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Mainstream lenders fall short for complex borrowers: Bluestone

The majority of brokers do not believe that mainstream lenders are understanding towards non-standard borrowers, says Bluestone Mortgages.

The data comes from research carried out by the lender in which 91 per cent of those surveyed agreed with the above sentiment.

The data also shows that 94 per cent of brokers are likely to refer their clients to specialist lenders if they have been rejected by a mainstream lender.

Furthermore, the survey reports that under half – 42 per cent of brokers – believe their clients are aware of the difference between a mainstream and specialist lender, while 38 per cent believe their clients are unaware of the distinction.

The top three products in terms of popularity, according to brokers, are buy-to-let at 34 per cent, remortgage at 30 per cent, and residential mortgages at 26 per cent.

Bluestone Mortgages director of sales and marketing Steve Seal comments: “There is a clear perception amongst brokers that mainstream lenders are not very understanding towards non-standard borrowers.

“According to ONS, household debt has been rising since 2013. It is becoming increasingly likely that lenders, both mainstream and specialist, will be met with demand from consumers with complex credit histories.

“However, just because a borrower may not have a perfect track record, does not mean they should be barred outright from home ownership.”


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  • Garry Rawlinson 10th April 2019 at 8:36 pm

    trying to borrow money from mainstream banks in this climate is almost impossible if your in you 60s even if you have good credit, good equity and sustainable income in particular Lloyds and Santander only lend up to 70 yet age is not supposed to be a legal factor they are still citing other reasons except age !