Last Updated: 31st August 2023
Specialist mortgages are a category of mortgage products that cater to individuals with unique financial circumstances that might not align with the standard criteria set by traditional lenders.
These mortgages are designed to provide tailored solutions to borrowers who might be excluded from obtaining a mortgage through standard channels due to factors such as their employment type, credit history, property type, or residency status.
Specialist mortgages are designed to accommodate borrowers who don’t fit the standard lending criteria of traditional mortgages. These borrowers might include:
Self-Employed Individuals: Freelancers, entrepreneurs, and business owners often face hurdles when proving their income. Specialist mortgages offer flexible ways to verify earnings, making homeownership achievable.
Contract Workers: Those with short-term or contract-based employment can find it difficult to secure standard mortgages. Specialist options assess affordability based on contract terms and future earning potential.
Adverse Credit History: Individuals with past credit issues can still access homeownership through specialist lenders who consider a broader view of their financial situation.
Non-Standard Properties: Properties with unconventional features or those considered high-risk might require specialist financing to ensure fair valuation and appropriate funding.
Expats and Foreign Nationals: People living and working in the UK without a permanent residency status often require specialist mortgages tailored to their unique circumstances.
Opting for a specialist mortgage opens up several advantages:
Personalised Approach: Specialist lenders understand that each borrower’s situation is unique. They tailor mortgage terms to accommodate specific financial challenges.
Higher Approval Chances: Borrowers who might be rejected by traditional lenders due to non-standard financial situations have better chances of approval with specialist lenders.
Flexible Terms: Specialist mortgages often offer more flexible terms, such as interest-only payments, to align with the borrower’s financial capabilities.
Diverse Property Options: With specialist mortgages, a wider range of properties, including unconventional homes, can be financed.
Credit History Flexibility: Specialist lenders consider more than just credit scores, focusing on your overall financial situation.
Self-Employed Mortgages: Tailored for self-employed individuals, these mortgages assess income through business accounts, tax returns, and projections.
Contractor Mortgages: Suited for contractors, these mortgages consider contract length, daily rate, and future work prospects for affordability assessment.
Bad Credit Mortgages: Designed for individuals with adverse credit history, these mortgages offer routes to homeownership while rebuilding credit.
Buy-to-Let Specialist Mortgages: For property investors, these mortgages assess the property’s income potential rather than the borrower’s income.
Expat Mortgages: Catering to foreign nationals, these mortgages accommodate international income and residency status.
Getting any kind of mortgage can be stressful enough. Working with a specialist mortgage broker can help you get access to unique deals, as well as expert advice.
With a Mortgage Experience adviser on your team, you can sit back, relax, and make yourself a cuppa, safe in the knowledge that we will be doing all the heavy lifting to find you a suitable mortgage with the best rates available. This gives you more time to pack, and well, do the actual physical heavy lifting (should you wish) as you move into and enjoy your new home.Get In Touch
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