Specialist Mortgage Advice Coventry | Coventrymoneyman

Specialist Mortgage Advice in Coventry

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Declined by your bank? We might be able to help!

Though it would be nice if we could all have the same experience, getting a mortgage can be quite difficult from time to time and often needs a little thinking outside of the proverbial box.

 

As an experienced and long-standing mortgage broker in Coventry, there are many different complex situations we have come across, leaving us scarcely surprised when a customer gets in touch with something considered to be an “out of the ordinary” case.

 

Worry not, as it is very likely we have seen something similar before, using our knowledge of a prior encounter to further your chances of mortgage success.

Speak to a Specialist Mortgage Advisor in Coventry

Here at Coventrymoneyman, we have an extensive mortgage lender panel, with many of these lenders offering specialist mortgage deals for customers in particularly niche circumstances. These customers are often finding it rather difficult to obtain a mortgage, as they likely are unable to meet the standard mortgage criteria necessary to apply for a specific product.

 

Utilising the skillsets of a specialist mortgage advisor in Coventry to work alongside you during your property buying or remortgage journey, especially if you are finding yourself in need of a bridge over troubled water, can be incredibly beneficial to you and your situation.

 

As an open and honest mortgage broker in Coventry, it is the job of our team to ensure that you hold the line and make it through your mortgage process, happy, free from stress and with a favourable outcome on your property goals, be it your home or somewhere you’re looking to let out.

 

Complex mortgage situation in Coventry?

 

We regularly come across customers who perhaps have been rejected by their own or another high street bank, oftentimes at the very last minute. This has been known to happen when the customer is already well into their mortgage process, being dropped by the lender with no given reason.

 

In situations akin to these, the high street mortgage advisors really should have had to ability to prevent the case in question from progressing too far at the outset, by undertaking preliminary checks, to ensure that you are on a mortgage deal that you qualify for.

 

Because of the oversights that the banks have, we find that our customers can even end up being out of pocket, in a great amount of stress and understandable frustration at the situation. Without knowing ahead of time that you are absolutely going to match up with a mortgage lenders specific criteria, you could actually be harming your ability to obtain a mortgage altogether, especially if you do end up being declined.

 

There need not be any reason to worry though, as we here at Coventrymoneyman have a profusion of complex mortgage experience, helping many a customer who have walked in similar shoes to you and yours. Book your free mortgage appointment today and speak with a trusted mortgage advisor in Coventry, who will take a look at your case and see how we are able to be of assistance.

 

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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.

 

Shared Ownership

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

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

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.

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Common mortgage
questions

Once your free mortgage consultation is complete, we can arrange an Agreement in Principle for you. We can usually get you one within 24-hours of your application.

We will then try and find you a perfect deal for your individual situation. If you want to proceed, we can get your mortgage application ready for submission. Once submitted, a formal offer usually takes more than three weeks.

To back up your mortgage application, you’ll have to provide some evidential documents. This will include things like ID, bank statements, your latest P60 and payslips.

Your dedicated Mortgage Broker in Coventry will go through every step with you to make sure that you get it right!

Yes, you can get a mortgage as a Self Employed applicant, however, you must be able to submit at least one years’ accounts. Not all, but most lenders will use your salary plus dividend to work out the maximum mortgage amount that you can borrow. Sometimes, lenders will also go off your net profit.

It may require you to try and obtain a specialist product, however, yes, it can be possible to get a mortgage despite having bad credit. As a Mortgage Broker in Coventry, in the past, we’ve seen lenders request 10%-15% deposits.

This all depends on the property price and your credit rating. However, in most cases and if you have good credit, most high street lenders will require a minimum of a 5% deposit.

Yes, you can get a second mortgage in Coventry. Here are the most common reasons why people want a second mortgage:

– Debt consolidation
– Home improvements
– Buy to Let
– For a better deal
– Divorce/Separation

Even if your situation isn’t on this list, still feel free to get in touch and we will if we can help.

Usually, depending on the lender that you’ve used, your Agreement in Principle will last anywhere between 30-90 days. If your Agreement in Principle expires, you can easily renew it. If you get in touch with your Mortgage Broker in Coventry, they can arrange this.

Obtaining an Agreement in Principle (AIP) is a crucial part of the mortgage process. As a Mortgage Broker in Coventry, we advise that you get one prior to viewing properties.

Having an AIP in place nice and early could allow you to negotiate prices when making an offer. Of course, you will need to back up your affordability for a mortgage. You are only agreed in principle of providing evidential documents to support your application. Our team can help you with this.

The mortgage process can be made simple by using a Mortgage Broker in Coventry like us. Our mortgage process includes a simple fact find, a free mortgage consultation, then application submission. We can arrange an Agreement in Principle within 24-hours of all of this. We just need some evidential documents from you then we can get the ball rolling!

Your free initial mortgage consultation in Coventry will last around an hour. Firstly, your Mortgage Advisor in Coventry will get some information from you to find out about your mortgage needs and situation. Once we have some details from you, we can begin looking for mortgage deals.

Your dedicated Mortgage Advisor in Coventry will search through 1000’s mortgage deals, trying to find one that matches your personal and financial mortgage situation. If we find a deal, we’ll recommend you with the product. If you are happy to continue, we can get the ball rolling with your mortgage application.

We make it so easy!
Our 4 step process

Step 1

A telephone call where we can take some initial details and find out about your plan of action.

Step 2

Enjoy finding a property in Coventry!

Step 3

Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.

Step 4

Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

A telephone call where we can take some initial details and find out about your plan of action.

Enjoy finding a property!

Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.

Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

Handy quick links

Coventrymoneyman.com & Coventrymoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Should you have cause to complain and you are not satisfied with our response to your complaint, you may be able to refer it
to the Financial Ombudsman Service, which can be contacted as follows

The Financial Ombudsman Service, Exchange Tower, London, E14 9SR
www.financial-ombudsman.org.uk

© 2022 Coventrymoneyman

Coventrymoneyman – Sherbourne House, Humber Avenue, Coventry, CV1 2AQ

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