MORTGAGES

Agricultural Restrictions

This is where a property can be purchased by a person in the relevant industry, associated with that property i.e. if the restriction states the person must carry out the occupation of a pig farmer, the person applying for the mortgage must prove that they are actually in that occupation.

Mortgages are available to people who qualify for the restriction, even where adverse credit information is registered.

These properties are on the market at a substantially lower valuation, only because of the restriction.

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Bankruptcy

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Barn Conversions

Finance is available to purchase the property, and develop it, up to 85% loan to value. This is available on a self-certification of income basis with very competitive rates.

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Bed Sits

This is a property with living and sleeping area in the same room.  We have lenders available for purchase and re-mortgage.

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Builder Deposits

Builder Deposit Mortgages
Builder Deposit
Specialist Mortgages
Specialist Mortgage Brokers

Vendor / Builder Deposits A vendor deposit is given by the vendor / builder as a discount form the true market value of the property. The lender will usually require some form of a deposit from you, typically 5%. These types of mortgage are popular with both home buyers and investors looking to purchase buy-to-let properties.

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Buy-To-Let

Buy To Let Mortgages

To 90% loan to value

With uncertainties over the performance of pension funds many people are buying properties for rental as a means of generating income and as a long-term investment.

Competition among lenders in this sector has resulted in rates being offered that are comparable to those for residential mortgages and this has further encouraged strong growth in properties for the rental market.

There are many lending schemes available but it is important that you get the one that suits you.

Schemes for:

Note: Buy-to-let mortgages are not regulated by the Financial Services Authority (FSA) unless the tenant is a member of the borrower’s family and 40% or more of the property is occupied by them.

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Capital Raising

Capital Raising is a method of obtaining finance on a re-mortgage. The following are examples of how capital raising can be used

We have various lenders available who offer this facility

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Concrete Construction

Concrete Construction Mortgages

We have access to lenders who will provide mortgages on over 50 different types of concrete construction properties.  Please scroll down the list below to see if your property type is listed. 

If the property type you are after is not listed below, please contact us and we will see if we can help you further:

* Atholl (Traditional)

* Beco Wallform (Polystyrene Block/In Situ Concrete)

* Blackburn MK III (Traditional)

* Blackburn MK IV (Traditional)

* BRS Type 4 (No Fines/Easiform)

* Brydon (No Fines/Easiform)

* Carmyle (Traditional)

* Cast Rendered (No Fines/Easiform)

* Clay Lump (Traditional (Historic))

* Clugston (Traditional)

* Cob (Traditional (Historic))

* Cornish Unit (PRC)

* Corolite (No Fines/Easiform)

* Corvus (No Fines/Easiform)

* Cross Wall (Various)

* Curtain Wall (Various)

* Dunedin (Traditional)

* Duoslab I (No Fines/Easiform)

* Easiform Type I (No Fines/Easiform)

* Easiform Type II (No Fines/Easiform)

* Edron (Traditional)

* Fidler (No Fines/Easiform)

* Flint (Traditional (Historic))

* Forrester-Marsh (No Fines/Easiform)

* Gateshead Butterfly (No Fines/Easiform)

* Guildway (Timber Framed with concrete cladding)

* Hall Cottage (Traditional)

* Hilcon Ex (Traditional)

* Incast (No Fines/Easiform)

* Jemm  (Not Known)

* Johnstone (Traditional)

* Jones & Harvey (No Fines/Easiform)

* Laidlaw Thornton (No Fines/Easiform)

* Laing Easiform (No Fines/Easiform)

* Lamella (No Fines/Easiform)

* Lawrence MK II (Traditional)

* Maxim (No Fines/Easiform)

* Miller 1950 (Traditional)

* Miller 1951 (Traditional)

* Miller 1954 (Traditional)

* Mowlem (No Fines/Easiform)

* Mundic Block (Concrete Block)

* MWM (No Fines/Easiform)

* No-Fines (No Fines/Easiform)

* Parkwall-Outinard (No Fines/Easiform)

* Pisel (Traditional (Historic))

* Prometo (No Fines/Easiform)

* Sectra (No Fines/Easiform)

* Solvyt & Brick 

* SSHA (No Fines/Easiform)

* Stone Clad 

* Storiform (No Fines/Easiform)

* Stuart Brick Pier & Panel 1951 (Traditional)

* Styrform (Polystyrene Blocks/In Situ Concrete)

* Torslag (Traditional)

* Unit System (No Fines/Easiform)

* Wattle & Daub (Traditional (Historic))

* Weir (Traditional)

* Wilson  (Hollow Concrete Block)

* Wimpey No-Fines (No Fines/Easiform)

Call us today for free mortgage advice on both Concrete Construction Mortgages & Concrete Construction Re-mortgages

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Debt Consolidation

Debt consolidation is a method of combining credit cards, store cards, secured and unsecured loans and other debts into a mortgage in order to reduce your overall monthly outgoings and group them into one monthly payment. By combining these debts into a mortgage you will normally be paying much lower rates than the usual rates associated with unsecured borrowing which can reduce your monthly outgoings.

If you are currently struggling with your monthly payments then this may make them more affordable to you and prevent you from ending up with a low credit rating. We also have access to lenders who will accept applicants with defaults, arrears and CCJs). 

By consolidating all of your debts into your mortgage you may end up paying more interest in the long run as mortgages tend to be taken out over a greater period of time (typically 20 - 30 years) than unsecured debts, however, we will automatically look at the option of a secured loan which could reduce the payment term. In addition, we will provide you with financial comparisons to enable you to make an informed decision from the options available to you.

