HOT MORTGAGE TOPICS 2017 By Chris Morgan
2017 has seen many changes to the Mortgage Market in the UK, in particular to the types of mortgages available and the way that products are distributed. Since the end of the last recession there have been continued and relentless changes to mortgage criteria and the rules that govern mortgage lending.
None of these changes have been kind to consumers, with many groups of borrowers effected in their ability to raise finance and access mortgage products. This has all been very deliberate to restrict mortgage lending by banks and building societies, to firstly recapitalise, to grow their balance sheets and then generate profits.
Here’s some of the recent types of mortgages that have most definitely been effected by new government legislation and mortgage lenders criteria changes. You’re unlikely to find these types of Mortgage Finance on the high street anymore.
ADVERSE CREDIT
Borrowers with any kind of previous arrears, defaults, County Court Judgments (CCJs), repossession, bankruptcy or voluntary arrangements on their credit file are likely to find mortgages particularly difficult to obtain. The major high street lenders have lost interest in providing mortgages to this group of people and they should approach a specialist mortgage broker for advice.
BUY TO LET
Since government changes to tax legislation Buy To Let mortgage criteria has been particularly tricky for both new and existing landlords. Some landlords are finding it difficult to draw their existing Equity for repairs to properties or to grow their portfolios. Once again the high street lenders are unlikely to offer finance and landlords should seek advice from a specialist broker.
RETURNING EXPATS
For people returning to the UK from abroad it has become very difficult for them to obtain mortgage finance, with most lenders these days using electronic credit scoring, which requires two or three years UK address history. Borrowing for this group of people has almost come to a halt, but thankfully there are some options available by taking specialist advice.
These are just some of the Mortgage types where “Unusual Mortgages” can be of use to borrowers looking for finance, in our next blog article we will look at “The Future 2018”, and what this might mean for Debt Consolidation, Specialist Mortgages, Self Employed Mortgages.
15 Minute Mortgage Assessment
Unusual Mortgages offer a 15 minute free mortgage assessment over the phone for anyone that has been turned down for a mortgage elsewhere. We will confirm if the decision you were given is correct and assess your options across 70 lenders on our manual research list, from which we tailor bespoke solutions for our clients.
If you have been turned down for a mortgage or are worried about approaching lenders due to the way you have been treated in the past, why not give us a call. Within 15 minutes you will know if your hopes and aspirations are a reality, with a sound opinion from the most experienced mortgage broker in the United Kingdom at placing “Unusual Mortgages”.
If you require more information on Complex Mortgages, Multiples Mortgages, Buy to let, Self Employed or Adverse Credit Mortgages you can contact Unusual Mortgages onUK 0845 474 3075 or International +44 1404 45397, email at enquiries@unusualmortgages.co.uk