What if you have your heart set on that dream thatched cottage, or want to renovate your unusual home – and you don’t neatly fit the tick-box criteria of mainstream banks or building societies?
When it comes to lending on any property, mainstream lenders prefer to stick to the conventional. Applicants with a perfect credit history, a regular salary and a large deposit, buying “standard bricks and mortar” will find they’ll probably sail through the process.
However, finance may be a struggle for someone looking to buy an architect-designed wooden-framed home, one made predominantly of glass, a penthouse, or even windmills, castles and public toilets. They may also be buying through schemes such as shared ownership, which allows first time buyers a way to get your foot on the property ladder.
Together’s team of bespoke underwriters looks at all aspects of each case, taking into account the customer’s chosen property, even if it falls outside the norm.
Richard Tugwell, director at Together, said: “Many house-hunters see their dream property, fall in love with it, but then realise it is difficult to get finance because it may be of ‘non-standard’ construction.
“There may also be a combination other factors which could mean their application being turned down; they may have become newly self-employed, for example, meaning they won’t necessarily be able to provide the proof of income requested by high street bank.”
This is where specialist lending comes in. Together has been at the forefront of this market for 44 years, and has experts who will look at all aspects of each case, including the borrower’s background and the unusual home they want to buy.
For home-owners looking to renovate their properties, short-term or “bridging” loans could provide a solution. Traditionally, they were used as a way of accessing quick finance to prevent a house sale falling through but now have many purposes, including home improvements.
Mr Tugwell said: “As access to mainstream finance becomes more difficult, bridging loans can provide a great option for home-owners to complete a project to add value to their dream home.”
For more information visit www.togethermoney.com
