Hard-up borrowers 'not being turned away'

Borrowers struggling to finance their efforts to get onto the housing ladder will still be able to get a mortgage from somewhere despite a much-publicised tightening of lending conditions, it has been suggested.

Zen Financial Services has said that it is likely that there will always be some lender willing to finance a borrower's ambitions, albeit at a higher price.

The firm added that many lenders were now being more creative and offering products such as shared appreciation mortgages, where the lender holds a small share in the eventual profit made on the property.

"With adverse credit, most lenders will have a range of products depending on the severity of the adverse credit," commented Zen Financial Services spokesperson Mike Pendergast.

"It's rare that someone will be turned away completely but at the moment with the current happenings in America some lenders are tightening up on who they will lend to.

"[But] there will always be a lender that will lend, if you're happy to pay the price," Mr Pendergast concluded.


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