Below we look at the mortgage property types and give you an overview of the properties available to get a mortgage on. However this list is not extensive and so if you have a property in mind that is a little bit out of the ordinary you can call us on 0330 555 9414 to discuss the best mortgage deal with one of our specialist mortgage advisors.
Newbuilds are increasingly popular, having the benefit of a new boiler, kitchen and bathroom so you just need to move in!
Newbuilds are usually reserved, built and then you move in. Often you can choose your kitchen tiles, flooring and some finishes in the property. However you may have to wait a few months for the build to complete. Don’t worry, we will ensure your mortgage stays valid while you wait and offer a rate check service so that if your lender’s rate improves we can save you money still!
Willow Brook’s Newbuild team have experience with the biggest builders in the UK. We know the warranties that lenders like and understand incentives you can have with your purchase.
In most instances you will need to be qualified to view a property. Furthermore some builders will also insist on a soft credit check being done.
Willow Brook can qualify you for the builder you like and provide feedback should you wish to go and view the development. Soft credit scores are a great way to get acceptance from one lender without showing on your credit file.
For more information please contact us to speak to one of our specialist advisors.
If you are looking to buy a more affordable home the shared ownership scheme could be for you. Especially when living in more expensive areas of the UK, on lower incomes or looking to buy on your own.
You can usually purchase anywhere from 25% of the property depending on the housing association. This scheme is available on new build and second hand properties. On most of these properties you will have the option to increase ownership up to 100% over time.
You will take a mortgage on the share you are purchasing and only require a deposit from 5% of the share you buy.
For example if you purchase a 25% share of a property valued at £200,000, this would be £50,000 so you could put down a deposit of £2500 and take a mortgage for £47500.
You will pay rent on the share of the property you are not purchasing. However this combined with the mortgage is often the equivalent to what you would pay to rent or purchase the full house.
For more information please contact one of the shared ownership team.
RIGHT TO BUY (RTB)
Right to buy is a scheme set up by the government to help council tenants purchase their homes. You will usually receive a large discount on the property based on how long you have lived there for.
In order to check if you qualify for this you would need to contact your local council. Once you have the approval with the property value confirmed, we will then be able to assist with the mortgage.
Many lenders allow the RTB discount to be used as the deposit, meaning you don’t always require a deposit.
The property must be purchased in the same names as the right to buy document.
At Willow Brook Mortgages our wealth of knowledge will support you on mortgage property types.
HIGH NET WORTH PROPERTY AND EQUESTRIAN
Your dream house can carry a big price tag and as a result specialist properties require specialist research. Willow Brook has a track record with high value and equestrian properties. We understand that separate dwellings, acreage and non standard methods of construction are common. These factors can put off mainstream lenders which often lead to a delay in mortgage applications. Our relationships with specialist lenders will allow a high value mortgage to complete as you would expect. We work with lenders who offer more specialist mortgages as well as lenders who just take more of a human approach to lending.