A deeper look into specialist mortgage scenarios…
When a customer approaches us for help getting a mortgage in a specialist situation, we will always try our best to help them. Our Mortgage Advisors in Nottingham have over 20 years of experience, most of the time we are able to help our clients overcome these hurdles.
Here is a deeper look into the specialist scenarios that we come across:
Property Down Valuation
So, you’ve had your offer accepted on a property but a property survey has been performed on it and it turns out that you are going to be paying/borrowing more than the true property’s value. When this happens, lenders will likely pull out of the deal or offer you a mortgage that matches the value of the home. This is called a down valuation and it can sometimes get complicated, especially if this is your first mortgage journey.
Divorce & Separation Mortgage Advice
It’s never planned and always devastating when it happens, however, when going through a divorce or separation with a shared mortgage, it’s crucial that you sort things sooner rather than later.
Remove a person from a Mortgage
Linking to the last point, if you’ve been through a divorce or separation, you may need to get your name or another person’s name removed from a mortgage. Depending on both party’s personal and financial situations, it may be best that one person stays within the property over the other.
Single Name Mortgages for Married Applicants
If you’re married but are planning to take out a mortgage in only your name, you’ll need to provide evidence that you can afford the costs of a mortgage by yourself.
Shared ownership mortgages let you buy a percentage of a property and pay the rest back on rent. The shared ownership scheme is great for people who don’t currently want full ownership over a property but may want to in the future.
Professional mortgages are only available to certain professions. The market for this type of mortgage is quite niche, contact us if you want more information.
Second Home Mortgages
If you are looking to get a second mortgage for a particular reason, such as a buy to let, you will need to prove that you can afford two sets of mortgage payments. You’ll also need to put down a larger deposit for things like a buy to let. People sometimes take equity out of their current property to cover the deposit on their second mortgage.
Holiday Home/Let Mortgages
Are you planning to purchase a holiday home to either live in or let it out? If so, we can help you get the process started.
New Build Mortgages
New build’s often come with higher sale prices. If you don’t have the funds in place to put down a deposit on a new build, you can always try and apply for the Help to Buy Equity Loan scheme.
Non-Standard Construction Property Mortgages
A ‘non-standard’ property is basically anything that isn’t built out of brick and mortar. You may need to try and obtain a specialist mortgage product if you’re planning to buy a non-standard construction property. We also recommend getting a full structural property survey if you’re buying a property like this.
Multiple Applicant/House of Multiple Occupation Mortgages
These types of mortgages are usually taken out by landlords for a buy to let/house of multiple ownership. This mortgage type is very complex and we would recommend speaking to a buy to let mortgage advisor in Nottingham.
Mortgages Past Retirement Date/Lifetime Mortgages
If you want to release equity from your home in the form of a lifetime mortgage, we would recommend seeking specialist help. Releasing equity through a lifetime mortgage has both positives and negatives.
Offset mortgages allow you to link your savings to your mortgage. Taking one out could potentially help you access a better interest rate and competitive product.
In need of a Specialist Mortgage Advisor in Nottingham?
– We’re open and honest with our customers. We will only recommend you a mortgage product that benefits your personal and financial situation.
– We offer a free mortgage consultation to every customer, no matter your mortgage situation. Specialist or not, we will always try and help you through your mortgage journey.
– We been working within the mortgage industry for over 20 years, we know exactly what we are looking for. Every one of our mortgage advisors in Nottingham are experienced with all different kinds of mortgage situations – they would love to try and help you!
– We have access to 1000s of mortgage products. This is the difference between a lender and a mortgage broker in Nottingham, we can search specialist deals and try and find one perfect for you.
– We will hold your hand through the whole mortgage process, keeping you informed on the status of your application throughout the whole journey.
– Our team are available 7 days a week! Contact us for your free consultation at a time that best suits you.
For Mortgage Advice in Nottingham, get in touch with our team and we will see how we can help!