Complex Mortgages
What you need to know
There are circumstances, arrangements and goals that are not served by typical residential mortgages or arrangements.
Whether you’re a contractor who needs a mortgage despite not -technically- being in full-time salaried employment, or someone looking to self-build a property, you’ll need a mortgage arrangement that differs from the rest.
We’ll help you look at your options and overcome barriers to the purchase of your home or property.
What are complex mortgages?
Mortgages for circumstances or methods of earning that do not fall into standardised categories.
Mortgages which are designed for people on contracts ie IT consultants etc and not in permanent employment who are on fixed term contracts.
There are many lenders who work in lots of different ways. All you need to do is call Mortgage Saving Experts and we will help you out.
These are mortgages for our more discerning high net worth client. They are mortgages provided by our private banking colleagues. Mortgages are provided by several private banks have a more flexible attitude to lending to our high street counterparts
The name speaks for itself. There are several lenders available to provide loans for over one million pounds for our clients.
Do previous issues like defaults, CCJs, payment arrears or things where the high street banks will not consider lending affect mortgage eligibility?
Each lenders criteria does vary significantly so depending on how bad things have been and how historic we may potentially be able to help.
These are great for people who wish to build their own homes on a piece of land they own. Lenders generally stage release payments so you can borrow enough money to build the home of your dreams.
Whether you have bought a property to do up and sell or rent, or whether you have bought a place you wish to extend or do a loft conversion. This could be the answer.
It's worth having a chat!
We know it gets confusing!
That is exactly why we’re here to explain your options and how to make it work for you!
....so, in a nutshell...
Complex mortgages differ from standard mortgages. They are designed for people who have non-standard circumstances such as self employed or IT contractors to name a few.
Where most mortgage lenders cater for most customer types, there are some customers who do not fit the normal mould.
Click below for more info!
Not salaried?
Mortgages which are designed for people on contracts ie IT consultants etc and not in permanent employment who are on fixed term contracts. There are many lenders who work in lots of different ways. All you need to do is call Mortgage Saving Experts and we will help you out.
High net worth client?
These are mortgages for our more discerning high net worth client. They are mortgages provided by our private banking colleagues.
Mortgages are provided by several private banks have a more flexible attitude to lending to our high street counterparts
Mortgages for One Million pound and over
The name speaks for itself. There are several lenders available to provide loans for over one million pounds for our clients.
Helping you move past the past
These are mortgages for people who have had credit problems in the past. Things like defaults, County Court Judgements (CCJs), payment arrears, Involuntary Arrangements (IVAs) and bankruptcy. High street banks will not normally lend to people who have or have had these problems recently, however, many lenders do. This is one of our specialist areas of mortgages.
Development Finance
Whether you have bought a property to do up and sell or rent, or whether you have bought a place you wish to extend or do a loft conversion. This could be the answer.
From the ground up
These are great for people who wish to build their own homes on a piece of land they own. Lenders generally stage release payments so you can borrow enough money to build the home of your dreams.
Bridging Loans
If you need quick finance which you intend to pay back after a short period of time ie 1 year then this is the one for you.
They enable you to buy property quickly. They used to be expensive but lenders have become more realistic with their fees and charges. Talk to one of our specialists today for help and advice
Secured Loans
A secured loan is an alternative way of raising capital out of your property where your current mortgage lender will not offer you any further borrowing.
- Debt Consolidation
- Home Improvements
- Gifts to children i.e. for deposit on a property
- A holiday
- New car
- A deposit to buy a buy to let property
Our role is to help you make an informed decision
There are many aspects to all types of mortgage and we understand that you need to make the best decision.
You will undoubtedly have many more questions, so please feel comfortable enough to arrange a free, no-obligation chat!
Frequently Asked Questions
Here are a few of the questions we regularly answer for those who are wondering if this is the correct choice.
Just remember, we’re ready to chat and answer many more!
Here are a few of the questions we regularly answer for those who are wondering if this is the correct choice.
Bridging loans are typically used for people to be able to buy properties quickly such as auction properties or properties which cannot be mortgaged and is not classed as habitable i.e. doesn’t have a working kitchen and bathroom.
