Unusual Mortgages – Latest Mortgage Market Report – Autumn 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

  • 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.
  • End of Mortgage Term Approaching – Bradford & Bingley, Citi Mortgage, Heliodor, GMAC Residential Funding, Jasper Mortgages, Landmark Mortgages, Mortgage Express, Northern Rock, Roselite Mortgages, Rosinca, Seberite Mortgages, Topaz, 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 their mortgage term.
  • 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.
  • Dividend Income – Some mortgage lenders can be very difficult over Director remuneration and the way that they declare their income, director salary and dividend income need to be presented correctly.
  • 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

This entry was posted in Adverse Credit Mortgages, Buy to Let, Complex Mortgages, Equity Release, Expatriate Mortgages, Landlord Mortgages, Let to Buy Mortgages, Multiple Mortgages, No Proof of Income Mortgages, Self Certified Mortgages, Self Employed Mortgages, Two Properties One Title, Uncategorised, Unusual Mortgages. Bookmark the permalink.
  • COMPLEX MORTGAGE SERVICE

    Unusual Mortgages are specialist Independent Mortgage Advisers who are highly experienced in arranging Complex Mortgages and Buy To Let Mortgages.

    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 

    • Adverse Credit (Arrears, CCJ’s, Defaults)
    • Braford & Bingley (Buy to Let End of Mortgage Term)
    • British Expat Mortgages
    • Buy to Let (Above Commercial Premises)
    • Buy To Let (Capital Raise)
    • 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)
    • Buy To Let (Scottish Property – Certain Postcodes)
    • Complex Income Situations
    • Complex Mortgages
    • Contractor Mortgages
    • County Court Judgements
    • Country Properties (Large Acreage)
    • Debt Consolidation
    • Declined High Street Lender
    • Development Finance
    • Director Income
    • Dividend Income
    • Downward Trend Income
    • End of Mortgage Term (Bradford & Bingley, Cerburus, Citi Mortgage, GMAC Residential Funding, Heliodor, Jasper Mortgages, Landmark Mortgages, Mortgage Express, Northern Rock, Roselite Mortgages, Rosinca, Seberite Mortgages, Topaz, UCB Home Loans, UK Asset Resolution. Whilstree, TSB)
    • Equity Based Lending
    • Exit Route (Development and Bridging Finance – Note we only advise on Exit Route situations, Not Bridging Finance itself)
    • Expat Mortgages
    • Foreign Currency Income
    • High Income Mortgages
    • Higher Rate Tax Payer Rental Calculation (Buy To Let)
    • High Value Mortgages
    • Incomplete Proof of Income (SA302 & Self Employed)
    • Interest Only Mortgage (Buy To Let)
    • Interest Only Mortgage (Down Sizing Strategy)
    • Interest Only Mortgage (Term Ending, See End of Mortgage Term)
    • Investment Income
    • Impact of Tax Status
    • Jasper Mortgages (Buy To Let End of Mortgage Term)
    • Kitchens (Multiple In One Property)
    • Landlord Mortgages
    • Late Payments On Credit Record
    • Let to Buy Mortgages
    • Listed Properties
    • 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
    • No Minimum Income (Buy To Let)
    • Nurses Income (Agency and Bank Hours – Declined by High Street Lender)
    • One Year Self Employed (1 Year accounts)
    • Other Income Types (Non Conventional Income Types such as Airbnb, Property Income, Director Remuneration)
    • Portfolio Landlords
    • Professional Mortgages
    • Proof of Income (Problems meeting lender criteria)
    • Property Income
    • Re Mortgages (Capital Raising)
    • Restricted Lending
    • Right To Buy
    • Rosalite Mortgages (Buy To Let End of Term)
    • Rosinca Mortgages (Buy to Let End of Mortgage Term)
    • Rural Properties (Mixed Use Properties)
    • SA302 Income Proof (Problems Producing Proof of Income)
    • Scottish Rural Property (Buy To Let – Certain Postcodes)
    • 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)
    • Sports Person Mortgages
    • Thatched Roof Properties
    • Title Deed Issues (Multi Units One Title)
    • Topaz Mortgages (Buy To Let End of Mortgage Term)
    • Trust Fund Income
    • Two Kitchens (One Property)
    • Utilising Other Income
    • Utilising Property Income

    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
    • New Build Property (Unless the property is already built and ready to move into)

    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 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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