An In-Depth at Specialist Mortgage Scenarios
Here at Leedsmoneyman, we are here to welcome and help any mortgage applicants who are struggling with getting accepted by a lender.
We have dealt with a plethora of customers with different mortgage scenarios and varied circumstances through our experience as a fast & friendly mortgage broker in Leeds. Here are some mortgage scenarios that we see regularly come up:
Property Down Valuation
A property down valuation happens in the case where you have had a property survey carried out on the property but you have found the offer you put forward and accepted initially is above the market value of the property.
Divorce & Separation Mortgage Advice
In the unfortunate situation where you are going through a separation or divorce, it can be challenging to sort out what happens next.
If you are tied into a mortgage together, this can be difficult even more. Being quick with sorting this out is really important as the longer you leave it, the more complex the situation can get.
Remove a Person from a Mortgage
Leading on from the previous scenario, if you are going through a divorce or separation, there is the option to remove your name or your ex-partner’s name from your mortgage.
The options available to you varies depending on both of your financial stability also your affordability which will be judged through one form of income.
Single Name Mortgages for Married Applicants
If you are married and are wanting to get a mortgage on a property that both you and your partner will live in, you may wish to take out a mortgage in only one of your names.
This is where you would look to see if you are eligible for a mortgage in a single applicant’s name.
Lenders would prefer both applicants on the mortgage as there would be two incomes instead of one however the option may still be there.
The Shared Ownership Scheme is a way for mortgage applicants to take out a mortgage on only a percentage of the property, as a share. The amount can vary between 25%-75%.
You will pay back rent to whoever to the individual who owns the remaining share, this is usually a local authority, and you will pay this as well as your payment.
This is known as being a niche section of the mortgage market due to this type only being offered to very specific professions. Because of the specifications that comes with this mortgage, it’s best you get in touch with a specialist like ourselves for more information.
Second Home Mortgages
Taking out a mortgage for a second property will require you to demonstrate that you will be financially fit for covering two mortgage payments. Our team will be able to help you get ready for this.
Holiday Home/Let Mortgages
Similar to buy to let properties, however, holiday lets means you won’t have a tenant in there constantly which suggest that the property will be empty in periods that are off-season.
Lenders will need to be confident that you will still be able to afford the mortgage payments every time, even if the property is not occupied.
New Build Mortgages
You may find that new builds can be more expensive to invest in compared to properties from previous generations. The Help to Buy Equity Loan Scheme introduced by the government is fitting for only first time buyers who are finding saving up for their initial deposit challenging.
The scheme is a chance for people who are struggling to take their first step on the property ladder.
Non-Standard Construction Property Mortgages
A building that is not built by the standard building materials like bricks and mortar is known as a ‘non standard’ property.
It’s required that you take out a very specialist mortgage product in order to take out a mortgage under this type. In the instance where you are looking to buy a property that is under the category, we highly recommend you get a full structural property survey.
Multiple Applicant/House of Multiple Occupation Mortgages
HMO mortgages are like buy to lets but with 4-6 tenants involved. This one is generally used for student housing. Looking at specialist buy to let mortgage advice in Leeds would be something we would highly suggest to look into. This is because HMOs can be challenging to work with.
Offset mortgage works in tandem with a savings account. Taking an Offset mortgage out could be very beneficial if you are wanting to look at competitive interest rates and mortgage products.
In need of a specialist mortgage advisor in Leeds?
As a mortgage broker in Leeds, we have access to an assortment of mortgage lenders on panel, each with its own unique mortgage lending criteria that customers can be compared and matched up against.
Our dedicated team of mortgage advisors in Leeds can provide the best deal for our customer’s financial and personal circumstances through their rich experience and extensive knowledge in mortgage advice.
Are you uneasy about your credit score? Looking to obtain an up-to-date copy of your credit report can be highly beneficial.
This will help you when it comes to attending your free initial mortgage consultation because our mortgage advisors can have a snapshot of your overall financial status. From this, we can look through deals that might work perfectly with your circumstances.
We Have Zero Ties to Estate Agents
It’s common to find other mortgage broker companies across the nation and in Leeds are tied to banks, estate agents or building societies. We are not partnered with any estate agents, banks or building societies which is what is a perk at Leedsmoneyman.
We work for the customer and have the customer’s interest at heart. Our team’s responsibility is to support and help you throughout the mortgage process.
Our friendly and hard-working mortgage advice team strives to provide you the best service to get you through the full mortgage process and constantly updating through every step to hopefully a successful mortgage.
We provide this service in the hopes that you end your mortgage journey satisfied going into your new home happy with a brilliant mortgage deal that fits your circumstances.
As a fast and friendly mortgage broker, we will be your helping hand throughout your mortgage journey by providing you with open and honest mortgage advice in Leeds. Contact us and book your free mortgage appointment.