Mortgages - Specialist Mortgage Broker - All Circumstances Considered
The mortgage and property market can seem baffling and complex, due to the sheer amount of information available which can be quite daunting.
There are many different types of mortgages, for example, General mortgages, Re-Mortgages, Buy2Let Mortgages, Council Right to Buy Mortgages, Bad Credit Mortgages and mortgages for self employed people. It is important to choose the right one with the best rates for your own personal circumstances.
General mortgages are classed as the average type of mortgage available to the public from lenders. They are mortgages that are both in the form of repayment mortgages (i.e. you pay the whole loan off including interest over monthly instalments) and interest only mortgages (i.e. you only pay off the interest on the mortgage.) There are fixed rates, tracker, capped and variable options available.
After several years with a general mortgage, the borrower might want to Remortgage their property. In simplest terms, a remortgage is the process of moving a loan from one company to another. A remortgage can be very helpful for those people who need to clear up some outstanding debt. For example, a credit card or loan.
Other types of mortgages include Buy-To-Let mortgages, which are ideal for landlords who are looking for a way of financing a property that they are planning on letting out to tenants. The business for buy2let has grown dramatically in the past few years as many people are opting to rent instead of buy.
Council Right To Buy mortgages are loans which allow a council tenant to buy the property that they are living in. You can apply for a right to buy mortgage if you have lived in your council property for five years or more. Competitive deals on the market are available for those people wishing to step onto the property ladder by applying for a council right to buy mortgage.
In today's economic climate there are a limited number of lenders who will consider mortgages for people who have impaired or a poor credit history. Clearly the rates on these mortgages are higher than they would be with a conventional High Street lender; however each case is literally assessed on its own merits. It is impossible to say without receiving a client's fact find if a mortgage would be possible. In other words we do have lenders who will consider clients with missed payments and adverse data recorded against them such as county court judgments' and defaults with missed payments etc, but again the rule of thumb is to invite you as a client to complete the fact find upon receipt of which we will establish very early if such a prospect is possible for you.
Lenders are becoming more cautious particularly with self employed people these days as clearly, for obvious reasons, the risk to lenders with self employed applicants is greater than it would be for employed applicants so they are becoming more careful and more demanding in the information that they require for clarification of income. What we need to do in cases like this is satisfy the lender and ourselves as a brokerage that you are going to be able to service any new potential mortgage and some lenders request more detailed information than others. Another thing worth pointing out is that a lot of people's income these days may be made up with things like working tax credit or a number of part time jobs or even fostering allowances or disability living allowance. Requirements vary from lender to lender and it is only with experience that we know what different lenders will accept which income criteria so again it is vitally important that we gather as much information on your fact find.
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