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How To Get a Loan for an Unmortgageable House
You can get finance to buy an unmortgageable house - but not necessarily via the traditional 'mortgage' route...
Bargain-hunting property investors love unmortgageable properties. Packed with potential: competing buyers are scared off by the difficulties in securing finance.
But how can you ensure you don’t get caught in the trap – committed to buying a house where you can’t get a mortgage (or only at punitive rates)?
Do you see a potential dream home where others see a leaky barn, an overlooked workshop or a rat-infested, boarded-up terrace?
For entrepreneurial optimists, we flag all the warning signs you need to be aware of, such as whether a property is unmortgageable, and then give you solutions for how to still buy it.
Related: How to Improve Your EPC Rating: The Landlord’s Guide
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What Makes a Property Unmortgageable?
Unmortgageable Auction Properties
- Mortgages for Properties with No Kitchen or Bathroom
- Properties with Structural Damage
- Houses in Close Proximity to Commercial Properties
- Low-Value Properties
- Short Lease Properties
- High-Rise Flats
- Ex-Local Authority Housing
- Non-Standard Construction Properties
- Houses with Environmental Issues
How To Buy an Unmortgageable House
Do You Need a Mortgage or a Bridging Loan?
Why Traditional Lenders Probably Can’t Help You With Renovation Finance
What is Considered an Unmortgageable House?
It’s derelict!
You know (and mortgage lenders know) what derelict looks like: run-down, empty, boarded up, and not in “habitable condition.” It can’t be lived in… hygienically or safely.
The technical definition of a property “not in habitable condition” is that it’s derelict, not wind and watertight, needs conversion or doesn’t have a working kitchen or bathroom.
Most high street banks and building societies won’t offer mortgages on properties like these.
Unmortgageable Auction Properties
These properties are unmortgageable due to time constraints.
Property auctions are great places to pick up bargains, including deceased estates and derelict and repossessed properties. But you need to pay 10% of the sale price when the hammer falls, and usually the remaining purchase cost within 28 days.
- It’s often too quick to arrange a standard mortgage, even if the property is considered “mortgageable” and meets the lender’s valuation criteria.
- Most high-street lenders will say it takes “four to six weeks” to set up a mortgage, but experienced buyers will tell you to allow at least a couple of months to accommodate the special circumstances that seem to crop up in most mortgage applications.
- Don’t be led astray by assurances of mortgage offers within 48 hours: that’s not a complete application approval.
- The “auction finance” offered by auction houses will be bridging finance, secured loans, or possibly buy to let mortgages, not necessarily at the most competitive market rates.
An experienced property finance broker can arrange competitive bridging finance for you for an auction purchase.
Properties with No Kitchen or Bathroom
While renovating, you may be happy to make do with a camping toilet and Primus stove, but a mortgage lender won’t be so willing to compromise.
The lack of a proper working bathroom or hygienic kitchen renders a property technically uninhabitable – and therefore unmortgageable.
The same goes for a new-build property that’s come onto the market as a forced sale because the developer has run out of finance if it doesn’t have a finished, usable kitchen.
Related: How to Secure a Mortgage for a Property Without a Kitchen & How much value can a new kitchen add to my house?
An extra kitchen!?
Conversely, too many kitchens can be a red flag to mortgage lenders.
A property with more than one kitchen (like Ed ‘Two Kitchens’ Milliband’s north London house) may signal to a mortgagor that you intend to subdivide it into two separate units - a red flag on a standard mortgage application.
Properties with Structural Damage
The signs are usually glaringly obvious: bowed walls, sagging ceilings or door lintels, leaning chimneys, walls separating at the corners, large horizontal cracks…
Rotten joists and subsidence don’t just indicate that you’re looking at heavy renovation rather than light renovation finance.
The costs of these repairs are often hard to estimate, which may mean that mortgagors will be unwilling to lend or that your field of prospective lenders will be severely limited.
Watch our case study video below of how our clients secured a property at auction with a bridging loan:
Houses in Close Proximity to Commercial Properties
Flats above commercial premises, houses in streets with pubs, garages or supermarkets…
You might be happy to overlook any shortcomings in a property’s location to buy somewhere affordable.
A mortgage lender will be concerned about the next buyer: will there be enough equally willing buyers to ensure that the property will sell quickly if, for any reason, you default on the mortgage and they need to reclaim their investment?
