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Liz Gill Mortgages Ltd
Expert advice for your next step
The mortgage market can be a minefield, and even in my 25+ years of experience I still see new problems and solutions pop up. It’s my job to stay up to speed with the market and understand the lenders’ different criteria to find you the most suitable possible mortgage. It's not just about searching for the lowest rate, because each lender has different criteria and conditions that you may not be eligible for, and the lowest rate may not always be the appropriate option!
I know how nerve-wracking it is to buy a house, and more often than not the mortgage process can be overwhelming & time-consuming. It is my absolute pleasure to guide you through the process in plain English, so you fully understand what you can afford and ultimately get the right mortgage to realise your dream home.
I’m a great believer in the good old-fashioned face to face appointment. I want to be your local advisor you can call in to see me whenever you need. I’ll be there to answer your questions and deal with other parties right up until moving day, because building lifelong relationships based on excellent service is my forte.
First time buyers
It’s amazing how many first-time buyers don’t get themselves ‘mortgage ready’ months in advance. I’m here to help you get the ball rolling early on with tips on ways to improve your credit score and how to get your finances in order. If you’re wanting to buy in the next 6-12 months, please get in touch for a chat!
Later life lending
More commonly known as Equity Release or Lifetime Mortgages, these types of mortgages did have a bad reputation, but the products available these days are much better at protecting consumers, and I only advise on products that adhere to the Equity Release Council's standards.
In it's very simplistic form, Later Life Lending allows individuals aged 55 and over to release money from the property they live in without having to make any monthly repayments, but with the option to do so if they prefer. You will never owe more then your property is worth, thanks to the 'No Negativity Equity Guarantee' and you can remain in the property until both borrowers die or go into long term care. This also applies for a single applicant.
Did you know Lifetime Mortgages can also be used to help purchase a property? If you have a shortfall on the house you would like to buy, you can use a Lifetime Mortgage to fund the gap.
Equity release includes Lifetime Mortgages and Home Reversion Schemes. I can advise and arrange Lifetime Mortgages and will refer to an approved specialist for Home Reversion schemes.
Lifetime Mortgages are applicable to over 55s only, may affect eligibility for means-tested state benefits & may affect the inheritance you could leave.
Remortgages and product transfers
If you currently have a mortgage, then chances are the introductory rate will expire and revert back to the lender’s Standard Variable Rate (SVR)
Your current lender may offer you a rate when the time comes, but I recommend getting in touch to see what other lenders are offering. We can do this 3-4 months in advance of your current deal expiring by researching & reviewing other rates to secure you a better deal.
You may also want to borrow additional funds for home improvements or debt consolidation, so this is the ideal time to check whether or not it’s feasible to do so.
Think carefully before securing any other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage.
Buy to let mortgages
Whether you’re looking to buy your first investment property or you have a portfolio, it’s essential you find the right mortgage to avoid any surprises later down the line.
The amount you can borrow is usually based on the amount of monthly rental income the property will achieve, so we’ll discuss the property you’re looking at to see if it’s a feasible option.
If you have 4 or more buy to let mortgages, you’re classified as a Portfolio Landlord and the criteria for obtaining a mortgage can change from that of a standard buy to let.
Different lenders have different criteria for Portfolio Landlords and limited companies, so it’s important you have an advisor who fully understands the market and your circumstances.
The Financial Conduct Authority does not regulate some forms of Buy to Lets. Your property may be repossessed if you do not keep up repayments on your mortgage.
Specialist mortgages
If you're self-employed or have adverse credit history, you've probably found it very difficult to get approved for a mortgage.
Specialist mortgages are from lenders that aren’t your traditional high street bank. Specialist lenders are a little more flexible with their criteria, and can take into account personal situations like only being self-employed for 1 year rather than the 2-3 years that’s expected.
Don’t worry if you’ve been declined a mortgage in the past, not all doors are closed as there are other options available. If you’re worried about your credit history please get in touch for a chat so I can advise on a way forward.
Mortgage protection
Life is unpredictable, but one thing that should be certain is your home. Mortgage protection is an umbrella term for different insurance products that safeguard your home and income should the worst happen.
Life insurance: In the event of your death during the mortgage term, the policy will pay out a lump sum.
Critical illness cover: This type of policy pays out a lump sum if you're diagnosed with a specified critical illness.
Income protection: If you're injured or fall ill during the mortgage term and can no longer work, the policy will pay you a monthly benefit.
Home insurance: Protect your prized possession and the roof over your head. Buildings insurance is compulsory when taking out a mortgage.
I'll help you understand the right protection for your scenario, and offer advice on life cover, critical illness cover and income protection from Royal London, and home and landlord's insurance from a limited number of insurers.
Let's chat about your next move.
