Specialist Mortgage Advice in Sheffield

When a mortgage applicant is going through a particularly tough time with their mortgage and is finding it difficult to get accepted by a lender, we will always be ready and willing to help them with arms wide open.

As a trusted and experienced mortgage broker in Sheffield, we have had spoken with a large variety of different customers over the years, all with varying mortgage scenarios. Here is a more in-depth look at some of these mortgage scenarios:

If you’ve had a property survey carried out on the property and you then find out that the offer you put forward and had accepted is actually above the market value of the property, this is a Property Down Valuation.

Though not completely impossible, it’s incredibly likely that your lender will pull out of the deal. This can change if you are able to make up the difference between your offer and the properties true value.

If you happen to be going through a divorce or separation, it can be difficult enough to sort out what happens next. This is even more the case if you are tied into a mortgage together. It is crucial to sort this out sooner rather than later, as it can be very complicated if you leave it too long.

Further from the latter mortgage scenario, if you are going through a divorce or separation, you may wish to remove your own name or your ex-partner’s name from your mortgage. You will be limited with your options depending on both of your levels of financial stability, as well as your affordability based now on only one lot of income.

If you’re married and looking to obtain a mortgage on you and your partner’s home, a mortgage lender would definitely prefer for both applicants to be named on the mortgage, though if you would rather take out the mortgage in only one name, you may still be able to do this.

The Shared Ownership Scheme is a great tool that allows mortgage applicants to take out a mortgage on only a percentage of the property, as a share. This is typically between 25%-75%. Whoever owns the remaining share, likely a local authority, you will pay them back in rent alongside your own payment.

Professional mortgages are only accessible to very specific professions. This is a niche section of the mortgage market and as such we would highly recommend getting in touch with a specialist like ourselves for more information on this.

If you are planning to take out a mortgage on a additional property, you will need to provide evidence that you are financially stable enough to cover the costs of two mortgage payments. We are able to help you prepare for this.

Holiday lets work very similar to buy to let properties, however, you won’t have a tenant in there all the time, potentially even having an empty home altogether during off-seasons. As such, lenders need to have complete confidence that you’ll be able to afford your mortgage payments at all times, whether the property is occupied or not.

New builds can often be more expensive to invest in than properties from previous generations. If you’re struggling to save up for your initial deposit, you might find solace in using the government’s Help to Buy Equity Loan Scheme as a means of getting onto the property ladder.

A ‘non-standard’ property is a property that is not built from standard building materials like bricks or mortar. In order to take out a mortgage on something like this, you will need a very specialist mortgage product. We also highly suggest that you get a full structural property survey if you’re looking to buy a property that falls into this category.

HMO mortgages are essentially buy to lets with 4-6 tenants, such as the sort that you would see used for student housing. HMOs are often very difficult to work with. We would recommend that you obtain specialist buy to let mortgage advice in Sheffield if you’re looking at stepping into the world of HMOs.

You may have the option to release the equity that you’ve built up in your home and convert that into cash by way of taking out a lifetime mortgage. We would recommend that you get in touch for specialist help if this sounds like something you would like to do with your home.

Offset mortgages links up a savings account to your mortgage. Taking one out could possibly be a good way of helping you access competitive interest rates and mortgage products.