Previously, the majority of the mortgages could be labelled as ‘vanilla’. With borrowers having straightforward financial situations and were little risk. Most simply turned to the high street to fulfil their borrowing needs. Everyone else were labelled as ‘specialist’. They had complex situations, some high risk and often struggled to get a decent deal in comparison to their vanilla counterparts.
The reality is, today, there are more borrowers than ever before whose circumstances could be considered as ‘specialist’ and the deals they can take advantage of are far more competitive. They’re the new norm.
We’re all living much longer and considering lending into retirement. In the UK self-employment is rising rapidly, as is contract work. And the way we choose to manage our money has changed dramatically.
Lending successfully in the current climate is about being pragmatic. Understanding the profile of the borrower, the risk and also that each borrower needs to be treated based on their individual circumstances. It’s a common-sense approach, plain and simple.
Few people are now vanilla borrowers. Our financial situations now have a bit more colour and complexity which is why engaging the services of a mortgage broker has never been more important to ensure you are receiving the advice you require to obtain the most competitive mortgage deal available for your circumstances.
If you would like to discuss this, or any anything else, contact our advisers today on 01202 937444 or visit our other websites to speak to a mortgage broker in Reading or a mortgage broker in Bournemouth