An In-Depth Look at Specialist Mortgage Scenarios
When a mortgage applicant is going through a tough time with their mortgage and finds it challenging to get accepted by a lender, we will always be ready and willing to help them with open arms.
As a trusted and experienced Mortgage Broker in Birmingham, we have spoken with many different customers over the years, all with varying mortgage scenarios. Here is a more in-depth look at some of these mortgage 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 your and your ex-partner’s 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 of 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 a expert Mortgage Advisors in Birmingham 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 than 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 link your savings to your mortgage. Taking one out could potentially help you access competitive interest rates and products.
Do you require a specialist mortgage advisor in Birmingham?
Our trusted team of Mortgage Advisors in Birmingham can use the extensive knowledge and experience that we have gathered over two decades of working in the industry to recommend to our customers the most suitable mortgage deal for their current circumstances.
If you are concerned about your credit score, you should look to obtain an up-to-date copy of your credit report. You will receive the benefits from this when it comes to your free initial mortgage appointment, as having this will give the advisor a better idea of your current situation, what you would hope to achieve and the sort of deals available for yourself.
We’re on your side, we work for you
We’ll be here to answer all your questions throughout the whole process. Our goal is to help you achieve your mortgage needs by providing a high standard of Mortgage Advice in Birmingham.
Our dedicated mortgage advice team will always aim to give you the best service we can, ensuring you remain informed throughout the entire mortgage process and that you’re given a responsive service and that our service is tailored to your needs.
We hope you end up with what you expected to achieve at the end of the process and go into your new home with a suitable mortgage deal that matches your personal and financial situation.
We have a reputation for providing expert, fast & friendly Mortgage Advice in Birmingham, and we will be by the entire of your mortgage process. Don’t hesitate; get in touch with us and get yourself booked for your free initial mortgage appointment to speak to an expert Mortgage Advisor in Birmingham today.