There are a number of different mortgage types that are less common that we are able to offer. Here is an overview of the different approaches for a different mortgage, you can discuss these in further detail with one of our experienced advisors.
Your home may be repossessed if you do not keep up repayments on your mortgage.
There will be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.
Mortgage Advice Bureau is a trading name of Miles & Barr Financial Services Limited which is an appointed representative of Mortgage Advice Bureau Limited and Mortgage Advice Bureau (Derby) Limited which are authorised and regulated by the Financial Conduct Authority.
Miles & Barr Financial Services Limited. Registered Office: 51 Queen Street, Ramsgate, Kent, CT11 9EJ Registered in England Number: 05355574
Perhaps you’ve missed a few credit card payments, had a County Court Judgement awarded against you or have previously been made bankrupt, leaving you with a poor credit rating.
Buy to Let
If you are thinking of buying a property to let, the mortgage is one of the most important considerations. You cannot take out a standard residential loan, but many banks and building societies offer buy-to-let mortgages, specifically for landlords.
Older borrowers are no longer being overlook by mortgage lenders. Some lenders can now provide a mortgage beyond the age of 85 as long as the relevant criteria is met.
Let to Buy
If you want to move house but you’re struggling to sell your current home or your property has dropped in value, let to buy is something you may want to consider. Letting out your property could allow you to move into a new home without feeling pressure to sell in a rush and at a potential loss.
From a buyer's perspective, new build property carries a number of attractions. Many homebuyers like the fact that they will be the first to live in the property and there will be guarantees that come with a new property too. In addition, buyers can often select fixtures and fittings to tailor the property finish to their taste. However, there are elements regarding the mortgage that buyers should be aware of. In most cases applying for a mortgage will not be particularly different for a new property than any other.
Here are just a few of the different types of non-standard property:
- Highrise flats
- Timber frame properties
- Concrete construction
- Thatched roof cottages
- Ex-local authority council flats
- Steel frame or clad properties
- Flying freeholds
- Flats above shops
Mortgages for self-builds differ from residential mortgages as the money is released in stages as the build progresses, rather than as a single amount and interest is only paid on the amount drawn down. All lenders have different self-build criteria, so it’s important to speak to an expert who can look at your project individually and find the right finance, both for your project and personal circumstances.
The number of people in the UK who are self-employed is at its highest level in 40 years according to the Office for National Statistics. But while working for yourself brings more freedom, it also comes with a major headache if you want to buy a house. There’s no such thing as a ‘self-employed mortgage’. You are going to get a normal mortgage, you just have to jump through more hoops to prove your income than someone who is on a company payroll. They key change for self-employed workers is the need to prove your income to any mortgage lender you apply to . Most will want to see at least two years’ accounts or tax returns. The more accounts you can show, the better.