Our first recommendation for anyone looking for a mortgage would be the mainstream/high street lenders. For example The Nationwide, Alliance & Leicester, Halifax etc as they usually offer the most suitable interest rates and preferential terms.

As these lenders are usually providing the most suitable products in the mortgage market place, they do have quite strict lending criteria that must be adhered to in order to qualify for a mortgage with them. For example sufficient income, a good employment history and a good credit history would usually need to be evidenced. When we conduct a mortgage interview this is always our first consideration and we would always look to place a mortgage with mainstream/high street lenders wherever possible.

However when our clients circumstances do not align with the mainstream/high street lenders criteria, we will look to source mortgages from other providers. Detailed below are a few examples of the types of mortgages that do not fit standing lending criteria which we have successfully been able to place.

Personal Testimonials

Our clients had been happy living in rented accommodation and had always planned to buy a home of their own one day. However when they looked to do so, they were unable to afford any of the properties that appealed to them.

The clients came to us after identifying a plot of land that they wished to purchase in order to build their own home, as they felt that this was the only way they were going to be able to acquire the property that they desired.

We were able to source a self build mortgage for the clients and they were only required to provide a 25% deposit for the land. In addition to this the lender provided the balance of the funds to build the property, in advance of each build stage.

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Our client’s approached us after another broker was unable to source a mortgage for them to purchase their first home. The problem was that they were only recently employed and had only just satisfied a large county court judgement that had been registered against one of them. One of the clients had various sources of income and the other was due a promotion imminently so their income was again difficult to evidence.

This was not an easy mortgage to place and even harder to try and place with appropriate terms. It took a couple of applications before we were successful in finding a lender that would advance the fund, and we were delighted to be able to do this.

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The client was referred to us as they were unable to secure a mortgage with a high street lender as a result of their pending divorce and the numerous amounts of evidenced income being unacceptable to most lenders.

Our client had various sources of income from employed earnings, bonuses, self employed earnings and maintenance payments. After conducting an income and affordability analysis it became clear that there would be sufficient income to support the level of mortgage required. We therefore approached a lender that specialised in these types of mortgages and were able to get an offer letter within 3 weeks of applying.

Our clients were planning for a very large home extension on their property and wanted the most appropriate rate available as they would be borrowing a substantial amount of money. They had looked at sourcing a mortgage themselves and approached us to see if we could secure them a better deal.

We looked at the mortgage deal that the clients had sourced for themselves and it was an appropriate interest rate. However such was their desire to achieve the lowest rate possible, they had failed to consider some of the mortgage products features, fee’s and restrictions, which did not complement how they wanted to release funds and manage their mortgage account. Therefore in order to identify what was important and what was not important to them, we gathered as much information as possible about their circumstances. This in turn allowed us to research and identify the most appropriate product that met their objectives, and whilst the headline rate was higher on the product that we recommended, the overall cost was actually less, as the fee’s were lower. Also the product features were less restricted which provided them with greater flexibility and also more accurately reflected their mortgage needs and objectives.

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Probably the most common scenario that we are faced with as mortgage advisers – in this case our clients had identified a property that they had set their hearts upon and the vendor had accepted their offer as long as they could complete within 6 weeks – the only problem was that they did not have sufficient funds to purchase the property without selling theirs first and they had a mortgage to pay on their existing property.

We suggested the idea of raising the deposit required to purchase the new property on the current home and then rent out this property in the short term, until they could find a buyer for it. (It is important to check that this is acceptable with the mortgage lender before proceeding).

The rental income received by letting out this property would pay the mortgage secured upon it and would allow the clients to apply for a new mortgage based upon their income from their employment which would no longer be ‘earmarked’ to support the existing mortgage, as this was being supported by the rental income.

The application was successful and the client was able to purchase the property within the 6 week timeframe.

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We initially met with a long standing client 2 years ago and they were concerned at the level of debt that they had on credit cards and loans. They were very reticent to discuss this, as they were very embarrassed and felt that they had failed in some way. Unfortunately this is very typical as to how people feel when they owe money, particularly when it gets out of control and they can no longer afford the repayments.

