Specialist Mortgage Advice in Sunderland

If the bank has arranged for a surveyor to carry out a property survey on the home you’re looking to purchase and you then find out that the offer you made and had accepted is more than the actual market value of the property in question, this is what is known as a Property Down Valuation.

Though it may still be possible to work with the agreed price, the chances are that your lender will remove themselves from the deal. If you have the ability to make up the difference between your offer and how much the property is actually worth, then you may still be in with a chance of finding mortgage success.

Perhaps times have gotten tough in your personal life and you are going through a divorce or separation. Making arrangements for the next step of your life can be difficult, but even more so if you have a mortgage together. You must sort this out as soon as possible, as it can become rather challenging the longer you leave it.

Often linked in with the previous mortgage scenario (though not always the case), there may come a time when you are looking to remove your own name or your ex-partner’s name from your mortgage. Depending on how stable each of you are financially, you may find that your options are limited. This is because your affordability is only based on a single income, rather than from a couple.

If you’re married and looking to obtain a mortgage on a home for you and your partner, generally speaking, mortgage lenders would prefer both applicants being named on the mortgage, though you may still be able to obtain a mortgage in only one name.

The Shared Ownership Scheme is a very useful tool for allowing mortgage applicants to obtain a mortgage as a share, initially on only a percentage of the property. The percentage is usually somewhere between 25%-75%. Whoever owns the remaining share of the property, most likely to be the local authority, you will pay them back in a monthly rent alongside your mortgage repayments.

Professional mortgages are only accessible by very specific lines of work. It’s an incredibly niche section of the mortgage market. Because of this, you should definitely contact a specialist like ourselves to learn more about these types of mortgages.

If you are planning to take out a mortgage on more than one home, you will need to showcase your financial stability to the lender, proving that you can afford enough to cover the costs of two simultaneous mortgage payments. This is something we are able to help you prepare for.

Holiday lets operate in a similar to the way buy to lets do. The difference here is that you won’t always have a tenant, meaning that at times (especially during off-seasons), you may be paying monthly costs on an empty property. Because of situations like this, lenders need to be confident that you can afford the costs of your mortgage payments at all times, whether someone is paying rent or not.

New builds can often be a little more costly to invest in than properties that are slightly older. If you are finding it difficult to save up for your primary deposit, you could find a helping hand in using the government’s Help to Buy Equity Loan Scheme to purchase yourself a home.

A ‘non-standard’ property is the name given to properties that are not built from typical building materials like bricks or mortar. For you to take out a mortgage on a non-standard property, you will definitely need a specialist mortgage product. It is also greatly recommended that you get a full structural property survey if you’re wanting to buy a non-standard property.

HMO properties are pretty much just buy to lets with 4-6 tenants. You may typically see these being used for student accommodation. HMOs can be challenging to work with, so we suggest that you obtain specialist buy to let mortgage advice in Sunderland before you jump in headfirst with a mortgage like this.

If you have built up an amount of equity in your property, you may be able to release some of this and turn it into cash, through taking out a lifetime mortgage. We would suggest speaking to a specialist mortgage advisor in Sunderland if you are over the age of 55 and this is what you’d like to do.

Offset mortgages combines a savings account with your mortgage. This mortgage type could potentially be a good method of helping you access competitive mortgage products and interest rates.