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Poll: Are credit impaired borrowers being ignored?

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  • 15/03/2013
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Poll: Are credit impaired borrowers being ignored?
Despite the Funding for Lending Scheme driving mortgage rates down, a common criticism is that the government programme is only benefitting ‘vanilla’ borrowers with large deposits.

First-time buyers remain difficult to place and, writing in a blog for Mortgage Solutions, Solent Mortgage Services’ Ian Balfour has suggested that it remains difficult for brokers to place cases where the client has any form of adverse credit history.

“Given the still highly restricted nature of most lenders’ criteria and the understandable desire to build mortgage books with as little delinquency as possible,” he said.

“What happens to the roughly a million customers out there, who are either wishing to move house or raise capital but cannot, because they do not fit current criteria?

“It is therefore, hardly surprising that such a wide cross-section of mortgage borrowers and house owners are stuck in limbo.

“I think the time has come for a proper, grown up debate about how people with less than impressive credit histories can be rehabilitated into the wider lending family.”

The latest Mortgage Solutions People’s Poll asks brokers have you found it easier to place cases for clients with adverse credit histories during the last six months?

Click HERE to have your say.

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