As a Guildford mortgage broker that’s been in business since the early 2000’s, we’ve made getting a mortgage in the UK as easy as possible for a whole cross section of the UK public.
From helping those applying for a buy-to-let mortgage to those with adverse credit get adverse credit mortgages, our pragmatic, experienced and knowledgeable team of Guildford mortgage advisers tends to smooth the way for homeowners and prospective homeowners looking to make their next move.
One of the specialist areas that people tend to approach Complete Mortgages for is mortgages for freelancers. And mortgages for IT contractors, as well as mortgages for construction workers, has become our niche. However, over recent months we’ve seen a rising demand for entertainment industry mortgages.
So, if you work in the entertainment industry – whether you’re a producer, actor, musician or director – and are looking for what might now be viewed as an unconventional mortgage, here are some points to help you on your way.
Take 1: dealing with fluctuating income
Traditional mortgage products are generally safe products. Lenders like to see regular income – preferably in the form of monthly salaries from an employer – before parting with money. So, there often isn’t room to assess applicants for a mortgage whose income comes in fits and starts, or is received through royalties. Via our portfolio of entertainment mortgages, we work with lenders that are more open to assessing the wider income picture. Not only that, but our team of Surrey mortgage brokers will help you package it together in a way that’s clear for the lender to assess.
Take 2: roll the credits
Well, credit. When it comes to applying for a standard mortgage, one of the key elements is the applicants’ credit score. Whilst a good credit score is still helpful for those applying for an entertainment industry mortgage, our lenders will take additional factors into consideration. For example, industry reputation, track record and income pipeline will play a heavy role in our specialist lenders’ assessment, which means that credit scores play a bit part rather than a starring role in the mortgage application.
Take 3: all in a day’s work
Those in the entrainment industry might not work every day, but their day rate can often be quite high. Articulating this to a lender is a skill that needs to be worked up by a specialist mortgage broker and effectively pitched. Our job, for example, would be to maximise the amount someone can borrow based on their day rate. And, given the nuances involved when it comes to a lender’s decision to lend, this needs to be handled with care. Whilst our entertainment mortgage lenders are familiar with day rates, we would recommend using a broker to help you put the best case forward – a bit like an actor’s agent might do!
Specialist mortgages require specialist support. As a mortgage broker in Guildford that knows how to navigate more complex mortgage products in line with those whose earnings may appear more complex on paper, Complete Mortgages is well placed to help.
Looking to apply for an entertainment industry mortgage? Contact the Complete Mortgages team on 01483 238280 or e-mail info@complete-mortgages.co.uk.
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