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Specialist Mortgage Advice in Leicester

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Declined by the Bank? We Might be Able to Help!

Obtaining a mortgage can be a little more difficult than you might initially believe it to be and can oftentimes require a bit of creative thinking.

 

As a well trusted Mortgage Broker in Leicester with a lot of experience in working with complex mortgage circumstances, it’s not very often we find a situation we haven’t seen before in some capacity. We will use the knowledge we have gained to further you along the mortgage process in any way we can.

Speak to a Specialist Mortgage Advisor in Leicester

We have a large amount of specialist mortgage lenders on hand, many with very niche mortgage deals that are more appropriate for home buyers who are maybe struggling to get a mortgage, perhaps because they can’t quite meet the mortgage criteria.

 

Utilising the services a Specialist Mortgage Advisor in Leicester during the course of your mortgage process, especially if you’re finding it quite challenging, maybe very beneficial to you. We aim to make sure you come out with the best deal for your situation, something we’ll work very hard to achieve.

 

Complex Mortgage Situation in Leicester?

 

We regularly speak to customers the high street bank have happened to decline at the very last minute. This can sometimes be so last minute that the mortgage process is already happening and then they’re dropped without being given a proper explanation as to why.

 

In times where this sort of thing happens, the mortgage advisors working at the bank should’ve seen the issues that caused the drop before the process had gotten so far, properly checking over your case and making sure that you matched the criteria for that mortgage.

 

Because of the banks oversights, a lot of customers can unfortunately be left short of the money they already put into everything, causing them to be understandably quite annoyed. If you don’t fully know the criteria for the mortgage beforehand, you may actually leave yourself unable to get a mortgage at all. Mortgages are quite tricky!

 

Do not worry, as we have a vast wealth of experience in dealing with customers are going through a complicated mortgage process. If this feels like your situation, please feel free to book yourself in for a free mortgage appointment with one of our expert mortgage advisors in Leicester today.

 

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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.

 

Shared Ownership

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

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

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 Have Zero Ties to Estate Agents

Unlike many of the other mortgage broker companies out there, we have zero commitment & absolutely no connection to any external companies like estate agents, banks and building societies.

 

We are always on your side, working for you and only you. We have no vested interests and 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.

What our customers say

Common mortgage
questions

Your free mortgage consultation in Leicester will last for about one hour. Your advisor will then recommend a mortgage for you and you can decide whether or not you wish to go ahead with it.

As your Mortgage Broker in Leicester, we will carry out a Fact Find to determine your needs prior to recommending a mortgage that is the most appropriate. A credit check is then required for an Agreement in Principle. Once you have provided all the relevant documentation and a valuation of the property has been undertaken, a formal mortgage offer can be issued.

We recommend that you obtain an Agreement in Principle ahead of viewing properties in Leicester, to avoid any potential disappointment. At the very latest we believe you should obtain one prior to making an offer to help with your bargaining position

An Agreement in Principle will usually last for between 30 and 90 days depending on the Lender. If your Agreement in Principle expires it can always be refreshed with the assistance of your mortgage advisor.

You may possibly be able to get a second mortgage on your home for debt consolidation or Home Improvements. The usage of a second mortgages extends to using it for yourself, a family member, a holiday home or a Buy to Let in Leicester.

To purchase a house in Leicester, the minimum required deposit with High Street Lenders is usually around 5%, but this can be higher if you have had credit problems in the past.

If you have had problems with your credit, you can still get a mortgage, however, you may need to put down a higher deposit than usual, often 15% of the purchase price.

You are able to get a mortgage once you have submitted at least one year’s accounts. Most Lenders use your salary plus dividend to calculate the maximum mortgage amount you can borrow, whereas others go off your net profit.

To prove your income amount, it’s usually the latest three payslips for an employee and the latest 2 years’ accounts for self-employed. On top of this, you will need to produce proof of ID, address and 3 months’ bank statements.

Our free consultation will usually lasts up to an hour or so. Your mortgage advisor can turn around an agreement in principle within 24 hours of this consultation and a formal mortgage offer takes about three weeks on average in Leicester.

We make it so easy!
Our 4 step process

Step 1

A telephone call where we can take some initial details and find out about your plan of action.

Step 2

Enjoy finding a property in Leicester!

Step 3

Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.

Step 4

Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

A telephone call where we can take some initial details and find out about your plan of action.

Enjoy finding a property!

Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.

Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

Handy quick links

Leicestermoneyman.com & Leicestermoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited registered in England, registered number 6789312 and registered office 10 Consort Court, Hull, HU9 1PU.

© 2021 Leicestermoneyman

Leicestermoneyman – 3 Oswin Road, Leicester, LE3 1HR

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