As the mortgage market contracted a number of years ago the number of lenders in the market dramatically reduced and those that remained significantly tightened the criteria on which they would lend and how thoroughly they would process applications.
The combined effect created a lending market where certain situations which had once been deemed normal and relatively straightforward, were now much harder to structure finance for.
It has become much harder now for people working on a freelance or fixed term contract basis to get funding. It has also become more difficult for self-employed people to demonstrate they have the income required to get the desired level of borrowing they need as lenders shy away from lending to relatively new start-up businesses due to their perception that it is higher risk.
Lenders have also tightened their criteria in relation to property types, whether it is a property really competitively priced because it has a short lease or a possible BTL investment with a great rental yield in an ex local authority block of flats, the lenders prepared to lend will be limited. Many lenders even have quite major restrictions on lending criteria in relation to New Build properties, often requiring much larger deposits in order to lend.
Whatever your situation specialist or not, at Domus Finance we have the expertise, knowledge and contacts across the industry to help. If there is a way of structuring the finance you need, we will be able to do it for you and on the most favourable terms.
If you have any questions relating to your personal situation or a property you are considering please call us on 020 3393 4333 or firstname.lastname@example.org.