Special Feature – End of Mortgage Term – Mortgage Term Ending !

By Chris Morgan | Published: 10th December 2020

By Chris Morgan, Lead Financial Adviser & Mortgage Commentator,

The most controversial and relevant mortgage issue coming over this next five years will almost definitely be “Mortgage Term Ending.” Interest Only Mortgages are ending for literally thousands of people, who took out their mortgages over 20 and 25 years, before the last credit crunch back in 2008.

Many of these mortgage holders applied for their mortgages with very little in the way of proof of income, through what was known as “Self Certified” Mortgages. Lenders were offering Mortgages without checking a persons income, which for many now means they are finding it difficult to secure an “Exit Route” to hold onto their Buy To Let properties or Residential Home.

Buy To Let – Mortgage Term Ending

Fast forward 20 years and mortgages are now coming to an end, with many of mortgage holders being left without any suitable ongoing “Exit Route”. Buy To Let Landlords whose portfolio’s make up a major part of their “Later Life Planning” are finding it difficult to re-mortgage and keep the properties they were relying on for their retirement income.

Customers who were formally with Bradford & Bingley and Mortgage Express are already likely to be receiving letters from administrator companies like Rosinca Mortgages and Siberite Mortgages containing final dates for their Mortgages to repaid in full. These are normally sent at 12 months, 6 months and 1 month intervals, before the lender then begins the foreclosure process – meaning a forced sale of the property.

Residential – End of Mortgage Term

Many high street banks like Halifax also have residential mortgage customers who also now have their Mortgage Terms Ending and, with the economy the way it is currently, most lenders are in the mode of reclaiming capital and rebuilding their businesses through the recession.

Simply they want their money back and we are seeing little appetite for “later life lending clients” being offered compromises and extensions to their current mortgages. Therefore they need to find alternative exit routes and solutions as quickly as possible. It is essential, that if you find yourself in this situation, you get professional advice as soon as possible from an adviser who holds the higher “Later Life Lending” qualifications.

Countdown Letters – Don’t Wait Until Its Too Late!

If you have received a letter from your bank about your Mortgage Term Ending, then please do not ignore this letter. Most send out letters at 12 months, 6 Months and then 1 month before the end of the mortgages. Here’s a list of current and previous mortgage lenders who are on our monitoring list who send out “Countdown Letters”.

Bradford & Bingley, Cerburus Mortgages, Citi Mortgage, GMAC Residential Funding, Halifax Mortgages, Heliodor Mortgages, Intelligent Finance, Jasper Mortgages, Landmark Mortgages, Mortgage Express, Northern Rock, Roselite Mortgages, Rosinca Mortgages, Seberite Mortgages, Topaz, UCB Home Loans, UK Asset Resolution. Whilstree, Trustee Savings Bank TSB.

Don’t wait until its too late, pick up the phone and take control of your situation and find out what options you do still have. We are particularly able to assist those with Buy To Let Mortgages ending and those nearing retirement who are considering their Mortgage options.

15 Minute Mortgage Assessment

Unusual Mortgages offer a 15 minute free mortgage assessment over the phone for anyone that has been turned down for a mortgage elsewhere. We are particularly strong in the areas of Mortgage Term Ending, End of Mortgage Term, Later Life Lending and Buy To Let Mortgages.

If you have been turned down for a mortgage or are worried about approaching lenders due to the way you have been treated why not give us a call. Within 15 minutes you will know if your hopes and aspirations are a reality, with a sound opinion from the most experienced mortgage broker in the United Kingdom at placing “Unusual Mortgages”.

If you would like to know more about the types of Mortgages that we arrange you can find a comprehensive “A-Z of Mortgage Issues” on the right side bar of this page. You can contact Unusual Mortgages on UK 0845 474 3075 or International +44 1404 45397, email at enquiries@unusualmortgages.co.uk

Unusual Mortgages – Latest Mortgage Market Report – Autumn 2020

By Chris Morgan | Published: 13th October 2020

By Chris Morgan, Lead Financial Adviser & Mortgage Commentator 

Unusual Mortgages are the UK’s leading Specialist mortgage adviser for applicants looking to utilise their equity in their properties as security. We look after both individuals who may be looking to buy further property and Buy To Let investors who may be looking to grow their portfolios.

Many of the applicants we meet are unable to meet all of the Income Evidence requirements or strict criteria of high street lenders, due to their restrictive lending rules around Multiple Mortgages and Portfolio Buy To Let Mortgages.

These are some of the key areas in which we are able to offer advice. We have strong relationships with many off high street lenders, such as private banks, niche lenders and complex mortgage providers. Many offer broker exclusive products, that are tailored to our clients needs.

