A deeper look into specialist mortgage scenarios…
When an applicant is facing a tough mortgage scenario and is struggling to get accepted by a lender, we will always reach out in open arms offering our help.
As a mortgage broker in Birmingham, we come across a lot of different specialist mortgage situations. Here is a deeper look into some of these scenarios:
Property Down Valuation
If you’ve had a property survey carried out on your home and it turns out that your offer that’s been accepted is above the actual value of the property, this is called a Property Down Valuation. In this situation, it’s very likely that your lender is going to pull out of the deal unless you can make up the difference between your offer and the true property value.
Divorce & Separation Mortgage Advice
When going through a divorce or separation, if you are tied into a mortgage together, it is important that you sort things sooner rather than later. Financially, things can get complicated quickly if they’re not dealt with.
Remove a person from a Mortgage
Moreover, if you are going through a divorce or separation, you may want to look at getting your name or your ex-partner’s name removed from a mortgage.
What you can and cannot do will depend on yours and your ex-partners ability to be financially stable with one set of income.
Single Name Mortgages for Married Applicants
If you’re married and looking to get a mortgage on a home that you and your partner will live in, some lenders would rather have both applicants named on the mortgage, though it is still possible to get a mortgage in a sole name.
The Shared Ownership scheme allows applicants to take out a mortgage on a percentage of a property (usually between 25%-75%). This means that you own a share in the property. You will also pay the building society rent on the remaining share.
Professional mortgages are only accessible to certain professions. This is a niche market; therefore, it is best to speak to an expert. Contact us for further information.
Second Home Mortgages
If you are planning to take out a mortgage on a second home, you will need to provide evidence that you can afford both sets of mortgage payments. We can help you do this.
Holiday Home/Let Mortgages
Taking out a holiday works in a similar way to buy to let, however, you won’t have a permanent tenant, therefore, lenders need to be sure that you’ll be able to cover the costs when no one is staying there.
New Build Mortgages
New builds can often be more expensive that older properties. If you’re struggling to save up for a deposit, you could try using the Help to Buy Equity Loan scheme.
Non-Standard Construction Property Mortgages
A ‘non-standard’ property is simply a property that isn’t built out of brick and mortar. You will need to try and take out a specialist mortgage product if you’re wanting to buy a non-standard construction property. We also advise that you get a full structural property survey if you’re buying a property like this.
Multiple Applicant/House of Multiple Ownership Mortgages
HMO mortgages are buy to lets with 4-6 tenants, one example would be a university house. HMOs are very complicated. We would recommend that you speak with a buy to let mortgage advisor in Birmingham if HMOs interest you.
Mortgages Past Retirement Date/Lifetime Mortgages
You can release the equity that you’ve built up in your home and turn it into cash through a lifetime mortgage. We would recommend seeking specialist help if this is something that you’re looking to do.
Offset mortgages links your savings to your mortgage. Taking one out could potentially help you access competitive interest rates and products.
In need of a Specialist Mortgage Advisor in Birmingham?
A mortgage broker in Birmingham like us works solely for you. We know exactly what it’s like to be stuck in a sticky mortgage situation.
Here are some reasons why Birminghammoneyman could be the best mortgage broker for you:
- We’re open and honest with you – completely transparent. We will look for deals that will save you time and money, not us!
- We offer a free mortgage appointment to every customer. You can easily book this yourself by using our simple book online feature.
- A mortgage advisor in Birmingham will be right by your side through the whole mortgage process. You’ll know exactly who you’re dealing with at all times.
- There’s availability on weekdays and weekends. We’re open 7 days a week!
- Our mortgage advisors in Birmingham are experienced in every mortgage field, there’s rarely an option that we won’t have come across before.
- We have access to 1000s of mortgage products; both from high street and specialist lenders.
- Please read our reviews from our amazing customers.
Book your own mortgage appointment today. Use online and speak directly to a mortgage expert.