Mortgages & Protection for Dentists
We are now working exclusively in conjunction with Gav Burrows as our preferred advisor for all mortgage and insurance needs for our Henry Schein Financial Services clients. Specialising in complex and hard to place mortgages, Gav can help with with a variety of mortgage and insurance needs such as:
- Mortgage reviews - as you approach the end of a fixed rate that's the best time to get a new deal lined up
- Remortgaging to allow debt consolidation up to 90% loan to value – clearing loans and credit card debt etc
- Remortgage of a residential property to release capital for commercial use
- Using equity in your property to fund home improvement projects
- Releasing equity to be used as a deposit to purchase a buy to let property or land
- High loan to income ratio remortgages – access to specialist lenders that can lend up to 6x income
- Adverse credit mortgages – purchases and remortgages for clients with a poor credit history
- Income protection reviews – lots of self-employed clients can be either over or under insured due to fluctuating annual income figures
- Life and critical illness reviews – ensuring clients have the most comprehensive policy available to them
- Business insurances – business loan protection, key man cover, shareholder protection, partnership protection
Insurance Case Study
In May 2017 I was referred to a Dentist who required a new mortgage facility.
Following an initial review of both the current mortgage and the clients insurances, I discovered that some of the policies were outdated, and since these are regularly improved by a variety of providers this should always be assessed as part of the remortgage process.
Previously the client had been sold an Income Protection Policy that was in excess of what his earnings could support, as typically around 60% of gross personal income is the cover limit with an income protection policy. He was therefore effectively ‘over insured’ and paying for a policy that would not pay out the full benefit amount if he ever needed to make a claim. In simple terms the client was paying too much for a product that was not fit for purpose.
I provided him with a new Income Protection Policy that is aligned with his current income as per his SA302 figures, and also upgraded his Life & Critical Illness policy to a more comprehensive cover for him and his family.
Complex Mortgage Case Study
A Dentist was referred in relation to a £465,000 remortgage of his private property located in Leeds.
The client wanted to raise an additional £55,000 for some home improvements.
My client is self employed via a limited company structure and therefore a statutory director.
Following a tax adjustment from the company accountant the profitability of the business had been depressed which made the remortgage a challenge.
The client had been informed by another advisor that the remortgage with an additional advance was not feasible under these circumstances.
Thankfully having access to the whole of market for mortgage lenders and understanding each of their lending criteria, I was able to place this case with a lender who had a commercial long-term view of business and the funds were secured.
GB Online Mortgages is an information website exclusively for Mortgage Advisor Gavin Burrows who is an advisor at Creative Wealth Solutions ltd. Creative Wealth Solutions ltd is an appointed representative of Asset Independent Financial Advisors Ltd which is authorised and regulated by the Financial Conduct Authority under number 139062. Creative Wealth Solutions - FCA registered under number 481676 Registered Office - The Old Gas House, Darley Abbey Mills, Derby, DE22 1DZ
YOUR MORTGAGE IS SECURED AGAINST YOUR HOME AND IT COULD BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS.