Bank of England Base Rate is currently 4.25% as 8th of May 2025
Have you been declined for a Mortgage and are now looking for a “Off High Street Mortgage”? By Chris Morgan, Lead Financial Adviser & Mortgage Commentator
No matter how much we talk about global trade tariffs, rising inflation and energy prices, the one thing that governs over the economy is interest rates. Mortgage Interest rates, along with utility bills like gas, electricity and council tax directly impact on the amount of money that consumers have in their pockets, along with their “confidence” levels.
How do interest rates affect mortgages?
The Bank of England Monetary Policy Committee meets on a regular basis and the nine members of their committee vote on whether there is to be any change in the Bank of England Base Rate. Currently after today’s announcement (8th May) that rate stands at 4.25%.
This rate is at the core of all the mortgage products offered by banks and mortgage lenders in the United Kingdom. We specialise in “off high street” mortgages and many of these products are linked in some way to the movement of this Bank of England Base Rate.
You can find out information about the dates of forthcoming interest rate decisions and the minutes of previous meetings.
https://www.bankofengland.co.uk/monetary-policy/upcoming-mpc-dates
The next interest rate decision is Thursday 19th of June at 12 noon.
“Off High Street Mortgages“
“Off High Street Mortgages” are where an applicant has been declined by a high street lender and may need specialist advice from a mortgage adviser that is used to looking after people and property where the circumstances may not be straight forward.
Here are some examples of where we have been able to assist people where they have “Unusual” circumstances when taking out a mortgage. The A-Z of Mortgage in the side bar of this website shows other areas in which we may be able to assist people with “Off High Street Mortgages”.
These are some of the areas in which we have strong relationships with lenders …
- Splitting title deeds – This is where there are two or more properties on one set of title deeds, so for example recently we mortgaged a cottage, which had an annex apartment attached.
- Split use (Residential) – This is where there may be two different types of property in the building, for example where there may be a private residency, with some buy to lets also in the same building.
- Split use (Commercial) – Once again two different types of property in the same building, in this case we helped someone with a shop unit which was being used as a hairdressers, along with Buy to Let properties above.
- Commercial use – Sometimes properties are deemed to be of commercial use, maybe where there are stables or land used for commercial purposes.
- Expatriate Mortgages – British Expats generally get a rough deal when it comes to getting mortgages, but we do have lenders for people living abroad who may be looking to invest into property.
- Development Finance – This is where you already own the land and have the planning permission agreed – but you need extra funding to build and complete the project.
These are some of the mortgage documents you will need when applying for an “Off High Street Mortgage”
- Proof of Income (P60, Payslips, Self Employed Accounts)
- Bank statements (Showing Income & Outgoings)
- Proof of residency (Recent Utility Bills)
- Proof of deposit (Bank Statement)
- Proof of employment (Employment Contract)
- Credit Report (Experian or Equifax Report)
A to Z of Mortgage Issues
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 drop us a line at the email address below. 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, Commercial Mortgages, Expatriate Mortgages, Foreign Currency Mortgages, Large Value Mortgages. Marquee Property Mortgages, Multiple Mortgages, Split Use Mortgages, Split Title Mortgages, Portfolio Landlords you can contact Unusual Mortgages on UK 0845 474 3075 or International +44 1404 45397, email at enquiries@unusualmortgages.co.uk