AL Mortgages Ltd

Services we offer

Our Services


Mortgages

Any initial consultation with one of our brokers is completely free. We only charge you when our job is done – our fee is a success fee and is only payable when your mortgage has been agreed and your offer of loan issued to you, us and your solicitor.

When you arrange a mortgage through AL Mortgages Ltd we commit to regular contact ensuring you always have the best mortgage and protection available to you and your family.

Buying a new home is exciting and one of the most significant purchases you will make, so we want you to enjoy the experience and be happy with your decision. If you are looking to purchase your first home, move to a new property, remortgage your existing home, or purchase a buy-to-let property, we are here to assist and make the process as stress-free and efficient as possible.

The first step is to obtain a decision in principle for you. This ensures you will be approved for a mortgage subject to further checks. With unlimited access to the whole of the UK mortgage market, and a proven track record of acquiring mortgage approvals for the most complex of situations, we will then source the best possible mortgage deal to suit your individual needs and circumstances.

First-time buyers
Buying your very first property can be an incredibly daunting prospect. It’s hard to know where to start. That’s why we’re here to help and guide you through the entire process. We will provide tailored advice based on your current circumstances and future plans, ensuring that you are aware of all potential costs associated with buying and owning a property. We will then source the best mortgage deal to suit your budget, objectives, and repayment preferences.

Remortgage
A remortgage is used by existing home owners for a number of reasons. They may wish to move to a new home, switch to a better mortgage deal for their current property, consolidate debts, or increase their borrowing to carry out home improvements.

You can remortgage with the same lender or with a new mortgage lender. Many mortgage deals come with a discounted interest rate for the first few years. When these end, we will be back in touch to help you source a new deal that offers a lower APR or a new fixed-period discounted interest rate.

If you are thinking about remortgaging your existing home, there are a number of important factors that must be taken into consideration to ensure it is the right time to switch mortgages and the best decision for you and your family in the long run.

For example, will the mortgage lender charge valuation and solicitor fees? Will your final repayment be higher or over a different period of time? Will you have to pay an early repayment charge on your current mortgage? These are the types of considerations we will look at carefully to ensure you get the very best mortgage deal.

Debt consolidation is not always the most suitable option, consolidating debts must be carefully considered. It will usually mean more interest over a longer repayment term and there may also be early repayment penalties on your current mortgage, you should think carefully before securing other debts against your home. There are other ways to manage debt such as free debt advice charities, you can find out more by contacting the Money Advice Service these services may be more suitable for you.

Buy-to-let
If you’re considering purchasing a property as a buy-to-let investment, there are specific types of mortgages available that differ from standard residential mortgages. We will provide tailored advice and source the most suitable mortgage deal based on your deposit and whether your main aim is to acquire monthly rental income or achieve long-term capital growth.

Adverse credit history
Obtaining a mortgage when your credit history is less than perfect can be an obstacle, but it’s not impossible. It may affect how much you can borrow and the interest rates you are offered, but there are lenders who provide mortgages to home buyers with adverse credit. At AL Mortgages, we have an exceptional track record of helping clients who have faced financial difficulties secure a suitable mortgage deal that enables them to buy their new home.


Protection

Mortgage Protection Cover
If you’re in good health, it’s all too easy to think you’ll never need Life, Critical Illness Cover and Income Protection. Have you ever thought about what would happen to your home and your family if your mortgage could not be paid because one of you died, became seriously ill or lost your job?

Would you like the peace of mind that you and your family would be safe in your home should something go wrong? Mortgage Protection Cover can be relatively inexpensive and can be set up to protect you and your family against losing your home in the event of a death, a critical illness, unemployment or ill health. Are the most valuable things in your home protected – YOU?

Family Protection Life Cover
Have you considered what would happen financially to your family and dependants if you died? Even if the mortgage has been repaid, is this really enough? Could they afford to maintain their lifestyle and standard of living? How much would you pay to know your family is protected? For a small cost family protection can be set up to provide either a cash lump sum or a regular monthly income to ensure that your loved ones do not experience a rapid financial decline if you were no longer there to take care of them.

Critical Illness Cover
You probably have life assurance for when you die but what insurance do you have in case you live? We’ve all heard the true and shocking statistics that 1 in 2 people in the UK will be diagnosed with cancer in their lifetime*. How would you manage financially if you suffered a critical illness? Cover can be put in place to provide you with either a lump sum or an income to protect your home and financial well being.

Only some forms of cancer, heart attack and stroke are covered in critical illness policies.
* Source: https://www.cancerresearchuk.org/health-professional/cancer-statistics/risk

Income Protection
Have you ever considered what would happen if you became ill and couldn’t work? Could you live on £94.25 per week*? Bills don’t stop arriving just because we’re sick - could you meet your financial commitments or maintain a reasonable lifestyle? Do you want to make life as easy as possible? If so, income protection cover will give you a tax free monthly ‘income’ of up to 60% of your gross income.
* Statutory Sick Pay source: https://www.gov.uk/statutory-sick-pay (2019)

Whole of Life
The fact is - we are all destined to die. Would you like to ensure your family are not burdened financially with the costs of your funeral? Would you like to leave your family a lump sum? A Whole of Life plan can be suitable in later life, providing a cash lump sum when you die, whenever that may be.


Equity Release

Taking professional advice is essential if you are thinking about unlocking cash from your home with a lifetime mortgage or home reversion plan. At AL Mortgages our expert advisers are here to discuss your needs and support you throughout your journey. As impartial specialists we can help you decide which plan is the most suitable from all of the regulated equity release providers.

In recent years, equity release has become increasingly popular and much more accessible, with an increasing number of plans and features which can be tailored to meet customer needs.

If you are aged 55 or over, equity can be released from your home with either a lifetime mortgage or a home reversion scheme. The most popular type of equity release is a lifetime mortgage, which is a loan secured against your home where you retain full ownership of your property.

All equity release plans are not the same; AL Mortgages will work with you to understand what’s important to you when thinking of releasing equity, and help find the most suitable plan for you. We only recommend Equity Release Council approved plans which come with a no negative equity guarantee. This means you can never owe more than the value of your home, and therefore won't risk leaving your loved ones with additional debt to repay.

There are also plans available that allow you to protect a percentage of your home’s future value so that you can guarantee an inheritance. Other features include paying monthly interest and drawdown facilities.

Please note: an Equity Release product will reduce the value of your estate, will not be suitable for everyone and may affect your entitlement to state benefits. to understand the features and risks please ask for a personalised illustration.

How much equity you could release
The amount you can release depends on your age, how much your house is worth and your health and lifestyle. Generally, the older you are and the higher the value of your home, the more equity you can release.

Equity release interest
You can choose to either pay the monthly interest or you can have the interest added (this is known as compound interest) then, the loan plus interest is repaid when the plan comes to an end, usually when you (and any other applicant) either pass away or move into long-term care. Typically your house will then be sold and the equity release provider will take their money from the sale proceeds. The remainder goes to you or your estate.

Contact Us


AL Mortgages Ltd
172 Main Street
Bellshill, Lanarkshire
ML4 1AE
T: 01698 843177
E: office@almortgages.co.uk