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Tag: Mortgage Market

  • First-Time Buyers and the Changing Mortgage Market

    First-Time Buyers and the Changing Mortgage Market

    The latest data from Experian highlights a significant shift in the UK mortgage market, revealing that more than half of new first-time buyers (FTBs) will be aged 65 or older by the time their mortgages mature. This trend underscores the growing homebuying gap as the average age of first-time buyers rises to 34.7 years, up from 33.7 years in 2024.

    TL;DR: Over 52% of new first-time buyers will be 65 or older when their mortgage matures; the average age of FTBs has increased, reflecting a widening homebuying gap.

    Why Are More Buyers Delaying Homeownership?

    Experian’s findings indicate a notable decline in younger buyers, with the proportion of those aged 18 to 24 dropping from 9.1% to 7.3%. In contrast, buyers aged 35 to 44 have surged to over 30%. This shift suggests that younger generations are facing increased barriers to entry in the property market, including rising property prices and stricter lending criteria.

    How Much Are First-Time Buyers Borrowing?

    As potential buyers wait longer to enter the market, they are also taking on larger loans. The average mortgage for a first-time buyer has reached £230,000, marking a 5.5% increase compared to £202,000 for non-first-time buyers. In 2025, first-time buyers accounted for £115 billion in mortgage borrowing, representing 39% of the total mortgage volume. This trend raises concerns about affordability and long-term financial stability for new buyers.

    What This Means for the Mortgage Market

    For first-time buyers, the implications are significant. With an increasing average age and higher borrowing amounts, potential buyers may need to reassess their financial strategies. Those looking to enter the market should consider the long-term impact of their mortgage commitments and explore options such as current mortgage rates to ensure they secure the best possible deals.

    Frequently asked questions

    What is the average age of first-time buyers now?

    The average age of first-time buyers has risen to 34.7 years, up from 33.7 years in 2024.

    How much are first-time buyers borrowing on average?

    First-time buyers are now borrowing an average of £230,000 for their mortgages.

  • FCA Proposes Changes to Improve Mortgage Market Access

    FCA Proposes Changes to Improve Mortgage Market Access

    The Financial Conduct Authority (FCA) has announced proposed changes aimed at enhancing access to the mortgage market for first-time buyers, older borrowers, and self-employed individuals. These changes are part of the FCA’s ongoing efforts to reform the mortgage market, ensuring it better meets the diverse needs of consumers.

    TL;DR: The FCA’s proposals aim to widen mortgage access for first-time buyers and self-employed individuals; responses to the consultation are due by 28 July 2026.

    What are the FCA’s proposed changes to the mortgage market?

    The FCA’s proposals focus on increasing flexibility in assessing mortgage affordability and repayment capabilities. This is particularly relevant for borrowers with complex income structures, such as the self-employed. By allowing lenders to consider a broader range of financial circumstances, the FCA aims to address the shortcomings in the current mortgage market, which has often failed to accommodate the realities of modern living and working arrangements.

    Why do these changes matter for the mortgage market?

    The proposed changes are significant because they represent a shift towards a more inclusive mortgage market. Many individuals, particularly those with non-traditional income sources or those who are older, have faced barriers to securing mortgages. The FCA’s initiative seeks to dismantle these barriers, potentially leading to a more competitive environment where lenders can offer products that better suit the needs of a wider range of consumers.

    Who will be affected by these changes?

    The primary beneficiaries of these proposals will be first-time buyers, older borrowers, and self-employed individuals who have historically struggled to access mortgage products. The changes are expected to provide these groups with greater opportunities to secure financing, which could lead to increased home ownership and improved financial stability for many.

    What this means for borrowers and lenders in the mortgage market

    For borrowers, particularly those who have been underserved by traditional lending criteria, these changes could open doors to better mortgage options. The FCA’s push for innovation in the mortgage market means that lenders may develop new products tailored to the needs of diverse borrowers. For lenders, the ability to assess applicants based on a more comprehensive view of their financial situation could lead to a more nuanced understanding of risk, enabling them to serve a broader customer base without compromising on consumer protection.

