Short Lease Mortgages
It was quite an easy decision to make….the run of the mill mortgage brokers really were not going to be able to help me on this one. I would recommend Capital Fortune to any one asking and I do so too.
Joe Crosby, Golders Green Short lease mortgages are a specialist area of mortgage finance. Typically, clients we successfully assist tell us of the difficulty they have experienced in trying to arrange a competitive mortgage on a restrictive lease. Often they express their frustration in finding an appropriate lender, given the type of property, location and when the amount of years left on the lease is relatively short. Purchasing a property through a mortgage where the freehold is held by a separate party and requires a negotiation to extend the lease later has its own complications and often clients are a little unsure how to start their search.
Our short lease mortgage service is based not only on knowing UK lender’s criteria but also our ability to access available private banking and bespoke lending solutions. Such lenders will often take a more holistic approach to the short lease and will look at the mortgage as more than a standard transactional deal, seeing real value when the lease is extended.
Capital Fortune are a blessing...I feel like I’ve got the best rate on the market and a very personable and friendly service.
Reuben, South London, SE27 This makes short lease mortgages a specialist area of the wider mortgage market. The ease or difficulty in obtaining access to a range of short lease mortgages depends on the ability to extend the current lease or the cost of buying out the freeholder. Short lease properties are more prevalent in central London than elsewhere in the country and the right mortgage broker with access to finance and detailed knowledge of the London property is often important to clients.
Typically we find those seeking short leasehold mortgages have more specialised finance needs and we are able to provide personalised advice on the appropriate lenders to meet those needs. We generally find that these types of mortgage applications often require a greater degree of negotiation with national lenders, the underwriters, their panel surveyors and property valuers. Clients we successfully assist, also appreciate there is a limitation on the number of providers in this specialist market and understand the fact that many do not openly advertise their available products direct to customers.
They arranged a re-mortgage for us…. which was unusual and certainly must have been difficult. It went through smoothly, more smoothly than any other mortgage I've taken out.
RH, Stanmore Clients we help in similar situations, typically tell us of their annoyance at the current restrictions on obtaining a mortgage with an impaired or short lease. They usually have a healthy deposit for a purchase or significant equity to undertake a re-mortgage. They find it difficult to understand why the vast majority of lenders will not consider their individual circumstances.
They confirm the additional problems they come up against, when they want to rent out the property or want to use the property as their own home. They often look to us for help, securing the mortgage on mainstream residential or Buy to Let products and not on expensive commercial rates. They are uncertain where to begin and look for appropriate guidance to obtain the available deals right across the UK market.
They may have spoken to a number of brokers without success, before making contact with us.
As a comprehensive panel of lenders broker in this area, we know our lenders and lending criteria. Importantly, we appreciate the ambiguities and difficulties in this area of UK lending and work to provide an appropriate solution. We regularly assist clients with mainstream and complex finance and we are UK specialists in arranging mortgages for clients with non standard requirements.
We have been voted the Overall Adviser of the Year for the largest UK mortgage and protection network, two years in a row and have recently won a national industry award for Excellence in Treating Customers Fairly. A number of our clients watched us on BBC TV Newsnight and supported our shortlist nomination for Best Broker Prime and Best UK Mortgage Adviser at the prestigious Money Marketing Financial Services Awards and British Mortgage Awards respectively.
There are three stages to our award winning process:
|Typically clients using the service, tell us they want to discuss their current situation and take us through any difficulties they may have. We can quickly give an indication as to the feasibility of what they are looking to do, undertake detailed research on the potential rates, confirm we can safely assist and importantly, express how we operate.|
|2||Approval in Principle|
|This stage involves completing a 45 minute Mortgage Fact Find questionnaire over the phone to fully assess needs and requirements. Once complete, we undertake research across a comprehensive panel of lenders to recommend the right mortgage. A detailed illustration is provided which we will take you through. If you are happy with the illustration we will then request documents from you to support the application. On receipt of the documents we will obtain formal approval in principle from the lender.|
|We will process your full mortgage application and liaise directly with the lender on your behalf. We organise the valuation and deal with any issues that may arise during the mortgage application.|
We still appreciate however, we are not right for everyone and typically we best assist clients
- With non-standard/non-traditional requirements;
- That are time pressed and need the most competitive and quick results; or
- That just need an independent guiding hand through the minefield of products to obtain them the most competitive deal and to assist them through all the complexities within the mortgage process.
We pride ourselves on delivering advice which is accurate, tailored to your situation and fully compliant with Financial Conduct Authority (FCA) guidelines and best practice.
For help and assistance, call us today on 0207 710 0400 to speak to one of our Mortgage Advisers.
Find out current best rates
|0.99%||Discount||2 years||4.99%||4.4%||2 years||£2149|
|0.99%||Discount||2 years||4.75%||4.3%||2 years||£0|
|1.24%||Tracker||2 years||4.74%||4.3%||2 years||£999|
*APR = Annual Percentage Rate *ERC = Early Repayment Charge
*These figures are only illustrative. An assessment of your needs will be confirmed before a recommendation can be made. A Key Facts Illustration, which is personal to your circumstances, will be provided if a recommendation for a mortgage product is made.