Increase in the number of specialist mortgages available

An increase in the number of specialist mortgages available is a sign of how the “landscape of customers is changing”, according to one building society.

A spokeswoman for Alliance & Leicester (A&L) said that there is a “huge amount” of choice on the mortgage market at the moment.

The building society says that mortgages are being tailored to suit the changing needs of customers.

Alliance & Leicester has become the latest mortgage provider to offer home loans for an amount in excess of the property price.

Spokesperson Sally Lauder said: “There’s a lot of lenders out there. There’s a fabulous amount of choice for consumers when they’re looking for their mortgage requirements.”

“The landscape of borrowers is changing. So with the advancement of specialist mortgages, that really demonstrates how the types of customers are changing as well,” she added.

The rise in the requirement for niche mortgages may in part be the result of the January interest rate rise, which has made it harder for some buyers to get onto the property ladder.

© Adfero Ltd

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