We find that clients find it a lot easier not to address the problem, but continue to borrow more money (even if it is just to service the current level of debt in some cases) and hope it will go away. The last thing they want to do is talk about it, because talking about it actually acknowledges that the debt exists and reminds them that they should do something about it. Please, please if you are reading this then do talk about it – with us, a debt counsellor, a friend, your bank - and take action. In our experience the sooner you talk about it and acknowledge that something may need to be done, the sooner your finances can be got back on track – and more importantly you will be able to sleep at night rather than lying awake worrying about how you can sort your debts and finance out.

Our client did eventually tell us that they owed over £50,000 on personal loans and credit cards. We discussed the options available to them and how we could look to consolidate the debt or come to an arrangement with their creditors if the payments were no longer affordable. Our client declined to take any action as they were confident of being able to manage themselves out of the situation. We doubted that they could and urged them to deal with the situation immediately, for in our opinion we did not feel that they could financially manage the repayments. Unfortunately they decided not to take any action.

Eventually, 18 months later, our client agreed to look at addressing the debt, which had now increased to around £120,000. By introducing our client to an Insolvency Practitioner they were able to reach an agreement with the creditors (the credit card and loan companies) called an Individual Voluntary Arrangement (IVA). This is where an individual, who can no longer afford to make the repayments on their debts, can enter into an agreement where they agree to pay the creditors the maximum that they can afford, as a lump sum or by regular monthly repayments, (sometimes both) in full and final settlement of the monies that they owe. Creditors will sometimes consider this option as opposed to filing for bankruptcy if they feel that they will be able to receive more money from the arrangement when compared to a bankruptcy order

In this situation the creditors agreed to accept £34,000 in full and final payment of the debt of £120,000.

The only challenge was to raise the £34,000 of capital required to repay this debt. We did this through out contacts with mortgage lenders that will consider advancing funds to people in these circumstances.

Within 3 months the debt was repaid in full and our client’s only had to service the mortgage, all of the other loans and credit cards were repaid in full and final settlement for £34,000. On the downside their credit rating was affected by the Voluntary Arrangement and they had to pay a higher than average mortgage interest rate in order to get the mortgage. Overall though our client felt that it was a much better alternative to bankruptcy

The most important point from this example is to act QUICKLY - as soon as it is STARTING to feel as though repayments on your liabilities are no longer affordable. We can help you work through it by giving you advice and guidance regarding all of your available options.

We will not only look to reduce your outgoings but also your stress and worry levels as well. Remember doing nothing will almost certainly not re-solve your debt situation.

Please Note
Please be aware that when consolidating debt onto your home it may mean you will make short term savings, however over the long term, you may end up paying more. This is because you may be extending the period of the loan. You are also transferring previously unsecured debts to a mortgage which is secured on your home and this could result in your home being repossessed if you do not keep up repayments on the debt secured on your home.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debts secured on it.

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We deal with a lot of clients who approach us wanting to purchase a home or Remortgage their property, but have been turned down by other lenders due to being in arrears on their mortgage, in default on their loans, have County Court Judgements against them or because they are in a Voluntary Arrangement with creditors. In the majority of these cases we are able to identify lenders that will advance the funds that they require.

We were recently approached by an Insolvency Practitioner to see if we could assist their client who was already in an Individual Voluntary Arrangement, (IVA) but had failed to make any of the monthly payments to it, had 5 months arrears on their mortgage and as a consequence was facing bankruptcy. Their client was obviously extremely concerned and wanted to find a way of resolving his situation as soon as possible.

This was not an easy proposal to place. We tried all of our usual contacts and specialist mortgage packagers, but without success. We were told that we would not be able to place the mortgage as no lender would consider an applicant that had entered into a Voluntary Arrangement and then failed to maintain it.