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Defective Properties

Various properties are classed as ‘defective’ but are still mortgageable. We have lenders who will look at the various property types and finance can be obtained, based on the valuer’s comments.

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Derelict Properties

Derelict Property Mortgages
Derelict Property
Specialist Mortgages
Specialist Mortgage Brokers

There are over 1 million homes currently empty across the UK.

Derelict properties can be picked up quite cheaply and can be a good way of purchasing a property at a lower price.

These properties tend to be quite difficult to find and even if you have found one, establishing who owns the property isn’t always an easy task.

If you do not know who owns the property you have found, the following places may be able to help you:

Land Registry (www.landregisteronline.gov.uk)

Local Authorities

Housing Associations

Neighbours / residents in the area
 
Property websites (www.empro.co.uk or www.propertyrenovate.co.uk)
 
Self-build plot finding agencies

You will need a minimum of a 15% deposit if you are renovating the property for your own residential use or a minimum of a 35% deposit if you are renovating the property for investment purposes.

In some cases Local Authority Grants or Energy Efficiency Grants may be available to you to aid in refurbishment costs.

We have access to specialist lenders who will lend on derelict properties by providing funds to you in stage payments as the property is renovated.

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Disabled Income

Where you receive benefits, which include Housing Benefit, the maximum loan to value available to you is 75% of the purchase price / value of the property.  For example, you will need to provide a 25% deposit when purchasing a property and the mortgage advance will be subject to all of your proven benefit income.  Where re-mortgaging, you will need 25% equity left in your property when obtaining the advance you require. The following types of benefit are taken into consideration by the lenders we use:

Disability Living Allowance (DLA)
Incapacity Benefit (IB)
Attendance Allowance (AA)
Income Support
Housing Benefit

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Divorce Settlement/Partner Buy-Out

There are lenders available who will allow you to capital raise to pay your partner for a divorce settlement, or to raise funds to pay your partner which will then enable you to have the mortgage put into your name only.

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Expat Mortgages

Expat Mortgages

New page due end of March 2010

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Fast Completion

Available for purchase and re-mortgages. In many cases references are not required.

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Flats Over Shops

Flats Over Shops Mortgages
Flats Above Shops
Specialist Mortgages
Specialist Mortgage Brokers

There are 5 main categories of shop over which a flat can be situated and we have access to specialist lenders who will lend on each of these categories:

A1 - general stores such as newsagents and hairdressers

A2 – financial and professional services such as banks and estate agents

A3 - restaurants and cafes

A4 - drinking establishments

A5 - fast food takeaways

If you are looking to purchase this type of property then we have listed a few points for you to consider:

Advantages

Conveniently located in the heart of cities / towns / villages for good access to local amenities and public transport

Flats of this nature are located in areas which are unavailable to people living in conventional homes / flats

This type of living can be 10-20% cheaper than buying a similar sized flat in a purpose built residential block

Flat over shop living is evidenced within Birmingham’s Jewellery Quarter and in other cities such as Manchester and London where it is becoming more accepted and popular in today’s society. It has been suggested that flats of this nature may attract premium prices in the future due to increased public demand combined with locality.

Disadvantages

There is the potential of living above or near antisocial premises where there are smells, noise or late night opening

The commercial premises beneath the flat may become derelict and reduce the value of the property / affecting salability

The usage of the commercial premises beneath may change i.e. from a book shop to a fast food takeaway. It is advisable you check with the local council / your solicitor to see if there is a proposed change of use permitted / planned.

Resaleability may be restricted as in certain areas flats of this nature tend to be less desirable and slower to sell than standard purpose built flats.

Insurance premiums are likely to be higher, especially for flats located above restaurants / takeaway outlets, due to fire hazards

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Freehold Flat Mortgages

Freehold Flat Mortgages

If you are looking to purchase or re-mortgage a freehold flat, we have access to lenders who will consider this type of mortgage.

A common misunderstanding is that people believe they are buying a freehold flat when infact they are purchasing a leasehold flat with a share of the freehold held in a management company.  We can also provide mortgages on this type of property.  If you are unsure of what type of flat you are purchasing, please ask your estate agent or the vendor for full clarification.

With a freehold flat you have full rights to ownership of the property as opposed to a limited number of years associated with a leasehold flat.  However, in most cases with leasehold flats, this term of residency can / will be extended by the relevant management company to ensure the lease doesn’t run out or fall below 75 years.

Useful points to consider before purchasing a freehold flat:

* There are a limited number of lenders available who provide mortgages on freehold flats.  For this reason it may restrict the number or people who are able / willing to purchase the property, thereby affecting future saleability and market value of the property

* Maintenance costs will need to be shared amongst the freeholders.  This can often cause conflict amongst residents with certain repairs / costs not always being resolved due to unclear parameters of liability.  Areas of conflict can include covering the cost of roof repairs, damage to guttering or fencing and repairs to driveways or external walls.  The employment of a management company can often help to alleviate potential issues.

* If damage is caused to your flat via water leakage or fire damage from a surrounding flat, they may not always have sufficient insurance in place to cover the cost of damages to your property.  It is important that neighbours communicate with one another on their insurance cover to ensure they are adequately protected.

* Unlike leasehold flats, you do not have to adhere to terms of a lease or be subject to restrictions.  Types of restrictions which are usually imposed by leasehold flats include the exclusion of pets, regular painting of internal walls or limitations on the use of colour, style of blinds and curtains to be used in your flat, maintenance to window panes and frames.  Although you have more freedom with a freehold flat, these restrictions are often welcomed my most residents as it protects the overall look of the property.
Before committing yourself to purchase a freehold flat, it is strongly recommended that you employ the services of a solicitor to check over the terms of the freehold and establish areas of liability and the freedom of residents to use the surrounding land.