Low-Value Properties
Ironically, you’ll struggle to get mortgage finance for an absolute rock-bottom bargain property valued at less than £50K. The reason is because the loan size is too small to justify the mortgagor’s administrative work.
Short Lease Properties
Regarding leasehold properties, anything less than an 80-year lease is considered a “short” lease and considerably devalues a property.
- Properties with less than 60 years on the lease will be virtually unmortgageable.
- Anyone who has owned a leasehold property for at least two years is legally entitled to have 90 years added to their lease for a fair market price.
- (Extending leases with less than 80 years to run is considerably more expensive due to the effect on the property’s value).
- Purchasing a property with a “short lease”: if the vendor has owned the property for more than two years, they can instigate Section 42 proceedings to start the lease extension process, assigning the benefit to you.
- Using a bridging loan to finance the purchase, lease extension, and remortgage costs may be feasible, taking advantage of the uplift in the property's value.
In June 2019, the government announced its intention to ban the sale of new buildings as leasehold properties, citing sharply escalating ground rents as a reason for the damage to the resale value of new buildings.
High-Rise Flats
Historically, lenders have been concerned about high-rise flats retaining their value in a downturn. They also voice concerns about maintaining high-rise communal areas out of homeowners’ control.
- Lenders can be reluctant to grant mortgages on high-rise flats
- Criteria vary but can range from above the fourth to above the 20th floor
- The number of surrounding units owned by one landlord
It can be argued there’s possibly a dose of prejudice behind this, associating high-rises with local authority housing. Especially considering the high-spec high-rise developments such as Manchester’s Deansgate, Jackson’s Row, and London’s Diamond Tower and Mapleton Crescent.
Ex-Local Authority Housing
Another housing type that lenders can be reluctant to lend to is some former council houses.
If you have difficulties finding finance, the pool of future buyers who will purchase from you may be equally restricted.
- Lenders’ criteria may include the concentration of rented local-authority housing in the surrounding area.
Non-Standard Construction Properties
Mortgage lenders like easy-to-sell properties. However, lending for non-standard construction materials and prefabricated construction types can be difficult.
Construction materials which have fallen out of favour include:
- Concrete (despite the high value of apartments in London’s iconic Barbican complex)
- Traditional thatched roofs
- Cornish Units
- AGM Modular
- Reema Hollow Panel
- Woolaway House
- Tarran Clyde House
Strictly speaking, these properties are usually hard-to-mortgage rather than unmortgageable.
The pool of lenders is more limited, but a well-connected property finance broker should be able to connect you with a lender experienced with your property type.
Houses With Environmental Issues
It’s vital to look beyond the walls of the house you want to buy.
The plant life and geology of the property, your neighbours’ properties, and the surrounding area significantly affect whether you may get mortgage finance.
Adverse factors:
- Invasive Japanese knotweed
- Subject to flooding or land erosion
- Near a landfill, waste location or any large-scale excavation
Rental Properties with Low EPC
The government recently introduced new regulations for rental properties with low energy performance certificates (EPC). From December 2025, rental properties will need to have an EPC rating of C or above to take on a new tenancy, and this will then become mandatory for existing tenancies from 2028.
After 2025, getting a buy-to-let mortgage on a property with a low energy efficiency rating will become difficult. To tackle issues like this, you'll need to refurbish the property to improve its EPC rating to take on new tenants.
See similar: Buy to let EPC loan for landlords
How To Buy an Unmortgageable House
In short, you'll need a short-term loan (AKA a bridging or development loan) to buy the house before you later refinance with a standard mortgage once you've completed renovation work.
So, is the work required to do a light or heavy renovation?
A light renovation or refurbishment
- A smaller project where no planning permission is required
- Building regulations do not apply
- There’s no change to the nature of the premises (you’re not converting a barn into a house, for example)
A heavy refurbishment
- The works will cost more than 15% of the property’s value
- Structural work is required
- Planning permission will be needed
- Building regulations apply
The criteria for light and heavy refurbishments vary from lender to lender. If you’re turned down for a light refurbishment loan, you may need to apply for heavy refurbishment lending, which will entail additional survey fees.
If there’s a chance of this, a good mortgage broker will take your application to a lender who handles both types of lending.
Related: A full guide to your next property renovation
Do You Need a Mortgage or a Bridging Loan?
