According to data from mortgage Broker Tools (MBT), which looked at real cases processed through its software, prior to the mini Budget, 28 per cent of enquiries on behalf of self-employed applicants did not secure the loan size they requested.

However, post min Budget, the percentage increased to 37 per cent.

MBT said that competition had started to return to the market in recent weeks as lenders had started reducing rates and offering more “achievable stress testing”.

 

Watching the Chancellor closely

Tanya Toumadj, MBT’s CEO, said: “As we saw from the mini Budget last autumn, fiscal policy statements can have a significant impact on financial markets, interest rates and ultimately the accessibility of mortgage finance, so we’ll all be watching closely to see what the Chancellor has to say at the Dispatch Box.

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“It’s unlikely that this Budget announcement will have quite such a dramatic impact on mortgage affordability, but even small changes can have a potentially huge impact on the prospects for individual clients, particularly in the current uncertain economic environment.”

She continued: “For brokers, the one constant is that thorough market-wide research is the key to securing the most appropriate lender and mortgage to meet the requirements of their clients.

“This is practically impossible without the use of research software to analyse the available options and MBT Affordability continues to provide the most accurate software available in the market.”