Popular Specialist Mortgage Scenarios We Faced
When a customer is struggling to achieve their mortgage goals and is having a hard time getting accepted by a lender, we will search the market to find you the most suitable deal and always offer a helping hand in any way that we can.
As a Mortgage Broker in Derby with over 20 years working in the industry, we have helped many customers get onto the property ladder, all of whom have had their personal goals and circumstances.
We felt it would be worth putting together some of the more ‘common’ mortgage situations that we came across over the years:
Property Down Valuation
A property down valuation is where you had a property survey carried out on the property only to find out that the offer you put forward is above the property’s market value.
What may happen is your lender pulls out of the deal. However, this can alter if you can make up the difference between your offer and the properties actual value.
Divorce & Separation Mortgage Advice
Making future arrangements for the next step together can be exciting but also challenging, especially when your relationship turns sour, and now you are both tied to a mortgage together.
Maybe things have gotten out of hand in your personal life, and you are going through a divorce or separation. We recommend getting this sorted out as soon as possible.
Remove a Person From a Mortgage
Similar to divorce and separation, there may come a time when you are looking to remove your name or your ex-partner’s name from your mortgage.
Depending on how stable you are financial, you may face limited options because your affordability is now only based on a single income rather than two.
Single Name Mortgages for Married Applicants
If you are married and considering obtaining a mortgage on a home for you and your partner, mortgage lenders always prefer both applicants be named on the mortgage, though it is possible to obtain a mortgage in one name.
The Shared Ownership Scheme is handy for allowing applicants to obtain a mortgage as a share, initially on only a percentage of the property.
The percentage is usually between 25%-75% whoever owns the remaining share of the property, most likely to be the local authority. Regarding how your repayments work, you will pay the money back in monthly rent alongside your mortgage repayments.
Professional mortgages are only available by precise lines of work. It’s an incredible niche section of the mortgage market. Because of this, you need to speak with Specialist Mortgage Advisors in Derby for more information about professional mortgages.
Second Home Mortgages
If you plan to take out a mortgage on more than one home, you must present your financial stability to the lender. This will show that your income is financially enough to cover the costs. Lucky for you, we can help prepare you for this.
Holiday Home/Let Mortgages
Holiday lets operate in a similar way to a Buy to let Mortgage. The main difference is that your property might not always be occupied during down periods. In some situations, you are paying monthly costs on an empty property.
In situations like this, lenders need to be confident to lend to you. It would be best if you showed that you could afford your repayments at all times, whether someone is renting in the property or not.
New Build Mortgages
New builds can often cost a little bit more than slightly older properties, but some will argue it’s worth every penny. If you find it challenging to save up for your primary deposit, you could be eligible in one of the UK Government’s Help to Buy Schemes to help get you on the property ladder.
Non-Standard Construction Property Mortgages
A ‘non-standard’ property is a property not built from building materials like mortar or bricks. If you need to take out a mortgage on a non-standard property, you need to speak to a specialist Mortgage Advisor in Derby. We highly recommend getting a full structural property survey if you are looking to purchase a non-standard property.
Multiple Applicant/House of Multiple Occupation Mortgages
HMO properties are properties usually bought to lets with 4-6 tenants. You may see these used for student accommodation. Looking into Mortgage Advice in Derby can be the help you need to get you an HMO mortgage if you are eligible.
Mortgages Past Retirement Date/Lifetime Mortgages
If you have built up an amount of equity in your property, you may be able to release some of this and turn it into cash by taking out a lifetime mortgage. We would recommend speaking to a Specialist Mortgage Advisor in Derby if you are over the age of 55.
An Offset mortgage is where it combines a savings account with your Mortgage. Offset mortgages are a suitable method of helping you access competitive mortgage products and interest rates.
In need of a Specialist Mortgage Advisor in Derby?
We have many specialist mortgage lenders on the panel, all with unique mortgage lending criteria. Our trusted Mortgage Advisors in Derby utilise their knowledge and experience over the years to recommend our customers the most suitable deal based on your situation and the lending criteria.
If you have any questions regarding your credit score, we recommend getting an up-to-date copy of your credit report. This documentation will come in handy during your free initial mortgage appointment. It helps give our Mortgage Advisors in Derby a better understanding of what you’re looking to achieve and steer us in the right direction to find you the most suitable recommendation.
Mortgage Advisors in Derby
During your mortgage process, you are our responsibility. Our mortgage advice team are available 7 days a week and always aim to give you open and honest Mortgage Advice in Derby and remain by your side through every step of your mortgage process.
To speak with a Mortgage Advisor in Derby, get yourself booked in for your free mortgage appointment online or give us a call.