Undeterred we kept persevering and were delighted to be able to source a specialist lender that was able to support the application. With all adverse mortgage products a higher interest rate is charged than mainstream mortgage products and often an extended tie in period is applied – this means that a redemption penalty would be applied if the mortgage was repaid once it had come out of its initial lower fixed or discounted rate period. Granted this was not a cheap mortgage, but our clients felt it was a far more preferable alternative to bankruptcy and losing their home, which previously had been the only option that they had.

The overall cost for comparison is 13.5% APR Typical. The actual rate available will depend upon your circumstances. Ask for a personalised illustration

Please Note
You are likely to be charged a higher rate of interest on mortgages that support adverse credit.

Please be aware that when consolidating debt onto your home it may mean you will make short term savings, however over the long term, you may end up paying more. This is because you may be extending the period of the loan. You are also transferring previously unsecured debts to a mortgage which is secured on your home and this could result in your home being repossessed if you do not keep up repayments on the debt secured on your home.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debts secured on it.

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We were approached by clients who had been turned down by a lender for a mortgage, as the property that they were looking to purchase consisted of two properties on the one title deed. This would not normally have been a problem except our clients were looking to purchase the property as a buy to let investment and the lender was concerned because there were two tenancy agreements.

The mortgage broker that sourced the original mortgage that was declined was unable to identify another lender which would consider the proposal.

This was a challenging application, as an existing broker had already tried to place it and because it was a buy to let purchase of a non-standard property. We approached this by taking the time to fully understand the property in detail. We provided detailed photographs along with the sale details so that any prospective lender could actually see how the property was laid out.

We are delighted to report that our perseverance paid off and we were able to source a lender that would accept the property as security at a fixed rate of 5.65% for 3 years.

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Sometimes additional funds need to be raised on a mortgage to consolidate debt, buy a second property, pay for a holiday etc, but the existing mortgage lender will not advance the money, because the proposal does not fit their lending criteria. This was exactly the scenario that our client had who came to see us. They had a mortgage of £123,000 and required a further £10,000 to consolidate credit card debt that they were unable to repay. Unfortunately their existing lender would not advance the £10,000 that they required and when they decided to Remortgage away form the lender they were told that they would have to pay an early redemption penalty of £7,435.

The option of Remortgaging away from their existing lender was not viable as they would only actually benefit by £2,565 (£10,000 further advance - £7,435 penalty). We therefore recommended a Second Charge Secured Loan for the additional £10,000. This is a loan that is secured on a property after the first charge of the £123,000 mortgage with the main lender – hence the term Second Charge Secured Loan.

Whilst the interest rate charged on this type of loan tends to be a lot higher than a First Charge Mortgage, in our clients situation we believe it to be the correct option for the following reasons: Firstly because of the very high redemption penalty that would wipe out ¾ of the advance in a penalty charge, secondly because the £10,000 of credit card debt would be able to be spread over a longer period, making the repayments affordable whilst paying off the debt as well.

Please Note
Please be aware that when consolidating debt onto your home it may mean you will make short term savings, however over the long term, you may end up paying more. This is because you may be extending the period of the loan. You are also transferring previously unsecured debts to a mortgage which is secured on your home and this could result in your home being repossessed if you do not keep up repayments on the debt secured on your home.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.

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Our clients were looking to purchase a new home and the vendors of the property that they were wishing to purchase were offering it to them at a discounted price, as they wanted to move by a certain date. If the sale could not be achieved by this date, the vendors would increase the price of the property and put it back on the market as their need to move would not be so critical. In this event the price would be outside of our client’s budget and they would not be able to proceed with the purchase.

Everything was on track to meet the required deadline until 2 weeks before the deadline date the purchasers of our client’s property changed their mind and decided to purchase a different property.

Within a couple of days our client’s received another offer to purchase their home, but the new purchasers were unable to complete all of the formalities within the 2 week deadline.

As our client’s did not wish to lose the opportunity of purchasing their dream home at the discounted price, we recommended that they take a Bridging Loan. A Bridging Loan allows purchasers to receive the funds required to purchase a new property, whilst still having a mortgage on their existing one. It is only suitable over short terms as the borrowing is very expensive. Once the existing property is sold, the mortgage on that property is repaid and the bridging loan secured on the new property is put onto a mortgage.

