An In-Depth Look at Specialist Mortgage Scenarios
When mortgage applicants are experiencing a complicated process and can’t find a suitable lender that will accept their application, rest assured our team are ready to provide expert Mortgage Advice in Manchester to guide them through their journey.
As a trusted and experienced Mortgage Broker in Manchester, we have spoken to many customers, all with very diverse mortgage scenarios to one another. Here is a slight overview of some of these mortgage scenarios:
Property Down Valuation
If you have had someone come out and conduct a property survey on your potential new home, only to find out that the offer you put forward is too much above the actual property value, you have on your hands a Property Down Valuation.
It is not impossible to work around this, it is just a small hurdle and the chances are that your lender will just pull out of the deal. If you are able to make up the difference between your offer and the actual value of the property, then you have a slightly better chance of success.
Divorce & Separation Mortgage Advice
In the unfortunate event that your relationship comes to an end and you begin the process of separation or divorce, you will need to sort out any joint finances like your mortgage. This can be a challenging process, however, it is something that needs to be done quickly as it can be more difficult the longer you leave it.
Remove a Person From a Mortgage
Your mortgage is one aspect to consider if you go through a divorce or separation as it will involve you removing your own name or your ex-partner’s name from the mortgage you are currently both on.
From here, your options may be limited. This does depend on your affordability and your financial state, however, lenders do prefer two incomes and may not be able to lend to you in confidence because of having just the one income to cover mortgage payments.
Single Name Mortgages for Married Applicants
In the case where you are married and are looking at getting a mortgage on a home for you and your partner, it’s common for lenders to want both applicants named on the mortgage. Despite this, you may be able to obtain a mortgage in one of the applicants’ names.
This type of mortgage is beneficial if you are wanting to take a mortgage out as a share at a percentage of the property. The percentage can range between 25% – 75%, this can differ depending on the situation.
The remaining share is likely owned by a local authority. The applicant will pay them back through rent as well as paying off your mortgage to the lender.
Professional Mortgages is one that is only eligible to someone with very specific professions across the country. This type of mortgage is a niche part of mortgage market, therefore, we would recommend that you contact a specialist like ourselves to get more information about this.
Second Home Mortgages
In the case where you wanting to take out a mortgage on another property, it’s important that you demonstrate to the lender that you are financially able to keep up with the cost of two mortgages at the same time. Our team can help you with this.
Holiday Home/Let Mortgages
You may find that Holiday Lets are alike to buy to lets. The main difference between the two is buy to lets will usually have long term tenants, but holiday lets will only have short term tenancies.
The one drawback that you need to consider is you will need to factor in the instances where there is no interest in your holiday let due to off-season times. This is also something mortgage lenders will think about and will need to be confident in you being able to afford your mortgage payments regardless of the time of year and if you are a tenant or not.
New Build Mortgages
New builds are often seen to cost more money to invest in than properties of previous eras. If you’re struggling to save up for a deposit, you could be eligible for the Help to Buy Equity Loan Scheme to get onto the property ladder.
Non-Standard Construction Property Mortgages
A ‘non-standard’ property is are properties that are not built in a customary way, i.e., with bricks or mortar.
For a home buyer to take out a mortgage on something like this, you will need to speak with a Specialist Mortgage Advisor in Manchester. We also greatly recommend that you get a full structural property survey if you’re looking to buy a home that is applied 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 student housing. HMOs are often challenging investments to work with. We always recommend speaking to a specialist buy to let Mortgage Advisor in Manchester.
Mortgages Past Retirement Date/Lifetime Mortgages
If you are page the age of 55, You might have access to releasing some equity that you’ve built up over time. To turn that into cash, you will need to take out a lifetime mortgage.
We always recommend speaking to a Specialist Mortgage Broker for Specialist Mortgage Advice in Manchester when it comes to a mortgage situation like this.
Offset mortgages will put a savings account running at the same time as your mortgage. This mortgage type is usually a good way of helping you access competitive interest rates and mortgage products with different lenders.
Do you require a specialist mortgage advisor in Manchester?
Here at Manchestermoneyman, we have a large selection of specialist mortgage lenders on panel, each with their own lending criteria for us to match customers like yourself to hopefully achieve your mortgage goals.
Our Mortgage Advisors in Manchester will utilise the knowledge and experience they have acquired over the years of working in the industry, to recommend you the most suitable mortgage deal that matches their current circumstances.
If you have any problems with your credit score, then we recommend you obtain an up-to-date copy of your credit report.
This will help you when it comes to your free initial mortgage appointment, as your credit report will give us a more reasonable understanding of what you are like your goals and the sort of deals that might be suitable for where you are at financially and personally.
Open and Honest Mortgage Advice in Doncaster
Our fast & friendly Mortgage Advice team always aim to make sure you receive high-class service, keeping you informed throughout, and being as responsive as possible throughout the entire process.
We hope that you will go into your new property with a suitable mortgage deal that matches up with your current personal and financial circumstances.
As a company that has built up a reputation for providing clear & simple Mortgage Advice in Manchester, 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 Manchester.