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Posted on 26 November 2012

We have a mortgage free house bought for £160,000 cash last year and we have never had a mortgage, however we wish to do a 2 storey extension for about £30,000 on the house and wish to get a mortgage and pay back as little as possible for as long as possible as we will not be moving again.

Myself and my husband both have full time jobs but as I own the house myself it would all be in just my name.

Is there such a mortgage for this type of thing? Am completely clueless when it comes to this kind of thing!


From the information you've provided I cant see any reason why you wouldn't be able to borrow the money you need for the extension.

When looking at the best way to arrange the mortgage for you, one of our consultants would go through a fact find with you, which will give us the information necessary to work out, the most suitble product, term, and repayment method for your circumstances.

If you are looking to pay the least amount posible, then (if appropriate) you could take the mortgage on an interest only basis, where you only pay interest to the lender, and the capital is usually paid back as a lump sum at the end of the term. Alternatively you could take the loan on a repayment basis, and pay it back on a term dependent on your age and monthly budget.

If you would like to discuss your enquiry in more detail, then please let me know and I'll arrange for one of our consultants to speak with you.




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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 necessarily 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.

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Our charges are based on two considerations: the loan amount and the complexity of your individual circumstances. We will provide you with a free initial consultation and we will always explain exactly what you will be charged before you choose to  proceed with an application. As we offer a bespoke service our charges can vary. Our minimum fee is £495, (of which a non-refundable £150 is payable when you make a formal mortgage application). The average fee paid by our clients over the last year was 0.24% of their loan value. (For example, if your loan amount is £300,000 our average fee would be £720). If your circumstances are more complex we may charge a higher fee. Our maximum fee is 1.5% of the loan value. (For example, if your loan amount is £300,000, our maximum fee will be £4,500).

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John Charcol is a trading name of John Charcol Limited and its Appointed Representatives. John Charcol Limited is authorised and regulated by the Financial Conduct Authority. The Financial Services Register number is 665649. Registered in England No. 9157892. Registered office address for John Charcol Limited is 5th Floor, Cutlers Exchange, 123 Houndsditch, London, EC3A 7BU.

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