Criteria & Product Restrictions

  • End of Mortgage Term Approaching – Bradford & Bingley, Citi Mortgage, Heliodor, GMAC Residential Funding, Intelligent Finance, Jasper Mortgages, Landmark Mortgages, Mortgage Express, Northern Rock, Roselite Mortgages, Rosinca Mortgages, Seberite Mortgages, Topaz Mortgages, UCB Home Loans, UK Asset Resolution. Whilstree (TSB) are all mortgage company names that may be familiar to those who were granted their mortgage without proof of income in the past and are now finding their lender is unprepared to extend the mortgage term.
  • Multiple Mortgages – Some lenders are unfriendly towards Let To Buy and Buy To Let borrowers currently, as they are restricting the outlay of their capitalisation for those with more than one mortgage.
  • Portfolio Landlords – All Buy To Let portfolio lenders now have additional rental / stress test calculations to meet, which can be a major obstructive issue, especially for higher rate tax payers.
  • British Expat Clients – Those living abroad face problems currently raising Buy To Let finance, as this is a highly specialised area of mortgage lending and considered a higher risk for lenders.
  • Capital Raising Purpose – Lenders have become a lot more sensitive around the declared purpose of any equity being released from both residential and Buy To Let properties, as they are guarding and protecting their capitalisation.
  • Properties Turned Down by High Street Lenders – Flats above commercial premises, properties with two kitchens or more, properties with a percentage split of commercial or agricultural use, properties with two living units combined on one set of title deeds.(Annex and Main Home), properties which are used to host Airbnb in some way.

Income & Tax Related Restrictions

  • Utilising Property Income – Some lenders do not take property income into account when calculating mortgageable income on SA302’s, as they prefer not to lend to property professionals. Also lenders are still to catch up on Airbnb as property income.
  • Utilising Other Income – SA302’s can be interpreted in many ways by lenders, when calculating mortgageable income in particular the use of the Other Income section.
  • Minimum Proof of Income – First Years Trading as self employed is a difficult time to get a mortgage, as the amount of financial evidence accumulated is minimal in relation to lender criteria.
  • Missing Proof of Income – Missing SA302’s or accounts is a major issue as vast majority of mortgage lenders require income evidence. We can advise you how to utilise the proof of income that you do have and to avoid the strictest lenders.
  • Impact of Tax Status – Higher & Lower Rate Taxpayers are treated differently for Buy to Let and Portfolio lending, with Higher Rate Tax payers coming off particularly poorly in regards to rental income calculations currently.
  • Stress Testing Portfolio’s – Individual & Portfolio applicants are treated differently by mortgage lenders, with those with four properties or more treated differently, to those with three properties or less. Either way lenders have made it more difficult for existing landlords to borrow money.

If you would like to know more about the types of Mortgages that we arrange you can find a comprehensive “A-Z of Mortgage Issues” on the right side bar of this page. If you would like to know about a Mortgage that is not on the list then be sure to contact us using the details at the bottom of this article.

15 Minute Mortgage Assessment

Unusual Mortgages offer a 15 minute free mortgage assessment over the phone for anyone that has been turned down for a mortgage elsewhere. We will confirm if the decision you were given is correct and assess your options across all of the lenders on our manual research list, from which we tailor bespoke solutions for our clients.

If you have been turned down for a mortgage or are worried about approaching lenders due to the way you have been treated in the past, why not give us a call. Within 15 minutes you will know if your hopes and aspirations are a reality, with a sound opinion from the most experienced mortgage broker in the United Kingdom at placing “Unusual Mortgages”.

If you require more information on Complex Mortgages, Multiple Mortgages, Buy to let, Portfolio Landlords, Self Employed or Adverse Credit Mortgages  you can contact Unusual Mortgages on UK 0845 474 3075 or International +44 1404 45397, email at enquiries@unusualmortgages.co.uk

Unusual Letting Mortgages – Let To Buy Mortgages …

By Chris Morgan | Published: 7th October 2019

Let to Buy Mortgages can be complex and difficult to obtain By Chris Morgan …

There could be many reasons that you could decide to let your existing property and move into to a different one. Both before and during the last recession it became very popular for a person to leverage their current home and then move into a different one.

For some this was an absolute necessity to keep a larger home in London, so they therefore considered downsizing and reducing their outgoings. For others who simply did not wish to sell their property in a difficult market, Let to Buy became a good way to keep ownership of their home.

Let To Buy mortgages effectively are reliant on two mortgage loans being agreed at the same time, in majority of cases by different lenders. One loan to release capital from the current property (Letting Mortgage) and a second to buy an ongoing property (Residential Mortgage).

It’s not a surprise that these types of deals have become difficult to complete, as many of the major lending groups are once again restricting their lending policies ahead of Brexit.

However, there are still some very good lenders willing consider “Let to Buy” situations where the financial number and circumstances make sense.

