Call us on 0344 346 3672
or arrange a callback

Help, I've never had a mortgage before!

Posted on 26 November 2012 by Hannah

Be the first to comment

Help, I've never had a mortgage before!

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.



More than mortgages, talk to me about:

Financial Protection | Investments | Personal and Corporate Pensions | Home Insurance

General Insurance | Valuations | Conveyancing | Wills | Home finders


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.

We recommend you seek professional advice with regard to any of these topics where appropriate.



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. The FCA does not regulate some investment mortgage contracts. Calls may be recorded for training and monitoring.