Ask an Expert – Page 1

Q: I am looking for a mortgage broker that can assist me & my partner in getting a mortgage. My partner is a non UK resident who works overseas and is paid in foreign currency. I am an employed UK resident. We have a good level of combined salary and a deposit. I would be grateful if you could please let me know if this is going to be something that you are able to help us with?

A: It may be possible to secure the finance required depending on your current circumstances. I unders…

Q: I have an interest only mortgage and owe £213,000.00 with equity of £100,000.00. I would like to remortgage with an additional loan of £70,000.00 for property development and to start a business. What can you do?

A: On the presumption you have an interest only mortgage for £213,000 on your main residence, which i…

Q: Is it possible to get a mortgage without proof of earnings as I need to buy my brother’s share of our late mother’s bungalow? I would need to borrow about £120,000. The bungalow has been valued at £250,000. The property would then be rented out. I also

A: It is possible to get a buy to let mortgage without proof of earnings, dependent on your circumstan…

Q: Myself and husband are sole owners of my company. Me 75% share holder. I take the minimum dividends to keep personal tax low. I have a property which I am selling at £800,000 and I wish to buy another at £1,1950,00. I have a mortgage at £315,000. The co

A: From the information you provided it appears that although the company makes a net profit of £120,…

Q: Hi, I have a property in London with about 25% equity (£110K). I want to keep it and move to Yorkshire. I need a mortgage on interest only (as I am in sales and 6 monthly bonuses) for £666K on property valued at £895K but purchase price agreed is £835K w

A: It may be possible to achieve this depending on your circumstances and those of the property. Gener…

Q: Is it possible to find a mortgage product which includes rental income?

A: I assume you are referring to affordability for a mortgage on your main residence, but would like r…

Q: We are currently half way through a fixed 5 year Vendor Gifted Deposit mortagage from the Halifax. Our House buy went through at 77,000 however are mortgage was for 69,000 as 10% was recognised as our deposit by the bank. After the fixed 5 years at 7.45%

A: To answer your question, yes it could be possible for you to remortgage away from the Halifax onto …

Q: I have a 2 bed lower ground floor flat in SW7 (South Kensington). Value approx £700,000. Outstanding mortgage approx £540,000. Current interest rate 5.0%. I wanted to remortgage if there is any better rate. I would like to borrow £570,000. I have a clean

A: If you need to borrow £570,000 on the rental property, it wouldn’t be possible because the amoun…

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

A: As for your let properties mortgages with lender, 1.80% over LIBOR is a very good rate, so unless y…

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 th

A: Thanks for your query. Generally speaking, we’re looking at high street mortgage lenders for this…

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 dep…