Here’s some advice for those looking to “Let and Buy” …

  • If you have been turned down on this type of deal already, then don’t automatically think the issues lie with you, as it is quite possible that the lenders policy has changed or is restricted.
  • Some lenders simply do not have sufficient funds to lend “Multiple Finance” deals at the moment and will turn them down before even accepting an application from a borrower.
  • Any onward residential purchase will need to be simultaneous for any lender to agree a Let to Buy Mortgage. This is not normally negotiable.
  • In any economic financial cycle there are weaker mortgage providers that restrict lending and there are stronger ones that are in a better position to lend – it’s just a matter of knowing who to approach, their detailed criteria and how to present the situation.
  • Let to Buy Mortgages are complex, so seek Independent Financial Advice and your dream home move or downsizing may still be possible – presentation is everything.

15 Minute Mortgage Assessment

Unusual Mortgages offer a 15 minute free mortgage assessment over the phone for anyone that has been turned down for a mortgage elsewhere. We will confirm if the decision you were given is correct and assess your options across all of the lenders on our manual research list, from which we tailor bespoke solutions for our clients.

If you have been turned down for a mortgage or are worried about approaching lenders due to the way you have been treated in the past, why not give us a call. Within 15 minutes you will know if your hopes and aspirations are a reality, with a sound opinion from the most experienced mortgage broker in the United Kingdom at placing “Unusual Mortgages”.

If you require more information on Complex Mortgages, Multiples Mortgages, Buy to let, Self Employed or Adverse Credit Mortgages  you can contact Unusual Mortgages on UK 0845 474 3075 or International +44 1404 45397, email at enquiries@unusualmortgages.co.uk

Unusual Employment – Is Your Employment Status Effecting Your Mortgage Ability?

By Chris Morgan | Published: 27th May 2019

Mortgages can be difficult to obtain for Fixed Term Contract and Temporary Agency Workers? By Chris Morgan

Have you found the perfect property only to find out that the obvious high street mortgage lenders, will not offer you a mortgage on what appears to be suitable security offered to them?

Even though you have a significant deposit money and solid income affordability, they have decided for what appears to be an insignificant reason to decline your mortgage application?

It can be soul destroying exercise searching for the right property, only to find out that because you work on Fixed Term Contract or on a temporary agency contract they would decline your application.

Here are some examples of the types of situations that it may be difficult to find mortgage finance for …

  • Mortgage applicants who work on rolling fixed term contracts.
  • Mortgage applicants who work on temporary contracts through an agency.
  • Mortgage applicants who have switched their employment status from self-employed to employed recently and may be within a probationary period.
  • Mortgage applicants who have switched their employment status from employed to self employed. (Subject to minimum 12 months self-employed)
  • Self Employed Mortgage applicants with only 12 months trading figures and accounts.

We have seen many examples where high street mortgage lenders such as Halifax, Santander and Woolwich have refused clients mortgages, based on the employment scenario’s above.

However, you should not give up easily and contact the countries leading specialist adviser for finding mortgages for those in Unusual Employment situations like fixed term, agency and probationary contracts.

15 Minute Mortgage Assessment

Unusual Mortgages offer a 15 minute free mortgage assessment over the phone for anyone that has been turned down for a mortgage elsewhere. We will confirm if the decision you were given is correct and assess your options across all of the lenders on our manual research list, from which we tailor bespoke solutions for our clients.

If you have been turned down for a mortgage or are worried about approaching lenders due to the way you have been treated in the past, why not give us a call. Within 15 minutes you will know if your hopes and aspirations are a reality, with a sound opinion from the most experienced mortgage broker in the United Kingdom at placing “Unusual Mortgages”.

If you require more information on Complex Mortgages, Multiples Mortgages, Buy to let, Self Employed or Adverse Credit Mortgages  you can contact Unusual Mortgages on UK 0845 474 3075 or International +44 1404 45397, email at enquiries@unusualmortgages.co.uk

Unusual Mortgages – Expat Mortgages for UK Citizens living abroad.

By Chris Morgan | Published: 27th May 2019

Mortgages Can Be Difficult to find for British Expats? By Chris Morgan

Have you found the perfect property only to find out that the obvious high street mortgage lenders, will not offer you a mortgage on what appears to be suitable security offered to them?

Even though you have a significant deposit money and solid income affordability, they have decided for what appears to be an insignificant reason to decline your mortgage application?

It can be soul destroying exercise searching for the right property, only to find out that because you’re an Expat British Citizen living abroad, you are no longer able to obtain a Mortgage in the UK.

