Bank of England Mortgage is prepared for the coronavirus outbreak. Read our COVID-19 statement here
Get started with a mortgage expert today!
Established in 1898, we’ve been helping the needs of home buyers for over 120 years. Bank of England Mortgage specializes in creative financing solutions, many of which are unique to the New York City market. Our specialty programs cater to self-employed borrowers, foreign buyers, and borrowers whose taxable income may not permit qualification with other banks. We take a common-sense approach to underwriting and frequently grant exceptions. Bank of England Mortgage offers the strengths of a strong capital base, a solid and committed business plan, experienced management, and the assurance of a successful track record.
01. Loans for Self-Employed Borrowers
Many self-employed individuals have a difficult time qualifying for mortgage financing. Most banks require self-employed borrower to provide two years of recent tax returns and will look at the net income (after deductions and write-offs) reported on the returns. We will allow for the use of bank statement deposits to qualify, without the need to review tax returns.
02. Loans for Foreign Borrowers
When purchasing a home in the United States, foreign nationals may have trouble obtaining mortgage financing. Many big banks will not finance non-US citizens, while others have cumbersome restrictions such as asset seasoning on U.S. soil or requiring a depository relationship. We offer a streamlined approach to financing foreign buyers, without requirements for a Social Security number, visa, or U.S. credit.
03. Low Down Payment Jumbo Loans
Not all potential buyers have enough saved for a 20% down payment; not to mention closing costs and reserve requirements. Other buyers may have the cash but would rather preserve liquidity. We offer low down payment solutions to credit-worthy individuals.
04. Loans for Investor Borrowers
Real estate investors can often have a difficult time qualifying for conventional financing. The sale of property is not treated as income, and tax returns can typically contain numerous write-offs. Investors will frequently turn to expensive, short-term private money loans, or pay cash. For non-owner-occupied properties, we provide 30-year amortized loans without balloons, and do not require tax returns.
05. Asset Depletion Loans
Some borrowers may have significant liquid assets, but do not show enough income on their tax returns to qualify for conventional financing. Although these buyers may have the ability to purchase all cash, they may want to obtain a mortgage and preserve liquidity. In these circumstances, we use a common-sense approach.
06. Tough Loans are Our Specialty
We thrive on finding solutions for challenging and unique scenarios, and frequently approve loans with exceptions. We take a common-sense lending approach, and often save the day when other banks are unable to perform.
07. Loans for Mixed Use Properties
Many residential mortgage lenders will not finance a building that has a commercial and residential component. We offer financing on mixed use properties, allowing for up to two commercial units and up to six total units.
08. Non-Warrantable Condos and Co-ops
When purchasing a condo or co-op, the lender is underwriting both the borrower and the building. The lender must verify the fiscal strength of the building into which you’re buying, and not all developments pass the test.