Mortgage Market Report – Future 2018

By Chris Morgan | Published: 20th December 2017

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 contracts – Fixed 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

Mortgage Market Report – The Past 2017

By Chris Morgan | Published: 6th November 2017

HOT MORTGAGE TOPICS 2017 By Chris Morgan

2017 has seen many changes to the Mortgage Market in the UK, in particular to the types of mortgages available and the way that products are distributed. Since the end of the last recession there have been continued and relentless changes to mortgage criteria and the rules that govern mortgage lending.

None of these changes have been kind to consumers, with many groups of borrowers effected in their ability to raise finance and access mortgage products. This has all been very deliberate to restrict mortgage lending by banks and building societies, to firstly recapitalise, to grow their balance sheets and then generate profits.

Here’s some of the recent types of mortgages that have most definitely been effected by new government legislation and mortgage lenders criteria changes. You’re unlikely to find these types of Mortgage Finance on the high street anymore.

ADVERSE CREDIT

Borrowers with any kind of previous arrears, defaults, County Court Judgments (CCJs), repossession, bankruptcy or voluntary arrangements on their credit file are likely to find mortgages particularly difficult to obtain. The major high street lenders have lost interest in providing mortgages to this group of people and they should approach a specialist mortgage broker for advice.

BUY TO LET 

Since government changes to tax legislation Buy To Let mortgage criteria has been particularly tricky for both new and existing landlords. Some landlords are finding it difficult to draw their existing Equity for repairs to properties or to grow their portfolios. Once again the high street lenders are unlikely to offer finance and landlords should seek advice from a specialist broker.

RETURNING EXPATS

For people returning to the UK from abroad it has become very difficult for them to obtain mortgage finance, with most lenders these days using electronic credit scoring, which requires two or three years UK address history. Borrowing for this group of people has almost come to a halt, but thankfully there are some options available by taking specialist advice.

These are just some of the Mortgage types where “Unusual Mortgages” can be of use to borrowers looking for finance, in our next blog article we will look at “The Future 2018”, and what this might mean for Debt Consolidation, Specialist Mortgages, Self Employed Mortgages.

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 – September 2017

By Chris Morgan | Published: 4th September 2017

Buy To Let & Debt Consolidation By Chris Morgan

Unusual Mortgages have recently been getting a number of requests from landlords who wish to utilise their assets and either raise capital to purchase further properties or repay unsecured debts they may have accumulated.

We also meet landlords who have paid for refurbishments and redecorating from their own pockets and now wish to recuperate the money via a re-mortgage. However, due to the latest lending criteria this can be tricky, especially if the landlord is currently in rented accommodation themselves.

Now you may think this to be odd, but some landlords move around with their day job, particularly if they are in executive management, or are British Expats living abroad, so we often get phone calls from confused applicants whose income is strong and own properties with large amounts of equity, but are still having difficulty raising mortgage finance.

Here are some top tips for people who may find themselves in that position

1) If you are looking for a Buy To Let product for Capital Raising and Debt Consolidation and been having difficulty, then seek specialist advice, because although difficult it may be possible

2) There are only very limited lenders in the Buy to Let market and many of those have strict rules around raising capital and debt consolidation.

3) Lenders have strict guidelines and criteria around residency and unsecured debt you may have in your name, once again seek advice before applying as this is something that is complex needs to be presented to the lender 100% in the right way

4) If you apply directly and are declined it then can be far more difficult for a broker to secure you a mortgage. Sometimes it is better for an application to be presented to the lender from a specialist broker.

5) Specialist Mortgage Brokers will be able to speak with underwriters and lenders before submitting a case, to gauge their interest before submitting a formal application. This will protect your credit record and avoid “foot prints” on your credit record showing you have approached several lenders

6) Buy to Let criteria has become extremely technical since the introduction of new rules earlier in 2017, however for certain groups of landlords it is still possible to re –mortgage, capital raise and consolidate debt, speak to the experts first.

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

Unusual Mortgages – Research Survey 2017 – Part Two

By Chris Morgan | Published: 15th June 2017

Welcome to Part Two of the Unusual Mortgages Survey 2017

Every year we conduct research into the current status of the mortgage market in the UK and in particular how Mortgage Consumers are being effected. Mortgages have become almost impossible to obtain for certain groups of people and the Survey is our way of highlighting exclusion within the financial services industry.

This year we asked Mortgage Consumers several key questions relating to their confidence and accessibility of the UK mortgage market. The results of the first part of the Survey posed some serious questions around accessibility of Mortgage products both now and in the future.

