Whatever figures you choose to go by one thing is clear at the moment, the specialist lending market is on the brink of something great. According to the Intermediary Mortgage Lenders Association (IMLA), for example, specialist lenders have seen a massive 19% growth in volume since 2009 with annual values tripling in that time.
But what’s behind this surge in popularity? One answer is that borrowers are becoming more specialist. The way in which people work and earn is changing. We’re no longer all in 9-5 full-time employment, sticking with the same job for years on end. We’re not staying in the one place, taking out a standard mortgage and setting up home for decades. We’re not static. We’ve evolved. And as such, so have our financial needs.
Borrowers are seeking more flexibility. They want a greater variety of products that are tailored to suit their needs and bespoke to their circumstances. They want competitive options. They want a financial services industry that recognises that times have changed.
Specialist lenders, of course, excel in this. The specialist market has always been one of the most innovative in financial services and adapting to customers’ needs has become second nature.
Specialist requirements are no longer rare or unusual. The term encompasses a whole host of different circumstances applicable to a huge number of borrowers. And as such, the ‘specialist’ market is actually becoming the mainstream. Now that’s evolution.