Even if it is possible to find a mortgage lender for your house, the rates offered on a dilapidated property will be high, and this may not be the best route to take.
Bridge finance has a reputation for being an expensive, specialist finance tool. But when used appropriately, it can work out cheaper for you. It's also fast and flexible to arrange.
- If you purchase your property with bridging finance, the ability to “roll up” the interest on the loan (to be repaid at the end) leaves you maximum working capital to fund your renovation.
- The maximum term on a residential bridging loan is usually 12 months, with no early-exit fees.
- As soon as you’ve completed the essential works to bring the property up to “mortgageable” standard, you can exit onto a mortgage, taking advantage of the uplift in value of your property to gain a more favourable long-term mortgage rate.
- A lower LTV gives you access to cheaper borrowing as soon as the work is completed—without paying the early repayment penalty charges that standard mortgage finance would incur.
Related: NEWS: Heavy refurb finance up to 90% gross LTV from £200k now available
Speed
- Bridging loan approvals depends chiefly on a straightforward valuation of the property offered as security for the loan rather than assessing your earnings and creditworthiness.
- Short-term bridging finance can be arranged quickly – within a matter of weeks, and occasionally literally within a week.
Flexibility
Bridge loans can be used for:
- Buying property at auction and the cost of renovations
- Self-build projects
- Residential property conversions
- Finance can usually be repaid any time after a month, and you only pay (by the day) for the amount of time you’ve had the loan.
Why Traditional Lenders Probably Can’t Help You With Renovation Finance
The first port of call for many home renovators will be their bank or another high-street bank or building society. For various reasons, they’re seldom the best sources of finance for renovation projects.
Unsympathetic to inexperienced applicants: high-street lenders operate according to strictly defined lending criteria. Applicants who don’t have the required building experience are unlikely to be given the green light.
Picky about properties: traditional lenders’ definitions of properties they classify as unmortgageable include):
- Anywhere valued at less than £50,000
- Properties with structural issues (problems with foundations, load-bearing walls, roof framing, etc.)
- Properties that are derelict or without a functioning bathroom or kitchen
Lack of urgency: conventional high-street mortgage applications can take up to three months to be approved, and more complex renovation projects are even more challenging for their underwriters.
Finance from specialist lenders
Private banks and independent finance groups take a bespoke approach to lending decisions. They can consider each application on its merits, and if it doesn’t meet their criteria in one area, they may be persuaded that other factors are more favourable.
This flexibility works well for borrowers with non-standard financial circumstances or unusual project setups. However, it doesn’t work well on templated price comparison sites.
As a result, many specialist lenders can only be approached through broker intermediaries, who are expected to have detailed knowledge of various financial products across the property finance market.
They can recommend the lenders most likely to approve your application and offer the most favourable terms. This saves you time and money when arranging lending over the lifetime of your borrowing.
Applying for Renovation Finance
No two property renovation projects are the same, so you need finance that works for your particular circumstances and building plans. Renovations can easily run over time and budget, at which point the cost of your finance becomes a critical success factor.
At Clifton Private Finance, we have an award-winning bridging team dedicated to driving results. We have relationships with lenders across the whole bridging market and have access to the best deals. Our bridging brokers can guide you through the process and liaise with lenders on your behalf.
To see what we can do for you, call +44 203 900 4322 or book a free consultation below.
FAQs
What are net vs gross bridging loan calculations?
Understanding the difference between net and gross calculations is essential when comparing deals from bridging loan lenders.
The calculation determines the maximum LTV (Loan-to-Value), how much you can borrow, and how much you will eventually repay.
Here’s the difference:
When calculating the net loan amount for bridging loans, the borrower deducts the loan costs and additional fees (such as the arrangement fee) from the total loan amount - this is known as net loan calculation.
Contrary to that, gross loan calculation is based on the loan amount the borrower can receive without deducting any costs or fees.
In brief, the gross loan calculation represents the total amount available to the borrower, while the net loan represents what the borrower ultimately receives after deductions.
Which calculation do lenders use for bridging loans?
A common complication arises when it comes to comparing bridging lenders, as different lenders advertise their bridging loan products differently. The upshot of this, is that it can become difficult to determine if a higher LTV (loan-to-value) represents the actual amount you could receive.