Here are some examples of the types of situations that it may be difficult to find mortgage finance for …

  • British Expats with existing Buy To Let properties still in the UK, who may wish to re-mortgage for refurbishing their properties.
  • British Expats with existing Investment properties still in the UK, who may wish to re-mortgage their Buy To Let to find further property purchase.
  • British Expats who currently live abroad and may still wish to invest into Buy to Let property in the UK.
  • British Expats who wish to buy a residential property on their return to the UK and have no current residential history.
  • British Expats who wish to buy a residential property on their return to the UK and have a broken history of employment.

We have seen many examples where high street mortgage lenders such as Halifax, Santander and Woolwich have refused mortgages, solely based upon a persons British Expat residential status.

However, you should not give up easily and contact the countries leading specialist adviser for finding mortgages for British Expats both currently living abroad and those looking to return to the UK.

15 Minute Mortgage Assessment

Unusual Mortgages offer a 15 minute free mortgage assessment over the phone for anyone that has been turned down for a mortgage elsewhere. We will confirm if the decision you were given is correct and assess your options across all of the lenders on our manual research list, from which we tailor bespoke solutions for our clients.

If you have been turned down for a mortgage or are worried about approaching lenders due to the way you have been treated in the past, why not give us a call. Within 15 minutes you will know if your hopes and aspirations are a reality, with a sound opinion from the most experienced mortgage broker in the United Kingdom at placing “Unusual Mortgages”.

If you require more information on Complex Mortgages, Multiples Mortgages, Buy to Let, Self Employed or Adverse Credit Mortgages  you can contact Unusual Mortgages onUK 0845 474 3075 or International +44 1404 45397, email at enquiries@unusualmortgages.co.uk

Unusual Properties – Finding The Right Mortgage Lender For You.

By Chris Morgan | Published: 23rd May 2019

Two Properties One Title Deed? By Chris Morgan

Have you found the perfect property only to find out that the obvious high street mortgage lenders, will not offer you a mortgage on what appears to be suitable security offered to them?

Even though you have a significant deposit money and solid income affordability, they have decided for what appears to be an insignificant reason to decline your mortgage application?

It can be soul destroying exercise searching for the right property, only to find out that because the property is “unusual” or slightly “different” you may not be able to raise the money to buy your dream home.

Here are some examples of the types of properties that it may be difficult to find mortgage finance for …

  • Those with two kitchens in the same home, it’s fine for a home to have two bathrooms, so why not two kitchens?
  • Properties that have two houses or homes, that are contained in one set of title deeds.
  • Houses that have an annex, or smaller apartment attached and are again included under the same set of title deeds.
  • Homes that may have been altered into two seperate properties and are still contained under the same single set of title deeds.
  • Properties that are residential homes and have part of the house converted into a “Home Office” that has maybe been used for a business purposes in the past.

We have seen many examples where high street mortgage lenders such as Halifax, Santander and Woolwich have refused mortgages, solely based upon a surveyors comments relating to “Duel” properties and title deeds.

However, you should not give up easily and contact the countries leading specialist adviser for finding mortgages for “Double”, “Duo” and “Split Title” properties. We have lenders that may be willing to help!

15 Minute Mortgage Assessment

Unusual Mortgages offer a 15 minute free mortgage assessment over the phone for anyone that has been turned down for a mortgage elsewhere. We will confirm if the decision you were given is correct and assess your options across all of the lenders on our manual research list, from which we tailor bespoke solutions for our clients.

If you have been turned down for a mortgage or are worried about approaching lenders due to the way you have been treated in the past, why not give us a call. Within 15 minutes you will know if your hopes and aspirations are a reality, with a sound opinion from the most experienced mortgage broker in the United Kingdom at placing “Unusual Mortgages”.

If you require more information on Complex Mortgages, Multiples Mortgages, Buy to let, Self Employed or Adverse Credit Mortgages  you can contact Unusual Mortgages onUK 0845 474 3075 or International +44 1404 45397, email at enquiries@unusualmortgages.co.uk

Debt Consolidation – Overcoming Adverse Credit Situations.

By Chris Morgan | Published: 5th February 2019

How to Remortgage to pay off debt? By Chris Morgan

If you’re a homeowner remortgaging can, if the right mortgage is found, improve your situation. By releasing capital and paying off debts, you could re-structure your monthly costs.

A remortgage is when you replace your existing mortgage with a new one. It can mean changing products with your existing lender, or switching to another mortgage lender completely.

You should always get expert Independent Mortgage Advice, to make certain you’re making the right decisions. There are two main ways that remortgaging can improve your situation:

  • You can release Equity that’s in your property in a lump sum and use this to repay your other short term debts, like credit cards and bank loans.
  • It might reduce your monthly mortgage payment, freeing up money to repay your other debts, like credit cards and bank loans at a faster rate.

