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How to find a Mortgage Advisor and LISA question


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Good evening all

I am a long time listener of the property podcast but new to the forum ūüĎč

My question is how do I find a mortgage advisor I can trust? Is there a database of accredited advisors I can search? Do I need someone specialising in LISA's?

How much can I expect to pay for initial advise? Although I suspect my initial consultation will not be straight forward.

In brief, I have a lifetime ISA which my husband and I were planning to put towards a new home together. He is not a first time buyer and his property is not in my name.

We have now decided not to move home but want to build a buy to let portfolio. In order to retain my first time buyer status all BTL's would need to be in his name which would potentially push him into a higher tax bracket so in an ideal world the BTL's need to be in joint names. My question for a mortgage advisor (or indeed anyone with any experience they are willing to share) would be, is it feasible to mortgage our current home in both names utilising my LISA before embarking on our BTL journey? Or is the only option to cash in my LISA and forfeit the bonus. At the minute the government are allowing penalty free withdrawals from LISA's so I wont be at a loss.

Any advice greatly appreciated.

Take care

Danielle

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I wrote a few points about verifying a broker is legit here:

But aside from knowing they are legit, you can never know if they are actually any good until you do some business with them. Follow your gut, work with people who you think respect you, educate you and know what they are doing.

 

As for your question. You cant do a BTL mortgage where one is on the title, but both are on the mortgage, although this is becoming common in residential. If you are added to the title of your existing property then you cease to be a first time buyer. You can easily swap ownership when you remortgage though, so even if he bought the first property, after 2 or 5 years when you remortgage you put them in joint names. Its a few hundred pounds extra on the conveyancing and potentially some stamp duty consideration (depends on the mortgage amount you become responsible for and its not straightforward), so should speak to a solicitor and understand the numbers before going for this.

043_logo_final_03.png.0cdf828351f81e6097208048ac2d018d.pngStuart Phillips

Independent, Whole of Market Mortgage Broker

AALTO Mortgages Ltd

Web  www.aaltomortgages.com

Email  sales@aaltomortgages.com

Call  020 7183 1101

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My question is how do I find a mortgage advisor I can trust?

Peer recommendations or in absence of that perhaps reviews on TrustPilot or Google.

Is there a database of accredited advisors I can search?

Not really, there is a database of accredited mortgage firms. Other than that you can check Unbiased for example.

Do I need someone specialising in LISA's?

I'd not say that ISA's is something you need a mortgage adviser to specialise in.

How much can I expect to pay for initial advise?

At a maximum £495. There are a lot of firms that charge more or a % of the borrowing. Id suggest avoiding those, there are better value options out there.

Although I suspect my initial consultation will not be straight forward?

It sounds like you need a Mortgage Adviser that specialises in Property Investment Finance. To them from what you outline, your initial consultation will be rather straight forward.

Perhaps to a vanilla residential mortgage adviser it will be a more complicated.

:wub: Get Mortgage Advice from my Team at Bespoke Finance on 08009202001 or email hello@bespokefinance.info 
:ph34r: 
Please don't take my messages on Property Hub as Personal Financial Advice, just a rambling guy passing time on a Coffee Break.
 

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Hi Danielle, 

 

As you are looking for advice on the LISA and mortgages, I would suggest a financial adviser who can advise on both products. 

 

I am qualified in both areas of advice and would be happy to have an initial conversation.

You can check out my reviews on Vouchedfor, link below. 

 

https://www.vouchedfor.co.uk/financial-advisor-ifa/chichester/063209-guy-ovenden

 

 

Financial Planner - Specialist in providing advice to property owners and portfolio landlords - Vouchedfor 2021 Top rated Adviser

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