For many people, job losses, salary cuts, multiple income streams, payment arrears and the escalating cost of living such as rising energy costs and soaring consumer price inflation has started to impact on household finances.
Some people have run up debt and defaulted on payments because of the economic challenges brought about by the pandemic, while others have had to change the way they work by starting new businesses, moving to part-time employment, or taking on multiple jobs.
In many cases, these people are often turned away by mainstream lenders because they have a low credit score, missed payments, CCJs or defaults on their credit profile. In some cases, they can even be unknown to the borrower due to a house move, or other similar reasons. However, these factors should not prevent them from buying a home.
Even those with more serious and long-term adverse credit ratings such as secured loan arrears and bankruptcy can be catered for, as many specialist mortgage lenders take a view of the bigger picture by assessing each case on its own merits and tailoring solutions for those borrowers who fail to meet the strict criteria of high street lenders.
The fact is that there are a wide choice of specialist mortgage lenders now available and most of these lenders are unavailable directly to customers. We have extensive experience in helping such customers and so it does not need to be complicated.
It does, however, require more individual attention and so by assessing each application individually and tailoring solutions to address the needs of each individual, specialist lenders deliver a variety of product solutions to a growing number of non-mainstream borrowers and help us to help customers who are unable to obtain a mortgage on the high street.