The mortgage market has been tough for introducers but there are still many niche opportunities for brokers to find new mortgage business, using the criteria and expertise from specialist mortgage companies like Cheshire Mortgage Corporation.
Shared ownership and Key Worker mortgages are an increasing opportunity for clients to get their first steps on the housing ladder. Government sources suggest there is some 7 billion to be invested in affordable housing.
Shared ownership mortgages are available with LTVs of up to 100% of the borrower's share secured on many property types, including high-rise apartments. Many borrowers with perfect credit ratings to those who have experienced credit difficulties can be catered for and most income sources can be considered.
Micro-mortgages (or mortgages from 5,000) are ideal for clients who wish to raise a loan on their unencumbered properties. This may be particularly applicable to the elderly who have paid off their mortgage - around 57% of those who own their own properties outright are retired.
They are seeing a very low return on their savings or pensions and may require some further funds for any reason, such as home improvements, medical care or a new car. Also clients who have jointly inherited property may want to buy out other beneficiarys share of equity.
The increase in popularity of equity release mortgages provides opportunities where the beneficiary (or the existing mortgagee) may wish to buy out the equity release share.
Given the current economic climate, there are clients that could benefit from Credit Repair and Debt Consolidation solutions. Brokers can help their clients at a potentially difficult time to then assist further when their circumstances or credit rating improves.
Specialist lenders like Cheshire Mortgage Corporation accepts some demerits on a clients status profile, considers many income sources and, with Interest Only and Discounted Rate options available, can offer affordable solutions for clients.
Bridging Finance can also be used for short term credit repair, as well as its more traditional chain-breaking uses, as long as the client is confident of making the payments and paying off the bridge.
These are just some of the niche opportunities available to brokers. There are many other options possible if the case does not fit high street lender criteria. Working closely with innovative lenders often produces a variety of solutions and opportunities based on the clients needs and best interests.
