Mod­ern life throws mort­gage lenders

The Sunday Post (Inverness) - - NEWS -

Young home­buy­ers strug­gle to get mort­gages be­cause lenders are hope­lessly out of touch, a spe­cial­ist lender has claimed.

They are be­ing turned down be­cause they do not live or work in tra­di­tional jobs or homes.

Well over half of ap­pli­cants were de­nied loans – 57% – be­cause they didn’t fit the mould of tra­di­tional buy­ers.

They in­cluded the self-em­ployed, those on con­tract work and oth­ers look­ing to buy con­verted homes or high rise flats. “The world has changed,” said Mr Peter Ball, CEO of spe­cial­ist lender To­gether.

“Peo­ple’s pay, work­ing pat­terns and pen­sions have al­tered be­yond all recog­ni­tion from 30 or 40 years ago.

“Even where they live, who they chose to live with, or the type of prop­erty they want to buy, is vastly dif­fer­ent from a gen­er­a­tion ear­lier.

“What was pre­vi­ously thought to be nor­mal life doesn’t ex­ist any­more.”

The sur­vey re­veals that 12% were de­nied be­cause of the type of job they were in. One in ten were turned down be­cause their dream prop­erty was con­sid­ered “non-stan­dard”.

That meant any­thing from a barn to a high-rise flat.

Self-em­ployed work­ers have soared by 25% in the past decade to 4.8mil­lion peo­ple.

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