Which?’s Best Refer A Friend Scheme

GIGLY are delighted to announce that we were featured in Which?’s ‘Best Refer a Friend Schemes’ 2018.

We understand that there is no higher praise than you recommending us to your friends and family so our ‘Get £25, Give £25’ referral scheme is our way of saying thank you.

With GIGLY, you can earn a £25 voucher of your choice* for referring a friend to GIGLY who successfully completes a mortgage. You don’t have to be a GIGLY customer to refer a friend and you can refer as many people as you like.

How Does it Work?

We will send you an email to forward to your friend as an invitation and a unique link, so we can track your referral. Once your friend or family member has a successful mortgage completion we will notify you and send you a voucher for £25 of your choice, and your friend will get one too!

You will both receive your reward within 30 days of your referral completing on their mortgage deal.

Putting the Gigger First

Your first mortgage can be a daunting idea and re-mortgages, a dreaded task. If you work as a contractor, freelancer or PAYE in your own business, it can feel like you have more hurdles to jump than others.

Sweat no more. Our GIGLY advisors are always on hand to guide you step by step, making the entire process clear and simple. We match contractors, freelancers, self-employed and independent professionals to experts in gig mortgages. Although, we cannot offer mortgage advice, we can put you in touch with our advisors who are regulated by the Financial Conduct Authority (FCA) to help find you the best mortgage available.

See our Terms and Conditions here.

*Voucher options include: Amazon, Marks and Spencer, iTunes, Costa, Spotify or TicketMaster.

GIGLY CEO answers the big questions

Yesterday, our CEO John McHugh appeared as an expert guest on BBC One panel show The Big Questions, discussing the gig economy and the nature of work in the future. Below, John talks about his experience on the show and the interesting debate he had with authors, academics, policy writers, religious leaders, business people and the audience.  Read more

The UK FinTech Strategy – GIGLY’s Response

Chancellor Philip Hammond yesterday announced the UK’s very first FinTech Strategy, which covered a wide range of topics, opportunities and concerns for the country to address. Read more

Remortgages Leapt By More Than A Third

A surge in remortgages after the rate rise

A new report has shown a big swell in remortgaging activity last December. Were you one of the canny bunch had the foresight to get a remortgage on a fixed rate ahead of potential further interest rate rises in 2018.

When the Bank of England increased the base rate by 0.25% in November 2017 many people decided to remortgage to a new deal. A new report by, LMS shows that the number of remortgages rose 41% year-on-year from 28,400 in December 2016 to 39,943 in December 2017.

Motivation to remortgage

Whilst the Bank of England kept the interest rates at 0.5% in February there were strong hints they will increase the base rate again soon. Bank of England Governor Mark Carney said two more base rate rises were likely by the end of 2020.

Analysts expect a base rate rise as soon as May and the research by LMS suggests that 82% of borrowers now expect an imminent rise.

Variable rate down & fixed rate up

Nick Chadbourne, chief executive of LMS, said: “With the base rate having risen for the first time in 10 years, borrowers have started looking for greater security.”

When the rate increased in November;

    • demand for 5-year fixed products rose, making up 46% of recent mortgages, double the 23% market share seen in December 2016.
    • demand for variable rate products fell to 2% of the remortgage market in December 2017 – a sharp drop from the 9% in December 2016 and a new low.

What should I do next?

If you are already on a fixed rate mortgage then the anticipated rate rise in May might not impact you. However if your current deal is coming to an end, its worth reviewing your mortgage and your current circumstances. You could save a good chunk of money in the long run by not falling on to a standard variable rate. One place to start is by talking to an independent mortgage advisor. We work with independent financial advisors who will discuss your options, explain the different lenders criteria and help you work out the best mortgage options for your circumstances.

Call our expert independent financial advisers now!

Call 020 3582 6091 or 0141 465 7632.
Open 7 days a week until 8pm weekdays.

Source – Mortgage Introducer

Gig Economy Income To Count For Remortgages

Airbnb Hosts to get Help to Lower their Mortgage Rate

If your side-gig is to rent out your property on Airbnb, the money earned as income for a year or longer will be counted when it comes to refinancing your home.

