Mortgage applications for self-employed clients and contractors are the hardest to place, research by cherryplc.co.uk, has found.
A survey on the broker forum revealed that 24% of brokers think mortgages for self-employed and contractor clients are the hardest to place, closely followed by clients with adverse credit.
Just under one in five brokers (18%) said they had problems placing applications for clients on a low income, while 14% indicated that clients with payday loans proved the hardest type of case to place.
Other difficult areas highlighted by brokers during the research included non-standard construction and debt consolidation cases.
Commenting on the findings, director at cherry, Donna Hopton, said: “We know that the specialist mortgage market is thriving, with competitive solutions for a range of customer circumstances, yet our research shows that brokers can still struggle to place cases for common circumstances like self-employment, contract work and adverse credit.
“Fortunately the cherryplc.co.uk forum is a great place for brokers to find out information, share ideas and discuss solutions for clients, whatever their circumstances.”
Norton Home Loans managing director, Paul Stringer, said: “We are really pleased that the cherryplc.co.uk forum has highlighted some of the issues that brokers face in placing cases for customers who don’t fit the high street.
“Often the right solution for an individual is available from one of the smaller specialist lenders and the cherry forum gives brokers the opportunity to leverage each other’s knowledge and experience to arrive at the best outcome for their client.”
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