A survey of mortgage brokers carried out by the Family Building Society has found that the number of mortgage enquiries from the self-employed are outpacing those from first-time buyers.
The research found that while demand from landlords for buy-to-let loans is still healthy, enquiries are less than those from the former two groups.
When it comes to finding lenders to place these groups with, the hardest to do so are buy-to-let clients followed by those seeking interest only mortgages and the self-employed, who are on equal footing when it comes to finding willing lenders.
The survey also showed that brokers feel the interest-only market is the most underserved by lenders. Despite that, the belief is that mortgage business will increase, and house prices will remain stable during the year.
Keith Barber, director of business development at Family Building Society, said: “While there is clearly still a healthy demand for mortgages, the survey shows that the needs of these significant groups of borrowers are not being met by lenders overall.
“Often with more complex circumstances, lenders need to take the time and trouble to listen to their complicated stories. With individual underwriting and consideration, it’s something we can do well.”
