Mortgage News
Biggest lenders outside best affordability in three-quarters of mortgage cases – MBT
Customers who go for a mortgage to the top 10 lenders named by UK Finance will not fulfil their affordability needs in three-quarters of cases, data from Mortgage Broker Tools (MBT) suggests.
Analysis of cases processed through its affordability system found that 73 per cent of applicants had to go to a lender outside of the top 10 if they wanted to maximise on their affordability.
For seven per cent of cases, the only lenders able to cater to a borrower’s needs were outside the top 10.
The news comes after a survey conducted by Mortgage Brain found 58 per cent of brokers did not use lender affordability calculators when dealing with a top 10 mortgage provider.
Tanya Toumadj (pictured), CEO at Mortgage Broker Tools, said: “The UK mortgage market is wonderfully competitive and diverse environment, which means there is usually a good solution for a client if you know where to look.
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“Often the best option is not found in the most obvious place and brokers who confine their research to the top 10 lenders risk missing out on the most suitable choice for their client.”