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Help our Heroes

Posted on | by Neil Alexander

For every completed Heroes mortgage or remortgage*, we will gift £100 to the NHS to support the vital work they are doing to keep us all safe in this time of uncertainty.

Everyone here at Clever Mortgages appreciates the efforts of the essential workers that are working relentlessly to reduce the impact of COV-ID 19. As such, we are going to donate £100 to the NHS for every completed Heroes mortgage or remortgage*.

Our brokers have a wide range of access to mortgage products on the market, including The Heroes Mortgage range introduced by a specialist lender. The product range includes mortgages for first time buyers, home movers and those looking to remortgage. These specialist mortgage products are designed for the Heroes among us, the essential workers that provide vital community services:

  • NHS Clinicians (including Paramedics & Nurses)
  • Teachers
  • Armed Forces Personnel (Army, Navy, Royal Air Force)
  • Firefighters
  • Police

This mortgage range recognises and understands that these roles rarely take on a 9-5 outlook and treats each case individually. With flexible lending criteria, the Heroes mortgage range is designed to help make our essential workers homeowners.

  • Mortgage loans of up to 5x income, subject to affordability
  • Overtime and second job income included in overall income
  • Limited credit history considered
  • Bad credit accepted
  • Debt Management Plans (DMPs) considered

Clever Mortgages say:

Mortgages for heroes are specifically tailored for borrowers currently employed in essential public sector roles. With the lenders approach, they understand that certain professions require real people to underwrite their case, and not rely on credit scores and system generated responses.

How can we help?

If you’re an essential worker and would like to enquire about getting a Heroes mortgage or remortgage, our expert advisors will be happy to help! Just get in touch and we might be able to set you on track to finding your perfect mortgage!

*see our full terms and conditions here

Speak to an advisor

We’ve helped 1000s of customers, and still counting!

Posted on | by Neil Alexander

We’ve made it our mission to help as many people as possible find their perfect mortgage, specialising in helping people with a bad credit history or previous credit issues – we think everyone deserves a chance to remortgage or own their dream home!

Difference between going direct to a lender and seeking the advice of a mortgage broker:

Going direct to a lender: This means you go directly to a lender to seek a mortgage, such as a bank or building society. They’ll probably have a range of products and eligibility checks will decide what products and deals you could access; however, you’re limited to what that lender has to offer.

Using a mortgage broker:

A mortgage broker is fully trained and versed in finding the best deal on the market, our brokers, for example, are all experts in bad credit mortgages and work with over 100 lenders. This means they have access to a huge variety of products that you could be eligible for, as each lender will have different approval criteria- and sometimes brokers can even find deals not advertised openly on the market. Your broker will make it clear which lenders are likely to accept your application and can help you prepare so you have the best chances of approval.

Our expert brokers come with a wealth of experience and work with over 100 lenders who consider all applications, even with a bad credit history.

Speak to an advisor

We could help you secure a…

First-time buyer mortgage:
As a first-time buyer, buying your first home is a really exciting time – but it’s a daunting one too. At Clever Mortgages we’re here to help. Your dedicated adviser will talk you through every step, to make sure that you get the right mortgage to match your specific needs.

Remortgage:
There are many reasons to consider remortgaging, whether to save money on monthly repayments, get on a fixed rate to help you budget, consolidate debt or raise cash tied up in equity for improvements(link to home improvements blog)– whatever your need, we have access to a wide range of products and could help to secure you finance no matter what your circumstances.

Debt Consolidation mortgage:
A debt consolidation remortgage can help you combine all or some of your debt into one consolidated loan, allowing you to close multiple accounts you may have and only deal with one monthly repayment. You can use a debt consolidation mortgage to consolidate both secured and unsecured debt, and could help you save money on several costly interest rates. Our specialist advisors could help you find the right debt consolidation mortgage for your financial situation, even with bad credit.

Secured loan, or a homeowners loan:
A secured loan allows you to take out a second mortgage on your property while keeping your primary mortgage intact. If you’re struggling to find a remortgage, or if you just want to keep your current mortgage while accessing cash tied up in your home, a secured loan could be the solution for you.

Help-to-Buy mortgages:
The Help-to-Buy scheme means you only need to put down 5% of a home’s value for a deposit. The Government will then boost this amount with an equity loan of up to 20% (40% in London). At Clever Mortgages we work with many lenders who could offer you a Help-to-Buy mortgage whether you’re a first-time buyer or purchasing a new home.

