Little people on puzzle pieces

We can’t all be fitted into the standard mortgage package which many mortgage providers want to box us into.

Many lenders are happy to help the so-called “vanilla” borrower – employed, clean credit record, plenty of equity/savings, standard property and aged 25-45.

However, what about those people who don’t fit into those boxes?


Credit blips

Older borrower

Minimal equity/savings

Unusual property type

These are key areas where it is more important to get advice. Mortgage lenders aren’t always keen where you fit into one or more of these categories, yet you may represent no greater risk than a “standard” borrower

As a self-employed person, you may not have 3 Years Accounts, but have a healthy first year trading. Mortgages Online can help such a person by using its knowledge of the mortgage market to recommend an appropriate lender and make a subsequent mortgage application. Your drawings from your business may be low, but your net profit may be rosy. Many lenders will only look at the figures on your Tax Calculation, whereas more specialist lenders can take a bespoke view of Accounts and the health of the business. Mortgages Online has access to such lenders.

Credit blips can stay on a credit file for 6 years. A blip might be an unfortunate oversight, a dispute or due to a period of difficult circumstances. This may not prevent a mortgage being secured. “High Street” lenders may shy away from offering a mortgage, but other providers may take a more sympathetic viewpoint.

In the past, borrowers over the age of 50 would be restricted in mortgage term due to lenders applying the State Retirement Age to criteria. In recent times, some lenders have taken a more flexible view, with an understanding that people can work longer and aren’t forced into retirement. “Later Life lending” is now something which Mortgages Online can assist with.

The credit crunch did lead to lenders restricting borrowing and loan-to-value (LTV) ratios were restricted. However, the economic recovery has restored lending confidence and 95% mortgages can now be secured with some lenders. Family gifted deposits to help first time buyers are now readily accepted and there are other schemes to help borrowers looking to get a foot on the housing ladder.

Certain styles of property are difficult upon which to secure mortgages. Specialist lenders can assist in these cases and Mortgages Online can help in these situations.




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