The mortgage market can feel like a crowded space at times, demonstrated in the regular tweaking, chopping and changing of pricing and rates on offer.
The constant change can offer significant benefits for borrowers and advisers as the choice of rates in core product areas continues to blossom.
Outside of the mainstream core product areas, there is some movement around criteria, including in the specialist market.
That might be to add additional appeal to landlords or to the self-employed, but we have also seen some lenders target even more specific segments of the market.
Several lenders have developed professional mortgages aimed at a particular customer profile within specified professions.
The strong earning potential of a newly qualified solicitor gives the lender the opportunity to offer borrowing outside its standard scope.
For example, Darlington Building Society can consider up to six times income for the right professional candidate.
Kensington recently launched a concept designed to help those that perhaps have the greatest need.
The Heroes mortgage is aimed at those in the public sector, who are so widely appreciated by society, yet often find buying and owning their own home a challenge.
It is available to applicants up to the age of 40 that work for the NHS, including paramedics, registered nurses and clinicians or as police officers, firefighters, armed forces, teachers and lecturers employed within the public sector.
Rather than offering a typical maximum multiple of income of four-and-a-half times income, the Heroes mortgage can offer as much as five times the income, subject to the usual affordability requirements.
Interest rates have been set at 0.15 per cent below the standard rates from Kensington and are available up to 90 per cent loan to value.
Although that still means higher than mainstream rates, this refreshing approach could offer a valuable alternative to those in the target market.
David Hollingworth is associate director, communications atL&C Mortgages
