Mortgage Lenders And Specialist Lending
James Copper



Fierce competition amongst mortgage lenders in recent years has brought
about great news for the consumer - The Banks & Building Societies
scrapping for business has only resulted in a greater depth of choice
and value, for nearly every type of borrower, from those looking to
obtain a mortgage for the first time through to those looking to
remortgage their existing one.

In today's market, the traditional one size fits all type of mortgage
has long disappeared - individual borrowers now have individual
requirements and objectives, not to mention individual credit
backgrounds too! It is true to say that regardless of your credit
history or personal circumstances, there are mortgage products to suit
nearly every type of borrower.

If your mortgage requirements are less than conventional, you may
experience difficulties securing mortgage finance through the usual
channels, by way of approaching the High Street Banks and Building
Societies.

Traditional High Street lenders have long been the preserve of those
borrowers with impeccable credit records - many of these lenders will
be extremely anxious to deviate from their ideal customer profile. In
many cases where a borrower has a blemished credit history, an initial
computerized credit scoring system will result in an application
refusal.

There are a now a huge selection of specialist/sub-prime mortgage
lenders, many of whom that are prepared to consider most types of
mortgage application - from those with the most severe of credit
records, to those self employed borrowers with little or no proof of
income.

In many instances, a borrower will find themselves being redirected to
the world of specialist lending after having been turned away by a High
Street Bank or Building society for whatever reason. These types of
specialist lenders, once regarded as a niche market, have become widely
recognized throughout the mortgage industry and provide an increasing
important role.

Many specialist/sub-prime mortgage lenders may only be accessed through
an intermediary such as a mortgage broker, Independent Financial
advisor or mortgage network - Customers must first go via these
channels in order to access many of these lenders mortgage products.


Self Employed Mortgages

Self employed borrowers have always been treated differently from their
employed counterparts. They have always been penalised for their status
in the past, usually in the form of higher interest rates, or an
interest rate loading. Self employed borrowers are still today
perceived by many Banks & Building Societies as a higher lending risk
unless you are able to provide backup of your income in form of two or
three years of accounts and six months of bank statements.

There are many specialist lenders who recognise the sheer volume of
self employed individuals in the workforce, well over four million and
thus make a greater effort in accommodating the borrowing needs of such
individuals. They may not offer the lowest rates on the market however
their mortgages are still competitively priced and can offer greater
degrees of flexibility too.


Buy To Let Mortgages

Buy to let remortgage products have long been the preserve of the
specialist lender. The buy to let market has attracted a huge number of
landlords in recent years as escalating house prices and a greater need
for low risk investment has made property a very viable option in which
to invest in.

Many of the mainstream lenders have since jumped on the buy to let
bandwagon however it is worth considering that specialist lenders often
have more experience of the buy to let market.

Approaching a mortgage broker can often be a great place to start in
researching your specialist lending needs. As previously mentioned many
of the leading specialist lenders are only available through an
intermediary however most mortgage brokers will have access to a wide
variety of these different lenders.

A mortgage broker may charge you a fee for there services however this
can at times be negotiated in light of the fact that most will also
receive a commission from the lender on completion of your mortgage
application.

You will also notice when doing your research that most of the
specialist lenders are in fact lending arms of the major mainstream
Banks & Building Societies.

James Copper is a mortgage broker with over 30 years experience. He
works for http://www.any-loans.co.uk  as a secured loan advisor. In his
spare time he writes on all things financial.


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