Mortgage Market Failing to Reflect Modern Careers
According to brokers, the mortgage market is not adapting to modern career paths, causing difficulties for aspiring homeowners.
A survey of 500 UK mortgage brokers by Nottingham Building Society found that 18% of brokers reported clients delaying or abandoning their dream career plans due to concerns about mortgage prospects.
- 22% of brokers stated that clients with non-standard incomes had to take extra steps to prove affordability due to their career choice or working pattern.
- 17% of brokers reported that lenders had turned down clients outright because of income complexity.
Outdated affordability rules are forcing aspiring homeowners to make difficult compromises.
This highlights the need for mortgage products that better reflect today's diverse working lives.
Author's summary: Mortgage market fails to adapt to modern careers.
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