Mortgages ‘tailored’ to suit the specific needs of individual customers are likely to be responsible for future growth in the mortgage sector, it has been suggested.
The Council of Mortgage Lenders has predicted that niche market products such as buy-let and sharia mortgages are going to become increasingly important to lenders.
Bernard Clarke, spokesman for the CML, said lenders would now be looking at ways of targeting customers “who have previously been excluded from the mortgage market”.
He went on to say that the growth of niche market areas is a reflection of the growth of the overall property market.
In total, £26.8 billion in mortgages was lent out in January – a record for the month according to the Council of Mortgage Lenders (CML).
This represents a 16 per cent increase on mortgage lending for the same period last year, the CML claims.
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