In the US, the Federal National Mortgage Association known as Fannie Mae, has announced a partnership with three major American lenders, Quicken Loans, Citizens Bank and Better Mortgage, to offer Airbnb hosts a new way to remortgage their home.

The program will let anyone who’s rented out property on Airbnb for a year or longer count some or all of that money as income.

John McHugh, CEO of GIGLY, said

“This is big news for hosts generating income from Airbnb, and we’d like to see the UK follow suit. Currently being an AirBnB host is still fairly taboo in the eyes of UK lenders, unless you reside in the property with your AirBnB guests. Clearly this doesn’t suit all scenarios. Giggers who are generating income from their property asset need more innovative products from their lenders. If a homeowner has sufficient insurance why shouldn’t they be allowed to generate income from their property on a short term basis with AirBnB?

In the UK, people looking to become a host may find they are in breach of the mortgage lenders. In August 2017, Which.co.uk asked high street banks whether listing a property with a residential mortgage would be a breach of their mortgage terms and condition. Royal Bank of Scotland, Nationwide, Santander, Lloyds and Nationwide had varying responses; from the need to apply for consent to let, which would include paying a fee right through to a straight forward no from Nationwide if the property is the owners only residence.

To give UK lenders credit, we have been pleasantly surprised by some new products that have launched in the last 12 months, which have allowed giggers to secure a mortgage based on their contract status.

Coverage of the Airbnb & US lenders partnership

The Wall Street Journal explained that “Homeowners soon will be able to count income they earn from Airbnb Inc. rentals on applications for refinance loans”. Amazing! Airbnb hosts work hard, and so while cash flow can be sporadic, we think it should register as part of your income when remortgaging. Using your Airbnb income sounds easy enough to do, with CNET stating that you just need to “include ‘Airbnb proof of income’ in [your] application”.

Airbnb explained that they’ve had to battle to get some lenders on board: “Financial institutions haven’t always understood home sharing and how it’s an economic lifeline for many families and individuals. That’s one of the reasons why many lenders didn’t recognize Airbnb income when people applied to refinance their home loan.”

This was also touched upon by Housing Wire. They expanded, saying “Many continue to question Airbnb, saying it could be disrupting the housing market. […] The prospect of being able to rent homes out as short-term rentals keeps homeowners from putting their home on the market.” They agree that this move is significant, as “under this new partnership, the housing industry would be working together with Airbnb to benefit homeowners looking to refinance their home.” We think that’s a big step in the right direction.

Airbnb also highlighted the benefits for hosts, claiming that “this could help unlock potential savings for hosts and help them reach their financial goals”. They themselves will be hoping for a jump in host sign ups, and the three lenders should see more applications for mortgage refinance. Everybody wins.

Airbnb’s co-founder and chief strategy officer, Nathan Blecharczyk, emphasised the importance of the short term letting company for families: “Today, some of the nation’s largest financial institutions understand that Airbnb is an economic empowerment tool that can generate important income for families, and they are working to recognize this.”

The initiative is also causing excitement among the lenders. Housing Wire caught up with Quicken Loans CEO, Jay Farner. He explained his company’s motivation for partnering with Airbnb: “Technology is at the heart of everything we do at Quicken Loans, so it is a natural fit for us to partner with one of Silicon Valley’s most innovative companies”, and added “Airbnb and Quicken Loans are firmly aligned to drive innovation in the real estate industry to dramatically improve and simplify client experience, as well as saving homeowners time and money.”

Better Mortgage CEO, Vishal Garg, shared that opinion. Speaking to Housing Wire, he commented that “We are proud to be working with Airbnb and Fannie Mae to make it easier for Airbnb hosts to reinvest in their most important economic asset, their home.”

We want in on the action

Giggers need UK lenders to be more agile and innovative

We’re very excited about this announcement. We know how hard gig economy workers of all types and industries work. This initiative makes remortgaging easier, quicker, and most of all cheaper for them.

Given the news of impending interest rate rises, this sort of helping hand when remortgaging could be extremely useful to UK giggers very soon! So really, there’s only one question – how long until we can do this in the UK?!
Picture credit: Patrick Perkins on Unsplash

Bank of England Maintains Interest Rates

The Bank of England has announced that it is keeping interest rates at 0.5%, but hinted at increasing the base rate soon. Read more