As a nation, our finances are becoming more complicated. We have increasingly varied working habits, a broad range of assets and complex sources of income.
From the rapid rise of self-employment and the ‘gig’ or ‘slash’ economy, to the growing number of consumers with blemishes on their credit history, borrowers’ financial circumstances are more diverse. But what does this mean for brokers?
With these ‘odd’ cases crossing brokers’ desks more regularly and complex cases becoming more mainstream, it’s vital to be able to identify and seize the opportunity.
In addition to more complex financial needs, the housing market is evolving, as is the mortgage market that supports it. Historically, high house prices continue to cause affordability issues; requiring larger loans and deposits. We’ve witnessed government intervention in the form of Help to Buy, changes to stamp duty, and the support of shared ownership schemes.
The market has also responded, with lenders developing new product types, and specialist lenders offering broader criteria and manual underwriting to support complex cases.
Within this digest of articles, we explore several key areas of change that brokers will be confronted with, from impaired credit to complex incomes. We detail key considerations brokers should have when dealing with a variety of complex cases, and ultimately, what support is available to help them and their clients.