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22 / 08 / 2022

Wealthy borrowers impacted by stricter rules as lenders more cautious, brokers say – 1st Aug 2022

Higher earners are now feeling the impact of tighter affordability calculations, brokers say.

The higher cost of living and rising interest rates have prompted lenders to rein in lending to buyers on lower incomes in recent months.

But now richer borrowers are also feeling the pinch, advisers have noticed.

Dean Esnard, specialises in high net worth earners at Magni Finance.

He has also noticed stricter borrowing from lenders.

“We are seeing tighter affordability checks being carried out.

“These are more noticeable when the applicant has other credit commitments, loans, credit cards, etc.”

Higher energy and food prices mean that dependents are having a bigger impact on affordability, Esnard added.

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