Latest research from Kensington reveals that lenders tightening their credit scoring criteria is the leading issue for intermediaries in placing a large loan.
The lender asked 680 mortgage intermediaries where they had experienced the most difficulty in finding a mortgage for clients looking for a loan of more than £500,000.
The key hurdle – with 43% of brokers flagging it up – said stricter credit scores on high value loans was the biggest hurdle for intermediaries.
Self-employment was the second biggest stumbling block, with 37% of intermediaries saying that had trouble finding the right mortgage because their client was self-employed.
35% of those mortgage brokers surveyed stated that not enough lenders offer mortgages for more than £500,000. Meanwhile 26% cited a client earning significant bonus or commission that was excluded by lenders’ affordability calculation and 22% of intermediaries pointed to clients with more than one source of income as major problems in sourcing large loans.
Alex Hammond, PR, brand and communications manager at Kensington, said: “The circumstances of high earners are rarely simple. Many will be business owners and even where this is not the case
