Specialist lenders can provide a lifeline for individuals who lose their job or are made redundant as a result of the current economic conditions according to Steve Seal, managing director of Bluestone Mortgages.
The UK unemployment rate was estimated at 5% in the three months to November 2020, the ONS Labour market overview detailed.
Seal outlined that while the roll-out of coronavirus vaccines offers some hope to the UK employment market, the wider economic consequences of the pandemic will continue to be felt by businesses over the coming months.
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He said: “For individuals who lose their job or are made redundant as a result, this could leave them in a more precarious financial position than they were before the crisis.
“While some will get back on their feet over the long-term, others may continue to face financial hardship, which could hinder their chances of securing mainstream financing later on.”
As a result of this, Seal believes that specialist lenders can provide a lifeline for individuals, and detailed that it is vital that the market is prepared for a significant spike in demand.
As part of this, specialist lenders should be encouraging advisers to tap into this market and seize the opportunities that are available, explained Seal.
Seal added: “This will ensure that brokers are also well-prepared for a post-coronavirus future where a growing number of customers are looking for specialist lending.”