Complex House Purchasing
Bad / Adverse Credit
Late / missed payments, defaults, CCJs and debt arrangements are all forms of bad credit. Clients don’t always realise they have bad credit – and this doesn’t affect them until they are applying for a credit card, a loan or, more importantly, a mortgage. A lot of First Time Buyers can have a low credit score without having bad credit. It just means you’ve not taken any credit – so it’s difficult for a lender to know that you can manage money.
Commercial Mortgages
A commercial mortgage is a loan secured on property which is not your residence.
Commercial mortgages are mainly used when businesses want to borrow more than £25,000. The mortgage is secured by a first legal charge on your business premises. Manor Holmes does not advise on Commercial Mortgages, but we have good relationships with companies who can. With your permission, we can refer your case on. The Financial Conduct Authority does not regulate Commercial Lending or Finance.
Let to Buy Mortgages
A Let to Buy mortgage will allow you to buy a new home and let your current property out to tenants. At the end of the process, you will own two properties – and have two mortgages. One mortgage is a standard residential mortgage, taken out on the new home, and you will also need a Buy to Let mortgage product on the house you will be renting out. Let to Buy is a good way to release the equity from your existing property and use it as a deposit on the new house.
Self Build
Dreaming of building your own home? A self-build mortgage is a loan you take out to fund a property you are building, and the funds are released in stages. The funds released depends on the lender, but you'll receive the first payment when you buy the land, more when the foundations are laid and a further payment when the property is built up to eaves level. Later payments are normally made when the roof is watertight, and then when the interior walls are plastered. The last instalment is paid on completion.
Bridging Finance
A bridging loan is a short-term loan, usually taken out for no more than 12 months. We can source a ‘bridge’ loan from several leading bridging finance lenders. Bridging loan criteria is typically based on each individual case however its main purpose is to ‘bridge’ a financial gap where funds are needed quickly. Manor Holmes does not advise on Bridging Finance but with your permission, we can refer your case on. The Financial Conduct Authority does not regulate Commercial Lending or Finance.
Retirement Mortgages
A retirement interest-only mortgage is only available on your main residence and is very similar to a standard interest-only mortgage, with two key differences. 1. The loan is usually only paid off when you die, move into long term care or sell the house. 2. You must prove you can afford the monthly interest repayments.
While there’s no minimum age requirement, retirement interest-only mortgages are generally aimed at older borrowers, such as the over 55s and pensioners who might find them easier to qualify for than a typical interest-only mortgage.