Posted by Gareth Williams, Partner
On 1 September 2016 Withy King LLP merged with Royds LLP. The trading name for the merged firm is Royds Withy King. All content produced prior to this date will remain in the name of the firms pre-merger.
Record number of non-standard mortgage borrowers
An ever increasing number of “non-standard” borrowers are having mortgages approved, new research suggests.
The analysis by the Intermediary Mortgage Lenders Association (IMLA) found that a growing proportion of first-time buyers, self-employed people and those approaching retirement were making successful applications.
This trend is in spite of tighter restrictions on lending having previously been introduced and has been attributed to the growing number of banks and building societies which are preparing products specifically aimed at so-called non-standard groups.
Peter Williams, executive director of the IMLA, said: “If lenders’ expectations are realised, 2016 should see the mortgage market broaden out and start providing greater support to the substantial and still growing non-standard segment of borrowers.
“Although recent conditions have supported standard homeowners, who are enjoying record low rates and attractive remortgaging options, niche consumers have found it harder to find their feet in the new regulatory landscape.
“So it is a very positive step that lenders are expanding their range of products to serve the growing number of non-standard borrowers.”
The number of mortgage approvals at the start of 2016 has also risen generally, with an increase in confidence among buyers thought to be among the main factors.
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