There have been a number of comments made in the national press recently regarding the market being in a lull and how mortgages are becoming harder to obtain. I do think sometimes that people talk the market down, rather than reporting the actual situation.
As both a specialist mortgage provider, as well as whole of market (including the high street lenders), AToM has actually seen an increase in business recently rather than a drop in activity. From talking to our peers we are aware that they are experiencing this growth too!
We have also seen a number of new lenders enter the market and there are others due to launch soon. This would not be happening if any lender thought the market was in decline!
One lender, Masthaven Bank, launched recently in to the residential sector looking specifically to fill gaps in the specialist market. These include allowing gifted deposits and equity, contractors, self employed - straight forward or complex, customers borrowing in to retirement and those who fail credit scores, to name just a few. With rates starting from under 3%, this is a lender who is looking to lend and they should be applauded for such innovation and great launch products.
Other recent 'game changers' include Kensington Mortgages who cater for those with historic blips and with only a 10% deposit. Precise Mortgages and Kent Reliance, who are both positively active in the Buy to Let sector, especially with regards to Houses of Multiple Occupation, Ltd Company BTLs and with new underwriting regimes on the horizon for Portfolio Landlords (those with more than 4 properties) and these are definitely ones to watch. Tipton Building Society and Dudley Building Society for allowing lending in to retirement and above average income multiples. And there are so many others who I don't have space to mention!
So the bottom line is simple. Just because the high street says no, or your mate down the pub says 'you'll never get a mortgage' because of your situation, find an experienced mortgages specialist who may be able to open up a door to a wide range of opportunities available to you.