The latest research by the Intermediary Mortgage Lenders Association (IMLA) shows that fewer brokers are facing obstacles in sourcing mortgages of any type since the introduction of the Mortgage Market Review (MMR) in 2014.
Figures show 30% of brokers encountered no problems in finding a mortgage product for borrowers in the second half of 2016 – marking an improvement from the 26% recorded in 2016’s H1.
Designed to strengthen the UK’s mortgage regulatory framework, the policies introduced under the MMR, such as the provision of a credible repayment strategy in mortgage applications, were expected to weight on those looking to step onto the housing ladder, according to IMLA.
However, with more brokers reporting fewer hurdles to source mortgages, the IMLA believes lending conditions in the UK are improving, as a result of greater collaboration between lenders and brokers.
Self-employed borrowers and those with irregular incomes are also finding it easier to get a mortgage, with the rate of brokers that are unable to find a mortgage for this group falling from 50% in 2016’s H1 to 25% in the second half.
Similarly, obstacles for those looking to borrow beyond their retirement have also reduced, with the rate of brokers that were unsuccessful at sourcing mortgages of the sort declining from 43% in the first half of last year to 29% in the second.
Elsewhere in property, figures released by the Office for National Statistics revealed the pace of annual house price growth stood at 5.8% in February across the UK.