Simone Gilks (Mortgage Adviser)

Registered with
Friday 1st November 2013

Latest Comments

Total Number of Property118 Comments: 37

Simone Gilks (Mortgage Adviser)

18:11 PM, 13th July 2015, About 6 years ago

Summer Budget 2015 - Landlords Reactions

Reply to the comment left by "Neil Patterson" at "08/12/2012 - 14:50":

Of course following the budget we have been taking calls from existing and new landlords on how to address the issue of tax..

Now whilst I am not an accountant, I do have years of experience working with landlords and many of them will not be effected by the budget.

This is because they took expert advise at the outset on how to hold the property and the type of funding to use.

So if you are still feeling the shock waves of last week and need some refreshing advise do let me know.... Read More

Simone Gilks (Mortgage Adviser)

18:07 PM, 23rd June 2015, About 6 years ago

Mortgage Express - Should I redeem?

One thought is if you are sitting at 85% loan to value then could you not refinance to a lender such as Kent Reliance who will take it as a portfolio or individuals and top up with a 2nd charge lender such Castle Trust?

Of course this is assuming you are not to sell and financing is still an option.

In fact I had another client in today who has 2 ME mortgages - they are all coming for advice given the publicity, which is a good thing.... Read More

Simone Gilks (Mortgage Adviser)

11:59 AM, 22nd June 2015, About 6 years ago

Mortgage Express - Should I redeem?

Currently I am working with several landlords who are trapped in the Mortgage Express nightmare.

How did this happen? They decided to not switch lenders but stay with ME and utilise their low tracker rate thinking that nothing would happen - but it did.

As soon as they sold one of their properties they received a legal letter stating that ME was now calling in all loans and that an estate agent would be appointed to sell the properties.

Due to the sheer nature of the letter the clients were fooled into thinking this was the only option and handed them over to sell.

Now of course my initial advice is that if you are sitting with a lender who is no longer in business such as ME (mortgage express), move and move now! Rates are at an all time low so we can look to prevent the hardship and misery that is now fallen upon so many clients, mainly Landlords.

Plus - why are you still with a lender after all this time, surely you should be looking to reinvest in other properties so capital raising is also an idea.

So, it seems to be either the Express way or the High way - don't go it alone, speak with a qualified Buy To Let Specialist here at Beauwater and give us a chance to help you.

Simone,... Read More

Simone Gilks (Mortgage Adviser)

22:44 PM, 1st September 2014, About 7 years ago

Naive Questions from Landlords?

Having been away from the site for some time I was surprised to see the reaction to Marks post on “Naive Questions”.

I personally specialise in the Buy to Let market and work with a variety of landlords, many of them have large portfolios but it didn’t happen overnight, it took years during which time they gained their experience as well as knowledge through engaging in discussions and plenty of relevant reading.

I therefore embrace social media and the invasion of websites claiming to help those wanting to financially gain from the property market, however very rarely do I come across one that is managed by a team with such compassion and understanding of the Buy to Let Market place.

It’s all so easy to claim that one does not require any assistance and dare I say, knows it all but surely a true professional of any kind seeks to help others and share their knowledge instead of condemning those less fortunate. More often than not those landlords you see as naive are just starting out and are searching for as much information as possible.

May I suggest Mark could start the thread – Professional Landlords Question Time?

Every day is a learning day!

Simone... Read More

Simone Gilks (Mortgage Adviser)

18:12 PM, 3rd February 2014, About 8 years ago

How many buy to lets can I buy?

Dear Peter

Here is the factual reply to start with, though I must stress you shouldn't be pulled in by the big high street names as they are very limiting to say the least. I work with investors and large portfolios so I understand the need to have access to the whole of the market place but importantly not to be driven by headline rates.

***Lloyds Banking Group***

Monthly rental income must cover 125% of the monthly mortgage payment calculated at the Buy to Let affordability rate or product rate, whichever is the higher.
A £2,000,000 lending limit applies to all Buy to Let, Let to Buy and House 2 House borrowing across the Retail Division of Lloyds Banking Group.
A maximum of 3 properties applies to all Buy to Let, Let to Buy and House 2 House lending across the Retail Division of Lloyds Banking Group.
Maximum lending on each individual Buy to Let property of £1 million.
Confirmation of anticipated rental income will be provided by the valuer as part of the valuation.
Minimum acceptable property value or purchase price (whichever is the lower) is £40,000.

Hope that helps you, but please do always try and obtain relevant advice that will help you place your mortgage business correctly.

many thanks

Simone... Read More