase a second holiday home which I will rent throughout the summer and use in the winter. What is the best type of mortgage?
Categories: Holiday homes
Posted on 15/08/2007
We currently own our family property with no mortage in the UK and intend to purchase another property in the UK with a mortgage which will be used as a hoilday home. Can you tell us whether this would come under a buy-to-let mortgage or can we apply for a normal mortgage?
Categories: Buy-to-let, Holiday homes, Mortgages in retirement, Tax issues
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.