A huge majority of brokers (94%) say affordability has become even more complex in the last 12 months, according to new research from Mortgage Broker Tools (MBT).

The figure (of 63 brokers surveyed) represents a significant increase from the 86% of brokers who said affordability had become more complex when MBT conducted the same research last year.

According to the study, 89% of brokers say they have to work harder now than this time last year to secure the loan size their clients want, as a result of the cost-of-living crisis and rate rises.

Mortgage Broker Tools chief executive Tanya Toumadj comments: “Affordability is getting more complex and brokers are having to work harder to secure the loan size their clients want. Given the cost-of-living crisis and recent rate rises this is perhaps an obvious statement, but the almost unanimous consensus amongst brokers is surprising”.

She adds: “Affordability is quickly becoming the biggest issue in the mortgage market and we have certainly seen an uplift in the number of brokers registering to use MBT”.