Finding the most suitable mortgage can be particularly challenging if your situation doesn’t meet the usual lending criteria. Whether it’s because of a unique property type, a complex financial background or specific personal circumstances, traditional lenders may be less willing to offer you a mortgage. This is where specialist mortgage advisers are an ideal choice. These tailored mortgage solutions are designed to accommodate a wide range of non-standard situations, offering options to buy your own home where conventional lenders might say no. By understanding your specific financial needs, specialist lenders can provide more flexible options, helping you achieve your property goals even in difficult circumstances.
Types of specialised mortgages
Bridging loans
Bridging loans offer short-term financial support for those who need access to money quickly, including situations such as purchasing a property before selling another. These loans are particularly helpful in situations where timing is crucial, such as buying a property quickly or managing a gap in financing.
Holiday let mortgages
Holiday let mortgages are tailored for properties rented out to holidaymakers, unlike standard buy to let mortgages which are for long-term tenants. Lenders assess holiday let mortgages based on the potential rental income and the appeal of the property. Requirements often include proof of high demand and potential earnings.
Self-build mortgages
Self-build mortgages support people constructing their own homes. Unlike traditional mortgages which provide the full amount upfront, self-build mortgages release funds in stages as the construction progresses. This approach ensures money is available when needed, meaning that each stage is assessed before the next funds are released.
Listed building mortgages
A listed building is a property recognised for its historical or architectural significance. Renovations must adhere to strict guidelines to preserve the property’s character. Lenders often have specific conditions, including specialist insurance and detailed renovation plans, to ensure compliance with preservation regulations and protect the value of the property.
Expat mortgages
Expat mortgages are ideal for UK citizens living abroad who want to buy property in the UK. Challenges often include proving income and dealing with currency exchange. Lenders require a substantial deposit, proof of income from a stable currency and a strong credit history. But options vary depending on the lender.
Limited company mortgages
Limited company mortgages allow businesses to buy property, often to separate personal and business assets or to invest in property as a group. These mortgages differ from personal ones as they generally require a larger deposit and focus on company finances. To acquire a limited company buy to let mortgage, essential documentation is required, such as company accounts and proof of rental income.
Shared ownership mortgages
Shared ownership mortgages allow buyers to purchase a share of a property (usually 10% to 75%) and pay rent on the remaining portion. Ideal for first-time buyers with limited funds, it allows gradual ownership to increase over time. Eligibility includes a household income cap and being a first-time buyer.
Right to Buy mortgages
Right to Buy mortgages help tenants in England purchase their council or housing association homes at a discount. To be eligible, the property must be your main residence, fully self-contained (with no shared facilities) and you must have been a secure tenant for at least three years.
Mortgages for adverse credit
Mortgages for adverse credit are designed for individuals with poor credit histories. Adverse credit can increase interest rates and impact mortgage terms. Specialist lenders offer these mortgages, providing options tailored to high-risk borrowers. These products often come with higher costs but can help improve credit over time.