    Frequently asked questions

    What is the deadline for responding to the FCA’s consultation?

    The deadline for consumers, firms, and interested parties to respond to the FCA’s consultation on these proposed changes is 28 July 2026.

    How might these changes impact mortgage rates?

    While the FCA’s proposals aim to widen access to mortgages, the actual impact on mortgage rates will depend on how lenders choose to implement these changes. Increased competition and innovation could lead to more favorable rates for borrowers, particularly those who previously faced challenges in securing financing.

  • Urgent Stamp Duty Reform Needed for the Mortgage Market

    Urgent Stamp Duty Reform Needed for the Mortgage Market

    The Housing, Communities and Local Government (HCLG) Committee has called for urgent reform of the stamp duty system in the UK, emphasizing its impact on first-time buyers and the broader mortgage market. The committee’s report highlights the need for a consultation to explore alternatives to the current tax structure, which they argue distorts the housing market and exacerbates affordability issues.

    TL;DR: The HCLG Committee urges the government to reform stamp duty to aid first-time buyers; this could reshape the mortgage market and improve home ownership rates.

    Why is Stamp Duty Reform Necessary for the Mortgage Market?

    The HCLG Committee’s report points out that home ownership rates in England have declined over the past two decades, a trend that has significant implications for the mortgage market. The current stamp duty system is viewed as a barrier to entry for many prospective homeowners, particularly first-time buyers who often struggle with affordability. By recommending a consultation process, the committee aims to explore more sustainable alternatives that could provide long-term benefits rather than temporary fixes.

    What Alternatives to Stamp Duty are Being Considered?

    The committee has suggested that the government should consider various alternatives to the existing stamp duty framework. This could include different taxation models that do not disproportionately affect first-time buyers or distort the housing market. The aim is to create a system that supports home ownership and makes it easier for individuals to enter the property market. The proposed consultation is expected to begin before the end of 2026, allowing stakeholders to contribute their insights on potential reforms.

    What This Means for First-Time Buyers in the Mortgage Market

    For first-time buyers, the proposed reform of stamp duty could represent a significant shift in the mortgage market. By potentially lowering the financial barriers associated with purchasing a home, these changes could enhance access to mortgages and improve overall affordability. If successful, this reform could lead to an increase in home ownership rates, providing a much-needed boost to the housing market and helping to address the ongoing affordability crisis.

    Who Will Be Affected by These Changes in the Mortgage Market?

    The proposed changes to stamp duty will primarily impact first-time buyers, who have been disproportionately affected by the current tax structure. However, landlords, property investors, and brokers will also need to stay informed about these developments, as any changes to the taxation system could influence market dynamics and investment strategies. The broader implications of these reforms could reshape the mortgage market, affecting how properties are bought and sold across the UK.

    Frequently Asked Questions

    What is stamp duty and why is it important?

    Stamp duty is a tax levied on property purchases in the UK. It is significant because it can add a considerable cost to buying a home, impacting affordability and home ownership rates.

    How could stamp duty reform affect mortgage rates?

    If stamp duty is reformed to be more favorable for buyers, it could lead to increased demand for mortgages, potentially stabilizing or even lowering mortgage rates as the market adjusts to new buyer dynamics.

  • New Mortgage Agreements Rise 12%: Impact on Buy-to-Let Mortgages

    New Mortgage Agreements Rise 12%: Impact on Buy-to-Let Mortgages

    The Bank of England has reported a significant increase in new mortgage agreements during the first quarter of 2026, reaching a total value of £78 billion. This surge in commitments contrasts with a decline in gross mortgage advances, which fell to just under £70 billion. The mixed signals from these figures highlight the evolving market of the UK mortgage market, particularly affecting landlords and potential buyers.

