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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  • 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.

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