Mortgage Matters

6 mortgagematters

When would you use a Non-Bank Lender?

We know not everyone follows the same path, which means not every borrower will appeal to all lenders. A simple default on a utility bill from years ago could affect your credit rating and your ability to pass the criteria outlined by certain banks. Thankfully, there are alternate lenders that can help you reach your financial goals with a custom loan, and your Mortgage Adviser is well placed to explain who they are, and why they do things differently.

Get finance with an irregular income

Not everyone earns a regular PAYE income. You might be self-employed, a contractor, or you could work in a seasonal business and earn all of your income during just six months of the year. This makes it hard for some lenders to assess risk when you apply for a loan. As a result, many borrowers in this situation are unable to obtain a loan. Mortgage Advisors have access to custom lenders that can provide low documentation loans – which means, regardless of how you earn a living, you can still be considered for finance when making your next property purchase. Consolidate debts to stay on top

It’s not unusual for borrowers to end up with debt across different loans and then find themselves struggling to pay it all off. People caught up in this situation often think that, if they just keep pedalling harder, they’ll come out the other side. Some do – but others don’t; they fall even further behind.

One way that borrowers can stay on top of all their repayments is by consolidating debts into one loan with a lower rate. Even if you’ve missed a few payments on some of your loans, your Mortgage Adviser can talk to you about options for refinancing, to help get you in a better financial position.

Short-term funding

In many cases, a particular need has arisen in which short-term finance will be required. Where such circumstances involve the impending sale of property, Mortgage Advisers may be able to help you obtain short-term funds. For example, if you are a property investor and need money now while another property is pending sale.

For further details feel free to contact Ivan on 0275 775 995 or email ivan.urlich@mikepero.co.nz

Ivan Urlich is a registered financial adviser specialising in mortgages. His disclosure statement is available free of charge on request.

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