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 20/12/2007
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 11/10/2007
I have been reading some of your advise and i am not sure if i am doing the right thing i renewed my mortgage on 1/9 and have previously just fixed it every 2yrs but decided to fix it for 5yrs at 5.78% and i have also taken out an extra 10,000 which is at the same rate for 25yrs to do some work on my house but i haven't signed for the 10,000 as yet, i have been overpaying on the mortgage for the last 2yrs and in 5yrs i was going to try and pay a lump sum off, would i be better taking out a loan rather than adding this to the mortgage. At present my mortgage is 57k plus the 10k if i take this out, i was also thinking about investing in another property and would like advise on whether to buy the property outright and just increase my existing mortgage or to try for a buy to let mortgage. I have been told i could borrow a further 90k based on my salary but i also have 143k equity in my house. i look forward to receiving your advise.
Categories: Buy-to-let, Remortgaging, Unsecured loans
Posted on 07/09/2007
I live with my parents in a large house which has no mortgage. Is it possible to take out a mortgage so we can do some renovations? I will inherit 1/3rd of the house upon my parents death.
Categories: Equity release, Remortgaging, Tax issues, Unsecured loans
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.