If you are ready to proceed with the purchase / re-mortgage of a freehold flat, please contact us and we will gladly assist you further.

As true mortgage specialists when we say we can do it - we can!

Gifted Deposits

Gifted Deposit Mortgages
Gifted Deposit
Specialist Mortgages
Specialist Mortgage Brokers

Gifted Deposits Gifted deposit mortgages are available to for people who do not have sufficient savings / funds in place to enable them to provide a deposit when purchasing a property for either residential or investment purposes.

The deposit must be gifted from a family member i.e. mother, father, brother, sister, husband or wife. This gifted deposit must be genuine, non-refundable and brought to the attention of the lender and solicitor.

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Graduate Mortgages

Graduate Mortgages

Graduate mortgages are available to individuals who have obtained a degree from a recognised UK university within 7 years of graduation.

At time of graduation, many people leaving university have a student loan and are short on funds to put down as a deposit when purchasing a property.  Graduate mortgages will be considered to 95% loan to value and subject to affordability.  If a graduate mortgage is not possible due to your circumstances, amount of deposit, or affordability, it is possible for us to look at a guarantor mortgage or a gifted deposit mortgage from family members or relatives.  The guarantor(s) can either take full liability where they are accountable for the whole mortgage payments or limited liability whereby they are only accountable for the borrowers shortfall which is the difference between what the lender has calculated the borrower can afford and the actual sum required (up to a maximum of a 30% guarantee from the guarantor)

When taking out a graduate mortgage, most graduates tend to opt for an interest only mortgage during the first 2-5 years in order to keep their monthly payments as low as possible.  After this time it is common to then take out a repayment mortgage whereby the outstanding mortgage balance is repaid gradually over the term of the mortgage, together with interest on the money borrowed.

Advantages

* Enabling a foot on the property ladder at an early age

* Depending on the right market, this could be a valuable investment in early life if property prices appreciate.

*  If using a guarantor, a higher mortgage advance may be available to you as a result of the guarantor’s income, which may enable the purchase of a more desirable property

Disadvantages

* Your financial situation / job prospects may not improve depending on personal or economic conditions

* If using a guarantor, financial or personal circumstances between each party may change over the term of the mortgage

* If using a guarantor, it may be difficult for them to be released from the mortgage contract unless an acceptable replacement can be found or the main mortgage holder’s salary or value of the property has increased significantly.

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Guarantor Mortgages

Guarantor Mortgages

Guarantor Mortgages are taken out by a mortgage applicant who uses a guarantor (usually parents, relatives or close family friends) to guarantee the mortgage repayments. To be accepted, the lender will look at the financial background and credit rating of the guarantor who must be able to prove they have enough disposable income, after paying their own outgoings (including their own residential mortgage) in order to afford the monthly repayments in the event of a default by the main applicant.

The lender will also look at the duration of time in which the guarantor’s income can be sustained. If a guarantor is near or close to retirement, they must be able to demonstrate that their pension income is sufficient when they retire in order for the mortgage guarantee to continue and for the mortgage to be accepted.

There are 2 types of guarantor mortgages which are explained in more detail below:

1.  Full Liability
2.  Limited Liability

Full Liability

* The guarantor(s) is liable for the entire debt should the borrower default on their mortgage payments.

* The guarantor must agree to undertake full payment, on demand, if ever the borrower defaults. 

* The mortgage applicant remains fully liable for the mortgage amount borrowed


Limited Liability

* The guarantor’s liability is limited to the borrower’s shortfall (up to a maximum of 30%) expressed as a fixed percentage of the debt, plus a further 10% of the debt should the borrower default on their mortgage payments.

* The guarantor must agree to undertake full payment, on demand, if ever the borrower defaults, the amount of which will not exceed the guarantor’s liability

* The mortgage applicant remains fully liable for the mortgage amount borrowed

Advantages of Guarantor Mortgages

1. Enabling a foot on the property ladder which would have otherwise not been possible

2. Obtaining a higher mortgage advance, as a result of the guarantor’s income, which may enable the purchase of a more desirable property

Disadvantages of Guarantor Mortgages

1. The guarantor may be liable for the whole mortgage balance, not just the proportion they are guaranteeing.

2. Financial or personal circumstances between each party may change over the term of the mortgage

It may be difficult for the guarantor to be released from the mortgage contract unless an acceptable replacement can be found or the main mortgage holder’s salary or value of the property has increased significantly.

Guarantor mortgages are usually offered on similar rates and products as mainstream residential mortgage deals.


Guarantor Responsibility

Guarantors are legally bound and jointly and separately responsible for the main applicant’s mortgage payments at any time during the mortgage term. This is a major financial commitment and should be considered very carefully by a potential guarantor before entering into the agreement.


Your Responsibility to the Guarantor

This type of mortgage should be treated with the same degree of priority as a standard residential mortgage. You have a responsibility to your guarantor to pay the mortgage regularly and on time every month in order to honour your mortgage terms and keep your credit history in a healthy state of repair. If you fail to pay the mortgage, you will be putting your guarantor in a compromising position as they will be legally bound to pay the mortgage for you.


Children buying for Parents

Yes, it makes a change, but guarantor mortgages are also available for children who wish to purchase a property for their parents during retirement.

