Almost one in three households – around 30 per cent of customers – is paying too much for its mortgage, according to an interim market study report from the Financial Conduct Authority (FCA). The study, which examines first-charge, residential mortgages, also concluded that many applicants are failing to find the best deal to suit their circumstances.
When director Max Mace came into the industry in 2008, just after the 2007 recession, lenders catering to clients with poor credit had almost completely disappeared. Some lenders moved to more mainstream lending only and many of the adverse lenders from the early 2000s were forced to exit the market completely.
Since the Government announced the hike in Stamp duty during its Autumn Statement, we have seen a short term increase in the amount of BTL mortgage business as investors rush to purchase and complete before the March 31s.