How remortgaging works – A mortgage lender will base your application on a number of things including:

  • Your credit file, if you have CCJ’s, defaults and arrears you will definitely need specialist independent mortgage advice.
  • The value of your house, via an independent valuers report
  • How much you want to borrow, being within the lenders re-mortgaging and capital raising criteria
  • The purpose of the Equity Release being suitable according to the lenders criteria
  • The amount you earn and your current outgoings. They will assess your Income and Affordability

If you’re currently in arrears with your mortgage or any other debts, your credit file will be effected and you will definitely need to seek specialist mortgage advice, as high street lenders are unlikely to be able to assist.

If you’re currently on a mortgage deal that hasn’t ended, for example a fixed term for three years, there’ll probably be an early redemption fee to pay if you remortgage, so an Independent Mortgage Adviser will need to check if this is good advice for you overall.

In principal it is a very good idea to look at consolidating debt, especially in light of any potential economic uncertainty. If you are looking to re-structure your finances or need to raise capital for any purpose then give Unusual Mortgages a call to check if you could improve your situation.

15 Minute Mortgage Assessment –Unusual Mortgages offer a 15 minute free mortgage assessment over the phone to assess your ability to raise capital. We will assess your options across 70 lenders on our research list, from which we tailor bespoke solutions for our clients.

If you have been turned down for a mortgage or are worried about approaching lenders due to the way you have been treated in the past, why not give us a call. Within 15 minutes you will know if your hopes and aspirations are a reality, with a sound opinion from one the most experienced mortgage brokers in the United Kingdom.

If you require more information on Equity Release, Complex Mortgages, Multiples Mortgages, Buy to let, Self Employed or Adverse Credit Mortgages  you can contact Unusual Mortgages on UK 0845 474 3075 or International +44 1404 45397, email at enquiries@unusualmortgages.co.ukEdit

Retirement Mortgages – Repay Your Interest Only Mortgage.

By Chris Morgan | Published: 2nd October 2018

Is Your Interest Only Mortgage Coming to an End? by Chris Morgan

Unusual Mortgages have been approached recently by a number of clients where their mortgage terms are coming to an end in line with their retirement. Many lenders refuse to continue mortgages past retirement age, making them unsuitable for the clients purposes.

We have met clients who feel pressured by their current lender and some have almost been placed in “breach of mortgage contract” by their  lender, because they have struggled to find a replacement product. We are here to assist and help in these circumstances.

Real Life Situations by Chris Morgan, Retirement Mortgage Expert

Names: John and Margaret, Ages 55 and 62, Approaching Retirement, Existing Self Certified Mortgage (coming to an end)

John and Margaret were worried about their Interest Only mortgage which still was outstanding on their property valued at £900,000. They took out a Self certified mortgage around 15 years ago and were not required to provide a repayment vehicle by the lender. This means they are short of options to repay this amount, as the end of term gets nearer.

We helped them draw £100,000 on a Retirement Mortgage to clear their £76,000 mortgage, so they could remain in their property and have a cash reserve to use as they choose. The new arrangement was an Interest Only Mortgage, which still has monthly interest payments, unlike Lifetime Mortgages which do not.

Client Quotes: 

“It is very important to us both that we are able to remain in the property, without the pressures of moving and changing social aspects of our lives. The former Interest Only Mortgage had become a burden to us, with the term ending we knew that something would need to be done”.

“We had looked at several options, including Lifetime Mortgages, but decided that because we have regular pensions coming in, it was best to pay the interest on a monthly basis and not allow it to roll up. This was best for us, even though the initial set up fees were higher”.

Unusual Mortgages Expert Advice … 

Retirement Mortgages are an ideal way to repay an existing Interest Only Mortgage, especially for those that may have interest only mortgages coming nearing the end of it’s term, or may  have ongoing regular pension income to meet monthly Interest payments.

Retirement Mortgages have to be arranged through a qualified financial adviser, who holds the higher level mortgage qualification The Certificate of Regulated Equity Release. This exam covers retirement mortgages and lending into retirement, because lenders now offer highly specialist products.

Retirement Mortgages are different to Lifetime Mortgages as the first of these allows the mortgage holder to continue making monthly interest payments, where with the second there are no monthly repayments.

If you require more information on Retirement or Interest Only Mortgages, you can contact Unusual Mortgages on UK 0845 474 3075 or International +44 1404 45397, email at enquiries@unusualmortgages.co.uk

Please Note: 

Unusual Mortgages are authorised and regulated by the Financial Conduct Authority. Registration number 497173. They charge a fee for arranging a Retirement Mortgage where there are continuing monthly payments. they have a minimum gross earning of £1295, where commission can be offset to reduce this overall amount payable.

Lifetime Mortgage Expert is a Trading Style of Unusual Mortgages who are authorised and regulated by the Financial Conduct Authority. Registration number 497173. The fees for arranging a Lifetime Mortgage, instead of a Retirement Mortgage are different.