Two of the most popular reasons for obtaining this type of mortgage are:

1. Enjoy retirement in a more desirable location by purchasing a new property

2. Enable parents to move and live closer to their family for support or to look after their grandchildren.

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High Income Multiples

Most lenders work to a certain income multiple which restricts the amount you would like to borrow i.e. 3+1 or x2.5 joint income. We have lenders who will work beyond this and others who will offer income affordability, which in many cases offer a higher amount of borrowing to 90% and 95% loan to value.

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High Rise Flats

These are mainly council purchase or ex-council flats. Mortgages can be obtained, however, the mortgage rates are higher in this instance.

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HMO Mortgages

HMO MORTGAGES (HOUSES OF MULTIPLE OCCUPANCY)

A House of Multiple Occupancy (HMO) is defined as a single property that is let to 3 or more tenants who form 2 or more households# and share a bathroom, kitchen and toilet. 

The term ‘household’ is defined as follows: 

* Three friends or individuals living together would be classified as three households
* A couple (married or living together) would constitute one household
* Families or relatives living together constitute one household
* A couple (married or living together) sharing with a friend or individual would be classed as two households

The main ‘categories’ of HMO include:

* shared houses and flats 
* lodgings 
* hostels and some bed-and-breakfast accommodation
* residential staff accommodation and halls of residence 
* conversions of houses into self-contained flats

It is worth noting that each local authority has the power to alter this definition to suit their local requirements. It is therefore advisable to check with the local authority in your area or the area you are looking to purchase in order to know what guidelines you are working to.


HMO LICENSING

Houses of Multiple Occupancy (HMO) have proven to be good sources of long term investment for buy to let landlords as they can yield high levels of rental return for the amount of money invested. These types of property are very popular with the following groups of people:

* Students in university towns
* Young working people to enable them to live closer to large cities 
* Low income, single working people

Whilst these types of property can make good investments, there is legislation in place which is mandatory and must be adhered to as a landlord in order to qualify for a licence and maintain it. 

In order to become a HMO landlord you will need to obtain a ‘Houses in Multiple Occupation’ licence. 

The price of obtaining a licence varies between councils from around £150 - £650+. Failure to obtain a licence could lead to a fine of up to £20,000. 

To see how much a licence costs in your area, please contact your local council. 

Licensing has been introduced for HMO properties for 2 main reasons:

1. It is acknowledged that there is a significant risk of fire in HMOs compared to houses occupied by single families. 

2. The standard of management in some HMO's has been found to be seriously deficient, such as to present a risk to the occupants and in some cases, anti-social behaviour to other residents and the neighbourhood.


WHAT ARE THE MINIMUM STANDARDS REQUIRED IN ORDER TO OBTAIN AN HMO LICENSE?

1. The applicant must be a fit and proper person. The local authority will seek to establish whether the applicant has any unspent criminal convictions or whether there has been any history of problems relating to housing or the letting of housing.

2. The property will need to satisfy the local authority’s standards. In order to do this, your property will be put forward for an inspection which is normally carried out by an Environmental Health Officer / Technical Officer. For initial inspections, a member of the Building Control team may also be present. 

It is worth checking with your local council to determine the necessary requirements you need to fulfil in order to pass the inspection as this varies from region to region. 

The types of areas generally covered within the inspection include:

* Means of Escape and other Fire Precautions such as the fitting of smoke alarms 
* Water supply and drainage in the house
* Gas and electricity supply
* Shared areas of the house and installations
* Facilities for the Preparation and Cooking of Food
* Living accommodation.
* Windows and ventilation.
* Shared outbuildings and yards.
* Health and Safety Rating System (HHSRS) including safety off appliances 
* Management Standards 

In addition to the above, the landlord must also:

* Make suitable arrangements for disposal of refuse from the house
* Display a notice in the house indicating your name, address and phone number
* Give the local authority information about who lives in the house if requested

If you are looking to buy a property and obtain a HMO mortgage, make sure to do your research and see if there is sufficient demand for this type of housing in your area / chosen area. Some areas have been saturated with buy to let and HMO housing which will mean lower monthly rentals due to competition and the likelihood of un-rented rooms. 

Good areas to look at are in university towns where students are looking for cheap accommodation. When looking for a property, ensure it is well positioned, often in or close to the high street and easily accessible to all main amenities and transport links. Places close to university campuses are also well sought after.

As a final port of call you will need tenants to occupy your property

There are numerous ways to find tenants but we have listed a few useful websites you may wish to have a look at:

www.spareroom.co.uk

www.roombuddies.com

www.uk.easyroommate.com

www.flatmaterooms.co.uk

www.studentstreet.co.uk

The above companies are not provided as means of recommendation by Fairfield Finance. We have provided links to these websites for reference purposes only.

As true mortgage specialists when we say we can do it - we can!

Inherited Properties

Inheritance Property Mortgages

If you have inherited a property or are due to inherit a property, you have a few options available to you.

We have put together a list below for your consideration.  If you would like to discuss these options further, please telephone us and we will gladly talk through your situation with you. 

We have access to lenders who, subject to income / pension, will provide high loan to value mortgages or re-mortgages at very competitive mortgage rates for inherited properties.

Inheritance Property Options:


Re-mortgage

Re-mortgage as your own residence for capital raising or home improvements.  This is subject to your income.


Buy-To-Let

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Land Purchase

Land Purchase
Land Mortgages
Mortgages On Land
Specialist Mortgages
Specialist Mortgage Brokers

Building plots are quite hard to find and as a result there is usually strong competition when a site becomes available and a purchase price to match. For this reason, most purchasers usually require finance in order to purchase their chosen plot.

