Specialist mortgages are mortgage products designed to meet the needs of borrowers with unique circumstances or specific requirements that may not be catered to by traditional mortgage options. These mortgages cater to individuals who may have non-standard income, credit history, or property types.
Borrowers who may need a specialist mortgage include self-employed individuals, contractors, freelancers, those with adverse credit history, expatriates, first-time buyers, those looking to purchase non-standard properties (e.g., listed buildings or properties with unique construction), or those interested in shared ownership or Help to Buy schemes.
Yes, self-employed individuals can often access specialist mortgages tailored to their needs. Lenders may require additional documentation to assess income stability and affordability, such as tax returns or business accounts.
Adverse credit mortgages, also known as subprime or bad credit mortgages, are designed for borrowers with a history of poor credit, such as missed payments, defaults, or CCJs (County Court Judgments). These mortgages typically come with higher interest rates and may require a larger deposit.
An expat, short for expatriate, is a person living outside their native country. This term commonly refers to individuals who reside abroad for work, retirement, or personal reasons.
Yes, there are specialist mortgages available for non-standard properties, including listed buildings, thatched-roof properties, converted barns, or properties with unique construction. These mortgages consider the specific risks associated with such properties and may have different valuation and lending criteria.
A shared ownership mortgage enables buyers to purchase a portion of a property (usually through a housing association) while paying rent on the remaining share. These mortgages cater to first-time buyers or those with lower incomes, allowing them to gradually increase their share in the property over time.