Secure Advice For Specialist Mortgages
Why Choose a Mortgage Broker
Contrary to some opinions, using a broker is almost always more cost-effective than buying directly from a mortgage provider. This is due to several reasons:
Brokers have access to the entire market and can secure new products, special deals or negotiate advantageous terms on your behalf.
A broker is not linked to any one company, provider or brand, so has the freedom to compare and contrast mortgages to offer you only the best possible offers.
Your broker works with you to understand your financing needs, and then finds the right lenders who can meet those needs.
We act as your advocates, negotiating on your behalf, driving down rates, agreeing on complex terms and taking the hard work out of securing a specialist mortgage.
What Is A Specialist Mortgage?
There are various reasons why you might find that a mainstream provider cannot meet your needs, or is not able to offer you mortgage lending.
Clients that we work with include:
- Homebuyers with complex incomes – you might be paid on a bonus rate, be self-employed, or have a variable income making it hard for traditional lenders to calculate when lending they can offer
- You might have been turned down for a mortgage before
- The project you are working on might be an unusual property, be in a unique area, or be built from contemporary materials that mainstream lenders are unfamiliar with
If any of these circumstances apply to you, then our specialist mortgage team are on standby to find you the lending you need!
What Does A Complex Income Mean?
Mortgage providers use simple calculations to work out how much they can lend you, based on your annual salary.
However, your income might not be the same every month, you might have multiple income streams and more than one job, or might be self-employed. This also applies to company owners whose income includes dividends.
Here is a brief list of the types of income that you may need to be taken into consideration when applying for a mortgage:
PAYE salaries – from full-time work, part-time work, or a combination
Additional income from overtime, commissions or bonuses
Pension and investment income
Dividends received by company shareholders
Interest on your savings and investments
Buy-to-let income from rental properties
Government benefits and maintenance payments
Royalty income and freelance earnings
Why Do Mainstream Mortgage Lenders Struggle With Complex Incomes?
Traditional mortgage providers use basic calculation tools to calculate how much they can lend to you. This is almost always based on a multiple of your annual income.
If your income is liable to change, then they find it hard to calculate a stable annual income, and there is often little flexibility with the calculations to take into consideration applicants who do not fit the traditional mold.
Here at Revolution Finance Brokers, we know that one size does not fit all! In the modern world, many clients have multiple income streams, and therefore need a broker with an innovative approach to find them the right lending, and understand their income.
Is A Complex Income Mortgage Expensive?
Not necessarily, no! Having a complex income simply means it is harder for a mainstream mortgage lender to assess your average income and make you a competitive mortgage offer.
We work with our clients to draft their applications, navigating the eligibility and income validation requirements to demonstrate the affordability of the lending you require.
Specialist Mortgage Advice
Our job is to find the right mortgages from the right lenders at the right piece. As such, we negotiate on behalf of our clients, scour the market for the very best deals, and work with you from start to end to ensure that you can move forward with your property purchase.
Give our friendly team a call, and we will be delighted to have a chat with you about your mortgage needs, and what challenges you may have experienced in securing the lending you require.