The other benefit of a Bridging Loan is that they can be completed in a relatively short period of time – and in this case it was achieved in the required timescale and our clients were able to purchase the new property. Once they sold their old property, they repaid the old mortgage and moved the bridging loan onto a mortgage on their new property.

When taking a Bridging Loan it is imperative to ensure that the repayments will be affordable in the short and long term, particularly if there is no guarantee that your existing property will be sold in a specified period of time.

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Our client was retired and had a lot of equity in her home, but no money in the bank; and whilst she had regular monthly income it was only enough to pay her bills and did not leave her enough to be able to go on holiday or buy things for her home. Our client also wished to extend her home, purchase some new furniture, gift some money to her grandchildren and have some cash in the bank.

A number of schemes exist whereby equity can be released from the home and all of these were considered in order to identify the most appropriate one for our client’s specific needs. We also considered local grants that may be eligible and also how releasing equity from the home would cease her annual eligibility for £1,200 income support and £1,500 community charge benefit. These are obviously factors that require careful consideration and which is why we involved our client’s family in all discussions from the outset.

The client’s property was valued at £180,000 and our client applied for £84,600, (being the maximum available) on a roll up mortgage scheme. This meant that our client would not have to pay any interest on the loan, but as a consequence the interest would be ‘rolled up’ onto the original debt of £84,600. Eventually the debt could equal the value of the property and in this event our client would continue to live in the property for the rest of her days without having to make any further contribution for doing so. This is not always the case as it depends upon the individual product in question. Ultimately the property would pass to the lender providing the advance of funds.

Message from the Financial Conduct Authority.

Think carefully about this information before deciding whether you want to go ahead.

If you are at all unsure about which equity release transaction is right for you, please ask your adviser to make a recommendation.

To understand the features and risks of an equity release scheme please ask for a personalised illustration.

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“Thanks once again for the unbiased advice! It’s really comforting to see how it steers us in the right direction. We would also like to take this opportunity to thank you for the time you have taken in researching all of the available options and for providing us with an honest and clear assessment regarding the best way forward.”
John & Jackie Bell

“I think that choosing the right financial adviser can be one of the hardest decisions in making your financial arrangements. The real test is whether you would recommend them to someone you know – but I would do that with Steve every time.”
Maggie Winfield

“It was only a short time after I started the life policies that I became ill. I was really impressed with how Steve Fletcher helped me complete all of the claim forms and corresponded with the life companies on my behalf to get my claim paid.”
Mr G Saxon

“What particularly impressed us about Steve was his professional, yet relaxed approach, and not once did we feel under any pressure to proceed with any of his advice. He took the time to explain the reasoning behind his recommendations and was more than happy to clarify anything we did not understand.”
John Chojnacki & Debbie Dawson

“Obtaining a mortgage or re-mortgaging a property can be a stressful process, with a plethora of mortgage provider publicity to contend with, complicated application forms and many necessary procedures to adhere to. Steve Fletcher provided excellent guidance, assistance and reassurance throughout the whole application period, explaining each step of the way clearly and patiently, advising us to our best advantage at all times. He then monitored and coordinated all the parties concerned, and kept us fully advised of progress made, until completion of our mortgage was achieved.”
Graham & Noriko

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Solution Finance Ltd. Florence House, Lower High Street, Waddington, Lincoln, LN5 9QA
Telephone: 01522 722292 Fax: 01522 722293

Registered office as above. Registered in England No.5255898.

Solution Finance is a trading style of Solution Finance Ltd which is authorised and regulated by the Financial Conduct Authority. FCA Registration number 446767

Licensed by the Office of Fair Trading. Consumer Credit Licence Number 580155

The guidance and/or advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK

The Financial Conduct Authority does not regulate, Vehicle Sourcing and some forms of Debt Consolidation, Bridging Finance, Mortgages, Business Finance and Loans.

As we are independent you have the choice whether to pay a fee for the mortgage advice we provide. Typical 1.0% of the mortgage amount.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debts secured on it.