In an increasingly changing and diverse mortgage market, knowing where to start can be a daunting task for brokers when the high street’s “one size fits all” lending approach doesn’t fit. Anyone can encounter difficulties with the high street’s lending criteria in the midst of ongoing Brexit negotiations. This is where specialist lending comes in.
The specialist lending market can offer solutions for most clients. Their flexible approach to underwriting means that each individual application is assessed and underwritten on its own merits. These lenders see more clients being considered, as multiple and comprehensive sources of income are accepted. For self-employed clients, lenders will even consider having just 11 months’ trading accounts.
A specialist lender can also use several different product types throughout the lending process with only one application. Developments in the specialist market are seeing fantastic products such as refurbishment buy to let being brought to market. This combines bridging finance with the secured exit of a buy to let mortgage, allowing landlords to maximise on rental yields before the refurbishment completes.
You see as many skips as for sale boards these days. Specialist lenders can help clients who are enjoying low mortgage rates, or prefer an interest only repayment method, to raise funds with a second charge. These can be arranged quickly and have no impact on first charge mortgages. Second charges can be raised for any purpose and specialist lending rates are more competitive than they have ever been.
The specialist market has a strong proposition. Large residential loans are now being offered along with later life lending and both standard and portfolio landlord products. Whatever your client’s situation it may be worth speaking to our specialist lending panel.
The solution may be easier and quicker than you think!