Complex Mortgages

While we can and do arrange conventional, straightforward residential mortgages for clients looking to simply remortgage or buy their first or next home, we are specialists in the following niche areas of mortgage lending:

  • Adverse Credit – this would more accurately describe those people that often due to circumstances out with their control find themselves underserved by the main UK High Street Banks. There were somewhere in the region of 1.1 million County Court Judgements (CCJs) registered against people in England and Wales in 2018, a fall of 2% on the previous year. In addition to this huge number there are millions of people who also have a mix of defaults, mortgage arrears or missed payments on unsecured credit, with other consumers who find themselves in Debt Management Plans, IVAs (Trust Deeds in Scotland) or who have been made bankrupt.
  • Professional Mortgages - for medical doctors, dentists, accountants and solicitors. Up to 95% loan to value (LTV) including new builds up to £400k - available in Scotland only.
  • Guarantor Mortgages - for first time buyers or students with a maximum LTV of 90% and no second home tax for parents.
  • Guesthouse Mortgages - 75% LTV, maximum loan of £350,000 and maximum number of letting rooms is 6.
  • Self Build - 80% maximum LTV with 60% LTV maximum on first drawdown. Gifted land is acceptable and can be split title from family land.
  • Complex income - traditional banks often do not have the resource or time required to understand self employed, contractor or non-Sterling income (Euro and US Dollar only).
  • Retirement Interest Only - this is for over 55s and has a limit of 60% lending against the value of the property.

Our fully qualified, friendly and experienced advisers are waiting to hear from you, where all enquiries are dealt with on a no obligation basis. As expected, we do charge fees for our advice and time taken to process applications, but these will be fully agreed at the start of the application process. We do not charge up front fees.

Difficult or unconventional properties

Lenders don’t always share your personal vision for what represents a dream home either. Perhaps that thatched roof isn’t seen by them as a positive feature.

Or perhaps you have your eye on a flat above a shop, an ex-Local Authority property that uses Pre Reinforced Concrete (PRC) (popular from the 1940s-1960s), or a building that uses non-conventional construction techniques such as single skin brickwork or timber frame property built before 1970.

Perhaps you want to offer on an A-listed manor house!

When it comes to mortgage loans, anything out of the ordinary about the construction or potential resale attraction of your dream home can give the mainstream lenders a nightmare. They want to know their capital is safe.

But with virtually every type of property, there is a lender experienced in that market. It’s just a case of knowing who best to approach. That’s where The Lending Channel, with our extensive panel of lenders, are your best ally.

Rest reassured, whether you’re a first-time buyer, or you want a mortgage to move to a dream house, the whole process isn’t as difficult as it once was – at least for those who come to The Lending Channel.

Call 01738 583008 today, and one of our advisers now to discuss your circumstances and see how we can help.

Self-employed mortgage

If you want a self-employed mortgage – a description that now applies to one in five of the UK’s working population – then there is a good chance that you too have found it hard to secure a loan offer through a High Street lender.

Don’t give up: when it comes to complex mortgage applications, The Lending Channel can help when others can’t.

That’s because, if you ask how most banks and building societies make their lending decisions the answer is ‘it’s based on proof of your monthly income’ – and that phrase is defined differently by each lender.

Through our extensive lenders panel, we can help you find the best mortgage product for your circumstances – even when you’ve been declined a mortgage offer by other lenders.

Typically, before they set up a loan offer, a lender will ask to see at least two years’ earnings from someone who is self-employed. That time constraint would be bad enough on its own… but if you’re self-employed it might be that your income each month has been a mix of salary plus an element of dividend from your business. Even if you’ve drawn out the same amount for two years, many lenders will ignore the dividend, as it’s not guaranteed.  

Contracted employment

If you currently work in a contracted position, under IR35 regulations, or if you work under the Construction Industry Scheme (CIS), then you’ll face similar problems.

Even with lenders who are familiar with the CIS Scheme, many often want to deduct expenses and tax from your quoted day rate, which will reduce the amount they are prepared to loan.

They might also impose additional requirements on you, such as asking for an increased minimum deposit.

The good news

There are numerous lenders who have woken up to the fact that employment patterns have shifted enormously in recent years. These lenders have products that will meet your circumstances. After all, there are more than 4.6 million people who are self-employed in the UK, and that number is growing year-by-year (Office for National Statistics). That’s a big potential market – and we know where to look!

The Lending Channel are members of the National Association of Commercial Finance Brokers (NACFB).
2/1 King James VI Business Centre, Friarton Road, Perth, PH2 8DY
Tel: 01738 583008 | Fax: 01738 500402

The Lending Channel are authorised and regulated by the Financial Conduct Authority.
Company number SC334818
Data Protection Act: Z2030159


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