There are always mortgages that are more difficult to place than others. The three below are typical of those which people approach me for which the High Street lenders typically won’t support. You might think you have no hope of getting a mortgage as a result but that’s not always the case.
Do you only have one years accounts? Well, there are lenders that will still lend up to 75% LTV. As long as you are in the same line of work that you were involved in previously and for the last three years. The lender will verify your income by taking a look at your SA302 or your accounts via HMRC.
Self employed applicant in a Professional occupation? That’s solicitors, architects, accountants or medical professionals working as part of an established partnership. Again, if you are in possession of one years accounts you could be borrowing up to 90% LTV. If you are joining an established firm as a partner and want to borrow immediately then lenders may go up to 75% LTV.
You’re a “day rate” contractor. Some lenders accept you having under 6 months on your existing contract as long as you have 24 months continual contract history. In some instances there is no minimum day rate and there is no need to provide accounts. It’s just about your current and previous contracts. This isn’t just for IT contractors either (albeit the CIS scheme is excluded) and up to 90% LTV can be achieved.
There will, of course always be proposals that you can not do. We are not saying that everything is possible. But what we are saying is that using a mortgage expert, like our Mortgage & Protection Adviser, Mark Alefounder, with access to lenders who will look at such things is the best chance you have of getting what you want.
If you would like to know more about how we can help you with your mortgage needs, please contact our Mortgage & Protection Adviser, Mark Alefounder on 01206 366700 or email him on [email protected]