Different Mortgage Types Explained

Discover a range of unique and less common mortgage types available exclusively through our sister company, Finamply. Explore the comprehensive overview below to gain insights into diverse mortgage approaches. To delve deeper into these options, speak to a knowledgeable adviser who is ready to provide guidance.

1 Adverse Credit Situations

In the event that you have experienced missed credit card payments, faced County Court Judgements (CCJs), or dealt with bankruptcy resulting in a low credit rating, we understand the challenges you may face. Our services cater to individuals with adverse credit histories, providing tailored solutions to help you navigate and improve your financial situation.

2 Buy to Let

When contemplating the purchase of a property for rental purposes, securing the right mortgage is paramount. While a standard residential loan may not suffice, numerous banks and building societies extend buy-to-let mortgage options tailored exclusively for landlords.

3 Into Retirement

Gone are the days when mortgage lenders overlooked older borrowers. The landscape has evolved, and now, certain lenders extend mortgage solutions even beyond the age of 85, provided that specific eligibility criteria are met. Discover how you can access mortgage options tailored for older borrowers, opening new doors of financial possibilities.

4 Let to Buy

If you find yourself in a situation where selling your current home becomes challenging or its value has declined, let to buy might be the ideal solution to consider. By choosing to let out your property, you gain the flexibility to move into a new home without feeling pressured to sell hastily and potentially incur financial loss. Let to buy offers you the opportunity to navigate the housing market at your own pace while securing a smooth transition to your new residence.

5 New Build

When it comes to purchasing a new build property, buyers are drawn to various enticing factors. The prospect of being the first occupants, accompanied by the reassurance of guarantees, often appeals to homebuyers. Additionally, the ability to personalise the property's fixtures and fittings to suit personal preferences adds another layer of attraction. However, it's essential for buyers to be aware of certain aspects concerning mortgages for new build properties. In most cases, the mortgage application process remains largely unchanged compared to other property types.

6 Non-standard Property

Non-standard property applications differ on a case-by-case basis. 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

7 Self Build

Self-build mortgages offer a distinct approach compared to traditional residential mortgages. Rather than receiving a lump sum upfront, funds are released gradually in stages aligned with the progress of your build. With this method, you only pay interest on the amount drawn down, ensuring cost-effectiveness throughout the construction process.

Given that each lender has specific criteria for self-build mortgages, it's crucial to consult an expert who can assess your project's requirements and align them with your personal circumstances. By collaborating with a knowledgeable professional, you can secure the right financing tailored to your self-build project, maximising its potential and meeting your unique needs.

8 Self Employed

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 can also make mortgage applications that bit more complicated. Lenders typically require a demonstration of at least two years' worth of accounts or tax returns. The more accounts you can provide, the stronger your case becomes. Though it may seem daunting, with the right approach and documentation, self-employed individuals can navigate the mortgage process with confidence.

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.

Finamply Mortgages Limited 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. Finamply Mortgages Ltd. Registered Office: 1 The Links, Herne Bay, Kent, CT6 7GQ. Registered in England Number: 10785015