While it has been serving the intermediary market for the last 15 years, as an individual you can also choose to apply for a mortgage from Mortgage Works. Currently it has mortgage assets of over £2 billion. The Mortgage Works is the specialist lender of the Portman Building Society.
The Mortgage Works offers you a broad range of options and flexible solutions to address your needs, whether you’re planning on buying a new property, re-mortgaging or buying a property to let. The three main mortgage types are:
Status Plus Mortgages
Buy to Let Homes
Self Certification Mortgages
Status Plus mortgages: these types of mortgage are only available through intermediaries, or mortgage advisors. You can choose from, two fixed rate mortgages, both of which are for 2 years; a 2 year discount mortgage and tracker mortgage which changes according to the Bank of England Base rate. All of these mortgages have these features:
Fees can be added to loan at outset; in such case interest is charged on them
You have the option to choose a combination of interest only and repayment
Every application is individually assessed without credit scoring
A higher lending charge will apply if your loan is over 90% of the value of your property
Buy to Let mortgages: you can choose a 2, 3 or 5 year mortgages. Each relapses to a variable rate after the fixed term has finished. There are two different types of 2 year discount mortgage, both go back to the variable rate after the set period. You can also get a 2 or 3 year tracker mortgage linked to the Bank of England base rate.
Every application is individually assessed, no credit scoring
The Mortgage Works are proficient in handling large portfolios
It can cater for limited companies at standard rates and criteria
Experienced in lending to expatriates and Foreign Nationals living in the UK or overseas
Simplified criteria for experienced landlords speeds up the application process. You can re-mortgage existing portfolios to raise capital for the purchase of additional property
Self-Certification mortgages: these types of mortgage are developed for people who can’t necessarily prove what they earn, such as self-employed or contractors. A declaration is required. You can choose from two fixed rate products, 2 or 5 years, which then convert to a variable rate. There are also discount and tracker mortgages available.
Fees can be added to loan at the outset, if so, interest is charged on them
An arrangement fee is applicable
You have the option to have a combination of interest only and repayment
Each application is individually assessed – no credit scoring
In the self certification section offered also are ‘seasoned Professional’ mortgage products. To qualify for this type of mortgage you must fulfill the following criteria.
Only professional, executive or senior management applications will be accepted
Employed or self-employed status is acceptable
No adverse credit history
Satisfactory credit, Insight and voter’s role searches
Exemplary conduct of existing mortgage with minimum 18 months history
Statement of the net disposable income
Minimum age of (older, if joint) applicant: 30 years
The minimum loan is £200,000
You are not allowed to apply for this type of mortgage for the purpose of raising capital for business purposes. The Mortgage Works offers two types of ‘seasoned Professional’ mortgage. A fixed mortgage, which is set for 2 years and does not have an early repayment charge and also a discount mortgage linked to the Bank of England base rate.