Other Mortgages

Not all mortgages are straightforward. Some circumstances command a more tailored approach. These mortgages are designed to accommodate individuals with non-standard financial situations, such as self-employed individuals, freelancers, contractors, expatriates, and those with adverse credit histories. These mortgages typically involve a more personalised underwriting process, considering various factors beyond the standard income and credit checks.

Lenders offering these mortgages take into account the borrower's individual financial situation and assess the risk accordingly, often resulting in a higher interest rate or stricter terms. While these mortgages provide an opportunity for individuals with unconventional backgrounds to obtain home financing, potential borrowers should carefully consider the terms and costs associated with these products before proceeding.

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Self- Employed Mortgages

Self-employed mortgages are home loans specifically designed to cater to the needs of individuals who work for themselves or own their own businesses. Unlike employed mortgage applicants with easily verifiable income, self-employed borrowers often face unique challenges when seeking home financing.

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Contractor Mortgages

Whilst Contractors often earn more than their PAYE counterparts, it may be more difficult to get a mortgage as a Contractor as your income will be perceived as less stable. An increased number of UK Mortgage Lenders are beginning to offer mortgages to Contract workers, meaning there are more options available now than in previous years.

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Bank of Mum and Dad Mortgages

With average house prices increasing at a rate beyond wages, so called Bank of Mum and Dad mortgages are becoming more common.

For some people, especially first time buyers, assistance from family is the only way that they will be able to buy their dream home or even get on to the property ladder.

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Professional Mortgages

There are currently some mortgages tailored to professionals. They are usually provided by standard lenders with a standard product range, but they also offer products that could be more favourable for professionals.

These might offer higher income multiples, potentially lower interest rates, reduced fees or perhaps a specialist approach to underwriting, with more niche criteria.

The principle behind it is that some lenders view professionals as lower risk, due to perceived long term job security or increasing salary levels.

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Specialist Mortgages

These mortgages are designed to accommodate individuals with non-standard financial situations, such as self-employed individuals, freelancers, contractors, expatriates, and those with adverse credit histories. Specialist mortgages typically involve a more personalised underwriting process, considering various factors beyond the standard income and credit checks. Lenders offering these mortgages take into account the borrower's individual financial situation and assess the risk accordingly, often resulting in a higher interest rate or stricter terms.