MORTGAGES
Specialist Mortgage Broker
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Specialist Mortgage Broker
There is no more incredible feeling in life than knowing that you have been able to raise enough money to buy your own home. However, to do this, you will need to raise funds with a mortgage.
For many people, a mortgage is easy enough to find and approved for. But, what if you are someone who doesn’t fit within the conventional criteria of a mortgage applicant?
You may not be able to secure a mortgage through the mortgage lenders you see on the high street. But that does not mean that you have to give up on your idea of having your own home.
It just means that you may need to think about applying for a specialist mortgage instead.
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What is meant by the term specialist mortgages?
The answer to this is probably quite obvious. A specialist mortgage is a little different from the standard mortgage type that high street lenders may typically offer you. They are more unique than
other types of mortgages, and they will usually require the lender to make their judgment on your situation and use it to approve your borrowing request.
There are several different specialist mortgages that you can apply for. These include self-employed mortgages, bad credit mortgages and also Specialist Buy to let mortgages mortgages.
For any of these, you will need to remember that the application process may be somewhat different to other mortgage types and that you may need to have more patience when waiting for the approval of your request.
Why use a Specialist Mortgage broker?
Of course, you can always find a mortgage on your own, without any help from anyone else. But what if you are looking for something that is not only a specialist, but that is the best deal for you given your circumstances?
The best approach to take is to make sure that you speak to a specialist mortgage broker. They will have gained lots of knowledge when it comes to applying for mortgages, which means that they will be able to offer you advice and guidance whilst you move through the process.
Not only this, but because they have a deeper understanding of what is needed (and who can offer it), you are likely to find that your mortgage application will be processed much quicker and that you get a great deal for yourself too.
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What types of specialist mortgages are there?
A broker can help you with a variety of specialist mortgages, which means that no matter your personal circumstances, there is a good chance that they will be able to point you in the right direction.
Some of the types of mortgages that could be deemed to be specialist include:
- Bad credit mortgages
- Self-employed mortgages
- Buy to let mortgages.
- HMO Mortgages
- Ltd Company BTL Mortgages
- Joint Borrower Sole Proprietor Mortgages
- Mortgages for NHS Staff
- Contractor Mortgages
- Shared Ownership Mortgages
- Help to Buy remortgages.
One of the most common forms of mortgages they can help with is bad credit mortgages. When you have a poor credit rating, you are going to lower your chances of being approved for a mortgage, which means that you will need to search much more challenging to find someone who will accept you.
Rather than being declined time and time again (and reducing your credit score in the meantime), it is a much better idea to speak to a specialist mortgage broker, who will be able to help you to find a mortgage lender that is able to offer the required money to those who have a history of bad credit.
You can also find specialist mortgages if you are someone who is self-employed. When you are self-employed, it can be harder to prove your income, and the income that you take in will often be less regular or consistent than it would be if you were employed.
A specialist mortgage broker will be able to help you to find a mortgage lender who is able to work with those who are self-employed. They will be able to look at the average earnings that you have brought in and use that figure to calculate your borrowing.
You may also need to apply for a specialist mortgage if you are looking to buy a property that is then going to be let out to someone else. These mortgages will usually run alongside another mortgage (on a property that you live in). You will need to show that the rental income you will bring in on your second property will be enough to cover the mortgage payments you need to payout.
Another specialist mortgage type is when you want to buy a property, but you are not able to raise the entire money yourself. This means that you may need to think about securing a shared ownership mortgage. These are designed for those who want to buy a home, but that might not be able to afford the whole property.
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There are several reasons why a specialist mortgage broker is going to be able to help you to find the right mortgage for your needs. It is their business to ensure that you have the chance to buy your dream property. Whether that is something that you want to live in yourself or you are looking to use it as an investment potential for the future.
The important thing to remember is that it doesn’t matter what your circumstances are; you are going to find a way to secure the funding that you need to take those steps on the property ladder. It might just mean that you need to think about a different route to the norm and take the time to find someone who will help you.
