Specialist Mortgage Broker
Finding the right mortgage can be challenging, especially if you're looking to fund a self-build project or have adverse credit. At Your Mortgage Room, we provide specialist mortgage advice tailored to your personal circumstances.
For many people, finding and securing a mortgage is a relatively straightforward process. But for applicants whose circumstances are different, it can be more challenging.
The self employed, first-time buyers, and people with adverse credit can all struggle to get a foot on the property ladder, thanks to strict lending criteria making it hard to borrow money.
That’s where our experienced mortgage broker team comes in.
We have access to a wide range of products, as well as High Street and specialist lenders. We can compare deals and mortgage rates to help find a mortgage deal to suit your situation.
What is a specialist mortgage?
A wide range of people can apply for a traditional mortgage from a High Street lender, whereas a specialist mortgage is usually offered to clients who have particularly complex circumstances.
Perhaps there’s more risk due to credit issues, or there’s a circumstance surrounding property in question.
In these types of situations, the lender may feel that more underwriting is needed than with a run-of-the-mill mortgage.
To find out more about specialist mortgages, without any confusing jargon, take advantage of our free advice.
There are several, big-name High Street lenders that are well-known throughout the UK for providing mortgage deals, some with lower interest rates, to a wide range of clients.
However, there are several companies catering for people who, because of personal circumstances, can’t access a mortgage through the usual means.
These are known as specialist lenders. They examine each mortgage application on a case-by-case basis, and make a decision based on each applicant’s individual circumstances.
For some people, a specialist lender is their only option. Our dedicated team of mortgage advisors will offer independent, impartial advice to help you navigate this part of the mortgage maze.
Unlike many High Street mortgage providers, some specialist lenders will not entertain a direct application from individual clients.
If you find one that does, it is likely that the mortgage application process will be a lot more complex than for a traditional mortgage product, and more stressful as a result.
Our experienced mortgage brokers will eliminate that worry. As well as identifying potential specialist lenders, we will apply on your behalf, making sure that you stay fully informed at every stage of the mortgage process.
Who are specialist mortgages for?
Our specialist brokers can help a wide range of people secure a specialist mortgage deal. They include:
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Self-employed/Contractor mortgages​
Lenders usually define contract workers as someone who is self-employed, on a fixed term contract with a company and earning a fixed rate of pay.
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​Unlike traditional salaried roles, the finances of contract workers and freelancers can, in theory, be more unpredictable.
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This instability makes lenders more cautious when it comes to mortgage decisions. Our brokers can help ensure this doesn’t stand in your way when searching for a specialist mortgage.
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Professional mortgages
Some respected, established professionals can have difficulty securing a mortgage at the most competitive rates, thanks to certain criteria of some High Street banks and building societies.
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Even with a robust income and solid credit rating, qualified barristers, solicitors, dentists, doctors, teachers, engineers and accountants can still fall foul of lenders’ affordability assessments when looking to buy a property.
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As a professional mortgage broker team, we can help you identify which specialist lender and mortgage product could be right for your circumstances.
Self-build mortgages/property types
Because of the way money is traditionally spent on self build projects, funds are issued at different times, which is impossible for a standard mortgage.
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We can search the whole of market to find a specialist self-build mortgage offer that could suit your needs.
Adverse credit report
Whether you currently have a mortgage or not, adverse credit is not uncommon, and some specialist lenders provide interesting deals even in these situations.
It's essential to know that different lenders have varying opinions and criteria for assessing people who have a low credit score.
Lenders will consider factors including the size of your deposit or current equity (the loan to value of the property), your current affordability and your recent financial behaviour.
Even if you do have a bad credit score, as independent mortgage brokers, we can assess your circumstances and identify potential mortgage products from specialist lenders.
Complex incomes
People who have gaps in their employment and earnings, or whose income can fluctuate, may be regarded unfavourably by some lenders.
We can help you find a welcoming lender.
Are specialist lenders’ interest rates more expensive?
The specialist mortgage market often deals with clients who have complex financial situations, from the nature of their work to having a poor credit history.
Because of this, some specialist mortgage lenders can view these clients as a higher risk, and demand higher mortgage rates than the competitive rates or flexible terms offered by the usual banks or building societies that make up High Street lenders.
It’s worth remembering that specialist mortgages are bespoke funding solutions that are dependent on your personal circumstances, but that doesn’t mean you’re exempt from getting a competitive deal when it comes to buying a property.
By offering independent, expert advice, our brokers aim to ensure you have the widest range of mortgage options, and can choose the right lender and the right mortgage solution for your situation.
How much can I borrow with a specialist mortgage?
A traditional and a non standard mortgage are the same in this respect: how much you can borrow will depend on your financial situation.
That picture can be complicated by issues such as bad credit, or being self employed, affecting the type of loan you can be offered by a specialist mortgage lender.
Our team of brokers can assess your finances, calculate the loan to value of the property if required, and provide impartial advice about how much you may be entitled to borrow.
How much deposit do I need for a specialist mortgage?
One of the best ways to secure a mortgage deal is to provide potential specialist lenders with a large deposit.
The more you can put down as a deposit for the property you want to buy, the more likely your mortgage application will be viewed in a positive light, and it could even lead to a more favourable interest rate.
We can talk you through all the details. When you’re ready to apply for a specialist mortgage, our brokers will handle the entire process, keeping you informed at every step.
How do I find a specialist lender near me?
You can talk to us! We know how challenging it can be to navigate the complexities of securing a mortgage for your dream home when you don’t fit a High Street lender’s usual client profile.
Our specialist mortgage broker team has access to a range of mortgage and insurance products that cater to a wide range of circumstances.
We know that everyone's financial circumstances are unique, whether you have bad credit or are self-employed, and take pride in our ability to offer personalised mortgage guidance.
We will strive to find a specialist mortgage solution that works for you!
Ready to chat about a specialist mortgage for that dream property? Book your free consultation today!
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Ready to get started? You can email us at info@yourmortgageroom.co.uk or call 01273 039500. Alternatively, fill in this contact form and we'll get back to you.