Even though you have had financial difficlulties in the past there may be lenders who may help you if you have had
- Missed payments
- County Court Judgements (CCJs)
- Defaults
- Involuntary Arrangements (IVA)
- Bankruptcy
- Debt Management Plans
Anyone who owns a property can potentially get a secured loan. A secured loan is where someone borrows money on a property and that loan is secured against the property in exactly the same way as a mortgage. This is a great way to raise money on your home for any valid reason where your current mortgage lender will not lend you the extra money.
Complex mortgages are for anyone who doesn’t fit the typical mould. These people may be
- Bank staff
- Zero hours contracts
- IT contractors
- Fixed term contractors
- CIS workers
- self-employed
- Limited Company Directors
Non-guaranteed income i.e. regular commissions or bonuses
Bridging loans are typically used for people to be able to buy properties quickly such as auction properties or properties which cannot be mortgaged and is not classed as habitable i.e. doesn’t have a working kitchen and bathroom.
Even though you have had financial difficlulties in the past there may be lenders who may help you if you have had
- Missed payments
- County Court Judgements (CCJs)
- Defaults
- Involuntary Arrangements (IVA)
- Bankruptcy
- Debt Management Plans
Anyone who owns a property can potentially get a secured loan. A secured loan is where someone borrows money on a property and that loan is secured against the property in exactly the same way as a mortgage. This is a great way to raise money on your home for any valid reason where your current mortgage lender will not lend you the extra money.
- Bank staff
- Zero hours contracts
- IT contractors
- Fixed term contractors
- CIS workers
- self-employed
- Limited Company Directors
Not a problem!
Let’s put the kettle on and have a chat. We’ll have you up to speed in no time!
What does complex mortgage mean?
Complex mortgage is the term given to mortgages that may not fit the standard lending criteria of many lenders. This could range from mortgages for those with poor credit, those searching out mortgages over £1 million or simply mortgages for those who are self-employed or on fixed-term contracts.
So, can I get a mortgage with a poor credit rating?
Yes. CCJs, bankruptcy, and payment arrears can all cause lenders to be reluctant to help. However, there are willing lenders out there! It can just be hard to find them and it does depend on what problems you have had. That is where we come in!
What type of properties could require a complex mortgage?
Much depends on the lender. Each lender has its criteria, but you will likely find that listed buildings and mixed-use properties would require mortgages a little different to the regular type. Speak to our team and we can advise whether a standard mortgage or something more complex would be needed for your chosen property.
What is the difference between a standard mortgage and a complex mortgage?
The standard mortgage has stringent criteria for you to meet. A complex mortgage can be a little more flexible. As a result, interest rates and deposit amounts are likely to be higher.
Will I need additional documentation to apply for a complex mortgage?
You might do. It is mainly down to the lender’s requirements. However, the reasons for applying for a more complex mortgage are likely to stem from an irregular income, poor credit history or the need to self-build your home. These factors will see the lender likely to ask for additional supporting documents.
Will I pay more interest on a complex mortgage?
Your interest rate will likely be higher than if choosing a more standard mortgage product. This is due to the added risk placed upon the lender. Rates will vary though and it can be possible to find some incredible deals if you know where to look! Speak to our team and we can help.
Could I get a complex mortgage if I have been declined for a standard mortgage?
Yes. Criteria for a standard mortgage can be quite strict while complex mortgages offer a little more flexibility. Our connections can help put you in front of the right lenders should you have been turned down before.
Will I get approved for a complex mortgage more quickly than a standard mortgage?
Probably not. The lender will carry out additional checks which can take time. Furthermore, with the extra documentation required, there is more for them to assess than with a standard mortgage.
Do all lenders offer complex mortgages?
No. You may find your selection of lenders very limited so it would be advised to speak to a mortgage broker like Mortgage Saving Experts. We have access to complex mortgages that suit the needs of all types of borrowers.
How much is the deposit going to be for a complex mortgage?
It can vary and each lender will have its own criteria, but you can expect 10% upwards as a deposit requirement in many cases.
Can you remortgage with a complex mortgage?
Yes. If you were to find a more favourable deal, you may be able to remortgage if you wish. You could also look at the possibility of equity release if you think it would be beneficial.
Is Mortgage Saving Experts authorised by the FCA?
Yes. We are fully authorised and regulated by the FCA. Our FCA number is 779662.