Shared-ownership mortgages:
Whether you’re a first-time buyer or home mover, we could help you buy a share of between 25-75% of a property and then pay rent on the remaining share. Sometimes it’s hard to save up a full deposit, a shared ownership mortgage could help you move into your dream home!

Right-to-Buy mortgages:
Right-to-Buy allows tenants of council properties, and some housing associations, the legal right to buy, at a large discount, the council house they are living in. If you’re a council tenant, we could help you to buy the property at a significant discount through the Right-to-Buy scheme.

Buy-to-Let mortgages
Having a buy to let property could be an investment for yourself or your family.  You may benefit from additional monthly income and capital gains in the value. Our expert brokers can help you purchase or refinance a buy-to-let, even with bad credit.

Self-build mortgage
If you’re planning on building a property you might want to consider a self-build mortgage. Whether you have built several properties before or if you’re planning your first self-build, we could help secure a mortgage that’s right for you.

Second-home mortgage
If you already own a home but are looking to purchase a second property, we could help find the right mortgage for you. With a second mortgage application, there could be more challenges to overcome than with your first mortgage, but Clever Mortgages can support you through the process so you can successfully buy your second home.

Professional mortgage:
Some careers can make it harder to find a mortgage. Perhaps you’re self-employed, or work in contract-based roles, maybe you’re a company director – we can help guide you and our expert brokers can help you find the best mortgage to suit you.

Our advisors and brokers are all fully trained in bad credit situations and work with over 100 lenders, covering almost all financial situations and giving us the ability to help people who might be struggling to find a mortgage elsewhere. We understand that bad credit can happen to anyone, for a variety of reasons but believe everyone deserves a chance to own their dream home and find a mortgage to get back on track.

We could help you get your perfect mortgage, even if you’ve experienced:

Here’s how we helped one couple save £485 a month

Debt consolidation remortgage, even with bad credit Secured a 5 year fixed rate of 2.10%
Consolidated to one monthly payment Credit score repairing

At Clever Mortgages we don’t believe that people should suffer due to a bad credit history. Mr H had been in an IVA and Mrs H was in a Debt Management Plan. They wanted to consolidate their secured loan, plus three other debts, into a new mortgage product – hoping that this would bring down their monthly repayments.

Mr and Mrs H were paying £1,582 and are now paying £1,097 per month.  Clever Mortgages we were pleased to be able to help them make a real difference to their lives, which is also helping them to improve their credit score.

 BalancePaymentRateProductTerm
Previous Mortgage£61,000£4901.25%Tracker12 Years
Previous Secured Loan £43,000£43610%Standard Variable Rate12 Years
Previous Unsecured debts£44,320£657VariousVariousVarious
New Mortgage£150,00£10972.10%5 Year Fixed13 Years

Previous Mortgage

Balance£61,000
Payment£490
Rate1.25%
Term12 Years

Previous Secured Loan

Balance£43,000
Payment£436
Rate10%
Term12 Years

Previous Unsecured Debts

Balance£44,320
Payment£657
RateVarious
Term13 Years

New Mortgage

Balance£150,000
Payment£1097.67
Rate2.10%
Term13 Years
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How does taking a payment holiday due to COV-ID 19 affect my mortgage?

Posted on | by Neil Alexander

Due to the COV-ID 19 outbreak, many people are finding themselves furloughed and on a reduced income or have fallen ill and must take time to recover and rest. This can result in a loss of income for some households, making it difficult to meet mortgage repayments. Chancellor Rishi Sunak announced on the 17th March that lenders would be able to offer three-month mortgage payment holidays for those who are having difficulty making repayments. This allows people to have an effective ‘break’ on their payment and feel safe in their homes while following Government guidance on social distancing.

A payment holiday is a pre-arranged agreement between yourself and your lender with your lender allowing you to postpone one, or more of your monthly repayments. If you were accepted for a payment holiday, you’d be able to postpone a pre-set amount of monthly repayments, but it’s important to remember you would still owe the money and accrue interest on it, you just would take a break from paying it back. Payment holidays have been around for years, sometimes offered as a feature of some loans or mortgages, but not all lenders offered them, and they were often subject to a strict criteria. For these unprecedented times, payment holidays are being used as a method of easing financial strain some households may be facing due to the Government measures put in place to ease the spread of coronavirus, making them far more accessible for those who qualify.

