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.
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.