An In-Depth Look at Specialist Mortgage Scenarios
When a mortgage applicant is having difficulties with their mortgage application and getting constant rejection from lenders, we can step in to see if we can help you out.
As an expert Mortgage Broker in Bristol, we have helped countless customers over the year, all with their own individual mortgage scenarios. Here go into more detail at some of the more popular scenarios;
Property Down Valuation
If you have had someone to go out and perform a property survey, only to find out that the accepted offer you put down is actually way above the market value of the property, this is what’s known as a Property Down Valuation.
We tend to find, towards the end of the line, it is more than likely that your lender will pull out of your mortgage deal. If you are in the position 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, it can be a challenge making newer arrangements, especially if you both are tied into a mortgage together. You will need to sort this out as soon as possible, otherwise it can lead to more complications further down the line.
Removing a Person From a Mortgage
Similar 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. Depending on your financial stability, as well as your affordability, will affect the outcome as now you’ll only have one income instead of two.
Single Name Mortgages for Married Applicants
If you’re married and want to know your options for taking out a mortgage on a property you and your partner are going to be living in, the lender would prefer both of you to be listed on the mortgage. However, there are still options out there if you would rather be the only one named on the mortgage.
The Shared Ownership Scheme can help mortgage applicants take out a mortgage as a percentage share of the property, rather than the full asking price. We tend to find, the share can vary between 25%-75%, but some lenders may be as little as 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 which is why we would highly recommend booking a mortgage appointment with a specialist Mortgage Advice in Bristol team to learn more.
Second Home Mortgages
If you are looking to take out a mortgage on a further property, make sure to show the lender proof that you are financially stable of covering the costs of both mortgage payments. This is something we are able to help you with, to make sure you are fully prepared.
Holiday Home/Let Mortgages
Holiday lets are similar property types to buy to let properties. The main difference being, you won’t have a permanent tenant, with it possibly generating no income during off-seasons. This is why lenders need to have absolute faith that you can afford your mortgage payments every month, regardless if you have any tenants or not.
New Build Mortgages
New builds can tend to be more expensive to invest in than older properties. If you’re a first time buyer who is struggling to save up for your initial deposit, you may be eligible 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 mortar or bricks. In order to take out a mortgage on this property type, you will need a very specialist mortgage product. We would also recommend you take out a full property survey.
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. We tend to find HMOs are often complex to deal with. This is why we always recommend seeking a specialist buy to let Mortgage Advice in Bristol if you are interested in taking out an HMO mortgage.
Mortgages Past Retirement Date/Lifetime Mortgages
This is a very specialist mortgage type and requires speaking to a specialist to make sure everything is correct. Because you are releasing the equity that you have gradually built up in your home, turning it into cash by using a lifetime mortgage.
People use offset mortgages to help them access competitive interest rates and mortgage products.
Do you require a specialist mortgage advisor in Bristol?
Here at Bristolmoneyman we have access to a large panel of specialist mortgage lenders, each who have their own individual, specialist lending criteria.
Our devoted team of Mortgage Advisors in Bristol have worked in the industry for over our 20, helping you recommend the most suitable mortgage deal to match your financial and current circumstances.
Don’t be too concerned with your credit score, just make sure to obtain a up-to-date copy of your credit report. You will be able to benefit from doing so when you contact us and book yourself in with our free initial mortgage appointment. Your up-to-date credit report will help give our Mortgage Advisors in Bristol a much better understanding of what you’re looking to achieve and what deals are going to be most suitable for you and your circumstances.
Why choose us as your mortgage broker in Bristol?
During your mortgage process, we look after your customers and the make sure they receive the best advice. We will take care of you, always having your best interests at heart.
Our team of hard-working Mortgage Advisors in Bristol always aim to provide you with a high-quality service, ensuring you remain informed throughout the entire 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 Bristol, we will be with you every step of the way. Book your free mortgage appointment to speak with an expert Mortgage Advisor in Bristol today.