Right to Buy Mortgages in Cambridge

When you come across a particularly difficult mortgage obstacle, you may find it a tricky task alone to match up to any mortgage lender criteria. It’s at this point where you should consider getting mortgage advisor in Cambridge. We will be able to take a look at your case, working together step by step to find a mortgage solution for you.

Complex scenarios are a common scenario for us here at Cambridgemoneyman, so whilst everyone’s situation is unique to them, it is likely that we have come across something very similar in the past. We will use the knowledge we have gathered from these instances, to better advise you during your process.

When it comes to making an offer on a property, in some cases you may end up with what you personally feel is a good deal, even if it is above the asking price. Unfortunately, after you have had a property survey carried out, you may discover that the property is worth less than the offer you had made.

This type of practice is called a property down valuation. In this instance, your lender is very unlikely to lend you the full amount, as they would be lending you more than the property could actually resell for in the event of repossession. Sometimes, the lender will pull out of the deal altogether.

If you are able to make up the shortfall, either by utilising your savings or coming to an agreement between yourself and the seller, you may be in with a chance of continuing your process with the lender in question. This isn’t always a guaranteed outcome, however, and they may still pull out anyway.

If, for some unfortunate reason, you end up divorced or separated, it can be quite a challenge sorting out any joint finances you have, especially your mortgage. It’s very important that this is sorted out sooner rather than later, to avoid any additional difficulties.

Whether you want your name removed, or your partners name removed from the mortgage, you will need to speak with a specialist mortgage advisor in Cambridge in order to proceed.

Following on from a divorce or separation, it’s very likely that one of you will be wanting the others name off the original mortgage.

Names can only be removed from a mortgage, if either party can financially cope without the assistance of another. What this means, is that if you wanted your ex’s name removed from your mortgage, but you cannot afford to do so alone, the lender may decline to remove your ex from the mortgage. Speaking to a specialist mortgage advisor in Cambridge will give you more insight into this scenario.

You will find that it is possible to obtain a mortgage on a property with a sole name if you are married, though the majority of lenders would much prefer that a joint mortgage be taken out if possible. This is due to the security for the lender, as two incomes is better than one.

Whilst applying for a mortgage in a joint name would make the likelihood of being accepted much easier, it is not completely impossible and there are still lenders who are willing to work with sole name married applicants.

The Shared Ownership Scheme will allow mortgage applicants who are struggling to afford the full property price, to purchase a share in a property, paying back the remaining percentage to a local authority in monthly rental payments.

Generally speaking, you will have to purchase somewhere between 25-75%, though depending on the lender and the circumstances, you may be able to purchase lower than this amount. If you come into more income further into your mortgage term, you may have the option to increase your shares by purchasing them from the local authority who owns them.

Professional mortgages are restricted to only being used by specific professions across the country. This is a hyper specialist area of the mortgage world and would require speaking with a mortgage expert before proceeding.

If you are considering buying an additional property and require a mortgage in order to cover the costs of that purchase, you will need to show a mortgage lender that you have the ability of affording multiple monthly mortgage payments consecutively.

This needs to be proven via evidential documents, such as your bank statements, P60 and payslips. If you’re self-employed, you will need your self-assessment, tax calculations and tax overview to prove this. A trusted member of our mortgage advice team will be able to help make sure that you are prepared for this.

Holiday let mortgages function in a way that is similar to Buy to Let mortgages. The difference between the two though, is that a holiday home will not generate a consistent income with long term tenants. Instead, you will be taking on multiple short term tenancies as a source of income from your properties.

During off-peak holiday times, you may see that you are unable to maintain much income at all from this property. Because of this, the lender will need to have complete confidence in your ability to maintain your monthly mortgage payments, even when there are no tenants living in the property.

New builds can often be quite costly investments, especially because the demand for these types of properties has increased over the years!

If you are finding it difficult to save up the deposit to buy a home, there is a varied selection of government schemes to choose from, each serving the purpose of helping first time buyers secure a new build property. Some of the schemes available include the Help to Buy Equity Loan Scheme, a Lifetime ISA or the Shared Ownership Scheme, to name but a few.

A ‘non-standard’ property would be defined as a property that has not been conventionally built, i.e., with bricks or mortar.

If you have any plans to take out a mortgage on a property that is considered ‘non-standard’, then you will need to look at finding a specialist deal. We would also highly suggest paying a little bit more in order to get a full structural property survey carried out on the property in question, as this will identify any faults.

HMO’s are another variation of a Buy to Let property. Having a HMO property allows you to have between 4-6 tenants in a property, similar to what you would see with student housing.

Before you obtain a HMO mortgage, you may have to speak to your local council, so that you can obtain a HMO license. This will only apply if there are 5 or more unrelated applicants living inside the property or if you have 2 or more separate households living under one roof.

We would recommend that you look at obtaining specialist Buy to Let Mortgage Advice in Cambridge if you are considering taking out a HMO mortgages.

A Lifetime Mortgage will give you the option to release equity from your home as a means of creating a lump sum of cash. This type of mortgage is only accessible to those over the age of 55.

We would strongly recommend that you get in touch with a mortgage specialist before making any hasty decisions with equity release, as this can be complex to navigate if you’re not too sure what you’re doing.

Offset mortgages allow customers to utilise a savings account alongside your mortgage. These can be super helpful in obtaining competitive interest rates and mortgage products.