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Advisors expecting specialist lending to increase

A new survey of mortgage advisors in the UK has found that the overwhelming majority of them are anticipating significant levels of growth within the specialist lending market during the next couple of years.

This survey was carried out by United Trust Bank, and over nine out of every ten advisors that the bank spoke to said they thought this would happen as a result of rising living costs and the economic recession. In total, 94% stated that lenders that are offering more specialist, niche products would be the big beneficiaries of this.

When it comes to the degree of growth that they expect this segment of the market to enjoy, 57% of advisors are forecasting growth of as much as 20% between now and 2024, with 17% stating that they think it could even be more than that. Some told the survey that they have already started to secure new clients via applications for specialist home loans.

Among the specific types of specialist lending that they expect to see big increases in are mortgages for self-employed people. Mortgages for people with bad credit ratings, second charge mortgages and retirement loans are also expected to see increases.

Buster Tolfree from United Trust Bank told Mortgage Strategy that:

“The specialist mortgage market exists to serve borrowers who find themselves on the wrong side of mainstream lenders’ criteria; a group of people that is only going to grow given the current economic conditions.”

This is a market that advisors will be focusing on after their CeMAP courses in the next few years.

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