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Specialist Mortgage Advice in Cambridge

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Declined by your Bank in Cambridge? We May be Able to Help!

For many mortgage applicants, the process is, for the most part, straightforward. Their only gripe may be that it can be lengthy. That being said, there are a lot of customers out there who are faced with very difficult situations that leave the process a little more complex to navigate.

 

It’s never easy to see customers struggling to obtain a mortgage, which is why we go that extra mile to guide you and help you achieve mortgage success. Speak with a trusted  Mortgage Broker in Cambridge and we will do everything we can to help you.

Speak to a Specialist Mortgage Advisor in Cambridge

Here at Cambridgemoneyman, our trusted Specialist Mortgage Advisors in Cambridge are able to access 1000s of unique and niche mortgage products, thanks to our extensive panel of standard and specialist mortgage lenders. It’s the job of our dedicated mortgage advice team to search through these, to find the best one that matches your circumstances.

 

If the bank has declined you at any point by the bank, it is important that you refrain from applying for lots of different mortgage deals, either with that bank or another lender. Whether you are informed of such or not, if you have been declined, there will be a reason for it.

 

Your Mortgage Advisor in Cambridge may be able to identify why you were declined, though in some cases this may not be possible. In any case, your mortgage advisor will take a look through thousands of mortgage deals, in order to match you up with an appropriate deal for your circumstances. We always aim to get this right first time!

Complex Mortgage Situation in Cambridge?

A sizable portion of our customers have reached out to us for help after being declined by their bank. You may believe your situation is too complex, but rest assured that our advisors rarely encounter a situation that isn’t similar to something they have seen before. We’ve been in the industry for over 20 years now, so have a lot of experience with specialist cases!

 

Over the years we have worked with all kinds of unique and complex mortgage scenarios. From customers looking to remove a name from their mortgage so they can obtain one of their own, to debt consolidation and more, we will do everything we can to help you search for a mortgage solution.

 

You can now book in your own free mortgage appointment using our online booking system, 7 days a week. We have slots available early in the morning and later into the evening, with appointments at times that suit you best, subject to availability.

 

How does it work?Get a quote nowMeet your advisor

We search 1000s of mortgage deals across a large number of lenders, including:

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An In-Depth Look at Specialist Mortgage Scenarios

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 Advice 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.

 

Below we have put together a list of the most common scenarios we encounter for specialist mortgages in Cambridge:

Property Down Valuation

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.

Divorce & Separation Mortgage Advice

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.

Remove a Name From a Mortgage

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.

Single Name Mortgages for Married Applicants

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.

Shared Ownership

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

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.

Second Home Mortgages

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 Home/Let Mortgages

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 Build Mortgages

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.

Non-Standard Construction Property Mortgages

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.

Multiple Applicant/House of Multiple Occupation Mortgages

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.

Mortgages Past Retirement Date/Lifetime 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

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.

Do you Require a Specialist Mortgage Advisor in Cambridge?

Our team of mortgage advisors in Cambridge will be readily available to answer any mortgage queries you have, each day of the working week and even on weekends. We do not judge on the question asked, so don’t worry if you feel like you shouldn’t ask your question; You should, everyone needs to start somewhere! We’re here to educate you and guide you throughout your mortgage process.

20 Years of Experience

We have been hard at work within the mortgage industry now for over two decades, doing our best to help customers in any situation they are dealing with. Every one of our dedicated and trusted mortgage advisors in Cambridge is fully qualified and trained to find you the best deal they possibly can for your case circumstances.

 

Over time, we have managed to learn the ins and outs of our lender’s products and how to find the perfect one for each client. We will evaluate your personal and financial situation and then take it from there.

Free Mortgage Appointment

Your free mortgage appointment awaits with a dedicated Mortgage Advisor in Cambridge. Once you book your free mortgage appointment online, you will be able to talk one-to-one with your own advisor who has been chosen for you based on your circumstances.

 

We are open every day of the week, including weekends and some bank holidays. This means you can book yourself in any time you would like, putting your daily life first, and speaking to a mortgage advisor in Cambridge at a time that is convenient to you.

We Search 1000s of Deals

We have a vast catalogue of mortgage lenders featuring both high street and specialist companies with unique mortgage deals on offer. Each of these lenders have their own deals, some of which cannot be obtained going directly, instead being mortgage broker exclusive.

 

It is our job to sift through the pile, finding you the perfect deal for your circumstances, based on the information you have given us about your case and what you are looking to achieve. As a trusted mortgage broker in Cambridge, we will always put you first.

