Credit worthy customers are missing out on mortgages – say brokers
More than three quarters (76%) of brokers say they work with clients they believe should be able to get a mortgage, but whom they cannot currently place with any lender.
This is according to new research from broker research platform, Mortgage Broker Tools, which also found that nearly nine in 10 brokers (89%) say they have to work harder to secure the loan size their clients want than they did this time last year.
Tanya Toumadj, CEO at Mortgage Broker Tools, says: “Affordability has long been a key issue in the mortgage market as house price increases have accelerated beyond wage inflation. The cost-of-living crisis and recent rate rises have made the situation even harder for homebuyers and many are missing out on getting a mortgage because they are unable to demonstrate the affordability they need.
“The good news is that the UK mortgage market continues to be a diverse and competitive environment, with many different lenders tackling affordability calculations in different ways. This means there may be an affordable option for a customer to secure the loan size they need and research software like MBT is available to help brokers research a wider group of lenders to identify the best solution.”
Published: 10 May 2023