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Commercial Credit News
|BOE interest rate: Specialist mortgage lender comment|
|Monday, 18 July 2016|
Matt Andrews, Managing Director at Bluestone Mortgages comments on today’s UK interest rate decision, the first since EU referendum: “Whilst the decision to hold rates may come as a surprise to some, the hint of a stimulus package to be launched next month will likely spur a rise in the number of headline rates offered by mainstream lenders. However, borrowers need to be aware that these top deals are often only available to customers with ‘perfect’ credit scores.
“The mortgage market has weathered the Brexit storm relatively successfully thus far, but today’s decision to hold Base Rate, coupled with prolonged market uncertainty, could cause many mainstream lenders to further tighten their lending criteria, locking ever more responsible applicants out of the mortgage market.
“Specialist lenders therefore have an important role to plat to ensure all credit worthy borrowers are assessed on a case by case basis and are offered the responsible and affordable loans they deserve.
“Anyone hoping to get on the housing ladder would be wise to speak to an adviser who can help ensure they get the deeper underwriting experience they need to ensure the nature of their situation, with any possible external influences, is fully understood.”
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