We can provide mortgages for various types of land purchase including:

Property Development (residential building plots, construction of office blocks, garden centres, golf courses etc)

Investment (car parking, grazing land, camp sites etc)

Farming (purchase additional farm land for crop cultivation or grazing, woodland for extra income from forestry etc)

Land can and can be purchased both with and without planning permission:

With planning permission

On a residential basis we are able to obtain self-certification mortgages to 85% loan to value

Without planning permission

For a straight forward land purchase we can obtain funding to 50% loan to value

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Large Mortgages

Large Mortgages
Large Mortgages
Big Mortgages
Specialist Mortgages
Specialist Mortgage Brokers

Most High Street lenders limit their borrowing from around £250,000 - £300,000. With increases in house prices over the last few years, more and more people are now requiring larger mortgages in order to purchase their homes. We have access to lenders who can provide mortgages on the following terms:

To £300,000 to 95% loan to value
To £500,000 to 90% loan to value
To £750,000 to 85% loan to value
To £1,000,000 to 80% loan to value
To £2,000,000 to 75% loan to value

For loans above £2,000,000, please contact us to discuss your requirements

As true mortgage specialists when we say we can do it - we can!

Let-To-Buy

A let-to-buy mortgage works simply by allowing you to borrow a lump sum of money (secured against your existing property) in order to buy a new home to move into whilst renting your existing property to tenants. The resulting rental income can then be used to cover or offset your existing monthly mortgage repayments.

Let-to-buy mortgages are mainly used by people who need a quick release of equity from their property in order to go forward and purchase a new property. The house buying / selling process can be rather slow at times if you are involved in a chain and let-to-buy mortgages are ideal for people looking to swiftly relocate through work or where a larger home is required if they are starting a family.

The following are other popular reasons why people chose Let To Buy mortgages:

Enables a quick release of equity form the property whilst maintaining a hold within the property market

Allows you to continue building the equity in your existing home as an investment whilst the tenants pay rent to cover or contribute towards your monthly mortgage payments

Kick-starts the building of a property portfolio for investment / pension purposes
 
If you are relocating with work on a short to medium term it will provide you with the flexibility to move back to your home area.

This type of arrangement can provide you with a good alternative to buy-to-let and be arranged with a smaller deposit which proves very popular with some homeowners. Let-to-buy mortgages can be arranged on a self-certification basis to 90% loan to value or 95% loan to value with proof of income.

As true mortgage specialists when we say we can do it - we can!

Non-Standard Construction

Non Standard Construction Mortgages
Non Standard Construction
Specialist Mortgages
Specialist Mortgage Brokers

Most lenders will only lend on standard brick and tile or stone and slate construction properties. If the property you are looking to purchase / re-mortgage fits outside of this criteria then we have access to specialist lenders who will consider in excess of 100 ‘non-standard construction’ or ‘non traditional’ properties such as Wimpy No Fines, Waites, and Woolaway.

The main areas we can look at under the group of ‘non standard construction’ include the following:

High rise flats (including council flats)

Concrete construction

Flats above shops

Timber and/or steel framed properties

Flying freeholds

Properties classed as defective under the 1985 Housing Act

Maisonettes

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Over 60s

Over 60s Mortgages
Pensioner Mortgages
Retirement Mortgages
Specialist Mortgages
Specialist Mortgage Brokers

With the recent property boom, many people now reaching retirement have become ‘asset rich’ with a great deal of money tied up in their homes whilst the pension crisis has left them ‘cash poor’ with lower than anticipated monthly incomes. For this reason many people over the age of 60 are looking to release money from their homes through down-sizing to a smaller property or by turning to a re-mortgage for the following most popular reasons:

Release capital and experience a better quality of life through their retirement Renovate their existing homes to a more comfortable living standard

Provide deposits for children / grand children who are experiencing difficulty getting onto the property ladder through lack of deposit or high purchase prices

Self-certification of income is available for the self-employed

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Overseas Mortgages

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Park Homes

Park Home Mortgages
Specialist Mortgages
Specialist Mortgage Broker

Today’s modern park homes now look more like traditional style bungalows and offer a good alternative to bricks and mortar accommodation.

Park home sites can offer safe and more peaceful living environments, located in beautiful surroundings with like-minded and friendly neighbours.  There are currently over 1600 residential and retirement parks across the country and nearly 250,000 living in these types of property.

The most popular reasons for purchasing a park home are as follows:

Retirement

Down sizing – release tied-up capital from your current home

Moving closer to your children/grand-children

Living in a friendly and safe environment

Holiday home

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Pensioner Mortgages

Pensioner Mortgages

With the housing boom that has occurred during the last decade, many people now reaching retirement have become ‘asset rich’ with a great deal of money tied up in their homes whilst the pension crisis has left them ‘cash poor’ with lower than anticipated monthly incomes.

For this reason many pensioners are now looking to release money from their homes through down-sizing to a smaller property or by turning to a re-mortgage for the following most popular reasons:

1. Release capital and experience a better quality of life through their retirement

2. Renovate their existing homes to a more comfortable living standard

3. Provide deposits for children / grand children who are experiencing difficulty getting onto the property ladder through lack of deposit or high purchase prices

Pensioner mortgages can take into consideration most sources of income including pension, benefits and income from investments.  We have access to lenders who, subject to income / pension, will provide high loan to value mortgages or re-mortgages at very competitive mortgage rates.

As true mortgage specialists when we say we can do it - we can!

Repossessions

Repossession Mortgages
Repossession
Specialist Mortgages

If you are currently being threatened with repossession due to arrears on your mortgage, secured loan and/or credit commitments then the chances are we can help by placing you with a specialist lender who will accept mortgage arrears and/or a low credit score due to bad credit.