    TL;DR: New mortgage agreements rose significantly in Q1 2026; however, gross mortgage advances dropped, indicating a cautious market for buy-to-let mortgages.

    What do the latest figures reveal about the mortgage market?

    The Bank of England’s latest data indicates a complex scenario for the UK mortgage market. While new mortgage commitments have increased, the value of mortgages advanced has decreased significantly. A large portion of the mortgage advances were directed towards owner-occupiers, with a notable rise in remortgaging activity. The share of loans for remortgaging increased from the previous quarter, while the proportion of owner-occupier advances for purchasing homes dropped.

    How does this affect buy-to-let mortgages?

    For buy-to-let landlords, the increase in new mortgage agreements may suggest a renewed interest in property investment, despite the overall decline in gross mortgage advances. The share of gross mortgage advances for buy-to-let properties rose slightly, indicating a stabilisation in the buy-to-let sector. This could provide opportunities for landlords looking to expand their portfolios. For more information on current rates, check out our buy-to-let mortgage rates.

    What should borrowers and brokers watch for next?

    As the Bank of England approaches its next base rate decision, both borrowers and brokers should closely monitor any potential impacts on affordability and market confidence. The current trends suggest a mixed outlook; while new commitments are rising, the decline in gross advances points to underlying weaknesses in the market. Brokers should prepare for varying client needs, particularly those seeking remortgage options as the share of remortgaging continues to grow.

    What this means for landlords and investors

    Landlords and property investors should take note of the increasing remortgaging activity, as it may present opportunities to refinance existing properties at more favourable rates. With arrears trending downwards and reaching their lowest levels since a previous quarter, borrowers appear to be demonstrating resilience despite ongoing affordability pressures. Investors should remain vigilant, ensuring they are well-informed about market conditions and ready to act when opportunities arise. For those considering their options, using a BTL affordability calculator can help assess potential investments.

    Frequently asked questions

    What is the current trend in buy-to-let mortgages?

    The share of gross mortgage advances for buy-to-let properties has increased slightly, indicating a potential recovery in the buy-to-let market, despite overall declines in mortgage advances.

    How should borrowers prepare for potential interest rate changes?

    Borrowers should stay informed about the Bank of England’s upcoming decisions on interest rates, as changes could significantly impact mortgage affordability and market activity.

  • FCA Proposes Changes to Improve Mortgage Market Access

    FCA Proposes Changes to Improve Mortgage Market Access

    The Financial Conduct Authority (FCA) has unveiled proposals aimed at expanding mortgage access for first-time buyers, older borrowers, and self-employed individuals. These changes are part of the FCA’s ongoing efforts to reform the mortgage market to better accommodate the diverse needs of consumers.

    TL;DR: The FCA’s new proposals aim to enhance mortgage access for first-time buyers, older borrowers, and self-employed individuals; feedback is requested by 28 July.

    What Changes Are Being Proposed in the Mortgage Market?

    The FCA’s proposals focus on providing greater flexibility in assessing affordability and repayment capabilities. This is particularly relevant for those with complex income structures, such as the self-employed, who historically face challenges in securing mortgages. The FCA believes that stronger protections now allow for a broader approach to mortgage lending without compromising consumer safety.

    Who Will Benefit from These Changes in the Mortgage Market?

    The proposed changes are set to benefit several groups, primarily first-time buyers, older borrowers, and self-employed individuals. These demographics often struggle with traditional mortgage criteria, which can be rigid and not reflective of their financial situations. By allowing lenders to consider a more comprehensive view of an applicant’s financial circumstances, the FCA aims to create a more inclusive mortgage market.

    What This Means for Borrowers and Lenders in the Mortgage Market

    For borrowers, these proposals could mean easier access to mortgage products that are more tailored to their unique financial situations. First-time buyers, who often face significant barriers in the current market, may find it easier to secure funding. Older borrowers and those with non-traditional income streams, such as freelancers or contractors, could also see improved opportunities for home ownership.