Lenders typically use a gross loan calculation when advertising or promoting their bridging loan products.
This is because the gross loan amount represents the maximum loan amount the borrower is eligible to receive, and can be used as a marketing tool to attract potential borrowers.
Nevertheless, the net loan calculation is used when negotiating an agreement, which is the amount the borrower will receive after deducting fees and other costs.
Borrowers are responsible for repaying this amount, and lenders will use that amount to determine repayment schedules and other loan terms.
How a broker can help with bridging loan calculations
A broker can assist with bridging loan calculations by providing clarity, expertise, negotiation skills, and a comparison of loan options to help you make more informed decisions.
What is the difference between first-charge and second-charge bridging loans?
A first charge bridging loan refers to a bridging loan that is the only charge against the property, i.e., there is no existing mortgage on that property.
A second charge bridging loan is when there is already a mortgage on the property that the bridging loan is being secured against.
In the event of repossession, the 'first charge' has the legal right to be repaid first, before the second charge, which is why second charge loans can be slightly more expensive as they're a greater risk to lenders.
It is still entirely possible to secure a second-charge bridging loan and they are common within the industry.
Can you get a bridging loan with bad credit?
Yes, you can get a bridging loan with bad credit.
While lenders will look at your credit score and factor it into your application, there is no requirement for regular loan servicing with a bridging loan, and so your income is not analysed and your credit score is significantly less important than with a mortgage.
How short-term are bridging loans?
Almost all regulated bridging loans are short-term, and have a duration of 12 months.
Bridging loans are short-term by nature. However, there can be some flexibility on term length, particularly for unregulated bridging. For example, bridging for development projects, flipping properties, buy to let bridging loans and commercial bridging loans can all have longer terms up to 36 months.
Some bridging loan lenders allow you to extend your term if at the end of 12 months your property hasn't sold or your alternative funding hasn't come through yet - however, this is down to the lender's discretion and there are no guarantees. It's important to be aware of the risks of bridging loans, and your property can be seized and sold to compensate for failure to repay.
What are bridging loan exit strategies?
A bridging loan exit strategy is simply the way in which you plan to repay your bridging loan.
The most common exit strategies are selling an existing property, selling the property you're purchasing, refinancing with a mortgage, or a combination.
Other more unique exit strategies can include selling a business, receiving a pending inheritance, or receiving a large tax rebate.
What are some alternatives to bridging loans?
Here are some of the most common alternatives to bridging loans:
- Second-charge mortgages
- Remortgaging
- Equity Release
- Personal Loan
- Savings or Family Support
- Development Finance
- Commercial Mortgages
- Refurbishment Loans
We break down each of these other financing tools in our full guide to alternatives to bridging loans.
While none of these options provide the flexibility, loan size and low interest rates that bridging loans do for property transactions, you may find they are more appropriate finance options for your specific situation.
Is there an age limit on bridging loans?
No, there is no strict age limit for securing a bridging loan.
Bridging loans are typically 12 months in duration, which means that there aren't age limits in place like there are for mortgages that can last for 25+ years.
The main example where age may be an issue is if you plan to refinance your bridging loan with a standard mortgage. In which case, you'll need to be eligible for a standard mortgage to qualify for your bridging loan - and if you are approaching retirement age, this could be an issue and you may be rejected for a bridging loan.
However, we work with specialist equity release and lifetime mortgage lenders that can provide a Decision in Principle for later-life lending (if it's feasible) so that your bridging loan can be approved if it makes sense with your broader strategy.
Are bridging loans regulated?
There are two types of bridging finance: regulated bridging loans and unregulated bridging loans.
It simply depends on the intended use of the property you're purchasing.
When you or a family member intend to live in the property you’re purchasing with your bridging loan, you’ll need a regulated bridging loan.
If you're getting bridging finance on property that you or a family member will not be living in, or if it’s a commercial property, then you’ll need an unregulated bridging loan (commercial bridge loan).
And if you intend to sell the property to repay your bridging loan (flipping the property) instead of refinancing or selling another property, you’ll get an unregulated bridge loan.
Regulated bridging loans are authorised and regulated by the FCA and are usually locked to a 12-month maximum term. Unregulated bridging loans, meanwhile, can have extended periods of up to 36 months and are generally more flexible.
If you’re unsure, it’s best to speak to a qualified adviser to go over exactly what you need and find the best bridging loan for you.
