cdfmortgages.wealthyadvisersclub.co.uk
Home › Mortgages › Specialist and complex
Specialist and complex cases
The cases other brokers say no to.
Visa holders, foreign nationals, expats, contractors, foreign currency income, self employed with one year of accounts, adverse credit. High street lenders often decline these on principle. Specialist lenders do not, but you generally cannot approach them directly.
A decline is usually a lender problem, not a you problem.
Most high street lenders run a fixed set of rules and anything outside them gets declined automatically. Specialist lenders underwrite by hand and will look at the circumstances behind the numbers. The skill is knowing which lender to approach and how to present the case, which is what a broker is actually for.
- Tier 2 and skilled worker visa holders
- Foreign nationals and applicants with limited UK credit history
- Expats buying or remortgaging in the UK from abroad
- Foreign currency income
- Limited company directors and contractors
- Adverse credit, including defaults, CCJs and past arrears
Step by step
What we do differently on a complex case
Understand the whole picture first
Before anything touches a lender we go through residency, income structure, credit history and timing. Guessing wastes a hard credit search.
Match the case to the right lender
Criteria on these cases changes constantly. We check current appetite rather than relying on what a lender accepted six months ago.
Present it properly
Specialist lenders underwrite manually, so a covering note explaining the background of a default or an unusual income structure genuinely changes the outcome.
Plan the exit
Specialist rates are higher. We set out when you are likely to qualify for mainstream lending again, and review it at the end of the initial rate.
Questions we get asked
Before you call, these might help.
I was declined by my bank. Does that mean I cannot get a mortgage?
No. A decline from one lender tells you about that lender's rules, not about your prospects generally. It is worth finding out why before applying anywhere else, because repeated applications leave marks on your credit file.
Can I get a mortgage on a visa?
Often yes. Some lenders want a minimum time remaining on the visa or a minimum period of UK residency, others take a more flexible view, particularly with a larger deposit. Skilled worker visas are relatively well catered for.
How long do I need to be self employed?
Two years of accounts opens the widest choice. There are lenders who will work from one full year, and some who will use your latest year rather than an average, which helps if your income is rising.
Do specialist mortgages cost more?
Usually, yes, both in rate and in lender fees. The aim is to get you into the property now and move you to mainstream lending at the first sensible opportunity.
Next step
Fifteen minutes will tell you where you stand.
Pick a time that suits you and we will talk through what you are trying to do. There is no cost for the initial advice and no obligation to go ahead.
Prefer to talk now? Call 01282 937599 or email cristian@cdfmortgages.co.uk.