An In-Depth Look at Specialist Mortgage Scenarios
If you happen to be a mortgage applicant going through a particularly difficult process and are unable find a lender that is willing to accept your case, we will be on hand to provide you with expert Mortgage Advice in Liverpool, at times that are appropriate for you and your schedule.
As an open & honest Mortgage Broker in Liverpool that is well versed in working with mortgages, we have spoken to a wide variety of customers over the years, all who are dealing with different mortgage circumstances to one another. Below are some of the situations that we have come across;
Property Down Valuation
If somebody has come out to undertake a property survey on your potential new home, only to find out that the offer you made (and had accepted) is actually more than the value of the property, this is a Property Down Valuation.
It is not impossible to arrange a mortgage around this, however, it is a little more complex and it is likely that the lender will just withdraw their offer. If you are able to make up the difference between the offer you have made and the actual value of the property, you may have better chances of being successful.
Divorce & Separation Mortgage Advice
If your relationship falls apart and you divorce or separate, making any alterations to joint finances, such as your mortgage, can be a complex task. Ideally, you need to get on top of this as soon as possible, as leaving it longer will make it more difficult than it already could be.
Remove a Person From a Mortgage
Following on from the mortgage scenario discussed in the previous point, if you are divorced or separated, it is likely that you will either want your name off your ex’s mortgage, or their name off yours.
Depending on your ability to afford a mortgage alone and financial stability, either option will be limited going forward. The reason this is the case, is because a lender will much prefer having two incomes together than one, and removing a name reduces some of their security against potential risk.
Single Name Mortgages for Married Applicants
If you’re married and are looking to take out a mortgage on a property that you and your partner will be able to live in, you will find that mortgage lenders would much prefer that you both are present on the application. That being said, if you would like this to remain in a sole name, it is still possible to obtain a mortgage.
The Shared Ownership Scheme is a great tool that allows mortgage applicants to have their mortgage taken out as a share, at a percentage of the property, rather than the full amount. Typically, this is between 25%-75%, though this can be different on a case-by-case basis.
The owner of your remaining share, most likely a local authority, will be paid a monthly rental fee for their share, alongside your mortgage payments to the lender. You may have the option to buy more shares as you go, if you happen to gain a higher income.
Professional mortgages are only available to very specific professions across the nation. It is a rather specific area of the mortgage market, so it is highly recommended that any applicants looking to make use of this mortgage type get in touch with a specialist in the field, to discuss it further.
Second Home Mortgages
If you are looking to take out a mortgage on a further property, you will need to prove to the mortgage lender that you are financially capable of covering the costs of both mortgage payments alongside each other. Our team of mortgage advisors in Liverpool will be able to help you prepare for this.
Holiday Home/Let Mortgages
Holiday lets function similarly to buy to lets, though the difference is that buy to lets will generally give a landlord a longer term tenant, whereas holiday lets tend to only involve shorter tenancy agreements.
This means that you may be unable to rent out a property at all during some off-seasons if nobody is willing to take on a tenancy. Because of circumstances like this, lenders will need to have complete confidence that the applicant is able to maintain their mortgage payments, whether there is a tenant in place or not.
New Build Mortgages
New builds are often more costly to purchase than those that are of a particular vintage. If you’re finding it challenging to save up the initial deposit for the property, it may be beneficial for you to use the Help to Buy Equity Loan Scheme as a means of getting onto the property ladder.
Multiple Applicant/House of Multiple Occupation Mortgages
HMO mortgages are another variant of buy to lets that typically will have between 4-6 tenants, similar to what you would see with student housing. HMOs are typically quite challenging investments to deal with. We would recommend getting specialist buy to let mortgage advice in Liverpool before you get started with a HMO.
Mortgages Past Retirement Date/Lifetime Mortgages
As a homeowner over the age of 55, you may have an option for releasing the equity that has built up within your property over time, via a lifetime mortgage. It is definitely recommend that you speak to a specialist in the field for further advice regarding this specialist topic.
Do you require a specialist mortgage advisor in Liverpool?
As a reputable mortgage broker in Liverpool, we have a wide variety of specialist mortgage lenders available on panel. Each of these have specific lending criteria, that allow us to match up our customers against their property owning goals.
Our open & honest team of mortgage advisors in Liverpool are able to use the expertise that they have gathered over our many years of helping customers achieve mortgage success, in order to recommend the best mortgage deals for our customers situations.
If you are concerned about the current state of your credit score, we would definitely recommend getting an up-to-date copy of your credit score.
This will be very useful ahead of your free initial mortgage appointment, as your credit report will allow us to gain a deeper insight into your circumstances and better tailor our recommendation to your needs.
Open & Honest Mortgage Advice in Liverpool
We work hard for our customers, always putting them first and ensuring they’re in the best place they can be. No matter what, we have your best interests at heart, you are our responsibility.
Our fast & friendly mortgage advice team will always do their best to keep our customers informed, up-to-date, safe and secure throughout their process. It’s our hope that with our mortgage advice service will leave you with a favourable outcome and a suitable deal for your needs.
As providers of clear & simple Mortgage Advice in Liverpool, we will support our customers through every step of their mortgage journey. Book yourself in for a free mortgage consultation with a dedicated mortgage advisor in Liverpool and we’ll see how we are able to help you with your specialist case.