Mortgage lending difficulties

Concessionary purchase mortgages are becoming increasing popular more than ever before. This could be a family member selling the property below market value to you, or your landlord offering you a discount on your rental property.
Concessionary purchase mortgages are one of the most common ways first-time buyers are able to get onto the property ladder.

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Our Mortgage Experts Online accredited advisors are specialists in debt consolidation remortgages. Our remortgage experts will help you to find the right mortgages on the market to meet your specific requirements.
From big high street banks and building societies, to smaller more niche mortgage lenders, there is a lot of choice out there. This may feel completely overwhelming to you and you may have no idea where to start. We can offer you guidance and help you navigate the complex world of debt consolidation remortgage.

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This article will tell you everything you need to know about sole trader mortgages. Sometimes known as self employed mortgages. We talk to people who are a sole trader or any self employed person, they have been to their bank and been turned away, the frustrating thing is they aren’t told the reason why. This can leave the sole trader thinking they can’t get a mortgage, which simply isn’t true.

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Mortgages for company directors is really where our experts come into their own. With vastly wide-ranging criteria across high street lenders, its difficult to get mortgages for company directors. Many customers come to us after being turned down by their bank.
Our mortgage experts will give you the best chance to get accepted for mortgages for company directors, If it’s possible our experts can help, and if it not, they will outline the reasons why. They will work with you and put a plan of action in place to outline how to achieve your goals.

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The Construction Industry Scheme (CIS) was introduced by HMRC to allow contractors to deduct tax at source. When applying for a CIS mortgages the help of our experts will enable you to get the best possible deal.

Individuals must register for the scheme; however, this isn’t compulsory. If subcontractors don’t register for the scheme, then deductions are stopped at source and normally at a higher rate. Remittance slips are usually produced monthly and show how much tax has been stopped and the net amount paid to the contractor.

CIS mortgages are complicated, and it will need an expert CIS mortgage advisor to give you all the options available.

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Getting onto the property ladder can be tough. House prices are increasing and so are the deposit levels needed. At first, it may seem virtually impossible for first-time buyers to save a deposit. However, a mortgage with a gifted deposit may be a viable solution for you with the right advice.
Gifted deposit mortgages are one of the most common ways first-time buyers are able to get onto the property ladder.

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If you’ve had previous bad credit it likely you would need to use a Right to buy mortgage specialist lender. However, specialist lenders aren’t just for bad credit. Specialist lenders also have criteria which the high street lenders won’t do. Interest rate for the specialist lenders tend to be higher and so are the fees involved.

Below is a list of the types of bad credit which can be accepted for a right to buy mortgage.

Defaults
Late Payments
Debt Management Plans
Bankruptcy
Repossession
County Court Judgement
IVA – Individual voluntary arrangement.

If you’ve had previous bad credit, then getting an updated copy of your credit report is vital before applying for a Right to Buy mortgage

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A County Court Judgement (CCJ) can be very harmful – particularly when it comes to opening a bank account or applying for credit cards or a CCJ mortgage. A CCJ is essentially a court order registered against you for failing to keep up with agreed payments, as an individual or company. We are often asked if you can obtain a mortgage with a CCJ. The good news is that some types of bad credit mortgage are available. However, a successful application will depend on a range of factors – such as how recently it was registered. The older the CCJ and satisfied the stronger your chances of getting a CCJ mortgage

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Are there benefits to an interest only mortgage? If so, what are they?

The main benefit is the lower monthly payment because you are only paying the interest amount. Always remember that the mortgage balance is going to remain the same with an interest only mortgage. Good advice would always be to pay extra off the mortgage, any extra payments will be used as capital repayments (reducing your mortgage balance)

There is always some financial uncertainty with interest only mortgages such as:

Property value at the end of the mortgage term.
Investments – what their current value is.
Housing market at the time.

Depending when properties were purchased some people may even end up in negative equity (owing more than the property is worth) this makes refinancing almost impossible without adding some of your own funds.

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