Specialist Lenders: the Key to Complex Mortgage Needs
In recent years, Highstreet cases have become increasingly scarce, making specialist lenders a necessity for many clients facing issues such as affordability, adverse credit, unique property types, and more.
Submit a case
Criteria Highlights
Property
– Large acreages (no restriction)
– Annexes can be let out or used for a range of different purposes
– Semi-commercial (mixed use) allowed, maximum 60% commercial e.g. Post Office, Kennels, Cattery, etc.
– Concrete, PRC, Steel Frame, Timber Frame, Flat Roofs, Deck/balcony access.
– Properties near rivers (flood risk)
– Ex-local authority considered
Adverse
– Defaults in the last 6 months, no maximum number or amount
– CCJs – no maximum number or amount
– Missed payments on unsecured credit, status 6 allowed in last 6 months
– Missed mortgage payments, status 3 allowed in the last 12 months
– Bankruptcy – 12 months after discharge
– Current or recent IVAs, DMPs, payday loans
Self-Employed
– One year of financial accounts
– Ltd. Co. – salary and dividend considered
– Retained profit is considered when a track record is visible in the accounts
– Latest figures used (no averaging out)
Income
– 6 x income products
– Rent a room product available (potentially up to 8 x income)
– Universal Credit and Disability allowances accepted at 100%
– Can take secondary/other income at 100%
– 4 applicants with 4 incomes available
– No minimum income or equity for Interest
Later Life Lending
– Pension pot projection for income
– Land and property, and investment income accepted
– RIO or term mortgages available
CASE STUDY
The Challenge
Recently, a broker came to us with a seemingly unplaceable case, the applicant had adverse credit and was a disqualified company director, looking to purchase an idyllic property surrounded by a lake, on its own
Island
The Solution
We identified a suitable lender from our Specialist Panel, and
successfully presented the case to them.
