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Specialist mortgage lenders for every circumstance.

Tailored mortgage advice & support for specialist mortgage applicants.

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Useful links to begin your mortgage journey if you are self-employed

Ltd Company Directors

Ltd company directors don’t need to fear the mortgage market. Our team of expert mortgage advisors are here to take the headache out of the process.

1 Year Accounts

Owners of young businesses don’t have to worry. Our mortgage advisors are here to help you achieve success even with only 1 year of trading.

Decreasing Profits

Don’t let reducing profits reduce your optimism for the future. Our team of expert advisors are here to show you the way to the right mortgage deal.

Sole Traders

You may be a sole trader, but your mortgage is one thing you don’t have to do alone. Our team of friendly advisors are here to help you achieve success.

Finding The Best Mortgage Deal For Your Circumstances

Getting a mortgage isn’t always easy, especially if you struggle to meet some of the standard criteria, such as having stable employment that provides enough income for you to be able afford the repayments with sufficient breathing room, as well as a good credit history.

Not everyone seeking a mortgage falls into this standard lending criteria, sometimes because their income comes from unconventional sources, or because they have a less than perfect credit score. This is where a mortgage broker can be invaluable because they’ll have connections with many mortgage lenders across the country. Amongst them are specialist mortgage lenders, who are willing to offer different terms for those with less than perfect credit scores.

When The Bank Says No is one such specialist mortgage broker. If you have an adverse credit score, or something else that disqualifies you from high street lenders, check with us, and we’ll hopefully be able to show you options you never knew you had.

What are Specialist Mortgage Lenders?

Specialist mortgage lenders are known for their tailored and flexible lending criteria. One size does not fit all when it comes to mortgages and instead a specialist lender will focus on the individual circumstances of each lender. Specialist lenders take into account characteristics and circumstances that might otherwise be considered risky by high street lenders:

Self Employed Worker
Plans for an Unconventional Property
Adverse Credit Score
Unconventional Income Source
Unique Borrower Needs

A specialist mortgage lender will look at your application process holistically and ignore the automated checks for income and credit that most lenders rely on.

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We can support you and help you to make yourself as attractive to banks as possible, ready for your next application!

Check your credit file

In order for us to assess your credit history and suitability for different mortgage products, you will need to check your file.

What Are The Common Categories Of Self-Employed Worker?

As a self-employed person, it is quite likely you will fall into one of the following categories:

A sole trader: as a sole trader you work on your own, are responsible for the business, and retain all profits
A director of a registered limited company: you pay your salary and dividends
A contractor: you work for one client at a time, sometimes for months on end
A freelancer: you’re hired temporarily by different companies to work on specific jobs

Who needs specialist lenders?

Several kinds of people may be better off with a specialist lender versus a high-street lender such as those who have/are:

Self Employed

Standard mortgage lenders will want a borrower with a consistent income that is easily verifiable. A self-employed position may not demonstrate this quite as easily. Specialist mortgage brokers will put you onto a lender who will instead look at factors beyond your payslip, such as your business track record, accounts and tax returns.

Bad Credit

Credit issues are often met with more understanding by specialist lenders than others. Many high street lenders won’t look further than the credit score itself, while specialist lenders will try to understand the context behind the credit history, being more understanding of past financial difficulties.

Complex Income

Although it may not seem like a big deal, many high street banks won’t like the idea of income coming in from multiple sources, especially if the pattern is irregular. This adds variables to their risk factor that specialist lenders are more equipped to assess the income and tailor their decisions accordingly.

Unusual Properties

Lending criteria are strict regarding the types of properties they finance. Homes that fall outside the standard mortgage may be considered too risky or problematic, such as listed buildings or buildings refurbished from something like a church. Specialist lenders are more open to unique properties and have found many unique clients.

Advantages Unique To Specialist Lenders

Specialist lenders operate completely differently from the standard mortgage lender. The following are how a specialist lender may be superior to even high-street lenders.

Bespoke Underwriting – High-street banks rely on a series of automated systems that check and score, only going further with the mortgage application process if what they find is satisfactory. Specialist lenders manually underwrite. This means that all mortgage applications are done on a case-by-case basis by human underwriters. This is particularly good for someone whose personal circumstances leave their credit report poor but otherwise have great potential.
Access to Wider Products – Specialist mortgages are not bound by the same limitations that a traditional bank will set. This means that lending can be extended to a wider range of properties, as well as offer flexible terms.
Expert Mortgage Advisors – Specialist mortgages can be intense and complex. This, we completely understand. This is why not only will we, as mortgage brokers, ensure you’re guided as efficiently as possible, but the specialist lender will also have full insight into your circumstances. This is because mortgage brokers and specialist mortgage lenders typically have strong ties, due to the brokers being the only way most people will find them.

How to Find Specialist Mortgages

There are several ways in which a person may come across a specialist mortgage lender.

Online

Through online searching, you can find next to anything on the internet. Reputable mortgage comparison websites are one of the more popular mortgage websites out there and often pull in a wide range of lenders, some of whom offer specialist mortgages.

