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.
“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.”
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS