Kensington’s research found that 47% thought restrictive underwriting would be the toughest obstacle to overcome for homeowners and remortgage customers while 46% said proving affordability would be the most serious issue.
A quarter of brokers continue to be concerned about the number of clients being rejected by lenders and expect this number to increase over the next year.
Of those surveyed, 47% said a fifth of their clients had come across issues securing a mortgage while 20% said just under a quarter of their applicants had been rejected by one or more lenders before finally being accepted for a loan.
Kensington’s head of sales and distribution Steve Griffiths said that while customers are increasingly reliant on intermediaries to access the most suitable mortgage for their circumstances, brokers are facing difficulties trying to place the business.
“Lenders can help brokers by taking a more individual look at applications rather than simply relying on standard models of affordability and income,” said Griffiths.
Around 36% of brokers said the biggest issue preventing clients securing a deal was proving income if they were self-employed with fewer lenders willing to consider applications from people working for themselves.
