When it comes to mortgages, things can feel overwhelming fast. But for Lynsey McMenemy, founder of Hansar Mortgages, it’s second nature. With more than 20 years in the property industry and a career built in her hometown of Edinburgh, she’s helped thousands of clients feel confident about their next move.
Challenging Valuations (and Winning!)
One of the biggest surprises for homeowners is how much a property is valued by lenders. Most banks use standard online valuation tools. The problem? The lender’s figure might be way off.
“Valuations can be wildly inaccurate,” Lynsey explains. “If you’ve renovated or extended, or the street has houses and flats on it, the system doesn’t always pick that up. That’s when I step in.”
With her deep knowledge of the market, Lynsey knows when to challenge. One client had extended a bungalow, and the lender initially valued it at £440,000. Lynsey pushed back and requested a proper visit, the new figure came back at £770,000! That change had a huge impact on the mortgage options available and saved the client thousands.
Another client in Surrey had spent £70,000 on renovations, but their lender barely recognised the increase in value. After Lynsey challenged the valuation, the property jumped from £440,000 to £560,000, helping her client secure a much better rate of 4.13% opposed to 5% from her original broker - from the same lender! This saved them £200 a month on their mortgage.
Mortgages that fit real life
“Everyone’s situation is different, and lenders don’t always make it easy to navigate,” says Lynsey. “That’s where, as a broker, I can help save you time, money and stress. It’s not about one-size-fits-all. It’s about knowing which lender suits your story.”
- Self-employed? Most lenders ask for two years of accounts, but some will accept just one year if you know where to look.
- Contractors? While some banks require a 12-month history, others are happy with six months - and some will even accept a brand-new contract.
- Life changes like childcare costs or IVF? There are specialist products out there that a broker can help you find.
One of the perks of going through a broker is access to deals you can’t get on the high street. “Some lenders, like Accord Mortgages, only work with brokers. Plus, we can track rates right up until completion,” Lynsey says. “If the rate drops, you benefit - simple as that. Banks won’t call you up to tell you a better deal has landed. But a broker will.”
Lynsey’s Top Mortgage Tips
- Seek advice early, especially if you’re self-employed. Get clarity on affordability and put a plan in place before you fall in love with a property.
- Get your Decision in Principle. This makes sure estate agents and solicitors take your offer seriously.
- Set a budget for the mortgage and allow flexibility. Mortgage rates move up and down, so set a budget that gives you breathing room if things change.
Where to Start?
For anyone unsure of their first step, Lynsey’s advice is simple: just ask. “It can feel overwhelming, but even a quick phone call can make everything clearer,” she says. “We can chat over calculations or quotes and I can give advice. It's important clients get their ducks in a row to feel confident moving or taking the first step. Having someone in your corner really does make the whole process smoother and a lot less stressful.”
Edinburgh-based Hansar is an egg business member. They provide whole of market mortgage advice and can examine an extensive range of lenders on your behalf. egg members receive £50 off mortgage fees.
