Welcome to Non-Conforming Marketplace.
The non-conforming marketplace has changed considerably over the past ten or so years, fuelled by borrower demands and financial situations. Once viewed as an unscrupulous market, the non-conforming market has grown beyond all recognition and now represents one of the biggest mortgage sectors.
Some have claimed that the non-conforming market will soon overtake that of prime, and with more and more lenders entering into this already bustling market, bringing with them new ways of doing business, and increased product diversity; the non-conforming market looks one which has a healthy future.
Of course as part of the sector, concerns remain about how much aid towards a mortgage should be given to those in some form of financial troubles, but times have changed and the sector has moved quickly to reflect this. A scope of products, from near prime to heavy adverse have been launched, with other options available to people who have been bankrupt, or had serious financial difficulties. With more and more people having some kind of debt, be it missed mortgage payment, or CCJ, these are now catered for within the market.
Further evolution in the market is near enough guaranteed, with enhancements in technology, such as automated valuation models (AVMs), and increasing product diversity. With lenders who traditionally viewed themselves as prime lenders entering into the market, this can only be good for the consumer offering more choice via product diversity and competitive product pricing.
For intermediaries this market also represents a fantastic source of income, and is likely to prove an increasingly fruitful market over the coming years.
