An In-Depth Look at Specialist Mortgage Scenarios
When an applicant of a mortgage is going through quite a challenging process and can’t seem to find a lender that will accept them for a mortgage, we will be on hand to provide them with all the necessary expert mortgage advice we can offer, guiding and supporting them through their whole journey.
As a Mortgage Broker in Leicester that has a lot experience of working within the world of mortgages, we have spoken to a great deal of customers through the years, all of whom have very different and unique circumstances. Here we have put together a list of commonly found situations amongst our customers:
Property Down Valuation
A Property Down Valuation occurs when you have had somebody perform a property survey on the home you’re looking to buy, only for you to find out that the offer you made (that was already accepted) is actually above how much the property’s value.
This type of situation is not impossible, it just makes it a lot more challenging and it is very likely that your lender will pull out of your deal because of this. If you are somehow able to make up the difference between your offer and how much the property is actually worth, then you might have something the lender can work with.
Divorce & Separation Mortgage Advice
If your relationship goes awry and you end up getting divorced or separating, making arrangements for your mortgage can be quite a difficult task. You need to ensure you get on with this as quick as you can, as you will find it more challenging as time passes.
Remove a Person From a Mortgage
Relating to the aforementioned mortgage situation, if you are getting divorced or separated, it is likely you will want to remove your own name or your ex-partner’s name from the mortgage that you are both currently paying for.
Depending on your ability to afford the mortgage and how stable your finances are, your options will be quite limited going forward, as a lender will prefer to have two incomes over one lot of income and will be hesitant about reducing their own financial security.
Single Name Mortgages for Married Applicants
If you’re married and are looking to take out a mortgage on a home for both yourself and your partner, you’ll find that it’s probably preferred from the lenders point of view, that both of you are named on the mortgage, though obtaining a mortgage in your sole name may still be possible.
The Shared Ownership Scheme is a great tool for helping mortgage applicants by having the mortgage taken out as a share, being a percentage of the property. We generally find that this will be between 25%-75%, though in some cases the figures may be different.
Whoever owns the remaining part of the share (which tends to be a local authority), will have to be paid a monthly rental fee to cover the costs, whilst you simultaneously pay back the mortgage balance.
Professional mortgages are only able to be accessed by certain professions across the UK. It is a rather specialist area of the mortgage market, so we would highly recommend that you get in touch with a specialist mortgage advisor in Leicester to learn more.
Second Home Mortgages
If you are making plans to obtain a mortgage on a further property, you will need to prove to the mortgage lender that you are financially capable of covering the costs of two mortgage payments at the same time. We can help you get prepared for this.
Holiday Home/Let Mortgages
Holiday lets function in a similar way to how buy to lets do, though the key difference between the two is that buy to lets will usually have long term tenants, whereas holiday lets typically only have occasional tenants for short amounts of time.
Because of the nature of what they are, you may not be able to rent out your home at all during holiday off-seasons. Your mortgage lender will need the utmost confidence in your abilities to keep up your mortgage payments no matter what the seasons are like, whether your property is occupied by a tenant or not.
New Build Mortgages
New builds tend to be quite costly investments compared to properties of previous eras. If you’re finding the idea of saving up for your initial deposit to be quite challenging at the moment, you may be better suited for using the Help to Buy Equity Loan Scheme to help give you the push you need to get onto the property ladder.
Non-Standard Construction Property Mortgages
A ‘non-standard’ property what we would call a property that is not built the ‘normal’ way, i.e., with bricks or mortar.
For a home buyer to obtain a mortgage and purchase a home like this, you will need to make submit an application for a very specialist mortgage deal. When looking at these, we would also highly suggest that you get a full structural property survey.
Multiple Applicant/House of Multiple Occupation Mortgages
HMO mortgages are another version of buy to lets that will typically have something around the region of 4-6 tenants, in a similar way to how student housing works. HMOs are often quite difficult investments. We think you would greatly benefit from taking out specialist buy to let mortgage advice in Leicester before you get started with a HMO.
Mortgages Past Retirement Date/Lifetime Mortgages
You may possibly be able to release some of the equity that has been built up in your property over time. To turn this equity into cash, you’ll need to take out something called a lifetime mortgage, though this is only possible if you are past the age of 55.
We suggest that homeowners looking to do this get in touch with an experienced mortgage broker in Leicester for any specialist mortgage help regarding this.
Offset mortgages will place a savings account alongside your mortgage to run at the same time. This mortgage type is great way that customers could be able to access competitive interest rates and mortgage products with a selection of different mortgage lenders.
Do you require a specialist mortgage advisor in Leicester?
Here at Leicestermoneyman we have a lot of different specialist mortgage lenders on panel, each with specific and unique mortgage lending criteria that we can match customers up against in order to help them achieve their mortgage goals.
Our team of experienced mortgage advisors in Leicester will use their extensive knowledge of specialist mortgages, that they have obtained through a great deal of years in the mortgage world, so that they can recommend the absolute best mortgage deal they can for a customers circumstances.
If you are concerned about the current state of your credit score, then we highly recommend that you look into obtaining an up-to-date copy of your credit report.
This will be very useful for your free initial mortgage appointment, as what is on your credit report will give us a stronger impression of what you are like, what you are hoping to achieve and which deals might potentially be better suited for you.
We Work For You
We are always on your side, working for you and only you. We will always put you first. During your mortgage process we are responsible for you and the outcome. As such, we will always have your best interests at heart.
Our team of fast & friendly mortgage advisors will always try to make sure that you receive the best possible mortgage advice service, keeping you well informed from start to finish, being as responsive as we can for you.
We sincerely hope that by providing you with a high quality mortgage advice service, such as the one we are wont to provide, that you will go into your new house with a truly fantastic mortgage deal that matches up with your personal needs and current financial situation.
As a company that has garnered quite the reputation for providing a top tier, open & honest mortgage advice in Leicester, we will be there by your side throughout every single step of your mortgage journey. Get in touch with us today and get yourself booked in for your free initial mortgage appointment with a hard working and dedicated mortgage advisor in Leicester.