Below we have a list of specialist mortgage lending. As will all cases, the best way to see if they will work for you is by getting in touch with us. Your Home may be repossessed if you do not keep up with the repayments on your mortgage.
Well, typically any mortgage over £500,000 will be considered bigger than the average mortgage and often get referred to specialist underwriters for some extra TLC. This is great for the client as you have a more tailored approach. As far as market availability, anything above 80% is typically going to guide you away from the high street and towards private banks.
A right to buy loan is where a local authority tenant is permitted to purchase their property from them at a reduced price. Over time, this has skyrocketed in popularity and lenders have been very happy to oblige. There are very few lenders out there who do not lend on right to buy applications.
Shared ownership applications are where your monthly payment is split in two. Half will be to the bank as a mortgage payment and half will be to the local authority in the form of rent. You will be allowed to buy a percentage of the property and the local authority owns the rest. Over time, you can staircase, which means you can remortgage to buy more of the property and your circumstances improve and can take on a higher loan. As always, legal advice for stamp duty implications is necessary.
There are many variables and degrees of credit issues so the purpose of this paragraph, much like the others, is to give you a brief overview. The only way we will be able to advise you on these cases is by speaking to you and looking through your credit report, as well as your situation as a whole. There are many induvial credit referencing agencies out there and certain lenders use certain agencies. We advise getting a credit report, some are free, some are free for 30 days. Once we have looked through the report with you, we will have a better understanding of your credit history and issues and try our best to navigate a suitable solution for you, where possible.
As per the running theme, there are options out there for you. It is as simple as understanding your goal and working through the options together. It’s not as complicated as you may think. Ironically, as there are fewer options available it’s quite easy to figure out if it will work for you.
We often get a call from some asking if we do guarantor mortgages. The answer is yes…no. The guarantor mortgages of once upon a time are far and few between and have been replaced with what is called a Joint borrower/sole proprietor mortgage. These are schemes that follow similar ground of a guarantor mortgage and allow a second applicant, typically a parent, to be on the mortgage to boost affordability. The good thing with these schemes is that the parent, or the person helping, is not named on the property deed’s meaning they are not liable for additional stamp duty costs.
However, as with any mortgage, you will be assessed by your finances, age, and overall situation. It may not work for every scenario but is a great avenue to explore nonetheless. You are not spoilt for choice in terms of lenders allowing this scheme but the average rates are competitive. Independent legal advice is a must for schemes of this nature.
As briefly touched upon on our remortgage page, you may have the option to add some debts to your mortgage to help lower monthly costs and pay them off in more manageable chunks. However, this isn’t a magic solution and is something you need to sit down with us to discuss. Yes, you may well lower your monthly outgoings but you are going to pay interest on short-term debt for a much longer time.
In most cases, you end up paying more on the debts by adding them to the mortgage than if you were to be by paying them off separately. At this point, we would run through the options with you and you may find that remortgaging alone onto a lower rate may help. If we decide that adding the debts is in your best interest, we are more than happy to help you do this. The overall recommendation here is to make sure you let us help you and run through all of the options for you. And remember, ultimately a mortgage is a loan secured against your property and therefore, you want to avoid making the mortgage bigger by borrowing more if you can avoid it, as you are putting your property (security) at risk.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
Mortgage Gold, 1 Queen Square, Bath, BA1 2HA
Your home may be repossessed if you do not keep up with the repayments on your mortgage.
No fee is payable for our service in relation to mortgage contracts We will be paid a commission by the lender ; the amount of the commission due to be paid is available upon request and will be disclosed via the mortgage illustration. The amount of commission paid will vary between lenders. The information contained in this website is subject to UK regulatory regime and is
therefore, intended for consumers based in the UK.
Mortgage Gold Ltd is an appointed representative of the Right mortgage Ltd, which is authorised and regulated by the financial conduct authority. Registered office: 70 St. Johns close, Knowle, Solihull, England B93 ONH Registered in England and Wales no. 098636677