Customer Service

Customer service is at the heart of everything we do as a mortgage broker in Cambridge. We aim to go above and beyond for our customers, making sure that the service they receive is top level. Our amazing customer reviews are a fantastic representation of the work we put in to make sure our customers achieve mortgage success.

01223 653832

Common mortgage
questions

Firstly, you need to fill out our Fact Find to get an idea of your current personal and financial situation. Next, our team will pass over this information to your dedicated Mortgage Advisor in Cambridge, and they will keep in touch to schedule your free mortgage consultation. You will get asked a series of questions to help build up a profile; this will help them pick out a mortgage deal tailored to you.

Secondly, once the consultation is over, a credit check will carry out, and this will help you obtain an Agreement in Principle. Granted, if you are okay with everything and happy to proceed, we will then ask for some documentation to help strengthen your application.

Lastly, with your Agreement in Principle, submitted evidential documentation and a comprehensive mortgage offer that you’re happy to continue with, you can move onto the last stage – mortgage application submission!

The time scale can alter depending on the Lender but on average, an Agreement in Principle will likely last around 30-90 days.

If you’re Agreement in Principle expire, worry not. It’s an easy process to renew. Speak to one of our Mortgage Advisors in Cambridge or your current Lender to arrange a renewal of your Agreement in Principle.

You sure can! If you are wondering why someone might want a second mortgage, here are some popular situations:

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???? For a second home/holiday home

If you are looking for a second mortgage, contact our mortgage team in Cambridge today, and see how they can help you.

It may be harder for you to obtain a mortgage with past credit problems, but not impossible depending on circumstances. You may get asked to put down a larger deposit, which will vary depending on your lender.

If you are suffering from bad credit, give us a call, and our advisors will be more than happy to try and help. We have a wide variety of specialist mortgage lenders who may have the perfect mortgage deal for your financial situation.

Yes, the good news is it is possible to obtain a mortgage as a self-employed worker depending on circumstances. First. You need to produce at least one year’s accounts.

To work out the maximum mortgage amount you can borrow, Lenders will use your salary + divided, whereas others might go off your net profit.

Whether you’re applying for a mortgage or looking to remortgage, there are a few documents lenders will always want to see during the process. You will get asked to provide some evidential documents to back up your mortgage application. For example, you’ll need things like ID, bank statements, payslips.

Don’t worry if you forget any of these documents listed; your assigned Mortgage Advisor in Cambridge will run through all of this with you, so nothing gets missed.

Your free mortgage consultation in Cambridge can take approximately an hour; within the hour, we take an in-depth look into your personal and financial situation.

Once your consultation gets concluded, we will try to turn around an Agreement in Principle within 24-hours. An Agreement in Principle is essential when making an offer on a property, as estate agents and sellers often accept those who already have an AIP than those who haven’t.

The final step is to submit your mortgage application and wait for a formal mortgage offer. Usually, this will take about 2 -4 weeks – provided the process goes smoothly, and your application is relatively straightforward.

Our Mortgage Advisors in Cambridge job is to gather personal, financial and financial mortgage situation information from you during your free mortgage consultation because they need to build an in-depth understanding of your mortgage needs to try and find you the most suitable mortgage.

Once your consultation is complete, your Mortgage Advisor in Cambridge will begin searching for mortgage products on your behalf to match your personal and financial situation, saving you time and money.

We recommend you get an Agreement in principle before viewing any houses in Cambridge. Doing so may increase your chance of your offer getting accepted and will put yourself in front of other buyers who don’t have an Agreement in Principle in place.

The deposit all depends on certain factors. For example, depending on your credit history and the lender you are using, they might only require a 5% deposit of the property price.

Other factors come into play, such as if you fall into the lower credit score bracket, you may expect to put down a 10-15% deposit.

We make it so easy!
Our 4 step process

Step 1

A telephone call where we can take some initial details and find out about your plan of action.

Step 2

Enjoy finding a property in Cambridge!

Step 3

Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.

Step 4

Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

A telephone call where we can take some initial details and find out about your plan of action.

Enjoy finding a property!

Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.

Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

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Cambridgemoneyman.com & Cambridgemoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Should you have cause to complain and you are not satisfied with our response to your complaint, you may be able to refer it
to the Financial Ombudsman Service, which can be contacted as follows

The Financial Ombudsman Service, Exchange Tower, London, E14 9SR
www.financial-ombudsman.org.uk

© 2022 Cambridgemoneyman

Cambridgemoneyman, Nine Hills Road, Cambridge, CB2 1GE.

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