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 works in our technical department. Peter spent his formative years as an underwriter with one of the major UK lenders so what he doesn't know, quite frankly, isn't worth knowing...

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.

What are the best overpayment options?

Posted on 8 January 2010

I have a Mortgage of £150,000 over 15 years at a fixed rate of 5.98% for five years with the nationwide ,expires 31/12/2012. My current payments are £1259. per month and the redemption charges are £3,841.82. I am now in a...

Difficulty agreeing sale of matrimonial home after divorce

Posted on 11 September 2009

My ex wife and myself seperated 18 months ago and divorced a year ago. No children both working full time marriage only lasted 2 years. She is living in the jointly owned marital home I have still paid half the £1250 per month...

Category: Legal matters, Separation or Divorce

Mortgage for self employed without 3 years accounts

Posted on 5 September 2009

My partner is a day trader, and therefore is self-employed, but cant prove income in the form of payslips or 3 years accounts, but has bank statements that show money going into the accounts from his spreadbetting accounts and...

Category: Guaranteeing & buying with child, Self-certification

Raising money on main residence to buy overseas property

Posted on 31 August 2009

Hi we have a house worth £380k and mortgage left to pay of £195k. We would like to buy a holiday cottage to let in Ireland for £130k do you think we will be able to get a mortage based on the equity in our house? And if so what...

Category: Buying abroad, Raising capital out of property, Remortgaging, Second properties

Raising money on residential property now let out

Posted on 30 August 2009

I have a BTL mortgage of £140k on property bought for £177,000 now valued at £200,000. Currently on a base rate tracker of 0.7% rising to 0.9% next year, rental income is £9600pa. I also have a residential morgage of £120,000 on...

Category: Buy-to-let, Remortgaging

Long term mortgages

Posted on 10 August 2009

are there longer term mortgages ie. 35 - 45 years.

please quote for ist time buyer mortgage and remortgage.

Debra,

Some lenders will lend for as long as this, providing you are young enough for the mortgage term not to go...

Category: Special circumstances

Information about commissions recieved by brokers

Posted on 13 July 2009

My partner and i are looking for a good mortgage deal and have been speaking with an independent broker. so we are clear that we are not being pushed into a deal that is unsuitable will the broker have to inform us of the...

Category: The application process explained

Maintaining mortgage payments during seperation

Posted on 22 June 2009

My wife and I have gone our own way but she has left and won’t pay half towards to joint mortgage! She also won't agree to let me sell it either! Where do I stand? If I can’t make the payments will they track her down for the...

First time buyer working on a 9 month rolling contract

Posted on 22 June 2009

My partner and I are first time buyers and are wishing to secure a mortgage in the near future. We are, at present, in a position to put down a deposit of at least 20%. I work for West Sussex County Council who's policy is to...

Do lenders take tax credits and housing benefit into consideration?

Posted on 21 June 2009

I work full-time but my income is only £12,400 a year. Will it be hard for me to get a mortgage? I do get help from tax credits and housing benefit, I was wondering if I can add those figures to my income when applying for...

Do lenders take tax credits and child maintenance into account?

Posted on 17 June 2009

Are there any mortgage lenders out there that will take into account salary, child maintenance and tax credits when calculating how much they will lend?

Category: State benefits, Tax issues

Using a pension to buy a house

Posted on 16 June 2009

Can I use my entire pension or part of it to cover the deposit for a social homebuy?

Calling from overseas

Posted on 16 June 2009

Can you please provide a number when calling you from overseas. Using the 0845 numbers costs 3GBP per min. Regards.

Using a pension for medical procedure

Posted on 15 June 2009

I am getting a medical procedure done (which my insurance will not cover. Can I draw down my pension for this? I live in Detroit,MI.

Can I take another mortgage on?

Posted on 11 June 2009

Hi,

I am looking at investing in a second home. I currently have a mortgage of 83k on a property worth 115, but am looking to buy a second house to renovate and sell on. I am looking at a maximum of £50 on the second property....

Category: Bridging loans, Remortgaging

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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 Limited. All comments are made in good faith, and John Charcol Limited will not accept liability for them.

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