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Specialist lenders to help 20% more Scots onto property ladder in 2019

The number of Scots getting onto the property ladder in 2019 could rise by as much as a fifth compared to 2018, according to Peter Dean, insolvency expert and chairman at Your Expert Group.

The Glasgow-based specialist finance provider said a raft of new specialist lenders opening their doors north of the border is set to have a material impact on home ownership levels in Scotland.

And Dean predicts that brokers will play a key role in making prospective borrowers with historical credit issues aware of their increased options.

Peter Dean, insolvency expert and chairman of Your Expert Group, said: “A growing number of specialist lenders are launching in Scotland that are much more accommodating to borrowers who have had credit issues in the past, even as little as 12 months ago.

“They are built on the premise that debt management solutions such as Protected Trust Deeds get people into the habit of meeting monthly repayments and sensible budgeting, and so are an important step in their financial rehabilitation.

“Today, with increased lender choice, there is considerably more financial inclusion meaning people emerging from debt management solutions are no longer permanent banking and borrowing outcasts. We estimate up to a fifth more Scots could get onto the property ladder in 2019 and brokers will play a key role in ensuring this happens.”

One of the most recent lenders to enter Scotland is Magellan Homeloans.

Simon Read, managing director, Magellan Homeloans, added: “We know from talking to brokers that there is far too little choice for complex borrowers in Scotland who have been turned down by High Street lenders. We’re delighted to be extending our expertise in this area into Scotland and supporting brokers in finding funding for their clients.”

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