An In-Depth Look at Specialist Mortgage Scenarios
When a mortgage applicant is experiencing a difficult process and can’t seem to find a lender that will accept them, we will be here ready to provide them with expert mortgage advice and guide them through their journey.
As a mortgage broker in Doncaster that is both trusted and experienced within the world of mortgages, we have made contact with lots of customers over our tenure, all with very different mortgage scenarios to one another. Here is a better overview of some of these mortgage instances:
Property Down Valuation
If you have had somebody come out and perform a property survey on your potential new home, only to discover that the offer you put forward (that ended up being accepted) is actually above how much the property is worth, you have on your hands a Property Down Valuation.
It is not impossible to work around something like this, it just makes it a lot more difficult and the chances are that your lender will just pull out of the deal. If you have the ability to make up the difference between your offer and the genuine value of the property, then you may have a slightly better chance of success.
Divorce & Separation Mortgage Advice
If your relationship unfortunately starts to break down and you divorce or separate, sorting out any joint finances, like your mortgage, can be quite difficult to work with. You need to make sure you get this sorted as soon as possible, as the longer you leave it, the more challenging it will be.
Remove a Person From a Mortgage
Following on from the aforementioned mortgage scenario, if you do happen to be getting divorced or separated, you will probably be wanting to remove your own name or your ex-partner’s name from the mortgage you are currently both on.
Depending on your affordability and your financial stability, both of your options will be limited going forward, as a lender prefers two incomes to one and will be reluctant to take some of their own security away.
Single Name Mortgages for Married Applicants
If you’re married and in the market for a mortgage on a home for you and your partner, you’ll find that lenders would much rather that both applicants are named on the mortgage, though it is still possible to obtain a mortgage in only one of your names.
The Shared Ownership Scheme is really useful for allowing mortgage applicants to only have a mortgage taken out as a share, at a percentage of the property. For the most part this will be between 25%-75%, though in some cases this might be different.
Whoever owns the share that is remaining, most likely to be a local authority, you will pay them back in rent at the same time you are paying off your mortgage to the lender.
Professional mortgages can only be accessed by very specific professions across the country. It is a particularly niche area of the mortgage market, so we would highly suggest that you get in touch with a specialist like ourselves to learn more about this.
Second Home Mortgages
If you have any plans to take out a mortgage on a additional property, you will need to show the lender that you have the financial capabilities to cover the costs of two mortgage payments at the same time. This is something we can help you prepare for.
Holiday Home/Let Mortgages
Holiday lets work in a similar way to buy to lets, though the difference is that buy to lets generally have long term tenants, whereas holiday lets normally only have short term tenancies.
This means that you may not be able to rent out your home at all during off-seasons if nobody is interested. Because of circumstances like this, the mortgage lender will need to have complete confidence that you can afford your mortgage payments no matter what, whether you have a tenant or not.
New Build Mortgages
New builds can often cost a lot more money to invest in than properties of previous eras. If you’re finding it a little difficult to save up for your initial deposit, you could find a lifeline in using the Help to Buy Equity Loan Scheme as a way of finding your footing on the property ladder.
Non-Standard Construction Property Mortgages
A ‘non-standard’ property is the name given to a property that is not built in a conventional way, i.e., with bricks or mortar.
For a home buyer to take out a mortgage on something like this, you will need to apply for a very specialist mortgage deal. We also greatly recommend that you get a full structural property survey if you’re looking to buy a home that is applies to this description.
Multiple Applicant/House of Multiple Occupation Mortgages
HMO mortgages are a variation of buy to lets that usually have between 4-6 tenants, similar to that of student housing. HMOs are often challenging investments to work with. We would endorse looking at obtaining specialist buy to let mortgage advice in Doncaster prior to jumping in with a HMO.
Mortgages Past Retirement Date/Lifetime Mortgages
You may have the option to release the equity that over time you have built up within your property. To convert that into cash, you’ll need to take out a lifetime mortgage, though this only applies to people past the age of 55.
We recommend that homeowners contact an experienced mortgage broker in Doncaster for specialist help when it comes to a mortgage situation like this.
Offset mortgages will put a savings account running simultaneously with your mortgage. This mortgage type is usually a really handy way of helping you access competitive interest rates and mortgage products with different mortgage lenders.
Do you require a specialist mortgage advisor in Doncaster?
Here at Doncastermoneyman we have a varied selection of specialist mortgage lenders on panel, each with their own specific mortgage lending criteria for us to match customers with in order to further their mortgage goals.
Our team of mortgage advisors in Doncaster will use the knowledge and experience they have obtained over our many years within the mortgage industry, in order to recommend to our customers the best mortgage deal that matches their current situation.
If you have any concerns your credit score, then it is highly suggested that you go about obtaining an up-to-date copy of your credit report.
This will come in super handy when it comes to your free initial mortgage appointment, as your report will give us a better idea of what you are like, your targets and the sort of deals that might be appropriate for where you are at financially and personally.
Open & Honest Mortgage Advice in Doncaster
We are always on the side of the customer, working for them and always putting them first. During your mortgage process you are our responsibility and no matter what we will have your best interests at heart.
Our fast & friendly mortgage advice team will always try to ensure you receive the best service we can provide, keeping you informed all throughout, and being as responsive as possible.
It’s our hope that by providing a service of this caliber, that you will go into your new home with a brilliant mortgage deal that matches up with your personal and financial circumstances.
As a company that has built up a reputation for providing clear & simple mortgage advice in Doncaster, we will be there every step of your mortgage journey. Contact us and get yourself booked in for your free initial mortgage appointment with a mortgage advisor in Doncaster.