Your circumstances have changed – will you be able to remortgage?
We all know life doesn’t stay the same. Our jobs, our relationships, our financial circumstances, they all evolve over time. So if our lives are constantly changing, why should our mortgage stay the same?
Your life may have completely altered since you last remortgaged. You might be earning more or less than before, earning from multiple sources, or become self-employed. You might even be looking to climb onto the property ladder as a first-time landlord.
Or you might be worried about how a County Court Judgement (CCJ) or past mortgage defaults might affect your credit rating, and your ability to remortgage this time round.
The good news is that help is at hand. With careful planning, and an in-depth review of your mortgage options, an expert mortgage adviser could help you secure a mortgage that fits your circumstances.
We’ve put together some common remortgaging myths below. If you think these might hold you back from securing a mortgage, think again – we might be able to help you find a mortgage for your specific situation.
Myth: you won’t be considered for a mortgage if you’re earning your income from multiple sources.
It could be overtime payments, earning commission or a bonus, returns from your investments or simply the fact that you’re working more than one job – it’s becoming less likely for people to earn their income from just one source. You may think that because your income doesn’t fit into a standard template, you won’t be able to find a mortgage. But this isn’t the case!
We have access to and can search the specialist market on your behalf. With our help, you may be able to find a mortgage as unique as you are.
Myth: if you’re self-employed, you have to wait three years or more before you can be considered for a mortgage.
That’s not always the case. With access to an exclusive panel of lenders, we can connect with specialists on your behalf. So don’t feel you’re automatically written off if you’ve been trading for just a year. It’s possible we can source a mortgage for you.
Myth: lenders will only accept buy-to-let mortgage applications if you already have a mortgage.
Often, first time buyers will take out a residential mortgage and change it to a buy-to-let mortgage, which builds up their credit rating. But while it helps to already have a mortgage in place, it’s not an absolute necessity. You may have never needed to take out a mortgage because you’re living with a partner or parents. Whatever your circumstances, don’t let them put you off. Speak to an adviser, as they can help you find the right lender and guide you through the mortgage process.
Myth: you won’t be able to get a mortgage if you’ve recently had a County Court Judgement (CCJ) or defaulted on your mortgage payments in the past.
Whilst it’s true this could affect your mortgage deal, there are specialist lenders out there that will look at your individual circumstances. Certain factors will be taken into consideration, such as how long ago the CCJ or default happened, or whether you’ve had any trouble with your finances since then. An expert adviser will be able to help you through the process, so while it may feel dauting, it’s absolutely doable!
Whoever you are, seeking advice is a good thing.
Whatever your situation, it makes sense to get a helping hand from a mortgage adviser. We look at all circumstances and have access to a wide range of mortgages: from those not on the market, to those that are only available from specialists and sometimes harder to track down. An expert in your corner can find a solution that’s completely tailored to your needs.
Ready to get started? Speak to an expert adviser today.
Call Stirling Mortgage Shop on 01786 449969 or drop them an email on firstname.lastname@example.org
Your home may be repossessed if you do not keep up repayments on your mortgage.
Some Buy to Let mortgages are not regulated by the Financial Conduct Authority.