Tougher rules mean a growing number of borrowers are finding it hard to get a mortgage. But there are options for those who no longer fit lenders’ criteria
Are you over 45? Self-employed? Divorced and remortgaging late in life? Got your eye on a great ex-council house? Or like the look of that cheap studio flat? If you are in any of these groups, you are likely to be among the growing number of “mortgage misfits” who struggle to find a lender willing to offer a loan.
Tough restrictions imposed by the City regulator to ensure borrowers can really afford a mortgage �" and wariness about lending on certain types of properties �" mean that many applicants are being turned down.
Related:Tougher mortgage rules come into force
Most lenders will consider the self-employed if they can provide two or three years’ accounts showing sufficient income
Once you go above the sixth floor you run into trouble with lots of lenders
I would urge lenders to think about making the market work more effectively for mortgage misfits
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