An In-Depth Look at Specialist Mortgage Scenarios
When a mortgage applicant is facing a difficult process with their mortgage and isn’t able to get to a point where they can be accepted by a lender, we will always be there to help them out in any way they can.
As an experienced mortgage broker in London, we have been through appointments with a large variety of unique customers, all with their own mortgage scenarios. Here is a more in-depth look at some of the more frequent complex scenarios;
Property Down Valuation
If you have gotten someone out to perform a property survey on your potential new home and then find out that your offer that was accepted is actually way above the market value of the property, you have had a Property Down Valuation.
Though not completely the end of the line for you, it is more than likely that your lender will pull out of your mortgage deal. If you are able to make up the difference between your offer and the true value of the property, the lender may still allow you to proceed.
Divorce & Separation Mortgage Advice
If you are going through a divorce or separation with your now ex-partner, it can be difficult making arrangements for the next step in your life. This only becomes more complex if you are tied into a mortgage together. You should sort this as soon as possible, as otherwise if left too long, it can get a lot more complicated.
Remove a Person From a Mortgage
In addition to the mortgage scenario just mentioned, if you are going through a divorce or separation, you may be looking to remove your own name or your ex-partner’s name from the mortgage. You will have limited options depending on the financial stability of you both, as well as your affordability, as you will now only be living off one income.
Single Name Mortgages for Married Applicants
If you’re married and checking out your options for taking out a mortgage on a property you and your partner are going to be living in, chances are a mortgage lender would prefer you both to be on the mortgage. That being said, there are still options out there if you would rather it only be in one of your names.
The Shared Ownership Scheme really is a great way for mortgage applicants to take out a mortgage as a percentage share of the property, rather than the full price. This share will typically be between 25%-75%, though some lenders may go down to 10%. The owner of the remaining share, likely a local authority, will be paid back as rent alongside your mortgage payments to the lender.
Professional mortgages can only be accessed by very specific professions. This is an incredibly niche area of the mortgage market and as such we would absolutely recommend booking a mortgage appointment with a specialist mortgage advice team to learn more.
Second Home Mortgages
If you have any plans to take out a mortgage on a further property, you will need to show the lender proof that you are financially capable of covering the costs of both mortgage payments simultaneously. We are able to help you make preparations for this.
Holiday Home/Let Mortgages
Holiday lets are similar property types to buy to let properties. The main difference is that in this case, you won’t have a permanent tenant, with it possibly generating no income during off-seasons. Because of this, lenders need to have absolute confidence that you can afford your mortgage payments every month, whether you have a tenant or not.
New Build Mortgages
New builds may potentially be more expensive to invest in than older properties. If you’re finding it difficult to save up for your initial deposit and you are a first time buyer, you may be able to use the government’s Help to Buy Equity Loan Scheme as a way to get onto the property ladder.
Non-Standard Construction Property Mortgages
A ‘non-standard’ property is a property that is not put together using regular building materials like bricks or mortar. In order to take obtain a mortgage on such an obscure property type, you will need a very specialist mortgage product. We would recommend taking out a full property survey on this type of property.
Multiple Applicant/House of Multiple Occupation Mortgages
HMO mortgages are basically large buy to lets with 4-6 tenants, similar to what you would see with student housing. HMOs are often very complex to deal with. We would recommend seeking specialist buy to let Mortgage Advice in London if you’re looking at taking on a HMO.
Mortgages Past Retirement Date/Lifetime Mortgages
You may be able to release the equity that you have gradually built up in your home, turning it into cash using a lifetime mortgage. This is a very specialist mortgage type and requires speaking to a specialist to make sure everything is correct.
Offset mortgages use a new savings account created to use with your mortgage. This type of mortgage could be a great way of helping you access competitive interest rates and mortgage products.
Do you require a specialist mortgage advisor in London?
Here at Londonmoneyman we have a vast panel of specialist mortgage lenders, each who have their own specialist lending criteria that we are able to match our customers to.
Our dedicated and experienced team of mortgage advisors in London have the ability to use the knowledge that they have gathered over our 20 plus years of being a mortgage broker, in order to recommend the most suitable mortgage deal for our customers needs.
If you are concerned with your credit score, then you should look at getting an up-to-date copy of your credit report. You will be able to benefit from taking this step when it comes to your free initial mortgage appointment, as this will give us a better understanding of what you’re like, what you’re looking to achieve and what deals are going to be most suitable.
We Work For You
During your mortgage process, we are responsible for you and the advice you receive. We will take care of you, always having your best interests at heart.
Our team of hard working mortgage advisors in London always aim to provide you with a top tier service, ensuring you remain informed throughout the course of your journey. We will always do our best to give a responsive service, tailored to your circumstances and needs.
We hope that in receiving our service, that you end up with mortgage success, a fantastic deal on a home, and a smile on your face.
As a company who prides itself on providing fast & friendly mortgage advice in London, we will be with you every step of the way. Book your free mortgage appointment today and speak with an expert Mortgage Advisor in London.