They do not charge a broker fee for Lifetime Mortgages (without ongoing monthly payments) where the initial lump sum withdrawal is £50,000 or more (this is not including cash reserve) instead we receive a commission from the mortgage lender.

If you wish to draw less than £50,000 we may charge a small fee to ensure a minimum total earning of £995. Please contact us for a specific quotation. In the Lifetime Mortgage Survey 2018, the average broker fee being charged by a financial adviser for arranging a lifetime mortgage was £1281 and the largest fee charged was £2395.

Mortgage Market Report – Summer 2018

By Chris Morgan | Published: 19th March 2018

HOT MORTGAGE TOPICS 2018 By Chris Morgan

Even the most suitable “High Street” mortgages are difficult to place with lenders at this moment in time. One major high street lender I’ve been dealing with recently has imposed a five day turnaround on all documents submitted as proof of income and affordability. Every question and query raised then take’s another five days to complete, which of course is ridiculous and makes obtaining finance very difficult for applicants.

It would almost seem they don’t really want to lend any money at all, even to customers with a large 25% deposit, with a complete set of pay slips and a good credit record. Although this is frustrating it’s a clear indication that High Street lenders are still protecting their balance sheets. They simply do not have the capital adequacy to change their lending policy to the benefit of consumers.

Unusual Mortgages are experts at finding Mortgages for consumers who have been turned down by High Street lenders. In the previous market reports we have talked about Adverse Credit, Buy to Let, Returning Expats, Debt Consolidation, Right to Buy and Downward Trend in Income, Fixed Contract Income, Moving Employment, Self-Employment.

Here’s the latest Hot Mortgage Topics …

Proof of Income,

All mortgage lenders now require an applicant to prove their income and affordability, before advancing a formal mortgage offer. The amount of referencing and type of proof of income varies enormously between each applicant and depends on their employment status. Employees are almost certainly going to be asked to produce their pay slips and self-employed people will be required to produce company accounts and/or tax returns.

Employment Contracts

Employees are almost certainly going to be asked to provide a copy of their employment contract and in particular any details of short term contracts. Some lenders have very specific criteria relating to second income and also contractor incomes, so it’s best to get specialist advice around this issue because not all lenders treat these issues the same and criteria varies widely.

Financial Referencing

Self Employed people are almost certainly going to be asked for their company accounts and copies of their tax returns. Most lenders will require sight of an applicant’s SA302’s which will show the amount of income declared and the tax actually paid to the Inland Revenue in that year. If an applicant is unable to produce paper documents for a mortgage application then most lenders will be able to send an income reference to be completed by an accountant (self-employed) or to an employer (employee).

All mortgages are now agreed after careful assessment of Income and Afordability. In the next column we will look at Contractor Income, Director Status and Dividend Income.

15 Minute Mortgage Assessment

Unusual Mortgages offer a 15 minute free mortgage assessment over the phone for anyone that has been turned down for a mortgage elsewhere. We will confirm if the decision you were given is correct and assess your options across 70 lenders on our manual research list, from which we tailor bespoke solutions for our clients.

If you have been turned down for a mortgage or are worried about approaching lenders due to the way you have been treated in the past, why not give us a call. Within 15 minutes you will know if your hopes and aspirations are a reality, with a sound opinion from the most experienced mortgage broker in the United Kingdom at placing “Unusual Mortgages”.

If you require more information on Complex Mortgages, Multiples Mortgages, Buy to let, Self Employed or Adverse Credit Mortgages  you can contact Unusual Mortgages onUK 0845 474 3075 or International +44 1404 45397, email at enquiries@unusualmortgages.co.uk

Mortgage Market Report – Spring 2018

By Chris Morgan | Published: 8th February 2018

HOT MORTGAGE TOPICS 2018 By Chris Morgan

Mortgage lenders so far in 2018 have been cautious in their approach, even with some of the more straight forward mortgage applications seeming to take an eternity to process and agree. Many of the less mainstream applicants continue to suffer, with lenders continuing to create a divide between, what is called “High Street” lending and “Non High Street” lending.

This regular Mortgage Market report aims to highlight the most frequent issues we seeing effecting consumers, pointing out where we may be able to assist applicants, where High Street Institutions may not. The most important point to remember is just because a High Street Bank turns down your application, it does not always mean that you wont be able to get the finance elsewhere.

There are a host of specialist lenders that may be able to help and Unusual Mortgages are experts at finding Mortgages for consumers who have been turned down by High Street lenders. In the previous market reports we talked about Adverse Credit, Buy to Let, Returning Expats, Debt Consolidation, Right To Buy and Downward Trend In Income.

