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Affordability queries

Journalist: Jake Carter, Mortgage Introducer

ended 01. March 2023

According to PRIMIS, the majority of broker inquiries, during Q4 2022, were from consumers on mortgage affordability.

How are brokers supporting their clients with these concerns?

What options do customers have that are stretched financially?

Does 2023 look set to be a better year than last in terms of affordability?

2 responses from the Newspage community

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Scott Taylor-Barr
Principal Adviser at Barnsdale Financial Management
Although there has been lots of talk about affordability issues, so far at least, I haven't seen this impacting clients in the sort of numbers feared. Part of this is due to clients recalibrating what they feel is comfortable and affordable for them, part of it is lenders taking steps to mitigate the issues by tweaking their affordability models and part is down to brokers having robust conversations with clients around repayment terms.
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David Conway
Director at Clayhall Financial Services Ltd
A broker understands the mortgage market. They have access to systems to show the level of borrowing from any lender and, importantly the cost of repayments. This takes just a few minutes and is invaluable. You cannot get this information in any other way. Using a broker can cut the time to get the mortgage deal you need quickly and reassuringly - their expertise cannot be replicated in a comparison site or anecdotally.