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Mortgage lending trends: Bluestone Mortgages comment PDF Print E-mail
Wednesday, 15 June 2016
The Council of Mortgage Lenders monthly lending trends found that in April, Home-owners borrowed £8.1bn for house purchase, down 40% month-on-month and 4% year-on-year.

Matt Andrews, Managing Director, Bluestone Mortgages comments on today’s CML monthly lending trends: “Although April saw a slight drop in lending figures, we can expect numbers to rise again after the stamp-duty surge we saw in March, as credit remains fundamental to the UK home buying process. The problem, however, is that many potential borrowers are still unable to secure a mortgage, even though they may well be creditworthy.

“In order to address this issue, we need to work harder as an industry to make sure we do not turn away perfectly good borrowers and ignore an individual’s personal circumstances. Being self-employed, dealing with inconsistent cash flows, or experiencing a genuine life-event such as divorce can negatively affect applicants’ credit score and result in them being locked out of many high street lenders’ strict scoring models.

“Customers like these need a deeper underwriting experience to ensure that the nature of their situation is fully understood, so that they are offered lending solutions that are carefully matched to their individual circumstances. This is the only way that many hopeful buyers will be able to secure their dream homes.”
 
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