The Sunday Times - Borrowers flock to flexible small banks
Borrowers are increasingly turning to challenger banks to improve their chances of getting a mortgage as the big high street names take a draconian approach to lending.
Aaron Strutt, of the mortgage broker Trinity Financial, told The Sunday Times: “Many of the challenger banks have built their business models on lending to clients that have been either declined or not offered enough money by the high street banks. The biggest lenders often rely heavily on their computer systems, and if an applicant is refused a mortgage for something relatively minor, they are unable to look again for a reason to lend.”
Trinity Financial recently had a client who had worked with the same banking company for six years, and had just been made a partner. NatWest turned him down on the basis that his promotion made him technically self-employed. Metro bank was happy to give him a mortgage instead.
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