An In-Depth Look at Specialist Mortgage Scenarios in Essex
When a mortgage applicant is experiencing a difficult process and can’t seem to find a lender that will accept them, we will be here ready to provide them with expert Mortgage Advice in Essex and guide them through their journey.
As a Mortgage Broker in Essex that is both trusted and experienced within the world of mortgages, over 20 years of working in the industry we have spoken to many customers, each with very different mortgage scenarios to one another. Below we listed a better overview of some of these mortgage scenarios:
Property Down Valuation
After a property survey has been performed on your potential new home, only to discover that the accepted offer you put forward was actually above how much the property is worth, you have on your hands a Property Down Valuation.
This doesn’t mean it’s impossible to work around something like this, it just makes it a lot more difficult and the chances are that your lender will just pull out of the deal. If you have the ability to make up the difference between your offer and the genuine value of the property, then you may have a slightly better chance of success.
Divorce & Separation Mortgage Advice
During a divorce or separate, sorting out any joint finances, like your mortgage, can be quite tricky to work with. You need to make sure you get this sorted sooner rather than later, as the longer you leave it, the more difficult it would be.
Remove a Person From a Mortgage
If you do happen to be getting divorced or separating, you will probably be wanting to remove your own name or your ex-partner’s name from the mortgage you are currently both on.
Depending on your affordability and if the payee has financial stability, both of your options will be limited going forward, as a lender prefers two incomes to one.
Single Name Mortgages for Married Applicants
If you’re married and in the market for a mortgage on a home for you and your partner, you’ll find that lenders would much rather that two applicants named on the mortgage instead of one, though it may be possible to obtain a mortgage in only one name.
The Help to Buy Shared Ownership Scheme is really useful for allowing mortgage applicants to only have a mortgage taken out as a share, at a percentage of the property. We tend to find, this will be between 25%-75%, though in some cases this might be different.
Whoever owns the share that is remaining, most likely to be a local authority, you will pay them back in rent at the same time you are paying off your mortgage to the lender.
Professional mortgages can only be accessed by specific professions. It is a particularly niche area of the mortgage market, which is why we would highly suggest that you speak to a specialist Mortgage Advisors in Essex to learn more about this particular mortgage.
Second Home Mortgages
Any customers who have plans to take out a mortgage on an additional property, you will need to show evidence to the lender that you have the right financial capabilities to cover the costs of both mortgages at the same time. The good news is our Mortgage Advisors in Essex can help you prepare for this.
Holiday Home/Let Mortgages
Holiday lets mortgages work in a similar way to a buy to lets mortgage, with the main difference is that a buy to lets generally have long term tenants, whereas holiday lets normally only have short term tenancies.
Remember, you may not be able to rent out your home at all during off-seasons, regardless the mortgage lender will need to have complete confidence that you can afford your mortgage payments no matter if you have tenants throughout the year or not.
New Build Mortgages
We tend to find new builds can cost a lot more money to invest in than older properties. If you’re needing additional support to save up for your initial deposit, you could find one of the Help to Buy Equity Loan Scheme beneficial as a way of getting on the property ladder.
Non-Standard Construction Property Mortgages
A non-standard construction property is the term given to properties that’s built with materials like bricks or mortar. Any home buyers who are looking to take out a mortgage on property like this, you will need to apply for a very specialist mortgage deal. We also greatly recommend that you get a full structural property survey too.
Multiple Applicant/House of Multiple Occupation Mortgages
HMO mortgages are a type of buy to lets that usually have between 4-6 tenants, similar to that of student housing. HMOs are often a challenging to work with. We highly recommend you seek specialist buy to let Mortgage Advice in Essex before continuing.
Mortgages Past Retirement Date/Lifetime Mortgages
You may have the option to release the equity that over time you have built up within your property. To convert that into cash, you’ll need to take out a lifetime mortgage, though this only applies to people past the age of 55. We recommend that homeowners contact an experienced Mortgage Broker in Essex for specialist help when it comes to a mortgage situation like this.
Offset mortgages will put a savings account running simultaneously with your mortgage. This mortgage type is usually a really handy way of helping you access competitive interest rates and mortgage products with different mortgage lenders.
Do you require specialist mortgage advisor in Essex?
Here at Essexmoneyman we have access to specialist mortgage lenders on panel, each with their own lending criteria, matching you with a suitable lender will help you progress further with your mortgage related goals.
Our Mortgage Advisors in Essex will utilise their experience and knowledge to recommend to our customers the best mortgage deal that matches their current situation. If you have any questions regarding your credit score, then we recommend that you ask for up-to-date copy of your credit report.
Credit reports can come in handy when it comes to you attending your free initial mortgage appointment, as your report will give our Mortgage Advisors in Essex a better idea of what you are like, your targets and the sort of deals that might be appropriate for where you are at financially and personally.
Open & Honest Mortgage Advice in Essex
Customers are the heart of this company, we work for you and always putting you first. During your mortgage process you are our responsibility and no matter what we will have your best interests at heart. Our fast & friendly Mortgage Advice in Essex team will always try to ensure you receive high-quality service throughout, keeping you informed, and being as responsive as possible.
We want you to go into your new home with a brilliant mortgage deal that matches up with your personal and financial circumstances. As a company that has built up a reputation for providing clear & simple Mortgage Advice in Essex, we will be there every step of your mortgage journey. Book your free mortgage appointment today to speak with one of our dedicated Mortgage Advisors in Essex today.