In the second part we are asking Consumers about “Mortgage Discrimination” …

Employed Respondents

  1.  76%* of respondents to our Mortgage Survey were Employed
  2.  24%* of Employed respondents believe that Mortgage Lenders Discriminate against people who are Employed

Self Employed Respondents

  1. 24%* of respondents were Self Employed
  2. 81%* of Self Employed respondents believe that Mortgage Lenders Discriminate against people who are Self Employed

Mortgage Brokers 

  1. 67%* of respondents believe that “Independent Mortgage Brokers” help people overcome difficulties when looking for a Mortgage
  2. 88%* of respondents believe that “Independent Mortgage Brokers” help people overcome discrimination when looking for a Mortgage

The survey responses confirmed that it is widely believed that Self Employed Mortgage applicants are being discriminated against by the UK Mortgage Industry. Mortgage criteria has been progressively tightened and in particular restricted for Self Employed Sole Traders and Business owners.

Unusual Risks were particularly encouraged by the results relating to Mortgage Brokers where the respondents recognised that they help people overcome difficulties and discrimination. Independent Mortgage Brokers are able to access the Whole of Market when selecting products for consumers and have many more options than the high street mortgage lenders.

Free 15 Minute Mortgage Assessment

Unusual Mortgages offer a free 15 minute 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 on UK 0845 474 3075 or International +44 1404 45397, email at enquiries@unusualmortgages.co.uk

*The Unusual Mortgages Survey was completed by 100 existing clients and visitors to our websites and blogs between June 2016 and December 2016. 

Unusual Mortgages – Research Survey 2017 – Part One

By Chris Morgan | Published: 26th April 2017

Every year Unusual Mortgages conduct research into the current status of the mortgage market in the UK and in particular how Mortgage Consumers are being effected. Mortgages have become very difficult to obtain for many groups of people, with money in short supply with lending criteria being tightened and restricted across all mortgage products.

This year we decided to ask Mortgage Consumers several key questions relating to their confidence and accessibility of the UK mortgage market. The results of our survey were very interesting and pose some serious questions about where the UK mortgage market is heading.

We are splitting the results into two parts with the “Part One” focused on Consumer Confidence and Perceptions. Part Two will be released very soon …

Employed Respondents

  1.  76%* of respondents to our Mortgage Survey were Employed
  2.  70%* of Employed respondents believe Mortgages have become more difficult to obtain for Employed people
  3. 65%* of Employed respondents were concerned that they may have difficulty arranging a Mortgage in the future

Self Employed Respondents

  1. 24%* of respondents were Self Employed
  2. 85%* of Self Employed respondents believe Mortgages have become more difficult to obtain for Self Emlpoyed people
  3. 67%* of Self Employed respondents were concerned that they may have difficulty arranging a Mortgage in the future

The survey respondents are absolutely correct that Mortgages in the UK have become more difficult to obtain across the board, with certain groups of people finding it more difficult than others. The great “Mortgage Squeeze” has been constant over this last 5 years with criteria being tightened nearly every year resulting in the short supply of mortgage money.

Unusual Mortgages have seen many changes effecting in particular Self Employed people, those with Adverse Credit against their name and more recently those seeking Buy to let finance. Unusual Mortgages regularly assist people who are finding it difficult to obtain Morgage finance and are specialists in finding Unusual or difficult to find mortgages.

Free 15 Minute Mortgage Assessment

Unusual Mortgages offer a free 15 minute 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 on UK 0845 474 3075 or International +44 1404 45397, email at enquiries@unusualmortgages.co.uk

*The Unusual Mortgages Survey was completed by 100 existing clients and visitors to our websites and blogs between June 2016 and December 2016. 

Unusual Mortgages – Free 15 Minute Mortgage Assessment

By Chris Morgan | Published: 29th November 2016

At Unusual Mortgages we meet many clients who have been turned down elsewhere by Banks, Building Societies and even other Mortgage Brokers. The key message that we have for people who are declined elsewhere is not to give up and to speak with the countries leading specialists at finding mortgages for people in Complex and “Unusual Circumstances”.

There are 70 mortgage lenders on our “Manual Research” list, that may be able to help you buy the property of your dreams, or add the next piece of your property portfolio. Just because one lender turned you down, it does not necessarily mean that you are a poor lending risk and you may in fact be mortagable with another lender.