A re-mortgage is one solution and may be the most effective way forward although the option to sell your property may also be an alternative.

As true mortgage specialists when we say we can do it - we can!

Retirement Property Mortgages

Retirement Property Mortgages (over 55s)

If you are over the age of 55 and looking to obtain a mortgage or re-mortgage on a purpose built retirement property, we can help.

With this type of property there are only a limited amount of lenders available who offer mortgages or re-mortgages due to the age restriction and specified occupancy on the property.

We have access to lenders who, subject to income / pension, will provide high loan to value mortgages or re-mortgages at very competitive mortgage rates for retirement properties.

As true mortgage specialists when we say we can do it - we can!

Right to Buy

What is Right to Buy? Right to Buy is where your local authority or Housing Association give you the opportunity to purchase the property you are living in at a discounted purchase price.

You can purchase the property for the discounted purchase price plus extra funds in most circumstances up to 85% of the open market value. In many cases the value set by the council is lower than properties of similar types to yours which have sold within the last 6 months. The lender accepts the valuer’s valuation and ignores the valuation set by council or Housing Association. This means that you can have funds to cover the cost of the purchase and further funds for home improvements etc. In many cases the lender does not require home improvement quotes or re-inspection of the property by the valuer to confirm the works have been carried out. This therefore provides you with greater flexibility.

Self-certification of income for employed and self-employed available. Proof of self-employment is not always required.

As true mortgage specialists when we say we can do it - we can!

Second Home Mortgages

To 85% Loan To Value

Second home mortgages are usually acquired for the following most popular reasons:

1. Holiday Home
2. Commuting Home
3. Student Home
4. Retirement home for parents

These are discussed in more detail below:

Holiday Home

The majority of people who purchase second homes do so for this reason.  These are ideal for people who holiday regularly in a particular area and want the flexibility of self-catering at any moment they wish to take a short or long vacation.

In the right economy these properties can increase in value, allowing the owner to sell the property in order to provide a cash lump-sum for retirement, or to allow them to move into the property during their retirement in their desired location.  Second homes are increasingly popular in areas such as Devon & Cornwall and the Lake District as people can use the homes for holidays and then retire into the area when they cease working.


Commuting Home

Second homes are popular with people who work away from home during the week and want to live in another area for part of the week to reduce commuting times.


Student Home

Some parents look to purchase property in university towns to enable their children to have accommodation whilst at university.  When the children graduate, the property can either be sold or converted onto a buy-to-let mortgage with another lender so the property can be let out to future students. 


Retirement home for parents

Yes, it makes a change, but second homes are also purchased by the children as a place for their parents to live during retirement.

Two of the most popular reasons for obtaining this type of mortgage are:

1. For parents to enjoy retirement in a more desirable location

2. Enable parents to move and live closer to their family for support or to look after their grandchildren.


Points to consider when looking to acquire a second home:

1. Be aware that house prices can go down as well as up

2. Your financial situation could change whilst owning the property.  Ensure that you are not tied into the mortgage for a long period of time as you may incur redemption penalties if you are forced to sell the property

3. If you sell the property and it has increased in value, you will be liable for Capital Gains Tax

We have access to lenders who, subject to income / pension, will provide high loan to value mortgages or re-mortgages at very competitive mortgage rates for second homes.

As true mortgage specialists when we say we can do it - we can!

Self Build

Self Build Mortgages
Self Build Mortgages
Specialist Mortgages
Specialist Mortgage Broker

If you are looking to start your own self-build project then you will require a minimum of a 15% deposit. Unlike traditional residential mortgages, self-build finance is released to you at set stages within the build process. There are on average 5 but this can vary from lender to lender and does depend on whether you are building a brick and tile construction, timber frame construction or carrying out a renovation / conversion. The lender will provide 85% of the funding for land purchase and 85% of the value at each of the 5 building stages.

To keep it simple we will generalise the stages involved:

Stage 2: Wall plate level / erection of timber frame

Stage 4: First fix and plastering

The money for each stage is released after the stage has been completed and a valuer has inspected the works carried out.

As true mortgage specialists when we say we can do it - we can!

Shared Ownership

Shared Ownership Mortgages
Shared Ownership Mortgages
Specialist Mortgages
Specialist Mortgage Brokers

Shared-ownership mortgages are used for part buy, part rent schemes whereby you part own your property in conjunction with a co-owner, typically a Housing Association.

These mortgages are very popular with First Time Buyers as the initial deposits are much smaller than those for straight forward residential purchases and, in certain cases, some lenders allow a 100% funding of your share. Shares of the property can be as low as 25% or as high as 75% at the outset of purchasing.

In most cases you can buy further shares of the property, known as ‘staircasing’, until you own the whole property. In some areas of the country you may not be able to buy the whole property and possibly restricted to 80% ownership. It is always important you check this when reading the lease.

To find out if you qualify for shared ownership you will need to contact a Housing Association in your area, the details of which can be found at www.shared-ownership.org.uk Priority is usually given to people on local authority or housing association lists or for ‘key workers’ such as people in the armed forces, nurses, firemen etc but don’t let this put you off applying if you don’t fit into any of these categories.

When looking to purchase a shared ownership property the lease between you and the Housing Association will set out your rights and responsibilities as a shared owner. Although you do not own the property fully you will still be responsible for the cost of repair and maintenance to your home but possibly restricted on any structural or home improvement changes. You solicitor will be able to go through and help you understand the terms of the contract.