Do you need a valuation for a bridging loan?
Yes, your bridging loan lender will require a new valuation to be carried out for all properties in your bridging loan transaction.
In some cases, we can work with lenders that can facilitate a 'desk valuation', which is a valuation carried out online based on the local property market, images of the property and the specifications of the home - this can save a considerable amount in fees and speed up your application, but it's not always possible, especially for higher value properties.
How much can you borrow with bridging finance?
You can borrow up to £25m with bridging finance, but it’s typically capped at about 80% of the value of the property you’re using as security.
It's important to note that different lenders have varying policies and criteria regarding the maximum loan amounts they offer for bridging finance. Some lenders have a maximum limit of over £1 million, while others may specialize in smaller loan amounts.
Additionally, the terms and conditions of the loan, including interest rates and fees, should also be taken into consideration when determining the overall affordability of the bridging loan.
Do you need a deposit for a bridging loan?
You don't necessarily need a deposit for a bridging loan in the traditional sense of cash reserves, but you do need security for your loan in the form of another property or asset to keep the loan-to-value below 80% at a maximum.
For example, if you're buying a £300k property with a £300k bridging loan, you'd need another property to secure the loan against along with the property you're buying, or else your loan to value would be 100%.
Can I get 100% bridging finance?
You can effectively secure a loan for 100% of a property value, but only if you have other property as security to keep your overall loan-to-value below 80%.
So, if you're getting a loan for 100% of a property value, you'll need another property in the background to secure it against.
The easiest way to see if you're eligible is either to give us a call or use our bridging loan calculator that automatically calculates your LTV.
Does a bridging loan make you a cash buyer?
Using funds from a bridging loan to purchase a property puts you in a strong position as a buyer - similar to that of a cash buyer.
Being a cash buyer is attractive to sellers because there is no onward chain requirement, and the funds are ready to go for the purchase.
Using a bridging loan also eliminates the need for the chain to complete, and puts you in a position where funds can be available in a matter of weeks for completion; effectively rendering you a cash buyer to prospective sellers.
What is the longest bridging loan term?
Regulated bridging loans (for residential properties) are typically 12 months, however, some non-regulated bridging loans for buy to lets and commercial properties can be up to 36 months.
Some lenders are more flexible on term durations than others, and it can be a case-by-case basis as to whether you'll get approval for a longer loan term.
Can I use a bridging loan to pay stamp duty?
Yes, you can use a bridging loan to pay Stamp Duty.
This amount could be covered by a bridging loan, providing you have a way to repay the additional borrowing amount to your lender.
Are bridging loans safe?
Yes, bridging loans are generally considered safe provided they are used for suitable property transactions. Speaking to a bridging loan adviser is recommended if you're unsure about the risks and suitability of a bridging loan for your situation.
Generally speaking, the main risk of a bridging loan is that if you cannot repay the loan, your property can be repossessed and sold to clear your debt.
For example, if you take out a bridging loan to buy a new property but your existing property fails to sell and you cannot recoup the funds, this could become a risk. However, bridging lenders always require their own valuations for any property involved in a bridging transaction to combat this.
Another example could be that you're unable to secure a mortgage to refinance your bridging loan. At Clifton, we make sure your remortgage plans are sound if this is your bridging loan exit strategy, and can even arrange your mortgage for you through our dedicated mortgage advice service on the other side to smooth the process.
Can an 80 year old get a bridging loan?
Bridging loans are designed to be short-term so there’s no maximum age limit when applying for a bridging loan. This does depend on the lender, as some bridging lenders do have an upper age limit, but there are lenders on the market who offer bridging loans for borrowers aged 70 and over.
What is the monthly interest rate on a bridging loan?
Bridging loan interest rates usually range between 0.45% - 2% per month, depending on the case and the market rate.
Unlike mortgage interest rates, bridging loan interest is calculated monthly instead of yearly.
This is because bridging loans are short-term and, in many cases, repaid within a year. Bridging loans can be arranged without early repayment penalties, so interest is calculated monthly to ensure you only pay interest on the months you have the loan for.
Do banks still do bridging loans?
No high street banks currently offer bridging loans. Instead, bridging loans are provided by specialist short-term finance lenders.
