An In-Depth Look at Specialist Mortgage Scenarios
When a mortgage applicant is going through a tough time with their mortgage and finds it challenging to get accepted by a lender, we will always be ready and willing to help them with open arms.
As a trusted and experienced mortgage broker in Lincoln, we have spoken with many different customers over the years, all with varying scenarios. Here are some frequent topics we have encountered before:
Property Down Valuation
If you had a property survey carried out on the property only to find out that the offer you put forward is above the property’s market value, this is a property down valuation.
Your lender will likely pull out of the deal. However, this can change if you can make up the difference between your offer and the properties actual value.
Divorce & Separation Mortgage Advice
If you happen to be going through a divorce or separation, it can be not easy, especially if you have a joint mortgage together. You will need to sort this out sooner rather than later.
Removing a Person from a Mortgage
This can tie in with divorce and separation if you look to remove your name or your ex-partner’s name from your mortgage. You will be limited with your options depending on financial stability and your affordability based on one of income.
Single Name Mortgages for Married Applicants
If you’re married and getting a mortgage on a property that you and your partner will live in, some lenders will prefer both applicants to be named on the mortgage; but it’s possible to get a mortgage in one applicants name.
Shared ownership is a type of mortgage that gives First Time Buyers in Lincoln the chance to buy a share in a new build property. Usually, you take out a mortgage for the share you own (usually between 25% and 75%) while paying rent on the rest to a housing association.
Professional mortgages are only accessible to particular lenders. As this is a niche section of the mortgage market, we would highly recommend speaking to a specialist Mortgage Advisor in Lincoln for more information on this topic.
Second Home Mortgages
There are many reasons why someone will be looking to take out a second mortgage on another property, but you will need to prove that you are financially stable enough to cover the costs of two mortgage payments.
Holiday Home/Let Mortgages
Holiday lets are similar to buy to let properties. However, you might not have a tenant in there all the time. So, you will need to prove to the lender that you can cover the monthly costs of your mortgage payments regardless of whether the property is occupied or not.
New Build Mortgages
New builds prices can vary depending on the area. If you are struggling to save up for your initial deposit, if eligible, you may be able to utilise the government Help to Buy Equity Loan Scheme to help get you onto the property ladder.
Non-Standard Construction Property Mortgages
Non-standard construction means any building not made of materials like brick and mortar. To take out a mortgage on something like this, you will need help from a Mortgage Advisor in Lincoln to find you a suitable specialist product. Make sure to get a full structural property survey if you are looking to buy a property that falls into this category.
Multiple Applicant/House of Multiple Occupation Mortgages
HMO mortgages are taken out on properties occupied usually by five or more people. They are popular amongst landlords who own student accommodation.
We recommend speaking to a specialist Mortgage Advisor in Lincoln as these buy to let products can be challenging to find because not every lender will offer HMO deals.
Mortgages Past Retirement Date/Lifetime Mortgages
You may have the opportunity to release the equity you have built up in your home and convert that into cash by taking out a lifetime mortgage. It’s better to speak to a specialist Mortgage Advisor in Lincoln on this topic before going ahead with the process.
Taking one out could be a good way of helping you access competitive interest rates and mortgage products as an Offset mortgage links up a savings account to your mortgage.
Do you require a specialist mortgage advisor in Lincoln?
As a Mortgage Broker in Lincoln, we have access to a large panel of specialist deals, each lender has its own unique mortgage lending criteria for customers, and we may be able to find you the most suitable deal.
Our team of Mortgage Advisors in Lincoln can utilise their knowledge and expertise to recommend to our customers the most appropriate mortgage deal for their personal and financial situation.
If you are worried about your credit score, you should look to obtain an up-to-date copy of your credit report. You will receive the benefits from this when it comes to your free initial mortgage appointment, where we can get a better picture of your situation and see if we can help you achieve your mortgage goals.
We Work For You
You are our responsibility during your mortgage process, and we will always have your best interests at heart. Our mortgage advice team will always aim to give you open and honest Mortgage Advice in Lincoln and remain by your side through every step of your mortgage process.
Get in touch with us and get yourself booked in for your free initial mortgage appointment with an experienced and amiable mortgage advisor in Lincoln today.