Specialist Mortgage Lending Increases
There is no doubt that the more lenders providing mortgage finance in the market place has to be a positive thing from the consumers point of view as greater choice may lead to more competitive products and lower interest rates and charges here in the UK.
Well, the Intermediary Mortgage Lenders Association (IMLA) has produced a report revealing that there has been a significant increase in the gross amount lent by specialist mortgage lenders here in the UK since 2009. Back in 2009, the amount advanced by such lenders totalled around £5 billion yet by 2016 this figure had risen significantly to about £17 billion. This equates to a rise of 19% per annum between 2009 and 2016.
We are sure that our readers will agree that is a huge increase and it will be interesting to see if that pattern continues over the next few years.
The main products affected by this rise in gross lending from specialist mortgage lenders are bridging loans, buy to let mortgages, second charge mortgages and specialist residential mortgages. These lenders cater to consumers who may not have been able to raise finance from traditional lenders such as the high street banks and building societies.
With so many lenders providing finance it really does pay to shop around. You could do this yourself but do you have the time available especially if you are, for instance, running your own business. Another option is to use the likes of a mortgage broker to help source a suitable lending package from the extensive panel of lenders often available to them. In that respect, why not get in touch with us here at Commercial Mortgage link and let us arrange an introduction to a mortgage broker with many years experience in the profession who will discuss your requirements and do all that he or she can to help source suitable finance.