Specialist Mortgages

Different, complex and challenging enquiries are what Try Specialist Finance is all about

Specialist Mortgage Lending

The specialist mortgage lending sector has evolved to help those clients who don’t fit the stricter lending criteria regimes of the High Street. Not only are criteria wider and often more flexible, manual underwriting is also commonplace amongst many specialist lenders. The good news is that when something falls outside standard criteria, it can generally still be accepted with justifiable reason. Underwriters will look to do, rather than not to do the case.

As a fully independent, whole of market broker, Try Specialist Finance has access to ALL providers operating in this sector. We can look at clients with adverse credit including current defaults/CCJs/DMPS and even recently discharged bankrupts. A client’s history shouldn’t stop them from borrowing, particularly if their circumstances have improved, and the lending is affordable.

How a client’s income is derived can often be a stumbling point on the High Street. With a large proportion of the UK workforce self-employed, there are many clients who want to purchase or re-mortgage but, only have one year’s accounts available to evidence their income. In the specialist market, a lender might look at number of things such as the client’s employment history prior to becoming self-employed, an accountant’s projection for the 2nd year’s income, or even the industry or market the client is in, and how stable that is in the current economic climate before they make a decision. Zero-hour workers and contract workers are often rejected by the High Street, and this is again another area where specialist lenders can help.

What do we mean by Specialist Lending?

Specialist lenders will also take a more favourable view on properties of non-standard construction such as flats above commercial properties, single skin brickwork exteriors, and something as unusual as a converted police station. If it can be valued as an acceptable security, you will find a positive view to lend. No one should be necessarily excluded from a mortgage where the security is adequate.

Our service involves providing a free consultation service to all clients,whereby we will assess market appetite for the deal, and if possible, provide indicative Heads of Terms. Where the client finds the KFI satisfactory, we will charge a Broker Fee of £495 of which £95 is paid to us as an engagement fee before the full application stage commences. All fees and commissions will be split with you on a 50:50 basis.

When you are providing the advice, we will charge a packaging fee of £75 which is to paid once Head of Terms have been agreed. We will pay you 75% of the lender’s commission after it has been paid to us at completion.

Here are some examples of the specialist lending criteria we can access for you:

Residential mortgages

– Recently discharged bankrupts
– No maximum number of defaults or CCJs
– Current DMPs acceptable
– No maximum value of defaults or CCJs
– Non-standard property construction
– Capital raising for almost any legal purpose
– Clients in probation acceptable
– Can use income for a job the client hasn’t yet started if supported by employment contract
– Self-employed with only 1 year’s accounts
– Contract workers accepted
– Interest only
– Right to buy/ help to buy/ forces help to buy
– New build
– Zero-hour contracts
– Complex income

Buy to let mortgages

– We package meaning we can instruct valuations for some lenders speeding up the process
– Complex company structures accepted
– No maximum portfolio size
– No maximum lending amount
– No minimum value
– No restriction on maximum bedrooms for HMOs
– No minimum income
– First time landlords
– First time buyers
– Local authority tenants accepted
– Multi-unit blocks, student lets, Air BnB and holiday lets accepted
– Properties above commercial
– Up to 85% LTV
– Limited companies and SPVs
– Top slicing
– Consumer buy to lets
– Heavy adverse credit can be accepted on referral