How To Get the Most Out of Your Mortgage
What We Will Cover
Property Finance and Taking out a normal mortgage in this current climate is complicated. It is even more complex if you are in a specialist situation. Chances are, you’re here because you had difficulty getting the right financing for your property. In this post, we’ll take a look at some of the reasons behind the difficulty and how a Specialist Mortgage Advisor can help. Specialist situations are difficult. You may be facing higher interest rates, larger deposits, less loan amount, or worse – outright rejection. There are many reasons why lenders may be refusing to entertain your application. Let us explore these today.
You Are in A Complex Income Situation
Anything other than a typical day job is considered complex. Lenders may also deny your loan application if you run your own business with no steady income, and fall under the same category with only 1-year accounts or 2 years but the first year was low. People in these situations, though perfectly able to cover their monthly mortgage repayment will face rejection from the lender. This is because typically mainstream lenders consider this higher risk by lending in such situations. Moreover, if the borrower defaults, the lender will face a huge loss. As such, they avoid lending to people with complex incomes. A Specialist Mortgage Advisor can simplify these situations. They will help make the application more straightforward and appealing to the lender. If this situation applies to you, you should hire a specialist mortgage broker at the earliest.
Your Income Is Paid in A Foreign Currency
This is a reality for many people today. They work remotely for companies that are located around the world or you may be a foreign national looking to buy a property in the UK. This means that their income may be paid in foreign currencies. This can mean US dollars, Canadian dollars, Euros, Aussie dollars, Peso, Dinars, Riyals, Yen, Birr, and maybe 100 others. Lenders are mostly unwilling to lend to such borrowers. A Specialist Mortgage Advisor is the right choice for such situations.
Your Income Comes from More Than A Single Source
This covers freelancers, contractual workers, earning bonuses, dividends, zero-hour contracts, etc. These show a lack of stability or a lack of a steady income. In such situations, you will find it difficult to get lenders to lend to you. This is because it poses a huge risk for them. Even though you know that your situation is stable and secure, lenders do not see it as such. As such, only the Best Mortgage Advisor can help you out. A specialist mortgage advisor will assess your situation, income, and needs thoroughly. This will help them find you a lender suited for your situation. Some lenders specifically cater to such complex situations, while others can be negotiated.
You Are An Entrepreneur
This is one of the more common situations. Many people earn through small businesses, rental income from one or more properties, dividends from shares, etc. These situations, while viable to you, are not the same for lenders. They only see an unstable situation that is risky for them. They can lose a large amount of money by lending in these cases. As such, without a Specialist Mortgage Advisor, you will have difficulty finding a lender. They can not only help you find a lender, but they will also get you the mortgage at the best possible interest rates. Higher interest and lower loan amounts can be frustrating, but they are not unsolvable.
You Do Not Live in The UK
This is a very tough situation to find lenders for mortgages. Very rarely are lenders willing to lend to non-resident citizens. If you live outside of the UK and earn outside as well, it can be very complicated to find a lender. It can also be very difficult to convince or negotiate with a lender for such cases. Only the very Best Mortgage Advisor can help with these. The advisor will need to have access to lenders as well for the best results. A mortgage broker specialising in special situations will be better able to assess your circumstances. With this, they can help tailor your loan application or find lenders suitable for you.
Your Property of Choice Is Non-Conforming
As with all else, non-conforming properties pose a risk for lenders. Standard properties are easy to get mortgages for. Any number of properties are considered non-conforming. For instance, it can be considered expensive to maintain or concreate by construction , the property has a thatched roof, properties made with steel or timber frames, heritage properties, etc. These are simply a few from a large list. You need the service of the Best Mortgage Advisor to help you out in such a case. What you need is to assess the situation first. From this assessment, the best possible steps can be discerned. You can, then, either tailor your application for the loan or find a lender who is suitable for your circumstances. All this, with a specialist mortgage broker.
You Are Looking For A Holiday Let Property
In this case, it is something else altogether. A Buy to Let Mortgage is not the right choice for a holiday let home. You will need a Holiday Let Mortgage. This is because holiday rental properties do not have a monthly stream of income. It may be seasonal, sporadic, and highly irregular. This can be much too complicated and, without a doubt, different from a Buy to Let mortgage. As such, you should speak to a mortgage broker so they can help you find lenders for this. While finding a lender may not be difficult, their rates can hit the roof. As such, always proceed with a mortgage advisor at your side.
The Solution
The solution is very simple. Work with a mortgage broker or a specialist advisor.
They:
- Have experience in specialist situations
- Have access to varying lenders
- Can tailor your situation more appealing to lenders
- May help you fix your credit report
- Can help your loan application more straightforward
Today it is easier than ever to find services. It is just as easy to find a specialist mortgage advisor. Look online or visit their offices to find the right mortgage broker for you.
