According to the specialist lender, the changes will see an increase in the number of people looking to extend their homes or business premises - this is a likely option for those who cannot move home, office, or business premises but need to expand or want to increase the value of the current property.
As the criteria of many traditional lenders remains tight, Blemain Group believes many consumers and business owners will increasingly turn to alternative sources to fund their projects. The possible and most viable routes to raise the required funds could be through a secured or commercial loan. Depending on the nature of the case, a bridging loan might also be an option. This has created a timely opportunity for the specialist lending market to become more mainstream, bringing increased business to brokers.
Gary Bailey, Sales and Marketing Director of Blemain Group said:
“Whilst this move will be welcomed by the industry, the question is how will people fund these projects? Most people might consider going to their current mortgage provider, but with remortgages and business loans becoming increasingly difficult to secure, this might not be a workable option.
“With traditional lenders being much more selective about who they lend to, be it a credit card or personal loan and especially business loans, property owners will need to consider alternative sources of funding. This is especially the case for those who might not meet with a lender’s strict criteria.”
