How Do You Apply For A Mortgage In Unique Circumstances?

Every home and every homebuyer is unique, and so for every straightforward mortgage and remortgage, there are many examples of borrowers who have rather unique or adverse circumstances or are trying to buy somewhat unconventional homes.

There are so many different types of mortgage types that are available in these situations and specialist mortgage advice is also available to ensure people get the mortgage product that suits their needs the most.

The first step in applying for a complex or specialist mortgage is knowing whether you will need it.

Most situations where a complex mortgage is needed can be placed into one of three groups: where the buyer’s circumstances are unique, where the desired house is unconventional, and where the buyer has unique plans for the home they are buying.

Here are some circumstances where you may need a complex mortgage.


Unconventional Houses

The UK is filled with homes that are filled with a particularly unique character, from early examples of timber frame homes, single skin brickwork or ex-council houses, to manor houses and even listed buildings.

Many lenders are focused on the potential resale value of a home they mortgage, and so any home that has complications to resale can cause them to baulk and be concerned about whether a risky home would be worth lending the money to buy.

Another factor in an unconventional home is cost. If you plan on buying a particularly expensive mansion or manor home, certain lenders are unable or unwilling to take on the risk.

As well as this, there is also building projects and developments, where mortgage providers are asked to loan money for a project that does not exist yet.

Ultimately though, the key to finding a lender who will approve an exceptional circumstances mortgage, is about finding one that shares your vision and your idea for your home. Most types of property have lenders with specialist knowledge of the market which can help.


Unique Plans

Most mortgage products are aimed at first-time buyers, people planning to remortgage their home or who are buying their next home.

If you are looking to buy-to-let, are buying a guesthouse for people to stay in, or are seeking funding for a housing development, this can lead to complications, although if you have a comprehensive business plan and choose the right lender, not insurmountable ones.


Personal Circumstances

Most complex loans are due to the increasingly complex financial and personal circumstances of prospective buyers.

Many traditional building societies and banks lack the resources to understand non-traditional sources of income, contractors, professionals who rely on bonuses as part of their income and especially self-employed people.

Despite such a large proportion of the UK population working for themselves, lenders are wary of loaning to self-employed people, particularly if their source of income varies wildly from month to month.

Many building societies will base their loaning criteria on having proof of monthly income, and will typically demand a lot of information on past earnings; the standard amount requested is at least two years’ worth of financial information.

As well as this, some people have unfortunately accrued a less than ideal credit score as a result of defaults, arrears on loans or missed payments, as well as those who are subject to a County Court Judgement or have been made bankrupt.

Lenders are looking for security, and so it is important to seek advice if you fit into a category lenders see as more of a risk. There may be ways around your current situation, such as relying on a guarantor.

Greenacre Financial Services are specialist mortgage advisors when it comes to finding and arranging mortgages for domestic and commercial clients. For more information about any of our services, or if you have any questions relating to exceptional circumstances mortgage, get in touch by calling us on 0203 3939 222.

Get in Touch
Hannah D
Hannah D
07:42 09 Sep 19
I would fully recommend Greg and Greenacre Financial Services. As a first time buyer I was daunted by the process of... finding the right mortgage for me however Greg made the process really simple, clear and quick. He was always available to answer any questions and happy to explain everything. I wouldn’t hesitate in recommending Greenacre FS to my friends and more
Jessica Cohen
Jessica Cohen
19:33 26 Aug 19
We first met with Greg in May for advice as we had adverse credit and irregular pay and didn't think a mortgage was in... our reach. Less than two weeks later Greg had fully arranged a great deal for us on our first mortgage. He was available whenever we needed him, 7 days a week and in the evenings. We cannot thank Greg enough for helping us buy our first home!read more
Seren Fletcher
Seren Fletcher
08:56 24 Aug 19
Would highly recommend Greg and Greenacre Financial Services. Was extremely professional and helpful. Our mortgage... wasn’t straight forward due to my husband being self employed but Greg was very knowledgable and managed to find us a really good mortgage. Looking forward to working with him again in the futureread more
13:24 23 Aug 19
Graham at Greenacre was excellent in helping me get a mortgage for my house purchase. He was always available when... needed, provided an efficient service and was very knowledgeable. Highly recommended!read more
Ian Hatter
Ian Hatter
11:07 16 Aug 19
What can I say, Greg has been absolutely amazing in sorting out a mortgage for me I never thought was possible. It has... meant I have been able to buy a house, a few months ago, I would never have dreamed of being able to buy after talking to high street lenders. He worked exceptionally hard and always kept me updated with every step of the process. Buying a house is extremely stressful, but Greg took all that stress away from me. I cannot recommend Greg enough to anyone looking to buy a property. Thank you so much for your help Greg, it's greatly more
Sean Kelly
Sean Kelly
15:27 30 Jul 19
10/10 EXCEPTIONAL service and result. Highly recommend. Greg and the Greenacre Financial Services team were fast,... knowledgeable, and honest. All the qualities you want and need. Very pleased I was recommended to Greenacre. Customer for life!read more
More reviews