When looking for a new mortgage, the landscape can often seem dominated by the big names, leaving smaller institutions overlooked. I’m talking the Halifax, Santander, NatWest, and Nationwide of the mortgage market. However, delving into lesser-known lenders like Harpenden Building Society reveals a treasure trove of competitive criteria and products, challenging the notion that bigger is always better. Especially if your application isn’t as straight forward as it could be.
Harpenden Building Society – A Hidden Gem
At Harpenden Building Society, the ethos revolves around managing complex cases, offering bespoke solutions, and providing flexible underwriting. This is was made clear in a communication sent out to our brokers at Oportfolio mortgages today. Unlike one-size-fits-all approaches, they specialise in individually underwritten mortgages tailored precisely to the customer’s specific and often complex needs. What sets them apart from other lenders is their willingness to venture into specialist lending territory, particularly in managing complex cases that might intimidate the bigger banks of the UK.
Harpenden Building Society – Unique Property Criteria
One of the hallmarks of Harpenden Building Society is its willingness to finance properties that many other lenders might balk at. From sprawling estates with acreage to annexes, multi-units, and even properties with multiple kitchens, they embrace diversity in property types. Whether it’s non-standard or modern method construction, listed or thatched roofs, agricultural ties/Section 106, or semi-commercial properties, Harpenden steps up to the plate. They even entertain the unconventional, like properties with 100% flat roofs.
Harpenden Building Society Mortgage Income Criteria
When it comes to income, Harpenden is equally accommodating. They leave no stone unturned, considering various income streams comprehensively. Bonuses, commissions, and overtime are accepted at 100% if proven over two years. That means that high commission income sources that are consistent are their bread and butter! Furthermore, pension, rental income, investment income, trust income, and maintenance are all factored in without discrimination. Self-employed individuals find solace here too, with just one year of self-employment required and the latest year’s income considered (projection required). With the capacity for up to four borrowers per application and no age restrictions, Harpenden truly opens its doors wide.
Why Choose a Lesser Known Lender Over the Big Dogs?
But why might you choose Harpenden Building Society over other more mainstream options? Firstly, they consider mortgages on unencumbered properties, a rarity in the market. Their appetite for unique properties including thatched and Grade I & II adds to their appeal. Unlike many lenders, they have no upper age limit, as long as there is acceptable ongoing income to support monthly mortgage payments. Offering up to 6x income, considering RSUs subject to a minimum two-year track record, and lending exclusively in England and Wales, Harpenden covers a wide spectrum of needs.
Specialist Whole of Market Mortgage Broker
At Oportfolio Mortgages, we recognise the value Harpenden Building Society and other more specialist lenders brings to the table. As brokers, we have access to the entire mortgage market, including Harpenden, ensuring that our clients can tap into these unique offerings. By leveraging our expertise and the expansive options available as whole of market mortgage brokers, we strive to match clients with the most suitable mortgage solutions, tailored to their specific circumstances.
So to sum things up, while Harpenden Building Society may not be a household name in the mortgage market, it certainly packs a punch with its competitive criteria and specialised products. By embracing complexity in both properties and income, they demonstrate a commitment to meeting the diverse needs of borrowers. Partnering with Oportfolio Mortgages further extends the reach of these offerings, ensuring that clients can access the full breadth of possibilities available in the mortgage market. Without the help of a whole of market, qualified, and knowledgeable mortgage broker such as ourselves, hundreds of borrowers would miss out on securing their ideal mortgage through a more specialist lender. If any of the information we have been through today is something that might help you or someone you know, please feel free to get in touch. You can contact our team of brokers by following this link. We are here to help.