Specialist Mortgage Brokers - Eastbourne
If your financial situation is not what is considered 'normal', banks and building societies are not always the best places to find a mortgage. These organisations have quite set parameters and often have computers that approve or reject the mortgages. This means that if your circumstance doesn't follow set requirements, they may automatically reject you. Don't panic! Specialist mortgage providers can offer lending for situations that high street lenders won't provide for. Specialist mortgages are available for more complex conditions. As specialist mortgage brokers, we can look at unique cases and find a mortgage lender who will provide you with a more tailored answer.
Why You Might Need a Specialist Mortgage?
Specialist mortgages are suitable when your circumstances are outside of the ordinary and not a simple case of being a first time buyer or moving up the property ladder.
There are various reasons why you could require a specialist mortgage, including:
- If you are freelancer, self-employed or run your own business
- If you want to buy to let as a professional landlord
- If you want to buy to let as a limited company
- If you have a low credit rating
- If you wish to release equity from your property
- If you have several different types of income
If you are in any of these situations, it can be difficult to get a mortgage from a traditional bank or building society and this is where a specialist mortgage lender becomes a better solution.
Our Mortgage Services
Buying your first property is a a huge obligation and can feel like an intimidating prospect. We will guide you as you step on to the property ladder and we will help you find out what you can afford, the cost implications that will have for you and what kind of deposit you might need.
Home Mover Mortgage
People move home for many reasons from needing more space, to wanting to be in a better location to shift their financial situation. Whatever the reason might be, we can help you to find the best mortgage for you.
This is simply the case of moving from one mortgage provider to another. You might do this for a better deal, to make overpayments or to borrow more money against your property.
Help to Buy
'Help to Buy' is a government scheme which allows buyers to buy a property with only a 5% deposit. This can make it significantly easier for first time buyers or those struggling to move up the ladder, to buy a property.
Right to Buy
If you own a council house or housing association property, the 'Right to Buy' scheme can allow you to buy it at a reduced cost. Generally 'Right to Buy' applicants have access to the same deals as those looking for a standard mortgage.
Shared Ownership schemes allow you to part buy and part rent a property, which means that you only need a mortgage on the part of the property that you buy. It is possible to buy the rest of the property at a later date.
Mortgages that are interest only give you the opportunity to get a mortgage but you only pay off the interest on the mortgage. This means that the payments are smaller than if you were paying off the mortgage itself.
Family Assisted Guarantor
Guarantor mortgages enable you to get a mortgage with a family member who will be liable for the mortgage if you can't make the payments.
Lifetime mortgages are a type of equity release mortgage which offer the option to take a loan out which is secured against the property. To access a lifetime mortgage, you need to be at least 55 and these mortgages can be dependent on health and property value.
Bad credit mortgages are available for those who have struggled with their credit. They can have higher interest rates and fees and may only be available through specialist mortgage lenders.
These are ways of borrowing money using an asset (in this case your home) to secure the mortgage against. It is a different option to remortgaging to use your property to acquire money and can be a cheaper option than a standard loan. This is because it is less precarious for the lender as they can use your property as collateral.
Tier 2 Visa
If you are living in the UK as a skilled worker on a Tier 2 visa, you can get a specialist mortgage which will allow you to purchase a property in the United Kingdom. You may have to have lived in the UK for over 2 years to qualify for one of these mortgages.