The following are some of the main advantages and disadvantages of purchasing a shared ownership property as a first time buyer:

Advantages:

A way of getting onto the property ladder which may otherwise have been out of your reach

Shared ownership properties are typically new or refurbished

Stamp Duty may be waivered in certain areas of the country

If you are classed as a ‘key worker’ then you will most likely be considered a priority

Disadvantages:

Eligibility can be quite limited to certain local authority lists or ‘key workers’

Waiting lists can be in excess of 1 year

Limited choice of property types and/or locations

Permission may have to be sought for home improvements

You may not be able to buy the property outright in certain areas of the country

As true mortgage specialists when we say we can do it - we can!

Steel Frame or Clad Mortgages

Steel Frame or Clad Mortgages

We have access to lenders who will provide mortgages on over 90 different types of steel frame or clad properties.  Please scroll down the list below to see if your property type is listed. 

If the property type you are after is not listed below, please contact us and we will see if we can help you further:

* Adams H Syndicate 

* AGM Modular 

* Atherton 

* Bell Livet 

* B-J 

* Blyth 

* Braby 

* Bracpress 

* Braithwaite 

* British Housing 

* Cannister Housing 

* Chemleion 

* Clip Slab 

* Cornes 

* Coventry Corp 

* Cowieson 

* Crane 

* Cranwell 

* Cruden 

* Crux 

* Cussins 

* Dennis 

* Dennis Poulton 

* Dennis Wild 

* Discus 

* Dorlonco 

* Doxford 

* Dugdale Dennis 

* Duplex 

* Falkiner Nutall 

* Fincast 

* Formula 

* Gateshead Corp 

* Gateshead Experimental 

* Gee Walker Slater 

* Grid Housing 

* Hawthorne Leslie 

* Hitchins 

* Howard 

* IBIS 

* IDX-20 

* Index House 

* Integer 

* Korbet 

* Leeds Corporation MKII 

* Livett Cartwright 

* Lowton Cubitt 

* Maylin 

* Modform 

* Modular 

* Modulow 

* Mucklow Plainr 

* Multi Stoer 

* National Building Agency (NBA) 

* New Georgian 

* Nissen Petren 

* Northern Ideal Homestead 

* Norwest 

* Nutall Mk1 

* Nutall Mk2 

* Open System Building 

* Overseer 

* Paragon 

* Plasteel 

* Poulson 

* Poulton 

* Presweld 

* Procol 

* Prowting 

* Pyrocol 

* Quality

* R M Housing 

* RBM Volumetric 

* Resiform 

* RFC Rigid Frame Costr 

* Rigid 

* Riley 

* Rofton 

* Ruberry Owen 

* SASB Type R4 

* Seco 

* SFI (Indulex) 

* SIMMS - CDA

* Steane 

* Stewart & Lloyd 

* Symplex 

* T & N House 

* Telford 

* Thorncliffe 

* Touba Construction Co 

* Trusteel 3M 

* Trusteel Mk2 

* Turner & Newall 

* Walflor 

* Weir 

* Weir Douglas 

* WH 

Call us today for free mortgage advice on both Steel Frame or Clad Mortgages & Steel Frame or Clad Re-mortgages

As true mortgage specialists when we say we can do it - we can!

Student Mortgages

Student Mortgages

Student mortgages are a good way for parents to help their son or daughter take out a mortgage whilst they are studying at university. In order to qualify for a student mortgage, a guarantor must be available. The guarantor(s) can be a close family member or someone with a close long-term relationship to the applicant (minimum 3 years) who is willing to guarantee the full monthly mortgage repayments.  To be accepted, the lender will look at the financial background and credit rating of the guarantor who must be able to prove they have enough disposable income, after paying their own outgoings (including their own residential mortgage) in order to afford the monthly repayments.  The guarantor(s) can also provide the deposit or partly fund the deposit but it must be provided in the form of a gifted deposit whereby it is non-refundable at any time.  In the case of parents providing the deposit, it enables them to pass on money to their children at an age at which they need it the most, hence their children will not have to pay inheritance tax (a parent will have to live for a minimum of 7 years after gifting the deposit to their children to ensure inheritance tax will not be payable).

In some cases the monthly mortgage payments can be cheaper than the average rent for student accommodation which makes this a very tempting consideration.  Additional rooms can also be let out to fellow students to help cover the mortgage payments and in most cases, provide an excess monthly profit.  If market conditions permit, the property may appreciate over the period of study (usually 3-5 years) which can be sold at time of graduation.  Ultimately, when the student commences work they can look at a full residential mortgage (subject to income) which will enable the parents to be removed as guarantors.

For students lets, a parent may also consider taking out a HMO Mortgage if tenant sizes are of 3 or more persons.

Advantages of student mortgages, using a guarantor:

* Enabling a foot on the property ladder which would have otherwise not been possible

* Providing a form of investment whilst covering accommodation costs


Disadvantages of student mortgages, using a guarantor:

* The guarantor will be liable for the full mortgage costs

* Financial or personal circumstances between each party may change over the term of the mortgage


Student mortgages are usually offered on similar rates and products as mainstream residential mortgage deals.

As true mortgage specialists when we say we can do it - we can!

Timber Frame Mortgages

Timber Frame Mortgages

We have access to lenders who will provide mortgages on over 200 different types of timber frame properties.  Please scroll down the list below to see if your property type is listed. 

