Unusual Properties
Hot Topics
- What Happens During The Mortgage Application Process?
- The mortgage application process, once underway, does not take very long. Once you have decided to go with a certain lender and signed a purchase contract, the lender will run a full credit check verifying your income, liabilities and your ability to repay the loan.
- Can I Get a Mortgage With A Group Of Friends?
- You are allowed to get a mortgage with up to three friends in the same way that you are allowed to get a mortgage with a partner – an idea that is appealing to more young professionals at the moment.
- What Are ISA Mortgages?
- If you take out an intrest only mortgage your lender will expect you to put in place a ‘financial vehicle’ capable of repaying your mortgage at the end of the mortgage term.
- What Are Buy To Let Mortgages?
- A buy to let mortgage is an excellent opportunity to cash in on the property boom at the moment – because while many homeowners can afford a 2nd home, there’s also a booming market for those who cannot afford to get a mortgage, and need to rent. Find yourself a good location and reliable tenants and your monthly repayments on your mortgage will be covered by their rental yield.
- What Happens If I Have Bank Defaults?
- If you have failed to meet payments on a credit agreement such as secured loans, unsecured/personal loans, credit cards, store cards or car finances etc, or you have failed to comply with your lender’s requirements, you will be described as having 'defaulted'.
What happens if I have an unusual property?
If you have an unusual property, you may find it harder to get a mortgage from a regular high street lender. However our mortgage partners have all the systems in place to deal with any type of property, and will be sure to find you some extremely competitive quotes.
In general, your property is expected to be made of brick or stone walls and a tile or slate roof. If your property has been constructed of any other materials such as concrete, prefab or wood then your home will be considered as an unusual property construction and this may well cause you to be over looked by the high street lenders. Properties in non-standard locations such as above shops, below street level and high-rise flats are also defined as ‘unusual properties’.
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