Having read last week that UCB Home Loans has launched into the adverse market, I was pleased to see Nationwide getting involved in the sector and I’m sure it will be a welcome addition for most brokers. However, seeing the advert further along in the magazine and doing a bit of research myself, I found it was offering four stages of what are really near-prime products.
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They are not the only ones, however, and while it is always good to have a choice of products to offer clients, especially those which don’t tick all the right boxes in the prime sector, why do lenders have so many products with hardly any difference between them? While I’m not advocating a return to the days when even the biggest lenders only offered one or two products, they should try and explain to the client why they are ‘super extra light’ instead of ‘very extra light’ and see the bemused look and shoulder shrug they get in return.
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Lenders should be looking at ways to truly innovate within the market, rather than just adding another layer to their near-prime offerings.
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