If you have been rejected by your bank or think you can’t get a mortgage, do not give up hope. Trust Ayla Mortgages to find the right specialist mortgage to help you buy your dream home.
Standard mortgages might be suitable for people who fit the ideal borrowing profile, but there are many people with specific borrowing needs. If you have specialist needs, you might find that you are unable to get a mortgage through a normal high-street lender. This is why there are many different types of specialist mortgages to suit every type of borrower. Whether one of the mortgage types below seems right for you, or you require a combination of different specialist mortgages, going through a mortgage broker in Ringwood, Bournemouth and Poole like Ayla Mortgages offers access to a wider range of lending options.
Many specialist mortgage lenders do not offer their products straight to homebuyers or mortgage clients, meaning that you have to go through a broker to get access to some specialist mortgages. As part of a larger advice network, we have access to experienced specialist mortgage brokers. We can also help you find better mortgage products from high-street banks, building societies and other well-known lenders.
We can help with all these types of specialist mortgages and more:
An offset mortgage is a mortgage linked to a savings or current account with the same lender. The lender will deduct your account balance from the mortgage balance and only charge you interest on the net balance. This can help you reduce the amount of interest you pay over the course of your mortgage.
It can be hard for freelancers to prove their income, so often they need a specialist mortgage lender with different lending criteria and affordability calculations. This will usually be based on your past two years of trading profits.
Also known as a bridge loan, this is a short-term sloan secured against your property. It can be used to cover the gap between a property purchase and the approval of a traditional mortgage, the sale of the new property, or the sale of an existing property. This can be used when you need the funds to purchase a new property sooner, or when you want to develop or refurbish a property.
These mortgages look at your contract terms rather than your accounts to maximise your affordability, helping you get into a better property. You can get a mortgage with at least 6 month’s worth of contract or employment history as a contractor, or if you can demonstrate previous industry experience.
A let-to-buy mortgage lets you turn your existing home into a buy-to-let property while often releasing additional equity which can be used as a deposit for a new home. You can do this by remortgaging your home on a buy-to-let basis by taking out a buy-to-let remortgage on your old home and a residential mortgage on your new property.
These mortgages are considered on a case-by-case basis and can be more appropriate for high-net-worth borrowers. Private banks can offer you higher loan amounts by taking your savings and wealth into consideration as well as your income, and they can handle much more complex cases than high street lenders.
Development mortgages are designed to let you borrow the funds to build or develop a property for residential or buy-to-let purposes. These mortgages can help you purchase the land and get the funds for the building work, including for non-standard construction developments.
You might need an ex-pat mortgage if you want to buy a UK property while living overseas as a UK national. An ex-pat mortgage can help you purchase a residential mortgage for when you move back to the UK, or if you want to remortgage your residential home as a buy-to-let property.
An interest-only mortgage will let you only make the interest payments each month, instead of paying interest and capital repayments like you would on a repayment mortgage. You then pay the full mortgage balance at the end of the mortgage term or upon selling the property.
Specialist mortgage offers for large or high-value property purchases, beyond the usual high-street lender limit of £1 million to £10 million. These higher limits are only available through specialist lenders and can be secured against the property or other assets you have.
New build properties can be hard to mortgage if you are buying off-plan, or if lenders under value new builds. A new-build mortgage can help ensure that you get the loan value you need, whether or not you are using the Government’s Help to Buy scheme to cover some of the property’s value with a Government loan.
These mortgage lenders will properly assess the LLP status of practices, where income can be unpredictable. Properly assessing the variable income of doctors can ensure better affordability calculations, letting you borrow a higher amount for your property purchase.
These mortgages look at your contract terms rather than your accounts to maximise your affordability, helping you get into a better property. You can get a mortgage with at least 6 months’ worth of contract or employment history as a contractor, or if you can demonstrate previous industry experience.
New build properties can be hard to mortgage if you are buying off-plan, or if lenders under-value new builds. A new-build mortgage can help ensure that you get the loan value you need, whether or not you are using the Government’s Help to Buy scheme to cover some of the property’s value with a Government loan.
At Ayla Mortgages, we have access to a network of advisers with experience getting all kinds of specialist mortgages for our clients. We know that every person’s situation is different and we have the expertise to help you get the right deal, no matter your needs. Whether you are self-employed or are looking for a mortgage to build your own home, we can direct you to a specialist mortgage broker team to help.
As well as having access to more lenders, we can also help you get better terms from high-street lenders. This can be in the form of a higher loan to value amount, better affordability calculations, or lower interest rates. To see how we can help as a leading mortgage broker in Dorset, simply get in touch today.