The Mortgage Works – UK Mortgage Lender
Sun Bank was purchased by the Portman Building Society in 2001. As a condition of purchase, the Financial Services Authority (FSA) insisted that Sun Bank’s banking licence should be terminated within two years. Therefore, when it ceased to be a bank in 2004, Sun Bank’s name was changed to The Mortgage Works. The company specialises in buy to let, self certification and non conforming mortgages, marketed via intermediaries.
The Mortgage Works may be contacted only by telephone or by email.
Fixed Rate Mortgages: 2 year, 3 year and 5 year fixed rate mortgages and remortgages.
Buy to Let Mortgages: 2 year, 3 year and 5 year fixed rate mortgages and remortgages; 2 year base rate tracker mortgages and remortgages.
Self Certification Mortgages: 2 year, 3 year and 5 year fixed rate mortgages and remortgages; 2 year and 3 year base rate tracker mortgages and remortgages.
A specialist mortgage provider dealing exclusively with unusual circumstances such as 100% mortgages, self certification, buy to let and sub prime borrowers. Self certification mortgages are available up to 85% of the loan value and borrowers can state their own income, this is particularly useful for those with uneven earning. All calculations are based on the NDI (net disposable income) and not on the exact earned income as is usual with traditional mortgages.
The 100% mortgage does not have any higher lending charge penalty and is available up to three times joint salary or £250,000, depending on which is greater.
With all of the variable rate mortgages, it is possible to opt to switch to fixed rate, which is particularly useful for borrowers seeking security and consistency of payment.