If the property type you are after is not listed below, please contact us and we will see if we can help you further:

* Aberdeen Corporation II

* Aberdeen Corporation III

* Anchor 12M 

* Andover 

* Anvil 

* Anvil 6B 

* Appleyard 

* Arcal 

* Arrowsmith 

* Aspect 

* B & P 

* Barratt 

* Bennett 

* Blackburn 

* Blanfiled 

* Boro 

* Borohus 

* Boulton & Paul 

* Brims 

* Build Form 

* Bur-Pal 

* Burt Boulton 

* C M  

* C M Yuill  

* Calder Grandridge 

* Calverdale 

* Calverley 

* Calverley Modular 

* Cameron 

* Canadian Commissioners Houses  

* Canadian Demonstration Timber 

* Canadian Timber 

* Carey Homes 

* Carmule 

* Carnarvon  

* Caspon  

* Cathcart 

* CDC

* Cedarwood 

* Cedeworth Homes 

* Celtic homes 

* Challow 

* Chalowette 

* Compton 

* Cosmos 

* Coweieson 

* Czechoslovakian Timber 

* D L

* Dean

* Derwent 

* Devon Lady 

* Domus 

* Donald Cameron

* Douglas 

* Dudley Coles 

* Eastwood 

* Edgell 

* Elsworthy 

* Engineered Homes 

* Errol 

* Eskdale 

* Eurodean 

* Facta 

* Faculty 

* Flexi 

* Fontaberry 

* Forfar Borough 

* Formula 

* Framecourt 

* Frameform 

* Frederick  

* Frederick Cedarwood 

* Frederick Frame System 

* Fribahus 

* Fribo Hus 

* G Block

* G M Watne 

* Goldcrest 

* Grampian

* Grayholme 

* Guildway (Timber Framed with concrete cladding)

* Hall 

* Hallam 

* Hallam 3M  

* Hallam Homebuilder 

* Hallam Homepack 

* Hallam Mk 1 

* Hallam Mk 3 

* Hallam Volumetric 

* Hallamshire Mark 1 

* Hallamshire Mark 2 

* Halliwell 

* Hertfordshire County Council 

* Hitchins 

* Housing System Design (HSD) 

* Howard Mersham 

* HSD 

* Hultfred 

* Isec 

* Jackson 

* Jansel 

* Jicwood 

* Kier 

* Kilpeck 

* Kingston 

* Lammermuir 

* Lanark County Council T3

* Lanark County Council T4 

* Lanark County Council T5 

* Launderdale 

* Lawrence 

* Linton 

* Linton TD 

* Llwellyn 

* Lothian 

* Lovell 

* Lovell Housing System 

* Mac Trad 

* Mansard 

* Maple Leaf 

* Marley 

* Maxim 

* McAlpine 

* McLean 

* Medway 

* Metratrim 

* Meyer

* MHC 

* Miller 

* Minox 

* Modern Building Wales 

* Modern Frame 

* Module Two 

* Moelven-Brug 

* MOHLG 

* Multicom 

* Multiflex H12 

* Multigrid 

* NBA Silkworth 

* New Trend 

* Norlog 

* Norwegian Log 

* Ontario 

* Parkway 

* Pennie 

* Pentland  

* Perren 

* Plus 3 Contracts 

* Potton 

* Prestoplan 

* Purpose Built

* Puutala 

* Quikbild 

* Redesdale 

* Reeves Frame 

* Resiform 

* Rileyform 

* RMR 

* Rothwell-Perrin 

* Rowcon 

* Scan 

* Scano 

* Segal 

* Sellick Nicholl 

* Sellick Nicholl Williams 

* Shaddow Wall 

* Sheerwood 

* Shephard 

* Silkworth 

* Simms C-DA 

* Simms Sons and Cooke

* Simms SWPA 

* Solid Cedar

* Spooner 

* SSHA Timber 

* Superhome 

* Swiftplan H12 

* Swiftplan Multiflex H12

* Terrapin 

* Teviotdale 

* Timber Frame (UK) Ltd 

* Timberflex 

* Toogood 

* Toughman 680 

* TRADA 

* TRADA Thus  

* Trybo 

* Tweedale 

* Unicom 

* Unit System 67 

* Variform 

* Wallis 

* Walton 

* Wates Low Rise 

* Watne 

* Weir Multicom

* Weir Multigrid 

* Weir Prewar 

* Well Built 

* Western Timber 

* Westminster 

* Westmorland 

* Wheatley

Call us today for free mortgage advice on both Timber Frame Mortgages & Timber Frame Re-mortgages

As true mortgage specialists when we say we can do it - we can!

Trustee Mortgages

Trustee Mortgages

A trust is a legal arrangement where one or more people (the trustees) are made legally responsible for holding or managing a person’s assets because that person may not be ready or able to mange it themselves.  Assets usually take the form of either property, money, investments or items such as paintings, furniture or jewellery.

If you have been left a property in trust, you are the legal owner of the property and legally bound to deal with the property as set out by the deceased in either their will or the ‘trust deed’.

With some types of trust the trustees also make decisions about how the assets in the trust should be used.

Trusts may be set up for a number of reasons, including:

1. for inheritance tax purposes

2. the beneficiary is too young to inherit

3. the beneficiary is not of sound mind and unable to manage the assets themselves

As true mortgage specialists when we say we can do it - we can!

Vendor Deposits

Vendor Deposits
Vendor Deposits
Vendor Deposit Mortgages
Specialist Mortgages
Specialist Mortgage Broker

Vendor / Builder Deposits

A vendor deposit is given by the vendor / builder as a discount form the true market value of the property. The lender will usually require some form of a deposit from you, typically 5%.

These types of mortgage are popular with both home buyers and investors looking to purchase buy-to-let properties.

As true mortgage specialists when we say we can do it - we can!