Income & Affordability is the most common issue preventing applicants from achieving mortgage finance at the moment, with so many changes to mortgage criteria over the last few years. Lenders have become very strict with their criteria for evidencing income and for both employees and self employed applicants.

All lenders have different criteria around the documentation that is required to agree a mortgage, especially for Self Employed applicants. If your mortgage application has been declined due to income, or if the lender has failed to offer enough money, then be sure to seek specialist financial advice.

Adverse credit is also another key reason for mainstream banks for turning down mortgage applications, with late payments on credit cards and loan agreements currently the most common reason for applications to be declined. Some well known high street lenders decline applications, even if there is only one late payment recorded on the whole of a persons credit file.

Where applicants have had a discharged bankruptcy in the past, some mainstream lenders will automatically decline an applicant, where others are much more open minded. If there are County Court Judgements and Defaults in the past, this is also likely to rule out a number of high street lenders. However, there are now specialist lenders that are offering help to people in their positions and once again applicants should seek specialist financial advice.

Multiple Mortgages were announced in our recent survey as the most common reason for clients approaching Unusual Mortgages and we have a long experience of helping people secure “Large Mortgages”, especially for people who already have several mortgages in their name. Only a select few lenders offer mulitple mortgages to applicants.

This means that if you approach the wrong high street lender, you could be declined out of hand and left wondering the reason why you were not acceptable to them. The key thing to remember is that there are more than 70 lenders in the UK market and as Independent Mortgage Advisers we can help you find the right lender and products for your needs.

Free 15 Minute Mortgage Assessment

Unusual Mortgages offer a free 15 minute 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 one of the most experienced mortgage brokers in the United Kingdom.

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 Risks Featured In The National Press – Top 10 Unusual Mortgages

By Chris Morgan | Published: 10th October 2016

Unusual Mortgages and Chris Morgan have been featured across the national press in the last few months, with focus on their work with people in the UK who are finding it difficult to secure mortgage finance. Over the last 12 months they have been closely researching the reasons that people take out Unusual Mortgages and have recently published the results.

They have a long history of working with clients to find suitable mortgages in Complex and Unusual circumstances. Chris Morgan spends a great deal of his working hours helping people secure mortgage finance, who have been turned down by standard high street lenders and need specialist Independent Mortgage Advice.

Here are some of the news articles that have appeared in the national press …

The Financial Times – FT Adviser

“Multiple applications top list of Unusual Mortgages”

https://www.ftadviser.com/2016/08/08/mortgages/mortgage-products/multiple-applications-top-list-of-unusual-mortgages-3nP2sr8yvWSDfU1DrXjRpJ/article.html

International Adviser – Leading Industry Website

“Multiple Mortgages most popular, says Unusual Survey”

http://www.mortgageintroducer.com/multiple-mortgages-popular-according-unusual-survey/#.V_tuX-ArLcs

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

Top 10 Unusual Mortgages 2016 …

By Chris Morgan | Published: 8th August 2016

Unusual Mortgages are today announcing the results of their “Top 10 Unusual Mortgages of 2016”. Their survey highlights the types of Mortgages that people are looking for and helps people looking for Unusual types of Mortgages to find specialist advice. The leading “Unusual” reason for people taking mortgages over the last 12 months was Multiple Mortgages*.

The survey was conducted amongst 100 mortgage applicants who were not able to find their ideal mortgage directly through a high street lender and had decided to approach an Independent Mortgage Adviser instead. The next most popular reasons for taking an Unusual Mortgage in the research were Employment Status*, Debt Consolidation*, Income & Affordability* and Divorce & Separation*.

Speaking about their Survey, Chris Morgan, Lead Financial Adviser of Unusual Mortgages said;

‘Unusual Mortgages are a progressive and innovative firm of Mortgage Advisers, who offer advice to people looking for mortgages who may not be able to obtain finance on the high street. We thought it would be interesting to run research into the most popular reasons why people might seek advice from a specialist Mortgage Adviser’.

‘We decided to run the survey to encourage those people who may be declined for a high street mortgage through their bank, building society or financial adviser to approach a specialist broker. Just because the first mortgage lender or financial adviser turns an application down, it does not always mean that a mortgage cannot be arranged. .

The message is that if at first you do not succeed in finding Mortgage Finance, not to give up and approach someone who specialises in Unusual situations. Sometimes applicants do not fit into tick boxes and electronic processing systems, so find a financial adviser that will treat you as an individual and use their knowledge to run bespoke research on your behalf.

