Ask An Expert:

Our team of expert mortgage brokers is on hand to answer any question you might have about borrowing money to buy property. Whether it's the size of deposit you need, the difference between interest only and capital repayment mortgages, or which banks are still lending large mortgages right now, just leave your question in the field provided and we will answer it as soon as we can. Please be aware that answers are generic and no personal advice is ever given via this website.


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Archive for ‘Ask An Expert’:

Ask An Expert: I have five flats in a residential development and I want to re-mortgage?

Friday, February 25th, 2011

Q: I have five flats in a residential development. The five flats generate rental income approx £105,000 per annum. With no agent fees. The value is £2,300,000 We have a interest only mortgage of £1,060′000 tracker at 1.8% above libor.

We also have a house which we live in valued £2,500,000 with a £1,500,000 interest only mortgage. We will return to their standard variable rate in August 2011. The income from this property is split: £150,000 from location shoots £20,000 holiday rentals. My wife and I also work separately, both freelance, Income approximate  £60,000. We have up to date books for all our income.  Although our profit for this year has been reduced by offsetting previous borrowing. My question is would it be possible to obtain a Competitive interest rate for part or all of our properties with a mortgage provider or a private bank.

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Ask An Expert: I am looking for a 65% mortgage on a property worth £995K ?

Monday, February 21st, 2011

Q. I am looking for a 65% mortgage on a property worth £995K and I need to proceed quickly. I am self employed with an asset of £3m with a current debt of £1.1m.The net profit last year was £93k (£117k excluding depreciation of £24k). Can you assist with this? Many thanks.

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Ask An Expert: I have a £400k deposit and want to borrow £1.2 – 1.3m, is this possible?

Monday, January 17th, 2011

Q: I have a £400k deposit and want to borrow £1.2 – 1.3m, is this possible?

A: Yes, if you’re putting £400,000 deposit into a purchase for £1,300,000, then it comprises a deposit of 31% of the price. Because the lending is below £1,000,000, then we could look to both high street lenders and private banks. 
Some banks might require you to arrange the loan on a capital & interest (repayment) basis, and others would allow an interest-only facility as long as you have a sound repayment strategy. In the absence of other personal debt, most banks would expect you to have an annual gross incoem of at least £200,000 to £250,000 to qualify for a mortgage of £900,000.

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Ask An Expert: Are there any lenders that look at your overall equity on several properties as the LTV for your main home?

Tuesday, November 30th, 2010

Q: I currently have a large mortgage of £320,000 on my main home ( value £400,000 ). I have a second property in the UK with no mortgage, which i bought with my parents and is held in trust for me ( value £120,000 ). I have 2 properties in bulgaria with no mortgages ( value £100,000 ).I also have a villa in florida with a mortgage of £164,000 ( value £100,000? ). My question is, are there any lenders that look at your overall equity on several properties as the LTV for your main home?

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Ask An Expert: If my 100% mortgage scheme is coming to an end, should I use my savings to reduce my mortgage loan amount?

Wednesday, October 27th, 2010

Q: We took out a 100% mortgage in April 2008 (just before the products were withdrawn from the market) and I belive the property value has retained its purchase price due to its location – which is around £378k.

We have now moved from the fixed to tracker rate (C&G) and so whilst our repayments have come down a significant amount we are aware this will not last.

Question;  We have around 20k in savings – do we use this to pay off some of the Mortgage loan and start to bring our loan to value down, or do we invest these funds in the event the rate rises so much that we cant meet repayments and risk losing the house and any funds paid off.

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