Only 65 per cent of self-employed mortgage enquiries were considered affordable at the end of 2022, according to data based on thousands of searches.
This is the lowest level since MBT started monitoring search data in 2020 and is down from 75 per cent in April 2022.
However, it is not just the self-employed feeling the squeeze.
Affordability is tighter across the market, with 71 per cent of all enquiries being considered affordable in November 2022, down from a peak of 80 per cent in January 2021.
Tanya Toumadj, chief executive at Mortgage Broker Tools (pictured), said: “With rising rates and increased living costs it’s unsurprising that mortgage affordability is being squeezed, and it’s particularly difficult for self-employed borrowers to secure the loan size they want at the moment.
“In this environment, brokers can’t take affordability for granted and researching the best options for customers to achieve their desired loan sizes is more important than ever before.
“Fortunately, it’s also never been easier for brokers to carry out that research if they make use of the technology available to them.”
