Tell us what you think and win a case of fine wine
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Hundreds of brokers have given us their views on the near-prime sector in our online poll.
With the downturn causing blips on clients’ credit histories the market has recently seen an influx of near-prime products.
All those who complete the survey will be entered into a competition to win a case of wine at the end of the month.
The poll can be accessed via Mortgage Strategy Online’s homepage.
If you haven’t already taken part in our survey just visit our website www.mortgagestrategy.co.uk and have your say.
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Readers' comments (2)
Anonymous | 23 May 2011 3:03 pm
There is nothing wrong with responsible lending in any area, the key is ascertaining whether the candidate is able/likely to repay the loan and whether the security is adequate in the event of default. The principals are the same with any mortgage lending. Problems arise when the screening process is not done thoroughly, although lets not remove responsibility from borrowers.
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Justin Fordham - JF Financial Associates | 23 May 2011 5:40 pm
We need a lender, or few, who can offer clients with minor adverse and/or Debt repayment plans a re-mortgages onto fixed rates, so we can create a stable and secure environment for these clients to continue to pay back their debts. As their mortgage payments are their biggest debt, If we can help fix their mortgage payments for say 3 / 5 years, this will help their budgeting considerably, so they can then focus on paying off their unsecured debts via their DMP’s etc. If they are forced to stay on their SVR’s and the rate start going up again... it inevitable that things will fall to pieces! If we can fix their mortgages and create that stable environment, they have more chance of success and less chance of defaulting! Win for the clients, win for the banks who they owe money to! However the biggest hurdle is that the lenders consider or take a view of the client DMP’s for affordability. (i.e. take the DMP payment into consideration and not the full contractual payment). If we can overcome this, we can help 1000's of clients before its too late!
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