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 17/01/2008
My partner purchased a house 3 1/2 years ago for £180,000. He had a mortgage of £90,000 and the remainder of the money was invested by a friend. We have 18 months left before we have to "give back" the investment money to the friend along with any interest they may have made in the property. My partner's mortgage is now £74,000 and he has been told if remortgaging he could get £114,000. How in your opinion could we somehow raise the money needed to pay back the investor plus keep our mortgage? (we need approx £184,000), I am self employed earning a low wage, which doesn't make any difference to the amount needed.
Categories: Raising capital out of property, Shared ownership
Posted on 26/09/2007
Will it be possible for me to buy out my husband? I am 53 and work as a nurse. How do people decide the price that you have to pay to buy out.
Categories: Raising capital out of property, Separation or Divorce
Posted on 26/09/2007
My wife and me are currently building a second home which we intend to let out to her parents. My wife is 51 and I am 57, both intend retiring at 65. Our current property mortgage finishes in March 2008 and the property is worth around 200K. We have sufficient capital to build our second home but would like to secure some of our capital later on and take a 50K mortgage on my wifes income, around 18K. My income is around 50K what would be the best advice/mortgage for us to take?
Categories: New build, Raising capital out of property
Posted on 24/09/2007
I have 240K equity in my flat which I want to release to buy a second property that I will live in. I would rent the current property out. My property has been valued at £300-£320.00K. The current mortgage is £60K The rental income has been estimated at £400-450 per week. I don't want to stretch myself to the max as there is a possibility of receiving large service charge bills on the current property within the next 5 years. My salary is £26K. What can I borrow and what are the risks? Would I have to pay tax on the rental income and on the either property in the event I sold?
Categories: Buy-to-let, Raising capital out of property, Tax issues
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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.