Unusual Mortgages are a specialist firm of Mortgage Advisers that offer advice to people in Unusual Circumstances. This may be due to their employment status, income, affordability, marriage status, divorce, separation, health status, residential status, current age or one of a whole range of different reasons.

*Survey Results: Unusual Mortgages surveyed 100 Mortgage applicants, who were taking a mortgage through a Specialist Mortgage Adviser and asked them the main reason they were using a broker to find their mortgage.

These were the top 10 Unusual Mortgages 2016 …

1. Multiple Mortgages (20%) 2. Employment Status (16%) 3.Debt Consolidation (14%) 4. Income & Affordability (12%) 5.Divorce & Separation (10%) 6. Adverse Credit (8%) 7. Expatriate Mortgages (7%) 8. Capital Raising Unusual Purpose (6%) 9. Second Home (4%) 10. Borrowing into Retirement (3%)

Unusual Mortgages are currently conducting “The Unusual Mortgage Consumer Survey 2016″ and would appreciate if you would take just two minutes to give us your views on the Mortgage Market for both Employed and Self Employed people. https://www.surveymonkey.co.uk/r/HGPSTZ3

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

The Unusual Mortgages Guide to Credit Scoring & Credit Checking …

By Chris Morgan | Published: 25th May 2016

As one of the UK’s most experienced Mortgage Brokers and an absolute specialist in Complex and Unusual cases, I’ve seen almost every scenario that you could possibly imagine in regards to difficult mortgage applications. When trying to place “Unusual Mortgages”, we have a sixth sense as to whether a mortgage application will be accepted by a lender.

The latest news is that Mortgage Lending has been restricted even further with some of the recent cases that we have encountered. There are several ways that Mortgage lenders can restrict lending and one of the most common is to tighten their criteria around credit scoring and credit checking.

Here’s a handy guide to Credit Scoring & Credit Checking …

Credit Scoring

This is where a Mortgage Lender uses your data and electronic credit file to score points. They will use several factors like your current residential status, employment situation, current credit card balances, payment history and mortgage track record to predict your future behaviour. (At this moment in time too many Mortgage Lenders are “Cherry Picking”!) 

Credit Checking

All mortgage lenders will look at your electronic credit file to check your past behaviour with any contractual or financial commitments. They will definitely be looking at your past payment history, outstanding credit card balances and personal loans that you may have in place. (Mortgage Lenders see everything, so don’t even think about non-disclosing!)

Credit Card Balances

There has been a trend lately of Mortgage lenders declining to lend to people with “significant” unsecured debts like credit cards, personal loans and car finance. They are more likely to decline a Mortgage application if your outstanding credit card balances are over 50% of the approved limit. (So, your credit cards could be well managed and you still can be declined!)

Pay Day Loans

Mortgage lenders are highly likely to decline your application outright if you have recent activity with a pay day loan provider, even if the money was paid back on time. They view this as a sign that the person is unable to manage their current finances and are therefore unlikely to be able to manage a mortgage payment. (Mortgage Applicants should avoid Pay Day Loans at all costs!)

Adverse Credit 

Many of the major lender groups will decline an application if there is any recent late payment history and especially if there are any past arrears, defaults or county court judgements. Those who have had bankruptcy or IVA’s in the past are almost certain to be declined by major high street banks at this moment in time. (Seek advice from a specialist broker, who will have more viable options than exist on the high street!)

Improve Your Chances

If you have adverse credit on your credit file within the last six years, then seek advice before applying for mortgages, as any declined applications or multiple applications, will have a further adverse effect on your  chances of getting a mortgage. If you have equity, or a deposit, then it may still be possible to attract a lender, even with adverse credit. (Improve your chances by speaking to a specialist in Unusual Mortgages who know’s about adverse credit mortgages!) 

Unusual Mortgages are one of the UK’s most experienced financial advisers at finding mortgages for both employed and self employed people, who are finding it difficult to acquire finance. We have specialist knowledge of Credit Scoring, Adverse Credit, Self Employed Income, Multiple Mortgages, Expatriate Mortgages, Buy To Let (with or without Income Verification), Minimum Income Requirements.

We are brokers that work closely with lenders that manually assess applications and offer a greater degree of flexibility for applicants and they may accept applicants with some past adverse credit history. We also work with a number of Mortgage lenders that have no minimum income requirements and verification on Buy To Let Mortgages. If you are finding it difficult to get a mortgage, then give us a call to discuss your requirements.