At Clifton Private Finance, we are a whole of market brokerage that deals with multiple bridging loan lenders, and we act as an intermediary between clients and the lender ensuring the process is smooth and hassle-free, and making sure our clients are getting a good deal.
How much do banks charge for bridging loans?
Banks typically charge two main fees when taking out a bridging loan – arrangement fees and interest.
But there are other costs to consider such as valuation fees, broker fees and administration fees.
Costs can vary from lender to lender, and will also depend on what your bridging loan is for (e.g., residential or commercial purposes.)
Arrangement fees are what the lender charges you to take out the loan and can range between 1.5 - 3% of your overall loan. Bridging loan interest, on the other hand, is calculated monthly. This can catch borrowers out who may be expecting an Annual Percentage Rate (APR) like with a mortgage.
Can you turn a bridging loan into a mortgage?
You cannot turn a bridging loan into a mortgage, but you can repay a bridging loan with a mortgage and effectively refinance it into a long-term arrangement.
This is common when buying an unmortgageable property with a bridging loan, carrying out refurbishments, and then mortgaging it once it is wind and water-tight and a new valuation has been carried out.
This is also common for properties bought at auction where a mortgage would be too slow to arrange, and so a bridging loan is used which is then replaced with a mortgage later.
Is a bridging loan more expensive than a mortgage?
Yes, bridging loans are typically more expensive than mortgages.
Bridging loan interest rates can be much higher than a mortgage, and are calculated and displayed as monthly rates instead of the usual annual percentage rate (APR) that you’ll see on a mortgage.
However, bridging loans are a short-term solution, and you’ll only pay interest on the months you’ve borrowed money for – and you can repay early without any charges (for most loans).
There are many circumstances where bridging loans are an affordable option and a means to an end - for borrowers that need to finance a property purchase quickly, it may be the only option available.
How are bridging loans paid?
If there is a purchase involved, bridging loans are paid from the lender to the lender’s solicitor, then to the client’s solicitor, and then to the seller’s solicitor - so, you as a client will not see the funds in your own account - similar to a mortgage.
If there is no purchase involved (for example, for a bridging loan for home improvements before selling), the funds go from the lender to the lender's solicitor, to the client’s solicitor, and then to the client's bank account.
In terms of how bridging loans are repaid by you, they are repaid as a lump sum, either at the end of your term or during it. You can choose to either 'service' the interest, so pay the interest back monthly, or roll it up into the value of the loan to also pay this off as a lump sum along with the capital.
What is the minimum deposit for a bridging loan?
In most cases, a bridging loan will require a minimum deposit of 25%. However, the minimum can vary depending on the lender and the specific circumstances of the loan itself.
Generally, bridging loans are secured against a property or other valuable assets, and the deposit required is often expressed as a percentage of the property's value, known as the loan-to-value ratio.
In some cases, 0% deposit bridging loans are an option, but only if you have other property or assets in the background to provide additional security.
Do you pay monthly payments on a bridging loan?
You do not pay monthly instalments towards the capital loan of your bridging loan. Some bridging loans require you to repay the interest accrued each month, but most lenders will actually give you the option to roll this up into the loan value, meaning you repay it with your lump sum at the end and have absolutely no monthly commitments.
It's worth noting that as soon as you pay off most bridging loans, you stop accruing interest - so, the quicker you pay it off, the less expensive it will be, and there are typically no ERCs (early repayment charges).
How long does it take for a bridging loan to come through?
Bridging loans can be arranged in as little as 7 working days.
However, it depends on the complexity of the bridge loan and your specific circumstances. It may also be more expensive for you to rush an urgent application through – but not impossible.
Bridging loans are a popular option for borrowers who are under time constraints, such as buying a property at auction or breaking a chain.
What is the criteria for bridging finance?
The key factors lenders tend to consider are:
Security - Bridging finance is usually secured against property or other valuable assets. Lenders will assess the value and marketability of your security.
Exit Strategy - Lenders will want to understand how you plan to repay your bridging loan. In most cases, this is selling your old property, selling the new property (flipping), or refinancing with a long-term mortgage.
Loan-to-Value (LTV) Ratio - Lenders consider the loan amount compared to the value of the property being used as security as a percentage. The LTV ratio can vary, but most lenders will have a maximum of 60-80% LTV.
Remember, the criteria for obtaining bridging finance in the UK can vary depending on the lender and your circumstances.
