“Brokers may still struggle to place cases for common circumstances like self-employment, contract labor and adverse credit.”
24% of brokers surveyed said mortgages for self-employed and contractor clients are the most difficult to place, followed closely by clients with adverse credit.
Just under one in five brokers (18%) said they had difficulty placing applications for low-income clients, while 14% said clients with payday loans were the type of most difficult case to place. Other difficult areas highlighted by brokers during research include non-standard construction and debt consolidation cases.
Donna Hopton, director of cherry, commented: “We know the specialist mortgage market is booming, with competitive solutions for a range of client circumstances, but our research shows that brokers can still struggle to place cases for common circumstances like self-employment, contract labor and adverse credit. Fortunately, the cherryplc.co.uk forum is a great place for brokers to find information, share ideas and discuss solutions for clients, whatever their situation.
Paul Stringer, managing director of Norton Home Loans, said: “We are really pleased that the cherryplc.co.uk forum has highlighted some of the issues brokers face when placing cases for clients who are not 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.
Maeve Ward, Director of Business Operations at Central Trust, added: “Clients who are self-employed, working as contractors or have poor credit often lack confidence in their ability to secure a mortgage and brokers hold the key to these clients being able to achieve their goals. Any platform that allows brokers to do this by sharing their knowledge and ideas ultimately benefits the client and so it is great that brokers have access to do this, for free, on the cherryplc.co.uk forum .