Many mortgage lenders will assess your eligibility by adding data into a computer programme and crunching numbers based on an algorithm. If the computer says no, you won’t be offered a mortgage with that provider. For some, that simply doesn’t work. That’s why we work with specialist mortgage lenders.
Specialist lending providers can help if:
- You’re self-employed
- Have a poor credit history
- Are a freelancer
- You would be considered ‘high-risk’ by high-street lenders
- You are older
- You need more flexible options
Should I consider a specialist lender for my mortgage?
Our experienced team will discuss your options with you and may suggest a specialist lender. If we suggest specialist lending to you, don’t worry. It doesn’t mean you are more or less likely to be accepted. It means that your circumstances are unique, and you need more than a high-street lender can provide. Specialist lenders operate on a case-by-case basis, assessing each application carefully.
Why does age affect my ability to get a mortgage?
Applying for a mortgage in your later years can impact your ability to be accepted. This is because your income can change, health issues can impact your ability to earn, and you may reach retirement age during your mortgage term. You are considered a higher risk as you may not be able to afford repayments when you retire.