Abingdon Finance
Abingdon Finance is a trading name of UK Mortgages Limited, a specialist finance provider focusing primarily on the UK mortgage market. Their core business revolves around providing mortgages and secured loans to borrowers who may be underserved by mainstream lenders. This often includes those with complex financial situations, such as the self-employed, contractors, landlords with large portfolios, or individuals with previous credit issues.
Their product range typically includes residential mortgages, buy-to-let mortgages, and bridging loans. Residential mortgages cater to individuals purchasing or remortgaging their primary residence. Buy-to-let mortgages are specifically designed for landlords looking to acquire or refinance investment properties. Bridging loans offer short-term financing solutions for various purposes, such as property renovation, auction purchases, or breaking a property chain. The specific product offerings and lending criteria are subject to change, so direct consultation with Abingdon Finance or a mortgage broker is always recommended for up-to-date information.
A key differentiating factor for Abingdon Finance is their more flexible and pragmatic approach to underwriting. Unlike many high-street banks that rely heavily on automated credit scoring and rigid criteria, Abingdon Finance often takes a more individualized approach, considering the unique circumstances of each borrower. This means they are often willing to look beyond simple credit scores and assess affordability based on factors such as future income potential, assets held, and the specific details of the property being financed.
Because of this more bespoke approach, Abingdon Finance typically works through a network of intermediary mortgage brokers. These brokers act as a liaison between the borrower and the lender, helping to navigate the application process and present the borrower's case in the most favorable light. Using a broker is beneficial for borrowers, especially those with complex financial situations, as the broker can match them with the most suitable lender and ensure all the necessary documentation is compiled correctly.
It's important to understand that specialist lenders like Abingdon Finance typically charge higher interest rates and fees compared to mainstream lenders. This reflects the increased risk they undertake by lending to borrowers with less-than-perfect credit profiles or unconventional income streams. Borrowers should carefully weigh the costs and benefits of a specialist mortgage or loan, ensuring they fully understand the terms and conditions and can comfortably afford the repayments. It's also crucial to compare offers from multiple lenders to ensure they are getting the best possible deal for their specific circumstances.
In summary, Abingdon Finance provides valuable access to financing for borrowers who might otherwise be excluded from the mainstream mortgage market. Their more flexible underwriting and reliance on intermediary brokers can be advantageous for individuals with complex financial situations, but borrowers should be aware of the higher costs associated with specialist lending and should carefully compare their options before committing to a loan.