How do I apply?

Contact your mortgage provider, either online or via telephone to set up a payment holiday. Payment holidays will be given at the discretion of your lender. You can see our handy list of lenders here

How long will my mortgage holiday last?

The Government has announced that lenders can offer payment holidays up to three months.

How do I pay it back?

When your payment holiday ends, your mortgage repayments will increase to reflect the money owed over the term of the holiday, including accrued interest. Your lender should tell you how much your monthly repayments should increase after the holiday term ends when they contact you to confirm the approval of your payment holiday, or when you apply.

Does it affect my credit rating?

Equifax, Experian and Transunion have announced that credit scores won’t be affected by repayment holidays during the pandemic, with an emergency payment freeze. This means that if you take a repayment holiday, you won’t have missed or late payments flagged up on your credit report and your score should stay unaffected. This is great news for those who have worked on building a healthy credit report and have been financially impacted by COV-ID 19.

It’s important to remember this only applies to payment holidays that have been approved. Ceasing payments without an agreement with your lender will have a negative impact on your credit score and not all lenders will offer payment holidays.

Things to consider:

  • Eligibility is decided by the lender, and it’s intended for those who are truly struggling to meet repayments and have been seriously impacted financially by the effects of coronavirus. Check the criteria for a payment holiday with your lender to find out if you’re eligible.
  • Interest will still be due on your mortgage during a payment holiday, and as the balance won’t be decreasing monthly as it usually would on a repayment mortgage, you could end up with a higher balance and more to pay over the originally agreed mortgage term.
  • When the payment holiday ends, your mortgage balance and repayments will have increased as you will still need to repay the money owed. Lenders will have different methods for repayment so it’s important to contact them and find out how the repayments would be made after the holiday before applying. You might be able to extend the term of your mortgage, but this would be at the discretion of your lender.
  • If you have a tracked mortgage, where the interest rate matches the Bank of England’s base rate, usually at a few percent higher, it’s likely your monthly repayments will have gone down as the Bank of England’s base rate is at an all-time low of 0.1%. This could allow enough of a saving to continue to meet your repayments. https://www.bankofengland.co.uk/boeapps/database/Bank-Rate.asp.
  • Mortgages that have the interest calculated at the lenders standard variable rate would see little to no change in the interest rate, and it may be worth looking into remortgaging onto a fixed-rate mortgage with a better rate or deal before taking a payment holiday, as you might end up paying more per month after the holiday ends. If you’re struggling for money and have equity in your home, remortgaging could also be a way of accessing the money tied up in your home and offer some relief. Get in touch with one of our specialist advisors to find out more.
  • Equally, if you’re on a fixed-rate mortgage, you might not be getting the best deal or rates on the market, and if you’re struggling to meet repayments, remortgaging could free up equity to give a financial cushion, or lower your monthly repayments making it easier to meet them.

Mortgage, rent and protection options during the Coronavirus pandemic

Posted on | by Neil Alexander

Updated: 12 May 2020

Following the announcement from the Government, we wanted to reassure you that the team at Clever Mortgages are here to support you with any mortgage or protection advice needs.

We want to make sure you’re kept up-to-date with what’s going on regarding mortgages, protection, support available for businesses and your finances in general. This page includes a hub of official guidance, which may be worth bookmarking so all information is easily available.

We’re here to talk to you about your mortgage and protection options – and discuss any concerns you may have. There’s lot of information out there about mortgage holidays, rental payments and the support available for businesses and self-employed workers.

Regular updates are being made regarding the measures that are being put in place to reduce the impact Coronavirus will have on people and businesses. Below are links to official websites which provide the most up-to-date information regarding:

You may also be wondering about the protection options available surrounding Coronavirus, such as:

  • Why life insurance is important and how it should cover coronavirus
  • Why Income Protection (PHI) is important and how it should cover coronavirus
  • Why critical illness is important and how it’s unlikely it will cover coronavirus

Read our latest guidance on protection 

Whatever your query, just get in touch and we’ll discuss all available solutions based on your circumstances.

Most importantly though, ensure you and your household keep safe and well. Full NHS guidelines, including how to stop the spread and symptoms to look out for can be found here.

We’re here to support all our customers and their families during this challenging period.