No such thing as a standard mortgage anymore, building society says

The changing nature of families and households in modern Britain means that there is no longer any such thing as an average family, according to one mortgage lender.

Building society Birmingham Midshires says that the stereotypical family of 2.4 children is no longer relevant.

As a result, the mortgage provider says that it is important for every prospective borrower''s individual circumstances to be considered when they are looking for a mortgage.

"Many mainstream mortgage providers still work on the model of having married applicants with 2.4 children but, as our research shows, the majority of people are no longer ''average''," said spokesman Tim Hague.

Birmingham Midshires found that 63 per cent of households claimed not to identify with the stereotypical family.

Mr Hague urged borrowers to obtain advice from "a regulated mortgage intermediary" in order to "ensure they get a mortgage deal that is right for them".

Meanwhile, fixed-rate borrowers coming to the end of their terms have been advised to adjust their deals as soon as possible, the Metro has reported.

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