"May 2016 Bad Credit Mortgage Updates"
YouAs the property market becomes more positive across the UK, rather than just within the magic circle of the M25, lenders have become more flexible, and with the new so called challenger banks coming to the market, the lenders doors are opening a little wider.
With the BOE interest rate currently set at 0.05% competition with the lenders for business has been excellent, with the high street lenders offering some mouth watering products forÂ clients with clean credit. Now we are starting to see some of the more attractive terms filter down to the specialist lenders, some of whom now have eight tiers of products designed to reflect each client’s credit profile and the perceived risk.
There has been a fresh outlook from some of the more regional lenders who are conscious of the changing market and are adapting in order to stay attractive to savers and borrowers alike, and many of them are trying to take a view of historical adverse credit, where it can be shown that the client has now turned the corner, and can be seen as a good risk.
Our specialist lenders are fighting to be competitive, and it seems that each week one of them will add another tweak to the product range, or to the underwriting criteria. We still have to say no to some clients, but we are helping more and more clients to get on the property ladder or to improve their existing terms, or move house.
There are exciting times ahead, with new products and lenders to come to the market, and we will try to bring the good news to you with each change. If you would like to discuss your options please do not hesitate to call our team on 03452 605506/ 07867 794837 we are here to help you.