Frequently Asked Questions

What is a buy-to-let mortgage?

A buy-to-let mortgage is a mortgage loan used to buy a property that you intend to let out.

What is a bridging loan?

A bridging loan is a short-term loan used to “bridge-the-gap” between selling one property and buying another. It allows you to complete the purchase of a new property before selling an existing one.

What are commercial mortgages?

A commercial mortgage is a loan you use to buy any kind of property that won’t be used as a residence. This can include offices, restaurants, factories, and a wide range of other business premises.

What is a secured loan?

A secured loan is a way of borrowing money that uses something you own, usually property, to “secure” the loan. These types of loans usually benefit from much lower interest rates.

How does re-mortgaging work?

Re-mortgaging is, put simply, taking out a new mortgage on your property. This usually means switching mortgage providers. When you get a new deal, your new provider will take on the debt you previously owed to your old provider. But finding a new deal can be difficult and stressful. And that’s where we can help.

Why do I need a Last Will and Testament?

A Will is important to have in order to control where your money and property will go after you pass away. If you don't have a proper Will in place prior to your death, the law determines who will receive your assets.

Can my spouse and I have one Will?

You and your spouse may create what is referred to as a Joint Will, or Mutual Will, where you create one Will for both of you. When one spouse passes away, the surviving spouse retains the assets. However, the surviving spouse cannot make changes to the Mutual Will after their partner has passed away.

Some spouses write Mirror Wills, in which each spouse has their own separate Will, but they are nearly identical to each other. This type of Will leaves everything to the other spouse.

Does marriage revoke a previous Will?

In most jurisdictions, if you get married, any previous Will that you made is revoked unless the Will was made in contemplation of marriage and that fact is expressed somewhere in the Will. If you want to make a Will in contemplation of marriage, make a Will and use the Additional Provisions section

What is a guardian?

A guardian is a person the testator appoints to look after the testator’s minor children when the testator dies.

What liabilities should I consider when valuing my estate?

You may want to consider the following liabilities when valuing your estate:

  • Mortgages
  • Credit cards
  • Personal loans
  • Overdrafts
  • Store cards
  • Student loans

What is a codicil?

A codicil is an amendment to your Will. A codicil is used when you are happy with the contents of your Will but want to make minor changes. It leaves your original Will intact but makes specific changes, such as adding or deleting a beneficiary. A codicil is signed and witnessed (executed) in the same manner as a Will.

Do I need a Will if I have a Power of Attorney?

Yes: a power of attorney for financial matters provides your chosen agent with the power and authority to deal with your property and make financial decisions for you only while you are alive. A power of attorney automatically ends on your death. Consequently, you need a Will to specify how you want your estate distributed on your death.

What is an executor?

An executor is the person who will be carrying out the terms of the testator’s will and administering the testator’s estate. An executor is sometimes referred to as a personal representative.

What does an executor do?

An executor or personal representative is responsible for collecting the assets of the testator's estate, paying any debts of the estate, paying any applicable taxes, and distributing the assets of the estate in accordance with the directions of the Will.

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