Many mortgage lenders have a number of specific mortgage products designed to meet the requirements of many different borrower circumstances. Whatever your mortgage needs, Independent Mortgage Operation can help to guide you safely through the process of obtaining a suitable mortgage and, at the end of the day, enjoy the comfort and satisfaction that comes from security and a healthy financial position.

• First Time Buyers
• 100% and 100% Plus Mortgages
• Adverse Credit
• Self Certification
• Buy-To-Let
• Right-To-Buy
• Shared Ownership
• Shared Equity

First Time Buyers

Special schemes are often available for First Time Buyers. Lenders usually have special fixed or discounted rates to enable new borrowers to budget easier and reduce their financial burdens in the early years. Typically, lenders will also allow you to borrow a higher percentage of the purchase price of the property (LTV), reducing the need for a large deposit. Some schemes are also available where no deposit is required at all.

100% and 100% Plus Mortgages

There are some lenders who have special schemes available which will allow you to borrow the full value of the property or even more. Typically, lenders would require you to have a good credit history and be able to prove a steady income. In order to insure their risk, the lender would normally require you to pay a Mortgage Indemnity Guarantee premium (MIG), which can often be added to the loan.

Adverse Credit

If you have a bad credit history because you have suffered loan or mortgage arrears in the past or have had any County Court Judgements for none-payment of debts, you may still be able to get a mortgage. Most lenders offer specific mortgage products which cater for varying degrees of adverse credit. Some lenders even specialise in this area, but be aware that interest rates will normally be higher than those for standard mortgage products.

Self Certification

Normally when a borrower applies for a mortgage he or she will be asked to provide pay slips or company accounts to prove their income. If it is difficult or extremely inconvenient for you to provide this documentation, because you are self-employed or your income comes from a variety of sources, you can choose to self-certify your income. This involves signing a declaration which states the sources and amounts of your income. The lender does not require proof of this income and will not ask for any references. Some lenders even have mortgage products which do not require the disclosure of income at all. Lenders will charge you higher rates than average and offer you a more limited range of mortgages if you choose to self-certify your income, so it's not a good idea to self-certify just to avoid some paperwork.

Buy-To-Let

This is a mortgage designed for people who wish to purchase a property as an investment and rent it out to others. The Lender would normally require you to put down a deposit of at least 15%. Some lenders will allow you to build a portfolio of investment properties. The ability to repay this type of mortgage is often based on the projected rental income from the property as opposed to the personal income of the borrowers. Be aware that because this is classed as an investment, you could be liable to pay income tax on the rental income from the property and also pay Capital Gains tax on the sale of the property.

Right-To-Buy

A tenant in a council owned property may be able to purchase the property at a discount, depending on length of their tenancy. Some lenders have specially designed mortgages to meet the needs of these borrowers.

Shared Ownership

This is a scheme operated by a housing association where a person owns part of the property and pays a mortgage on this, while the housing association owns the rest of the property and the person pays rent on this. Shared ownership can be a good way to get into the property market, as the total monthly payments are often less than they would be for an equivalent mortgage on the whole property.

Shared Equity

This is a scheme operated by a developer where the developer retains a percentage equity of around 10% in the property. Thus the developer holds a second charge over the property. The 10% owing may be interest free or may incur interest and be added to the total amount owing on the property. By retaining a stake in the property, the developer would benefit from any house price increases, whilst the borrower would have a reduced mortgage to pay.