If your client has blips on their credit file, or more serious financial difficulties, you may be aware that it can affect their ability to borrow.
Perhaps they’ve already tried to get a mortgage and been rejected by their high street bank?
This doesn’t mean that they can’t still secure a mortgage.
As a broker, you will need to look beyond the high street to find lenders who are willing to look beyond previous financial difficulty and focus on the present.
While traditional high street lenders may not be able to cater to your client’s needs, specialist lenders are there to fill the gap with a growing range of affordable mortgage products for those who don’t fit the mould of a typical high street bank.
At Pepper Money, we want to understand the story behind each case, plus recent financial history to give us the full picture on your clients ability to meet their potential mortgage repayments.
What do specialist lenders do?
Unlike traditional high street banks, specialist lenders don’t normally have branches, so your clients may not always know about them. They also tend to be accessed exclusively through Intermediaries like you, so they can’t go direct.
Specialist lenders understand that every client is different and support a whole range of people who don’t fit the increasingly stringent high street criteria.
They can help your clients with credit blips, those who are self-employed, people with multiple or complex income streams, landlords and people who fall into more than one of these categories.
Specialist lenders understand the importance of the story behind credit events. If lenders can see good rationale for your client’s situation, there is no reason why your client’s case shouldn’t be considered.
Will they give my client a mortgage?
Every case is different, but there are lenders that offer products to borrowers with Individual Voluntary Arrangements, Debt Management Plans, as well as previous financial difficulty.
Perhaps your client has been in arrears on their credit agreements or have had problems in the past but are now fully up to speed?
Each lender has their own criteria and lending policy, so it is possible you will find one that is able to offer your client a mortgage.
Specialist lenders take time to understand your client’s individual circumstances and underwrite each mortgage by expert professionals, rather than a computer-generated answer.
Giving your clients time to breathe
Once your client gets on the ladder, moves home or remortgages with a specialist lender, they will have time to repair their finances. When it comes time to renew their mortgage, defaults or other issues may no longer appear on their credit report which means they’re free to remortgage across the whole market, whether it be high street or specialist.
That’s why you’ll always find us with our doors, and our minds, wide open. Ready to challenge convention, read between the lines and see the story behind the numbers.
The past shouldn’t affect your client’s future, which is why you’ll always find us with our doors, and our minds, wide open.
Take advantage of Pepper Money’s experience and expertise in helping people in all kinds of situations by looking at each case on its own merits.
Try our Affordability Calculators out for yourself to get an indication on how much we could lend your client.
If you have any questions regarding our criteria or anything else, speak to a BDM today to find out how Pepper Money can help you find a place for your specialist cases.