Mortgage lenders 'moving towards tailored products'
Mortgage lenders are increasingly tailoring their products towards specialist needs, an industry expert has claimed.
Bernard Clarke, a spokesperson for the Council of Mortgage Lenders (CML), which represents banks, building societies and other mortgage lenders, said that the market was moving towards tailored products for individuals.
With the mainstream mortgage market becoming increasingly competitive, it is no surprise that many lenders are moving into niche lending areas, including buy-to-let mortgages, sub-prime mortgages for people with damaged credit ratings and Sharia-compliant mortgages aimed at Muslim borrowers.
Mr Clarke said that lenders were becoming increasingly accommodating towards their customers.
He said: "Lenders have identified customers they can serve and have made more accurate assessments of their ability to repay. They are able to make tailored offers that represent the best their customer can do."
He added that the growth of niche mortgages was indicative of the growth of the property market and that lenders were now looking to the public to see what kind of mortgage products they wanted and how they could provide them.
Figures from the council released this week stated that January mortgage lending reached an all-time high of £26.8 billion last month.
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