You might think that your scenario is out of the ordinary and maybe a lender won’t look to assist you. And you might be right, if you are purely looking at the mortgage lenders on the high street. But we all know that not everyone fits this ‘ideal client’ picture.
Complex scenarios are on the increase and some of the smaller, more agile lenders are looking to help you.
Some lenders have recently made some criteria changes that include:
- 4 applicants and 4 incomes! The lender will now accept using 4 incomes on an application. This is 4.49 x the two highest salaries and then adding one each of the remaining two.
- Joint Borrower / Sole Proprietor. So you need Mum and Dads help in getting your first mortgage? Not a problem. Lenders will allow you to apply jointly with blood relatives, from both sides if needed, yet you remain the sole owner of the property.
- Lending into later life – applicants are now catered for up to age 95! Equity release is not always the right solution and lenders are now offering normal mortgages to those who fit their criteria with regards to affordability and right loan to values.
- In probation? Not a problem. Some lenders will consider.
- Foster care income? Ok, this is considered if you have 12 months history
- Secondary income / Zero hours contracts / Newly Qualified Teacher in first contract period – all considered.
These are just some of the benefits of using an independent mortgage brokerage and especially if they are ‘whole of market’ and have the ability to deal with any lender and are not restricted to a small panel of lenders.
These lenders may not be household names, but you’ll probably find they are extremely helpful and will look at most scenarios, manually, with no credit scoring and have an appetite to lend! Most importantly, their interest rates are mostly very competitive too and make the right ‘impact’!