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METRO: trickiest borrowers you’ve managed to get a mortgage for

Journalist: Sarah Davidson, Freelance

ended 21. May 2024

Writing a spread for Metro and want to include a short vox pop from brokers. 
Gist is - yes you can get a mortgage even if you think you can't…..

Q: What's the trickiest hurdle you've managed to overcome to help a FTB get on the ladder? 

SPACE IS TIGHT, so please short and sweet! Will also need a high res (1MB+) headshot if you're included. (really sorry I can't do everyone)

And: 

  1. When should someone hoping to buy first contact a broker? And why?
  2. Top piece of advice for someone hoping to buy but feeling overwhelmed and like it's never going to happen? 

Thanks so much as always. 
SD

10 responses from the Newspage community

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Justin Moy
Managing Director at EHF Mortgages
Trickest hurdle to overcome was someone who has just become a Day-Rate Contractor after being employed for a number of years. They had a small deposit, needed to move and hadn't realised that would be tricky. But the lure of better income was too great. We managed to obtain a 90% mortgage based on their annual contract value, after just 3 months on the contract.

1. The moment the concept of buying your home is in your mind. Setting out your budget, checking the criteria, the kind of property you may want to buy. There are so many variables it is imperitive to speak to a finance and property expert first. Make sure your dream has the chance to become reality.

2. Your mortgage broker should have plenty of experience and be supportive throughout the whole process. Pick a broker that has that a track record, plenty of time in the industry, and will fight your corner if needed.

Image - one on Newspage if you wish to download :-)
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Riz Malik
Independent Financial Adviser at R3 Wealth
The mortgage market is full of lenders with different lending appetites and criteria. Before you rule yourself out of the market, speak to a broker. If they can't help you today, they can give you useful hints and tips to get you mortgage ready.
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Ranald Mitchell
Director at bad credit mortgage specialists Charwin Mortgages
For the many who believe that past financial hiccups like missed payments, old defaulted mobile phone bills, low deposits, being self-employed or a contractor worker, or recent job changes make getting a mortgage impossible, it's time to reconsider. Speaking to a mortgage broker can be a game-changer. Good brokers have the expertise to navigate seemingly impossible situations and find solutions. My advice is, don't let self-doubt hold you back.
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Samuel Mather-Holgate
Independent Financial Adviser at Mather and Murray Financial
There are always lots of enquiries from the self employed, but getting a mortgage when someone sets up as a limited company can be tricky if it's recent. We've had good outcomes recently and more lenders are willing to look at this, depending on circumstances.
Adverse credit is also a common enquiry. We recently placed an ex-bankrupt who had her house previoulsy repossed, following a messy divorce. With current CCJs and defaults she didn't think there was much hope of getting a mortgage. However, using money she had inherited from her mother as a deposit, we secured a loan so she could buy her home.
The last few years saw ex-pats coming back to the UK. Securing lending to those newly returned to the country, but with a job offer, has been on the increase.
Our top advice is also to talk your cirusmatnces through with an expert. There's always hope, and talking to someone releases the stress.
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Elliott Culley
Director at Switch Mortgage Finance
Fixed term contractors can find it tough if they have less than 1 years contracting history, but if you are working in a professional sector you will be able to find a lender that will be happy to lend. I have helped many NHS professionals buy their first home after having this issue.
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Elliott Benson
Owner at Sett Mortgages
I love when a client says "I've been told I can't get a mortgage"... Challenge accepted!

I have had seafarers who are paid in foreign currency and work on yauchts, clients with less than a year trading history self employed.

Clients in debt management plans...

The trickiest I think was an actor on various short fixed term contracts who was self employed and employed and we managed to place it with a bank and get offered within two weeks
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Benjamin Blyth
Director at Houz Mortgages
The most challenging first-time buyers I have been successful in helping were a couple with an age difference of almost 30 years between them... They wanted to buy the home they were renting after their landlord suddenly decided to sell up. Thankfully, one lender was able to split up the term and take a proper in depth look at affordability for both now and in the future when older applicant retires and we got them a mortgage offer and they've made the home officially theirs!

First-time buyers should reach out to a broker as they approach their deposit goal. This will ensure they can understand any potential challenges they may face, give them an accurate idea of what's affordable and meets their desired monthly budget, importantly putting the power in their hands to start confidently house hunting. This will alleviate any feeling of being overwhelmed and help with a clear plan to making it happen.
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Robert Timm
Managing Director at Sunland Mortgages
I helped FOUR FTBs buy a 4 bedroom apartment together in London. It’s tricky because many lenders will only allow 2 x incomes and we needed all 4, as well as the fact many would only allow this if the applicants were family, and in this case they were friends.

After plenty of due diligence and research, I found a lender happy to take all 4 incomes into account and they eventually moved in together. Individually, it would not have been possible, but together, they got on the ladder and their share of mortgage was around £750 per month cheaper than rent would have been!

They simply would not have found this solution if they didn’t use a mortgage broker, that is just one of the many amazing reasons to seek independent advice.
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Scott Taylor-Barr
Principal Adviser at Barnsdale Financial Management
I helped a couple of first-time buyers where one, a barrister, had not long passed pupilage and so only had one year of self-employed income and her partner was an electrician working on a day rate contractor basis. With the help of a great lender, the support of their chambers to help support future income potential and lots of notes to the underwriters, we managed to secure them a mortgage and get them moved into their first home.
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Anil Mistry
Director and Mortgage Broker at RNR Mortgage Solutions
We secured a mortgage for a self-employed client who was a first-time buyer and had income from not one but two businesses. This case involved intricate details, such as a car loan reported on the personal credit file but paid through the business and navigating a substantial profit increase in one of the businesses.

After three weeks of back-and-forth, which involved speaking directly with the underwriter and the lender's business development manager, we were thrilled to receive the mortgage offer for our client. Before going to the lender, we also spoke to the Accountant to understand the businesses well. This success story highlights our commitment to providing tailored mortgage solutions that meet our client's diverse needs.

This complex case highlights the need for clients to contact a broker in advance of looking for a property. A good broker can then plan with the client the best way forward.

Top advice is to speak to a broker and do this together and not on your own.