Specialist lending and cost of living

As a specialist mortgage adviser, we see more and more clients requiring specialist lending solutions. This could be a newly formed business with one years of accounts, or perhaps where the latest year's accounts show much higher revenue than previous years. It could be clients who have a less than perfect credit record, or those with a small deposit using an equity loan solution. It could be a non-standard building, or adding a second applicant to the mortgage to help with affordability. Specialist lending is an important part of the mortgage industry, which enables those with more complex circumstances to access borrowing, albeit at a premium to high street interest rates. Given the current economic environment we predict an increasing demand in this area.

These days, I am finding more and more clients do not have the most straightforward circumstances, and this is likely to be further exacerbated by the cost of living crisis we all find ourselves in. As a result, specialist lenders always have to be considered if clients have a blip on their credit files. Many small building societies also cater for those with small blips and not so straightforward employment. Specialist lenders, meanwhile, are always in the market for those clients who have previous or current adverse credit issues and this tends to be a major advantage as it opens up lending to those the high street can't cater for. However, the major disadvantage most will see is the product offerings will always be priced accordingly due to the added risk the lenders are taking on. Specialist lenders are only ever the first point of call if the client's circumstances require it.