Looking for mortgage broker thoughts on lender understanding of BAME borrowers

Journalist: Lana Clements, Freelance

ended 27. April 2022

I am looking for broker experiences and thoughts on lenders and BAME borrowers.

Do lenders do enough to recognise some of the cultural differences in black, asian and other minority households? For example, multi-generational living is often more common among these borrowers but lenders may have problems with other family members living there? Also don't take account of multiple incomes and shared responsibility for costs?

Or am i barking up the wrong tree? Any thoughts appreciated..

2 responses from the Newspage community

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Rob Peters

Principal at Simple Fast Mortgage

"Generally speaking, there are no problems with +18 household members living in a mortgaged property, they just have to sign a waiver form. However, there is probably a lack of mortgage products to accommodate multiple incomes and shared costs. More to the point, there is a lack of awareness and discussion in the industry about these important topics."

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Samantha Bickford

Mortgage and Equity Release Specialist at Clarity Wealth Management

"It would be great to see more knowledge and awareness of different cultural household compositions among lenders. Considering the shared costs of living in a multiple income household would be a step in the right direction. Perhaps there is space in the market for more diverse lenders to provide a unique offering here."