A specialist mortgage broker is that expert. They are there to help you find the right route to take when it comes to taking out a mortgage and ensure that you get approved for your mortgage request and that you get the best deal possible.
How it Works
The Award-Winning Matrix Mortgages Process – Easy as 1,2,3! Follow Our 3 Simple Steps to Securing Your Dream Home
1
Enquire
Complete our quick and easy contact form, email, call or WhatsApp us to get started
2
Apply
We handle all the necessary paperwork and help manage your entire mortgage process
3
Complete
All done. Sit back, relax, and feel great about your decision to work with us
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FAQ
A mortgage is a loan from a bank or building society that allows you to purchase a property. The loan is repaid over several years with interest dependent on your personal financial situation.
A mortgage can be between one or more people. However, if you do not keep up your repayments, the lender can repossess your property.
All mortgage lenders have their own requirements. The following factors take a part in whether you will be given a mortgage offer, and how much the lender is willing to borrow you:
- Amount you wish to borrow
- Size of your deposit
- Employment status and income
- Credit rating
- Outgoings
- Existing debt
- Your age
- Length of the mortgage term
- Your credit status
- If you are applying solely or jointly
To be accepted by a lender, you need to assure lenders that you can repay your mortgage. One main aspect lender’s look at is your credit report to check your repayment history. Your credit file will include current and existing records on items such as credit cards, loans, overdrafts, mortgages, mobile phone/s, some utility payments and all accounts that have been open in the last 6 years. If your credit report shows arrears, defaults, CCJs, debt management plans or bankruptcy in the past, there are mortgage options available which we can help you with.
To get a mortgage you will need to save a deposit of at least 5%, but the more you save, the better your mortgage rate will be. If you have an existing property you own, you can use the equity in your property for this. Our skilled mortgage advisors can talk and guide you through the benefits and the difference in your monthly payments by increasing your deposit.
As soon as you have found the property you want to buy, our mortgage brokers will evaluate your personal needs and situations and recommend a mortgage product that is right for you. They will compare a wide variety of mortgage quotes, including products that cannot be found on the high street or comparison sites. This guarantees that you get the right deal at a right price.
If you agree to the mortgage product your advisor suggests, you will receive your Agreement in Principle (AIP). This will provide you with an estimated total of how much the lender is willing to borrow you and allows you to put an offer in on your ideal home.
If your offer is accepted, you will need to arrange a solicitor to deal with searches, surveys and contracts, which we can arrange for you. We manage the entire mortgage application process through to completion, liaising with your solicitor and lender to make sure your application is successful.
There are different mortgage options such as a remortgage. In this case we would recommend looking for a new mortgage deal approximately 3 months before your current deal expires. By beginning the mortgage process early it will allow you to prepare ahead of time to compare all the available mortgage products and submit your application. Do not worry if your mortgage is approved early as we will ensure that the completion date corresponds with your current deal’s end date.
A lot of mortgage lenders will lend you up to five times your salary. However, this all depends on several factors including your age, number of dependants and current financial commitments. Lenders will work out how much they will lend you based on what you can reasonably afford each month after you have paid your bills, credit cards, loans etc.
In addition, our mortgage advisers will assess your individual needs and situations to see how much you can realistically borrow before an application or credit search is completed. If you choose to continue with the application, our advisers will understand which mortgage lenders to approach to ensure you get the required loan amount.
In order to buy a property with a mortgage, you will need to save a deposit of at least 5%. However, the more you can save, the better your rate will usually be. There are a few exceptions to this as follows:
- If you already own a home, you can use the equity from your property for the deposit
- If you are a council tenant and are looking to buy your current home under the Right to Buy scheme, most mortgage lenders will now accept your Right to Buy discount as a deposit.
