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