I was recently asked how many lenders we have access to. in the current Mortgage Market and this lead me to wonder just how many Mortgage deals we do actually have access to…
The number of Mortgage deals we can access changes daily, if not a number of times a day.
However when taking a quick look on our sourcing system today we have over 3,500 different products at our disposal!
The Mortgage Market has changed considerably over the years and since the FSA wanted mortgage providers and brokers to deliver a more sustainable mortgage market that works better for consumers and for all participants a raft of changes were brought about on 26 April 2014. Since then the number of products on offer has steadied somewhat but that the products on offer are more criteria focused then ever.
Some of the main changes are that:
- customers now need to satisfy mortgage lenders that they can genuinely afford the mortgage and they must provide evidence of income in all cases;
- customers can still borrow an interest-only mortgage just as long as there is a credible repayment strategy;
- most interactive sales (such as face to face and telephone) must be ‘advised sales’, unless the customer is a mortgage professional themselves, a high net worth mortgage customer or a business borrower; and
- non-advised sales are no longer allowed, but execution-only sales are in certain circumstances;
The mortgage market has generally worked well for a large number of people but in recent years it has been a cause of major economic distress for others and the previous UK regulatory framework was considered ineffective in constraining those particularly risky lending and borrowing decisions that the mortgage market saw, especially during the boom period of 2005 to 2007, before the credit crunch.
So whilst the overall mortgage market has gone through some changes, and is somewhat better serving of adverse credit customers at Mortgage Success we have access to more than 3,500 different products to find the right fit for your needs and circumstances, whether adverse, unusual or just bog standard…