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Commercial Credit News
|CML monthly lending: Expert comment|
|Tuesday, 17 May 2016|
Matt Andrews, Managing Director, Bluestone Mortgages comments on today’s CML monthly lending trends: “The figures show that mortgages and remortgaging are still on the rise this year, which can be attributed to potential homeowners making the most of low rates to secure their dream home and remortgagers looking to switch onto the competitive deals on offer. On top of this, numbers rose further due to many existing homeowners rushing to complete purchases on additional properties before the new Stamp Duty rate came into force in April.
“The competitive low rates are good news for some borrowers, however, for many people in the UK, moving through the loan application process can be difficult as the competitive rates and products are not always available to them. The tempting headline rates are targeted at those with perfect credit scores and do not take into account an individual’s personal circumstances. This can include people who are self-employed with inconsistent cash flows, as well as customers with adverse credit histories caused by genuine life-events such as divorce. Often, these experiences can have a negative impact on an individual’s finances, and result in them being locked out of many high street lenders’ strict scoring models.
“It is this growing group of borrowers who want, need and deserve a deeper underwriting experience to ensure the nature of their situation is fully understood. To ensure a consumer’s individual circumstances are taken into account, and lending decisions are made on a case by case basis, technology in the mortgage market needs to retain its human touch.”
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