Over three-quarters of brokers (76%) say they are working with clients they believe to be eligible for a mortgage, yet they are unable to find a suitable lender, according to new research from Mortgage Broker Tools (MBT).
The study also found that almost 90% of brokers (89%) report having to work harder than they did a year ago to secure the desired loan size for their clients.
Tanya Toumadj, CEO at MBT, said: “Affordability has long been a key issue in the mortgage market as house price increases have outpaced wage inflation.
“The current cost-of-living crisis, coupled with recent interest rate rises, has made it even more challenging for homebuyers. As a result, many creditworthy individuals are missing out on getting a mortgage simply because they cannot demonstrate the required affordability.”
However, Toumadj points out a silver lining: “The good news is that the UK mortgage market remains diverse and competitive, with many different lenders approaching affordability calculations in various ways.
“This means that there may be an affordable option available for customers to secure the loan size they need. Research software like MBT can assist brokers in researching a broader group of lenders to identify the best solution for their clients.”
