Poll
47% of brokers label lenders’ underwriting as ‘stifling’
A host of financial experts have called on lenders to rethink their mortgage policies after concerns flared over the UK’s growing housing crisis.
More and more potential property buyers are turning to specialist brokers to secure finance in a market where getting a foot on the property ladder is often blocked by the stringent security measures held by banks.
Now in a survey with brokerage experts across the field, 47 per cent of those questioned claimed that lenders’ underwriting procedures are stifling the market and blocking buyers from gaining mortgages.
Steve Griffiths, Head of Sales and Distribution at Kensington, said: “Mortgage customers are increasingly turning to brokers in order to secure deals as reflected in the growing market share for intermediaries against direct lenders.
“However brokers are clearly also experiencing issues in placing business and are having to work harder to ensure borrowers can access mortgage finance which is why we are investing to help intermediaries identify and support specialist customers.
“Underwriting is crucial to the mortgage process as Kensington’s experience over 20 years in the specialist market demonstrates.
Lenders can help brokers by taking a more individual look at applications rather than simply relying on standard models of affordability and income.”
The survey results also show that brokers feel that self-employed people are being specifically singled out for scrutiny when it comes to looking for lending and that 25 per cent of those quizzed feel the situation will become worse before it improves.
However, despite concerns, just 22 per cent of brokers feel that clients have encountered problems in raising deposits for mortgages.
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