Whitney's Financial Services Ltd
Need help understanding specialist mortgages?
From options for those with bad debts to mortgages for expatriates, Whitneys Financial Services Ltd provide tailored support throughout Britain.
Understanding your options
In a small number of cases, a traditional mortgage may not be the right choice for you. At Whitneys Financial Services, we are able to offer advice and support on a number of alternative financial products that cater to specific needs or restrictions.
Bad credit mortgages
Although getting a mortgage with bad credit is difficult, it is not impossible; individuals can access what are known as 'bad credit mortgages'.
They are an option for anyone who has ever had a County Court Judgement (CCJ), defaults, or individual voluntary arrangements (IVAs) in their credit history, or has previously been declared bankrupt.
It is worth noting that these types of agreements often require a higher initial deposit, and often come with higher interest payments, due to the perceived increased risks of lending. You may wish to look at improving your credit score before applying.
Expat mortgages
This type of mortgage is designed to support expatriates looking to buy a property. Because it is harder to determine the financial stability of expats - due to constantly changing exchange rates and difficulty in securing the necessary records - many lenders will refuse to lend to them, or will charge higher interest fees.
An expat mortgage is a good option if you mainly (or fully) live overseas, and most or all of your income is earned overseas.
Foreign national mortgages
Many foreign nationals find that the number of lenders willing to lend to them is much smaller, and it can be harder to gather the necessary credit history in order to prove a stable income.
Whitneys Financial Services is happy to support EU and non-EU foreign nationals looking for buy properties in Bradford or elsewhere in the UK.
We also recommend building your credit score, by doing things such as registering to vote, paying bills on time and opening a UK bank account.
Sharia mortgages
Sharia mortgages adhere to Sharia laws, and mean that the individual applying does not pay any interest on their mortgage repayments. Lenders will buy a property on your behalf and act as the owners. You will pay rent, additional charges, and capital repayment, and at the end of the agreement you become the sole owner of the property. There are three main types:
- Ijara/Ijarah, where the lender holds on to your payments to pay off the property at the end of the agreement.
- Diminishing Musharaka/Musharakah. This is where you and the lender own equal shares in the property. As you pay rent, you purchase the lender's share, resulting in reduced rental payments over time.
- Murabaha. This is when the bank buys a property on your behalf, but sells it back to you at a higher price.
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