Our own Michelle Niziol put her thoughts forward on alternative lending options for the ‘unlendables’ in The Times newspaper at the weekend.
Here’s what she had to say specifically for those who do not fit lender’s standard criteria.
“While those who do not fit the standard income model have found securing a mortgage more challenging, people applying for a mortgage now should be better protected against a rise in interest rates or a market crash.
“Private banks will also take a more human approach, taking into account other assets, for example.
“Ultimately the best advice for anyone who thinks they might not meet the stringent stress tests of high street lenders is to talk to a mortgage adviser up to a year in advance of when they think they will need a mortgage. This gives the adviser time to suggest changes that the borrower can make ahead of an application.”
You can read the full article online here