There are some mortgages out there aimed at people with very particular financial and living circumstances. What is offered by certain lenders will vary, but here is a list of what we call ‘specialist mortgages’. If you require any of the mortgage plans listed below, contact us at iam mortgages today, where we can put you in touch with the most suitable lender for your circumstances.

Sub-prime mortgages

This type of mortgage is for customers who may have had poor credit ratings in the past as a result of bankruptcy or substantial debt, and are finding it difficult to meet the borrowing criteria of many high street lenders. Sub-prime mortgages are offered by specialist lenders, and tend to have higher interest rates than standard residential mortgages because borrowers taking them out are considered more of a ‘risk’ to a lender.

Green mortgages

Some lenders offer ‘green mortgages’ that give some form of benefit back to the environment such as planting extra trees or giving a donation to a green cause/charity. Green mortgages can also involve the lending of a mortgage sum for the construction and/or renovation of an eco-friendly home.

Self-certification mortgages

Self-certification mortgages are designed for freelance or self-employed people who find it difficult to apply for standard mortgages because of the difficulties in finding proof of their income. With this type of mortgage deal, the self-employed person is responsible for declaring and certifying their own income, rather than their income being assessed by the lender. These deals are hard to come by since the financial crisis of 2007-2008, as lenders are far more cautious in lending money to someone without proof of their income, but they are out there. Get in touch with us at iam mortgages if you require help in finding a self-certification mortgage.

Self-build mortgages

This type of mortgage is for people who have purchased land and are building their own property from scratch. It can however also be used for renovations. Typically, the lender releases money to you in stages as your build continues. You will need to prove to the lender that you have budgeted well for this type of mortgage, and that you have the finance to both complete the build and pay off the mortgage.

If you need advice or help in applying for any of the above mortgages, contact us at iam mortgages today. We can compare the market to find specialist lenders offering mortgage deals that suit your financial needs. Fill in an enquiry form and we’ll get back to you. What’s more, our advice is totally free.