As property prices increase, first time buyers are struggling to save enough money to buy a home. In cases like this the government has therefore introduced ‘Help to Buy’ to allow first time buyers to get on the property ladder.
Our expert mortgage advisors are aware of various mortgage deals available and can help you decide which mortgage deal best fits your needs.
When buying a home, you will need to save enough money to pay for other factors and not just your mortgage deposit. This also includes paying for your mortgage fees, moving costs and legal expenses. We have listed below all the possible purchase and moving expenses you may have to pay, to help you with your budgeting. The exact fees and amount you will pay, is dependent on the value of the property you are buying and your chosen mortgage lender.
Mortgage booking fee: Some mortgage lenders will charge this to secure a fixed-rate or tracker deal.
Cost: £99 – £250
Mortgage arrangement fee: Some mortgage products will incur a mortgage arrangement fee, in addition to the mortgage booking fee. This fee is either paid upfront or added to your mortgage debt. If you chose to add it to your mortgage, the cost will increase over the lifetime of your mortgage.
Cost: £1,000 – £2,000
Telegraphic transfer fee: Needs to be paid to the lender to transfer the amount you are borrowing for the mortgage to the seller’s solicitor.
Cost: £25 – £50
Mortgage broker fee: If you use a mortgage advisor to arrange your mortgage for you, you will need to pay a fee or commission, depending on the value of your mortgage.
Cost: £197- £597. However, this may vary if you need to use a specialist lender
Valuation and survey fees: Charged by the lender to value the property you are buying. The cost varies according to which survey you choose:
Home condition survey: Most basic and cheapest of all the surveys and often used for new-builds.
Cost: £250
Homebuyer’s report: More in-depth survey, assessing the inside and outside of the property, and also includes a valuation.
Cost: £400
Building survey: A complete survey generally used for older or unconventional properties. Although they are the most expensive, they are certainly worth considering, as it could potentially save you a lot of money if any structural problems are found with the property.
Cost: £600
Higher lending charge: Can be charged by lenders if you borrow most of the value of the property.
Cost: Approximately 1.5% of the amount you borrow
Searches: Your solicitor will arrange for the local authority to check whether there are any issues that could affect the property’s value. The local council can charge a fee for carrying out these searches and may also request that a drains search be done at the same time.
Cost: £250 – £300
Legal costs: You will need to instruct a solicitor to carry out the necessary legal work for you.
Cost: £850 – £1,500 plus VAT
Stamp Duty Land Tax (SDLT): Charged on all purchases of UK land and property over £125,000. However, the amount you will pay is dependent on the purchase price of the property you are looking to buy, and whether you have owned a home before as follows:
First home: First-time buyers are exempt from paying SDLT on the first £300,000 of the purchase price of a property up to the value of £500,000. All purchases in excess of £500,000 will pay the standard stamp duty rates as follows:
- £0 – £300,000: 0%
- £300,001 – £500,000: 5%
Next home: If you are currently or have previously been a homeowner, you usually pay SDLT on increasing portions of the property price:
- £0 – £125,000: 0%
- £125,001 – £250,000: 2%
- £250,001 – £925,000: 5%
- £925,001 – £1.5 million: 10%
- £1.5 million+: 12%
Second property: If you are looking to buy an additional property, you usually have to pay 3% on top of the normal SDLT rates as follows:
- Less than £125,000: 3%
- £125,001 – £250,000: 5%
- £250,001 – £925,000: 8%
- £925,001 – £1.5 million: 13%
- £1.5 million+: 15%
For example, if you buy a next home for £275,000 the SDLT you owe is calculated as follows:
0% on the first £125,000 = £0
2% on the next £125,000 = £2,500
5% on the final £25,000 = £1,250
Total SDLT = £3,750
Information correct as of October 2021 – Source: www.gov.uk/stamp-duty-land-tax
Removal costs: Paid to the removal firm (if you choose to use one) to pack, transport and deliver your possessions to your new home.
Cost: £300 – £600
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