Regardless of whether or not you plan to connect with specialist mortgages this way, understand that these sites are really good for finding and referencing examples of what your mortgage should look like.

Trusted Referrals

As with many things in life, it may be a good idea to find someone you trust to give you a referral. This requires you to inquire with people who have had specialist mortgages before. This can be a friend, family member, colleague or even a real estate agent.

Mortgage Broker

The way to get your best mortgage deal is by getting in contact with mortgage brokers. When the Bank Says No is one such company, offering a great deal of specialist mortgage advice. We have successfully helped many clients whose credit rating and history hasn’t been the best, and managed to pave a way forward for them by linking them with the right mortgage lender for them.

Specialist Mortgage Lenders FAQs

Are specialist mortgages more expensive?

Specialist mortgages typically do come with more caveats, such as higher interest rates, than normal mortgages. These do not necessarily mean that the loan may be more expensive overall, but the following will be taken into consideration:

Higher Risk Profile – Specialist mortgages often cater to borrowers who don’t fit standard lending criteria. If your profile is high risk, it may be offset by higher interest rates.
Bespoke Underwriting – Specialist mortgage brokers will tell you that these lenders underwrite manually. This tailored approach requires heavy administration, which will likely be accounted for in the overall deal.
Smaller Market – The specialist mortgage market is smaller than the mainstream mortgage market. As a result, the competition for business is less. When there’s less competition, there’s less incentive to competitively price.

How does a specialist mortgage lender assess eligibility?

A specialist mortgage application will assess their potential borrower through an involved method. We will explain the following with the assumption that you’re going with a mortgage broker through the entire process:

Initial Inquiry – The initial inquiry will go over your specific needs. Chief amongst these inquiries is why you feel the need to come to a specialist mortgage lender rather than high street banks. Then, they will ask for proof of income, your assets, any debts and your credit history.
Formal Application – Your broker, should you choose one, will help you bring forward the necessary documents. This help is recommended, as they will know exactly what the lender will require to take your application to the next level, saving time and potential delays. Furthermore, a mortgage application is lengthy and can be complex. Finally, when it comes time to present the application, the broker will know exactly how to present your situation in the next, most favourable light.
Underwriting – The broker will manage communication with lenders throughout the underwriting process. This is because there may well be additional questions that come forth upon close examination and calculation of your information. A strong broker can use their expertise and leverage to best answer these and also push for the best mortgage deal possible in the circumstances.
Decision and Offer – Finally, the specialist mortgage lender will come forward with mortgage offers. Your broker will be able to explain the terms, potential fees and the overall alignment of the offers with your goals. This is perhaps the most vital stage in the process, as a broker will know when to accept, or when to negotiate further.

Do specialist mortgage lenders consider unusual properties?

Yes, they do. Specialist lenders are a lifeline for those looking to purchase and/or renovate properties that mainstream lenders shy away from. Here are some examples.

Unusual Properties

Listed Buildings – A specialist mortgage will understand the intricacies of financing renovations for historic properties. These will come with restrictions, but considering the protected nature of listed buildings, there’s little to be done about that.
Non-Standard Construction – An unconventional property built with materials such as timber frames or other non-standard materials/conventions.
Renovation – If a property is considered uninhabitable, or requires extensive repairs or home improvements to meet higher standards.
Commercial Conversions – Transforming a non-residential building, such as an old police station, into a home.

Land Projects

Self-Build Mortgages – Specialist lending provides financing toward your dream home when you want to construct it yourself.
Land Purchase – Securing a mortgage with appropriate planning permission is possible even without a physical structure.

Challenging Circumstances

Complex Title – There exist lenders who specialise in working with properties that have clouded titles. These titles can be born of legal issues, such as boundary disagreements, missing paperwork or issues surrounding the right of way.
Quick Sales – Traditional banks are set in their ways, and follow strict timetables that specialist lenders can easily overcome. Particularly useful when time is of the essence.

Can I remortgage from a specialist mortgage to a standard one?

It’s not always straightforward to switch mortgages. However, with the right approach, it can definitely be done. The following is a breakdown of how to do this:

Improved Financial Situation – Many enter into a specialist mortgage because they’re usually having issues surrounding their financial situation. Whether this is credit-related, or a difficult proving income due to having harder to identify income sources (such as self-employment). Nonetheless, when you improve your financial situation to better align with high street banks, then your chances of remortgaging is better.
Increased Equity – Higher equity is a great advantage to have. This can be done by paying, and therefore owning more of the property. Or, if the value of the home has gone up as a result of the market or your improvements, your equity will automatically be higher.
Property Type – An unusual property being bought through a specialist lender can be converted into a more regular property, making it more attractive to standard mortgage lenders.

Final thoughts.

Specialist mortgage lenders can help you find the perfect mortgage regardless of your circumstances.

Even if you have been rejected for a mortgage from traditional high street lenders, specialist mortgage lenders might be able to offer you a mortgage thanks to their unique lending criteria.

When The Bank Says No is a specialist mortgage broker who can take your unique circumstances into account and then put you in contact with lenders who are more likely to accept your application.

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