Here’s the latest Hot Mortgage Topics …

Fixed Contract Income

We have recently met several clients who have been declined for a mortgage due to their employment being on a fixed term contract. Lenders have varying criteria in this respect, especially around the amount of time expended and left on a particular contract. There can be particular difficulties for people on fixed term contracts and income derived from any second jobs or employment.

Moving Employment

Lenders can be particularly harsh on people who have recently changed employment, or are still within a probationary period with a new employer. In reality it is better to change employment after completing a mortgage or property transaction. Those who are within a probationary period, or are changing jobs within the same industry there may be ways Unusual Mortgages could assist you.

Self-Employment

Self-Employed people have suffered the most since the last recession with changes to the way their income is assessed by mortgage lenders, especially if there is any evidence of “downward trend in income” (see previous report). Not all Mortgage lenders treat Self -Employed people the same, as criteria varies, especially in regards to length of time Self-Employed and type of evidence required.

In the next column we will look at Proof of Income, Employment Contracts, Financial Referencing …

15 Minute Mortgage Assessment

Unusual Mortgages offer a 15 minute free mortgage assessment over the phone for anyone that has been turned down for a mortgage elsewhere. We will confirm if the decision you were given is correct and assess your options across 70 lenders on our manual research list, from which we tailor bespoke solutions for our clients.

If you have been turned down for a mortgage or are worried about approaching lenders due to the way you have been treated in the past, why not give us a call. Within 15 minutes you will know if your hopes and aspirations are a reality, with a sound opinion from the most experienced mortgage broker in the United Kingdom at placing “Unusual Mortgages”.

If you require more information on Complex Mortgages, Multiples Mortgages, Buy to let, Self Employed or Adverse Credit Mortgages  you can contact Unusual Mortgages onUK 0845 474 3075 or International +44 1404 45397, email at enquiries@unusualmortgages.co.uk

  • COMPLEX MORTGAGE SERVICE

    Unusual Mortgages are specialist Independent Mortgage Advisers who are highly experienced in advising clients in Later Life Lending. Including Buy To Let Mortgages, End of Mortgage Term, Interest Only Mortgages Ending, Mortgage Term Ending.

    Our lead financial adviser Chris Morgan has 30 years of experience in Banking, Finance and Mortgage Advice.

    We have strong relationships with many off high street lenders, such as private banks, specialist banks, niche lenders and complex mortgage providers. Many offer exclusive products, that are tailored bespoke for clients and are only offered through financial advisers like ourselves.

    These are many of the areas in which we are able to offer advice. If you have a Mortgage Issue we can assist you with and it’s not on our A-Z of Mortgage Issues then please give us a call for us to for advice.

