As part of iGlobal’s , the discussion on Smart Mortgages covered the typical concerns that arise with regards to property investments. The session moderator, Pranav Bhanot, engaged the expert panellists with a range of questions to clear doubts that first-time buyers might have on credit rating, to the important documents required to maximise the chances of getting a mortgage.
Dipesh Shah, mortgage and protection advisor at Just Mortgages assured first-time property buyers: “This is a very emotive journey, and we are going to make sure it is as stress-free as possible. Just enjoy it, trust the experts that you are working with and be prepared. The day our clients get their keys is the best day for every mortgage advisor.”
Independent financial advisor and CEO of the P2M Group, , highlighted the essential licences needed to be acquired as a landlord entering the HMO space.
She notes: “I think, it’s always healthy to do your credit score every year and ensure that there might be some hidden surprises that can be managed before you move into the world of mortgages.”
“My advice is that on properties, it should always be interest-only mortgage. The good thing about it is, you can offset the interest against the rental income or especially in the case of a limited company, buy to let,” shares Bob Singh, advisor at Chess Mortgages.
He adds: “Form a very close relationship with your mortgage advisor because that is the person who is going to guide you, answer all your questions. They can cover your back, make sure the mortgage is the right one, your protection is in place and help you in that journey.”
, Director and Protection Insurance Specialist at Aegis Life FS, points out the significance of protection while making smart mortgages.
“Look at all elements and take advice from a professional to make sure that your circumstances are protected and not just the mortgage. Look at the wholesome picture. If you are buying a house make sure you have enough protection in place that if things don’t go to plan, all aspects are protected in there,” he advises.
*For more specialist sessions from The Great Big Indian Money Show,