An In-Depth Look at Specialist Mortgage Scenarios
When a customer finds themselves experiencing a particularly difficult process and can’t seem to find a lender that is willing to accept their mortgage application, we will make sure we are on hand to provide expert mortgage advice in Coventry, using our knowledge to guide them throughout their mortgage journey.
As an open & honest mortgage broker in Coventry with a strong reputation for working hard for mortgage customers, we have spoken to countless individuals over the years, each with a wide variety of mortgage circumstances. Here are some of the more frequent specialist mortgage hurdles we encounter as a mortgage broker in Coventry:
Property Down Valuation
If somebody has come out to the property and performed a property survey on your potential new place to live, only to find out that you have offered (and had accepted) more than the property is worth, this is called a Property Down Valuation.
These situations are not entirely impossible to work with, they can just make the process a little more complicated than it would have been initially. There is a chance when this happens, that your lender may actually pull out of your deal. Luckily this can be worked around if you are able to make up the difference between your offer and the true value of the property.
Divorce & Separation Mortgage Advice
If your relationship suddenly goes awry and you end up divorced or separating, making arrangements for any joint finances you have together, especially if one of those is a mortgage, can be quite a difficult process. It is important to make sure you sort all of this out as soon as you can. The longer you leave it, the more difficult it becomes.
Remove a Person From a Mortgage
If we segue from the previously mentioned scenario, you may look at the possibility of removing either yours or your ex-partners name from your current mortgage. Depending on whether or not one of you can afford this mortgage on your own, you may have limited options. Mortgage lenders will prefer two incomes and reluctantly reduce some of their own security.
Single Name Mortgages for Married Applicants
If you are currently married and find yourself in the market for a mortgage on a home for both you and your partner, you will notice that a mortgage lender would much prefer to have two incomes if they can, for their own security, though it certainly is possible to obtain a mortgage in just a sole name.
The Shared Ownership Scheme is quite a helpful tool for potential mortgage applicants to be able to take out their mortgage as a share of the property instead of the full purchase price, as a percentage of the property. Generally speaking, this will be somewhere between 25-75% of the property purchase price, though this can be different.
Whether it’s the local council or the housing association, the third party who owns the remaining share will be paid back on a monthly basis as a rental fee, alongside the monthly mortgage repayments you make back to your mortgage lender.
Professional mortgages are only accessible by very specific professions across the United Kingdom. It is a specifically niche area of the mortgage market, so it is absolutely recommended that you get in touch with a qualified mortgage advisor in Coventry to learn more about this type of mortgage.
Second Home Mortgages
If you are considering taking out a mortgage on any additional properties, you will need to be able to prove to the mortgage lender that you are financially able to cover the costs of these mortgage payments at the same time. We are able to help you prepare for this.
Holiday Home/Let Mortgages
Holiday lets are similarly functioning to buy to lets in Coventry, though the difference between the two is that a buy to let will usually have long term tenants, whereas holiday lets are known for having multiple short term tenancies.
Because of the nature of a holiday let, you may not be able to rent out your home at all during the off-seasons, as potential tenants may not be interested. The mortgage lender will need to have the utmost confidence in your ability to repay your mortgage in any situation, whether you have a tenant or not.
New Build Mortgages
New builds are often quite a deal more costly to invest in than properties from other periods. If you are finding the initial step of saving up for the deposit to be quite a difficult step and you are a first time buyer in Coventry, you may benefit from using the Help to Buy Equity Loan Scheme as a way to find your footing on the property ladder.
Non-Standard Construction Property Mortgages
A ‘non-standard’ property is what you would call a property that has not been built in a conventional way, say with bricks and mortar.
For a home buyer to take out a mortgage on a property such as this, you would need to be applying for an incredibly specialist mortgage deal. We would also very much recommend that you get a full structural property survey if you’re looking to buy this sort of property.
Multiple Applicant/House of Multiple Occupation Mortgages
HMO mortgages are another variation of a buy to let in Coventry that will typically have between 4-6 tenants, functioning similarly to that of student housing. HMOs are often quite complex investments to work with. We would suggest obtaining specialist buy to let mortgage advice in Coventry prior to taking on a HMO property.
Mortgages Past Retirement Date/Lifetime Mortgages
You may be able to release the equity that you have built up over a length of time. To convert that into personal funds, you’ll need to take out a Lifetime Mortgage, though this only applies to people past the age of 55, with properties worth over £70,000.
To learn more about this type of mortgage, speak with a specialist Later Life Mortgage Advisor in Coventry.
Offset mortgages will open up a savings account to run alongside your mortgage. This type of mortgage is generally considered to be quite a useful way of helping you to access competitive interest rates and various mortgage products that are available with different mortgage lenders.
Do you require a specialist mortgage advisor in Coventry?
Here at Coventrymoneyman we are able to choose from a wide variety of specialist mortgage lenders on panel, each who have their own strict mortgage lending criteria that we are able to match our customers against.
Our expert team of mortgage advisors in Coventry are able to use their knowledge and experience that they have been able to gather over their multitude of years within the world of mortgages, in order to recommend a customer the absolute best available deal for their situation, that they qualify for.
If you happen to be concerned about your credit score at all, we would highly suggest that you look to obtain for yourself an up-to-date credit report.
This will be incredibly useful when it comes to your free initial mortgage appointment, as your personal credit report gives us a much better overview of you as a person, what you are looking to achieve and what might be the best route to take when looking to find you the best mortgage deal.
Open & Honest Mortgage Advice in Coventry
We always work hard for our customers, making sure they’re put first and with their best interests at heart. We aim to keep all of our customers well informed and looked after throughout their process, providing them with the best service we can possibly provide and answering any questions they have.
As a company that truly prides itself on being able to provide everyone who gets in touch with fast, friendly, clear & simple mortgage advice in Coventry, we will be there throughout your entire mortgage journey. Book your free mortgage appointment and we will see how we are able to help you.