Regulated by the Financial Conduct Authority, we are nationwide specialist mortgage brokers, finding specialist mortgage lenders for all circumstances. Being independent lets us to look at the entire UK mortgage market to find the most competitive deals and find mortgages to suit all situations, providing just the right mortgage advice for you.
Not all mortgages are simple cases of applying to a high-street provider (like a bank or building society). Some require lending from a specialist who may be able to work with more complicated situations. Banks and building societies have quite generalised criteria for people looking for mortgages, whilst specialist mortgage providers will look at applicants as individual cases and offer a bespoke solution.
If your situation is more complicated than what’s considered ‘normal’, you may need to consider a specialist mortgage. Banks and building societies offer mortgages under quite strict conditions and this can be limiting if your situation is slightly unusual.
In any of these positions, you might find it more challenging to get a mortgage from a high-street lender and a specialist mortgage may be more suitable.
Your mortgage is one of the biggest commitments of your life and buying your first property can be a big hurdle. We can help support you through the process and will help you find out how much you can borrow, what your maximum property spend could be, what the interest rate will be and what costs are involved. If you are a first-time buyer, you are likely to need to spend at least 5% of the purchase price of the property on a deposit.
You might choose to move home for many reasons including expanding your family, changing job or a change in your finances. Staying with your current mortgage provider or getting a mortgage through your bank might feel like easy options but they might not be the best ones for your circumstances.
Remortgaging means changing your mortgage provider. This is often done to reduce your repayment amounts, reduce the length of you mortgage or to release some capital from your home.
The ‘Help to Buy’ scheme is an enterprise supported by the government to help first time buyers or homeowners who are struggling to take the next step up the housing ladder. The Help to Buy scheme can allow you to buy for a deposit as low as 5%.
If you want to buy your council house or housing association property, a Right to Buy mortgage will work in the same way as a standard residential mortgage. This means that you can access the same deals available to other borrowers. Many lenders will accept your Right to Buy discount as your deposit, though some might still request a cash deposit.
A shared ownership is a government scheme and means that the property is partially owned and partially rented by the owner. The rented part of the property can be bought when the owner can afford it.
Interest only mortgages cover only the interest owed on the amount that you have borrowed. You don’t pay off the mortgage itself and this means the monthly payments can be considerably lower than a repayment mortgage.
Traditionally, a guarantor mortgage means that a family member will agree to take responsibility for your mortgage payments if you can’t make them. This can be a good solution if you have no deposit or bad credit.
A lifetime mortgage is when you take out a loan which is secured against your home. You must be over 55 years old to access lifetime mortgages and the equity that can be released is based on your age, health and property value.
It can be challenging for those with bad credit to acquire a mortgage, but it is possible, though may be more expensive as the lender will base their costs on the risk of lending.
Secured loans are an alternative to remortgaging to use your property’s equity to raise funds. Your property is considered an asset that the loan is secured against and this means that there is less risk for the lender than something like a credit card, so the interest rates can be lower.
If you are skilled worker living in the UK on a Tier 2 visa, there are routes for you to get a mortgage in the UK. These can depend on how long you have lived in the UK and generally lenders will expect you to have lived here for 2 years or more.
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Buy to let properties are bought with the desire to rent out the dwelling to tenants and can be bought with specialist mortgages like a portfolio mortgage which will allow you to buy multiple properties under one mortgage.
These are designed to streamline finances for landlords who own multiple properties and can have all their mortgages under one mortgage, which is treated as one account.
Let to Buy mortgages are a great solution when you want to buy another property to live in but don’t want to sell your current home. This type of mortgage would allow you to let your current home, giving you funds to buy your new home.
Houses in Multiple Occupation (HMO)
HMO properties are those that are rented out to three or more tenants who share facilities. HMO mortgages are considered quite specialist and the application can be quite a thorough process.
Holiday Let mortgages are utilised to buy properties which are then used for visitors or tourists for short term stays. Standard Buy to Let mortgages are often not suitable for holiday lets and specialised mortgages need to be used.
Landlords can no longer receive as much tax relief on buy to let mortgages as they previously could. Creating a limited company means that landlords can set up income in a more tax efficient way.
A multi-unit freehold block (MUFB) is a dwelling which has two or more independent residential units. These are under a single title and no individual unit is subject to a lease. A common example of this is a house that has been converted to individual flats. Mortgage rates are generally slightly higher than normal buy to let properties.
Many ex-pats invest in properties as it can provide them with an income but also a potential property to live in if they decide to come back to the UK. There are specific mortgages designed for expats for this scenario.
High net worth is defined by the Financial Conduct Authority (FCA) as someone who earns more than £300,000 per annum or assets worth more than £3 million.
Those with a high net worth may have complicated finances and may need a completely tailored mortgage setup.
At Transparent Mortgage Services, we are mortgage advisors who can help you find the ideal specialist mortgage as you step on to or move up the property ladder. We are independent specialist mortgage brokers and not linked to any specific mortgage provider. This means that we can provide you with a dedicated mortgage expert who can look at every provider and find the perfect solution for you, whilst making the application process easy for you. We are also authorised and regulated by the Financial Conduct Authority (FCA).
If you are not sure if you need a Specialist Mortgage, email: info@tms-fs.co.uk or call us: 01424 444597 now and we can guide you in the right direction.
