It is no secret that the number of complex cases in the mortgage market has risen significantly since the start of the Covid-19 pandemic. A recent report from Legal & General found mortgage adviser searches for products for clients with credit impairments or multiple sources of income had jumped a staggering 40% between February and March this year.
This is no surprise when you take into account that over 1.1 million people in the UK have more than one job, according to the Office for National Statistics.
The working world has drastically changed in the past year, with more and more mortgage borrowers opting to work for themselves, to contract, to venture into niche careers or to take on multiple part-time roles. Brokers increasingly report that ‘vanilla’ mortgage customers are becoming few and far between.
Until recently, ‘complex’ clients have had little choice in lenders that will offer them a mortgage. But this is changing.
Brokers who may have predominantly dealt with simpler borrower applications will no doubt notice this change, if they haven’t already, so now is a good time to familiarise yourselves with the ins and outs of this more specialist area and the array of products on the market.
In this supplement we look at the products available for these customers whose numbers are steadily growing, and whether there will be an increase in lenders moving into more specialist markets, where business is booming.
