Mortgage Market Report – Future 2018

HOT MORTGAGE TOPICS 2018 By Chris Morgan

2018 is likely to see a continued tightening of lending criteria, with lenders keen to keep any capitalisation they have acquired since the last recession. With uncertainty surrounding Brexit they are unlikely to relax high street mortgage lending through banks and building societies any time soon.

This regular column aims to highlight the areas that high street institutions may not be interested in lending money to consumers. There has definitely been a divide created between what is called “High Street” and “Off High Street” lending, with the secondary mortgage market growing rapidly to meet demand from mortgage borrowers who may not be eligible for a high street mortgage.

In each Hot Mortgage Topics column we will mention some of the topical “Non High Street” mortgage situations that have crossed my desk recently. In the last column we talked about Adverse Credit, Buy to Let and Returning Expats. Here’s the latest …

DEBT CONSOLIDATION

It would seem a good idea to look at consolidating debts and loans ahead of Brexit, those with any unsecured debt or credit cards may be able to save hundreds of pounds each month. Even those with some form of adverse credit like County Court Judgements, Arrears Defaults or Late Payments could still probably consolidate their debts, through the right “Off High Street” lender.

RIGHT TO BUY

Although High Street lenders do offer mortgages on Right To Buy, they may not always lend on the type of property that you have been offered a discount. Sometimes ex-local authority properties could be of “non-standard” construction, so it can be extremely difficult to find mortgage finance. Sometimes this is due to the materials used or a defect highlighted in the building process. Although these properties can be almost impossible to mortgage, there are a limited amount of lenders that will consider offering a mortgage.

DOWNWARD TREND INCOME

One of the first casualties when “High Street” lenders tighten their mortgage criteria are the Self Employed, this is especially the case in an economic downturn. If your accounts or tax returns show what is described as a downward trend of income, then you may be declined for mortgage finance by building societies and banks. They are highly likely to treat you as a higher risk within their mortgage lending criteria.

These are just some of the “Off High Street” Mortgage types where “Unusual Mortgages” can be of use to borrowers looking for finance, in our next blog article we will look at types of income and contractsFixed Contract Income, Moving Employment, Self-Employment

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

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  • About Us

    Unusual Mortgages are Independent Mortgage Advisers who specialise in arranging Complex Mortgages. Our lead financial adviser Chris Morgan has 30 years of experience in Banking, Finance and Mortgage Advice.

    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.

  • Complex Mortgage Service

    Unusual Mortgages offers highly experienced and expert advice, from an industry leading financial adviser in return for reasonable fixed arrangement fees. On a number of occasions we have met clients who were quoted elsewhere, broker arrangement fees of between 1% and 1.5% of the mortgage, which can equate to literally thousands of pounds of extra fees.

    We have developed a business model and professional advice process that allows us to offer Independent Mortgage Advice at highly competitive fixed broker fees. which are extremely low in comparison to other fee based brokers.

    Unusual Mortgages have recently saved one particular client literally thousands of pounds in arrangement fees and total interest payable over the term of his loan.

    These are the main “Complex Mortgage” areas which we can offer our advice in return for Set Fees.

    Adverse Credit Mortgages, Buy to Let Mortgages, Complex Mortgages, Contractor Mortgages, Debt Consolidation, Development Finance, Downward Trend Income, Expatriate Mortgages, Landlord Mortgages, Let to Buy Mortgages, Mortgage Term Ending, Multiple Mortgages, Mortgage Rejected, Professional Mortgages, Re Mortgages, Returning to the UK, Right To Buy, Second Home Finance, Self Employed Mortgages.

    We are especially experienced at assisting people to find mortgages with Arrears, Adverse Credit, Bankruptcy Defaults, County Court Judgement's (CCJ's) and Late Payments on their Credit Record.

    *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 £795 and £995 payable on 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.

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