An In-Depth Look at Specialist Mortgage Scenarios
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:
Property Down Valuation
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.
Divorce & Separation Mortgage Advice
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.
Remove a Person From a Mortgage
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.
Single Name Mortgages for Married Applicants
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.
Second Home Mortgages
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 Home/Let Mortgages
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 Build Mortgages
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.
Non-Standard Construction Property Mortgages
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.
Multiple Applicant/House of Multiple Occupation Mortgages
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.
Mortgages Past Retirement Date/Lifetime Mortgages
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.
Do you require a specialist mortgage advisor in Sheffield?
Here at Sheffieldmoneyman we have a wide variety of specialist mortgage lenders on panel, each who have their own unique mortgage lending criteria for customers to be matched up against.
Our trusted team of mortgage advisors in Sheffield are able to use their extensive knowledge and experience that we have gathered over our two decades of service as a mortgage broker, in order to recommend to our customers the most appropriate mortgage deal for their personal and financial situation.
If you are worried about your credit score, then you should absolutely look to obtain an up-to-date copy of your credit report. You’ll reap the benefits from this when it comes to your free initial mortgage appointment, as having this will give us a better idea of what you are like, what you would like to do and the sort of deals that might be appropriate for the circumstances.
We Work For You
During your mortgage process you are our responsibility and we will always have your best interests at heart.
Our dedicated and hard working mortgage advice team will always aim to give you the best service we can, ensuring you remain informed all throughout, that you’re given a responsive service and that the service is tailored to your needs.
We hope in giving you this service that you end up with a smile on your face, going into your new home with a fantastic mortgage deal that matches your personal and financial situation.
As a company with a reputation for providing expert, fast & friendly mortgage advice in Sheffield, we will remain by your side through every step of your mortgage process. Get in touch with us and get yourself booked in for your free initial mortgage appointment with an experienced and amiable mortgage advisor in Sheffield today.