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 05/06/2010
We have a property worth approx £240,000, our mortgage payments are £1,500 and we are 1 month in arrears.We owe approx £98,000. I am 62, my husband 60. He has health problems and was made redundant from a well paid job in construction 2 years ago. We have a bad credit record due to a previous failed business. I earn around £45,000 plus £20,000 pension and £5,000 state pension. My husband has £5,000 teachers pension. I am afraid we will loose our house and want to move the mortgage into my name and find a more reasonable rate. GE money current mortgage provider will not extend term due to age. I s there anything I can do to make sure we remain in our home? Will anyone consider over 60's for a remortgage?
Categories: Bad credit, Lower mortgage payments, Remortgaging
Posted on 22/03/2010
Options after split?
Hi there, after 4 years together sadly my partner and I are no more. We have had the mortgage for 2 years which is in his name due to my previous bad credit rating which had now inproved. Neither of us can afford the mortage on our own and fear difficulty selling. We bought the hous valued at £145K for £139K and have a mortgage outstanding of £130K. An identical house on the street has not sold for over 1 year. What options do we have? Can we pay interest only or have a payment break for 6 months? Are there any quick ways of selling - we are not interested in profit. Would you advise renting the house out? I technically could walk away and leave up to him but want to do the right thing as care for him and his family. Please help, are there any other options that I may not have though of that could be discussed until a suitable agreement is reached?
Categories: Lower mortgage payments, Separation or Divorce, Special circumstances
Posted on 17/03/2008
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 the exit fees as it states on the documents?
Categories: First-time buyer, Lower mortgage payments
Posted on 05/03/2008
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 the 10 year period. Thanks for the advice.
Categories: Lower mortgage payments
Posted on 17/02/2008
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 current lender? If I switch I am confused about the deposit required, how does this work? I would love to be mortgage free asap. Many thanks,
Leona
Categories: Lower mortgage payments
Posted on 12/02/2008
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.
Categories: Lower mortgage payments
Posted on 10/01/2008
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 making the minimum payment each month(part of the £2,800 outgoings).
I also have two car loans at around 6.9% with £11,000 balance remaining over the next 4 years totaling £276 per month (also part of the £2,800 outgoings). As our outgoings are £800 adrift from our incoming I am considering adding this £26,000 of unsecured debt to our mortgage, and by lengthening the mortgage from 9 to 15 years would make my monthly new payments for the whole lot on a 5.63% mortgage (5yr fix) around £649 per month (£440 per month more than my current costs).
I fully appreciate your help on this, the Ask Bea is a valuable part to this website.
Categories: Consolidation of debts, Current rates & the market, Lower mortgage payments, Remortgaging
Posted on 06/01/2008
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 payments were £801 pm. Surely the current payments should be the same as the previous one?
Categories: Lower mortgage payments, Special circumstances
Posted on 26/12/2007
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 interest rate situation, am wondering whether it would be better to wait, at least for a few weeks, to see whether any potential further base rate cut is forthcoming and whether this would lead the Nationwide to offer an even lower fixed rate (over 2, 3 or 5 years). What do you think?
Categories: Current rates & the market, Lower mortgage payments, Remortgaging
Posted on 20/12/2007
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 we have?
Categories: Consolidation of debts, Lower mortgage payments, Overpayments, Payment Holdays, underpayments, Borrowback, Unsecured loans
Posted on 06/12/2007
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 improved by Spring 2008?
Categories: Lower mortgage payments, Overpayments, Payment Holdays, underpayments, Borrowback
Posted on 11/10/2007
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 one now. Alternatively, is it worth waiting until next year to see if fixed rates come down following an expected BofE base rate cut? Will a cut in base rate automatically results in cheaper fixed rate mortgages?
Categories: Fixed or Variable?, Lower mortgage payments, Remortgaging
Posted on 02/10/2007
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.
Categories: Lower mortgage payments, Remortgaging
Posted on 24/09/2007
I'm looking to borrow £180 0000 what would the repayments be per month?
Categories: Lower mortgage payments
Posted on 15/09/2007
On a buy to let interest only mortgage, how is the interest calculated?
Categories: Buy-to-let, Lower mortgage payments
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.