Unusual Mortgages are currently conducting “The Unusual Mortgage Consumer Survey 2016″ and would appreciate if you would take just two minutes to give us your views on the Mortgage Market for both Employed and Self Employed people. https://www.surveymonkey.co.uk/r/HGPSTZ3

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

Are You Having Difficulty Finding a Mortgage? …..

By Chris Morgan | Published: 30th March 2016

Unusual Mortgages are regularly contacted by people who are finding it difficult to arrange a mortgage. Their reasons are normally due to employment status, affordability issues, residency issues or simply another broker seriously overcharging clients for their services.

Rarely do we encounter a client that encompasses all of these issues, so we have created this case example for you to highlight some of the areas that Unusual Mortgages can help both new and existing clients. This case example shows why we are simply the best broker for finding Mortgages for people in Complex and Unusual situations …

David is aged 42 and is a Managing Director of a printing company … 

“I’ve recently returned to the UK after spending time in the United States, running the North American Subsidiary of the Company which I now work for. My situation is very complicated because I previously owned the company that I now work for as their Managing Director and lenders keep asking me complicated questions”.

David Continued …

“The main issue seems to be related to my employment status and the fact that I previously owned the company. Lenders cannot seem to be able to get past the fact that I’m no longer self-employed. They seem to be seriously questioning if I can afford the new loan, even though I’m downsizing and reducing my mortgage”. 

David said this about broker fees …

“I thought I had found an option, but the financial adviser involved wanted to charge me £6,000 for the arranging the finance, which I thought was excessive for the amount of work involved. Is it normal to charge a whole 1% of the advance on Larger Mortgages of £600,000?”.

There are a number of reasons why David has been having difficultly finding a mortgage, so lets take each one in turn and offer some advice and guidance for each reason.

Residency Issues …

Most mortgage lenders in the UK require an applicant to have been in the UK for three years constantly, prior to making an application. Mortgages are now almost wholly processed electronically, with mortgage providers placing a great emphasis on an applicant being present on the voters roll at their address for the past three years.

However, there are some lenders that will consider an application from people who have been in the country for less than three years. Unusual Mortgages have contacts with mortgage lenders that will consider an application from people who have returned to the UK from other countries.

Employment Status …

It is “Unusual” that someone could become an employee (Managing Director) of the company that they once owned, however, from our case example you can see it is not impossible. The key to this is making sure that the percentage of any shareholding that you are left with is below the requirements of any mortgage lender.

We are approached by people all the time saying they are an employee of the company that they own, thinking that this is an easier way to get a mortgage. Most mortgage lenders will consider you as “Self Employed” if you own 25% of any business, or above this percentage. However, not all mortgage lenders are the same and you should speak to us if you are facing this issue !

Affordability Issues … 

In the “Good Old Days”, before the credit crunch, someone could phone their bank and ask to downsize their mortgage and they would do this without any questions asked. You would think that if someone has maintained their mortgage payments and are asking for less money, then this would be enough to agree a new mortgage.

Many Mortgage lenders now assess affordability for existing borrowers in the same way as any new applicant walking through the door. This is causing lot’s of difficulty for genuine borrowers, who would like to reduce their outgoings and even pay off their unsecured debts. Once again, not all mortgage lenders are the same and you should definitely speak to us if this is currently a problem that you are facing.

Broker Fees … 

£6,000 ! Let’s just say that again .. six grand! David had been speaking to another mortgage broker, who was using his unfortunate “Unusual” circumstances against him and wanted him to pay £6000 to arrange a mortgage. We have been outspoken about brokers charging 1% to 2% of a mortgage advance before and we think this is disgraceful!

If your case is as complicated as the one one in this example, you will definitely need specialist mortgage advice from someone who is highly experienced and knowledgeable.  The adviser will of course charge you for their time, but this should be a fair and reasonable fee in line with the Financial Conduct Authority’s – “treating customers fairly” rule.

Unusual Mortgages charge fixed fees for our services, which work out a great deal cheaper than brokers who charge a percentage of advance to their clients. If you are having difficulty finding a Mortgage or have “Unusual” Mortgage circumstances, then give us a call to see if we are able to help !

Unusual Mortgages are currently conducting “The Unusual Mortgage Consumer Survey 2016″ and would appreciate if you would take just two minutes to give us your views on the Mortgage Market for both Employed and Self Employed people. https://www.surveymonkey.co.uk/r/HGPSTZ3

If you require more information on Complex Mortgages, Buy to let, Self Employed or Executive Mortgages you can contact Unusual Mortgages on UK 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.

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