    A-Z of Mortgage Issues 

    • Adviser (Buy To Let, End of Mortgage Term, Interest Only Mortgage Ending & Marquee properties (Title Deed Issues, Two Kitchens – See sections below)
    • Braford & Bingley (End of Mortgage Term)
    • British Expat Mortgages
    • Buy to Let (Above Commercial Premises)
    • Buy To Let (Capital Raise)
    • Buy To Let (Declined High Street)
    • Buy To Let (End of Mortgage Term, also see End of Mortgage Term, Bradford & Bingley, Mortgage Express, Rosalite Mortgages, Rosinca Mortgages, Siberite Mortgages)
    • Buy To Let (Expat Products)
    • Buy To Let (Incomplete Proof of Income)
    • Buy To Let (Interest Only)
    • Buy to Let Mortgage (Impact of Tax Status)
    • Buy to Let (Minimum Proof of Income)
    • Buy To Let (Multiple Mortgages)
    • Buy To Let (No Minimum Income)
    • Buy To Let (Portfolio Landlords)
    • Buy  To Let (Rental Stress Test)
    • Cerburus Mortgages (End of Mortgage Term)
    • Citi Mortgages (End of Mortgage Term)
    • Complex Income Situations
    • Complex Mortgages
    • Country Properties (Marquee Properties Large Acreage)
    • Debt Consolidation
    • Declined High Street Lender (End of Mortgage Term)
    • End of Mortgage Term (Bradford & Bingley, Cerburus Mortgages, Citi Mortgage, GMAC Residential Funding, Halifax Mortgages, Heliodor Mortgages, Intelligent Finance, Jasper Mortgages, Landmark Mortgages, Mortgage Express, Northern Rock, Roselite Mortgages, Rosinca Mortgages, Seberite Mortgages, Topaz Mortgages, UCB Home Loans, UK Asset Resolution. Whilstree, TSB)
    • Equity Based Lending (End of Mortgage Term)
    • Exit Route – (End of Mortgage Term)
    • Expat Mortgages
    • Foreign Currency Income
    • GMAC Residential Funding (End of Mortgage Term)
    • Halifax Mortgages – (End of Mortgage Term – Interest Only)
    • Heliodor Mortgages – (End of Mortgage Term)
    • High Income Mortgages (Marquee Properties)
    • Higher Rate Tax Payer Rental Calculation (Buy To Let)
    • High Street Lender (End of Mortgage Term – Interest Only Exit Route)
    • High Value Mortgages (Marquee Properties)
    • Incomplete Proof of Income (SA302 & Self Employed)
    • Interest Only Mortgage (Buy To Let)
    • Interest Only Mortgage (Down Sizing Strategy)
    • Interest Only Mortgage (Exit Strategy)
    • Interest Only Mortgage (Later Life Lending)
    • Interest Only Mortgage (Term Ending, See End of Mortgage Term)
    • Impact of Tax Status (Buy To  Let Calculations)
    • Jasper Mortgages (Buy To Let End of Mortgage Term)
    • Kitchens (Multiple In One Property)
    • Landlord Mortgages
    • Landmark Mortgages (End of Mortgage Term)
    • Late Payments On Credit Record
    • Let to Buy Mortgages
    • Listed Properties
    • Marquee Properties (Two Properties, with Dual Title Deeds, Two Kitchens & Rural Properties With Acreage) 
    • Million Pound Mortgages
    • Minimum Proof of Income
    • Missing Proof of Income
    • Mixed Use Property
    • Mortgage Deeds (Two Properties, One Title)
    • Mortgage Term Ending (See End of Mortgage Term above)
    • Multiple Income Sources
    • Multiple Kitchens (One Property)
    • Multiple Mortgages
    • Multi Unit Properties (Multi Properties, One Title)
    • Mortgage Express (Buy To Let End of Mortgage Term)
    • Mortgage Rejected (By High Street Lender)
    • No Minimum Income (Buy To Let)
    • Northern Rock (End of Mortgage Term)
    • Nurses Income (Agency and Bank Hours – Only where declined by High Street Lender)
    • Portfolio Landlords
    • Professional Mortgages
    • Proof of Income (Problems meeting lender criteria)
    • Property Income (Problem meeting lender criteria)
    • Re Mortgages (Capital Raising)
    • Rosalite Mortgages (End of Mortgage Term)
    • Rosinca Mortgages (End of Mortgage Term)
    • Rural Properties (Mixed Use Properties)
    • SA302 Income Proof (Problems Producing Proof of Income)
    • Self Employed Income
    • Self Employed Mortgages.
    • Siberite Mortgages (Buy To Let End of Mortgage Term)
    • Stress Testing Portfolio’s
    • Split Title Deeds (Annex and House)
    • Thatched Roof Properties
    • Title Deed Issues (Multi Units One Title, Marquee Properties, Rural Properties With Acreage, Two Kitchens)
    • Topaz Mortgages (Buy To Let End of Mortgage Term)
    • Two Kitchens (One Property)
    • UCB Mortgages (End of Mortgage Term)
    • UK Asset Resolution (End of Mortgage Term)
    • Utilising Other Income
    • Utilising Property Income
    • Willstree Mortgages (End of Mortgage Term)

    We have only a few types of mortgages where we do not offer advice

    • Auction Property
    • Bridging Loans (Unless the borrower is looking for an Exit Route)
    • Contract Races
    • Guarantor Mortgages
    • Help To Buy
    • New Build Property (Unless the property is already built and ready to move into)
    • Shared Ownership

    Lead Financial Adviser Chris Morgan, FPC, CeMap, CeRER. 

    Chris Morgan is the Lead Financial Adviser at Unusual Mortgages with over 30 years experience in Banking, Financial, Insurance and Mortgage Industries. He has worked for three major banks in his career – Lloyds, HSBC and Barclays.

    He is the former resident financial adviser for Barclays Regent Street, Liberty’s and Mayfair group of branches and been an Independent Financial Adviser since March 1999, when he created his own advisory practice Compass in Soho London. He has also been the Lead Financial Adviser at Unusual Risks and Unusual Mortgages, since 2009.

    He is a former Financial Adviser of the Year, Barclays Young Business Person of the Year and finalist in the FT Adviser Mortgage Adviser of the Year contest.

    He has also won a host of other community and industry awards for his consumer facing work within the finance industry.

    Chris has recently been shortlisted at The European Diversity Awards for Barclays Campaigner of Year. This is for his work as a Diversity Leader within the UK Financial Services Industry.

    *PLEASE NOTE

    Authorised and regulated by The Financial Conduct Authority. Please note most Buy to Let mortgages are not regulated by The Financial Conduct Authority.

    Fees will apply for mortgage advice. We charge a set fee of between £1295 and £1495 per mortgage application, dependent on the amount of work involved, the type of mortgage you are applying for and any commission we receive from the lender on completion of your mortgage. Please contact us for a specific quotation.

  • Pages

  • Archives