What is a Specialist Mortgage?
As we’ve said, we created this site to be a hub of information, providing guidance on mortgages and that includes specialist mortgages.
Whether you have adverse credit, an IVA, faced bankruptcy, are an expat or are self-employed, the market is vast and the right guidance and information can be paramount to your mortgage options.
At the Online Mortgage Guru, we believe that even if you’ve been turned down in the past, with the right advice from a whole of market mortgage broker it may be possible to obtain a specialist mortgage.
Within the wider market, there are several specialist providers who will consider more than just your credit score. Specialist lenders tend to be more flexible in their lending decisions.
These specialist lenders base decisions around the severity of the issue, the age of the adversity (i.e. the date it was registered), and how you meet eligibility requirements.
However, whether you have adverse credit or unusual circumstances, the risk to lenders can be higher, meaning that you may see unavoidable higher rates.
When it comes to specialist lending situations our top tips will always be:
- Speak to an advisor who specialises in whole of market including niche lenders that cater to unique situations such as expats, self-employed or doctors.
- Use an advisor who understands unique situations such as bad credit, IVA’s and bankruptcy.
- Ensure your advisor fully understands your situation. Withholding information can hinder your chances of being approved.
Speaking with the right mortgage broker with access to a wide variety of lenders can narrow down the deals you qualify for, ensuring your chances of approval are higher.
Contact us at the Online Mortgage Guru on 0345 3669799 or email us via info@theonlinemortgageguru.co.uk and we’ll put you in touch with a suitable specialist to handle your enquiry with no obligation.
