What is a specialist mortgage?
Specialist mortgages can help if you have been turned down by high street lenders for purchase or remortgage products.
Qualifying criteria for these lenders is more flexible. This means if you have complex circumstances and were rejected by the high street, you may still be able to get the support you need.
We may be able to help if you were rejected by a high street lender due to:
- Low credit score / bad credit;
- Income proof or income type;
- Buying schemes;
- Borrowing age;
- Affordability or indebtedness;
- Gifted deposits.
So, if you’re struggling to find a product on the high street, our experts are here to help!
How do I apply for a specialist mortgage?
The application process could not be easier. You can either call our experts for free or use our online form to make an enquiry.
During your enquiry, we will ask for a few quick details from you, so that we can find a deal that matches your plans. And that’s it, the rest is up to us. We will search our range of products to try and find you the best solution we have available.
If we can find a suitable product, we will talk this through with you. Once we have spoken, you have the final say. You decide whether the product works for you or not.
We will always try to find you the best option we have available for your circumstances, so you can be assured you are in safe hands.
How does a specialist mortgage work?
These products work in the same way as any type of purchase or re-mortgage.
Residential purchases: With a house purchase, you will put down a certain amount of money initially, known as your deposit. This will be a percentage of the cost of the house. If you put down a larger deposit, it will reduce the amount of money you have to borrow from your lender. This can increase the number of options available to you and also may help you qualify for a lower rate. After this, you will have to pay a set amount of money back to your lender each month, including any interest charges.
Remortgages: Remortgaging works in the same way, where you pay your lender a set amount back every month. The difference is you have already bought the house, so you have an existing mortgage on the property, meaning you don’t need to put down a deposit. With a remortgage, you are simply switching to a different provider or deal. Many people choose to do this because they want to get a better product or lower rate than their current deal.
Our friendly professionals are on hand to help if you are struggling to get accepted with a high street lender.
How do I apply?
Call us for FREE or enquire using the form below.
Don't forget, making an enquiry will not affect your credit rating in any way!
Types of specialist mortgages
- Right to buy: The right to buy scheme helps council tenants buy their home with a discount. If your circumstances are complex, our experts can connect you with specialist lenders offering flexible options.
- Shared ownership: With shared ownership, you buy a percentage of the property, and pay rent on the rest. If your situation makes it hard to get approved by high street lenders, we may be able to help you.
- Self –employed: Self-employed individuals may face challenges securing a mortgage due to fluctuating income. However, specialist mortgage brokers, like us, are well equipped to help you if you are struggling to get approved elsewhere.
- Credit issues: If you have credit issues, it can limit your mortgage options. However, we offer a range of bad credit mortgages and can connect you with a lender that may be able to help.
- Gifted deposits: If you get a gifted deposit, some lenders may not accept it. However, our specialist lenders are more flexible and can offer solutions, depending on your situation.
If you're having financial problems, it's a good idea to reach out to your current creditors for help. They may be able to offer support or arrange alternative repayment plans. For extra support, you could also contact MoneyHelper or Citizens Advice Bureau (CAB) who offer free advice.