    For lenders, the flexibility to assess a wider range of financial circumstances could lead to a more competitive market. This evolution may encourage innovation in mortgage products, allowing lenders to develop offerings that better meet the needs of diverse borrowers. As Richard Pinch from Broadstone notes, this could help widen access without sacrificing consumer protection.

    What Should Stakeholders Watch Next?

    Stakeholders, including borrowers, brokers, and lenders, should keep an eye on the consultation process, which runs until 28 July. The FCA is actively seeking feedback from consumers and industry participants to refine these proposals. The outcome of this consultation could significantly shape the future of the UK mortgage market, influencing how lenders assess risk and how borrowers access funding.

    Frequently Asked Questions

    What is the deadline for feedback on the FCA’s proposals?

    The FCA has set a deadline for consumers and interested parties to provide feedback on the proposed changes.

    How will these changes impact self-employed individuals seeking mortgages?

    The proposed changes aim to provide greater flexibility in assessing the affordability of self-employed individuals, making it easier for them to secure mortgages that reflect their unique financial situations.

  • Urgent Stamp Duty Reform Needed for Mortgage Market

    Urgent Stamp Duty Reform Needed for Mortgage Market

    The Housing, Communities and Local Government (HCLG) Committee has called for urgent reform of the stamp duty system to support first-time buyers. The committee’s report highlights that declining home ownership rates in England over the past two decades necessitate a reassessment of this tax, which is important for public finances.

    TL;DR: The HCLG Committee urges the government to reform stamp duty to aid first-time buyers; this could reshape the mortgage market and improve affordability.

    Why is Stamp Duty Reform Necessary?

    The HCLG Committee’s report emphasizes the need for a comprehensive review of the stamp duty system, which has been a significant source of revenue for the government. However, the committee argues that the current structure of stamp duty may be contributing to the decline in home ownership, particularly among first-time buyers. The report suggests that the government should initiate a consultation by the end of 2026 to explore alternatives that could provide long-term benefits rather than temporary fixes.

    How Could This Impact First-Time Buyers?

    First-time buyers are particularly affected by stamp duty, as the costs associated with purchasing a home can be prohibitive. The committee’s chair, Florence Eshalomi, pointed out that the declining rates of home ownership highlight the urgent need for reform. If the government responds positively to the committee’s recommendations, it could lead to a more accessible housing market for first-time buyers, potentially increasing their chances of securing a mortgage and purchasing their first home.

    What Alternatives Might Be Considered?

    The report does not specify what alternatives to stamp duty might be explored, but it suggests that any new system should aim to alleviate the financial burden on home buyers. Possible alternatives could include a restructured tax system that is more progressive or the introduction of new savings products that support home ownership. The effectiveness of these alternatives will depend on the government’s willingness to engage in meaningful consultation and reform.

    What This Means for the Mortgage Market

    Reforming stamp duty could have significant implications for the mortgage market. A more favourable tax environment for first-time buyers could stimulate demand for mortgages, leading to increased lending activity. This shift may also encourage lenders to develop more competitive mortgage products tailored to the needs of new buyers. As the market adapts, borrowers may find it easier to navigate the home buying process, potentially leading to a revitalised housing market.

    Frequently Asked Questions

    What is stamp duty and why is it important?

    Stamp duty is a tax levied on property purchases in the UK, serving as a significant source of revenue for the government. Its structure can impact home ownership rates and affordability for buyers.

    How can stamp duty reform affect mortgage availability?

    Reforming stamp duty could lower the financial barriers for first-time buyers, potentially increasing demand for mortgages and prompting lenders to offer more competitive rates and products.

  • Stamp Duty Reform: Impact on the Mortgage Market

    Stamp Duty Reform: Impact on the Mortgage Market

    The Housing, Communities and Local Government (HCLG) Committee has called for a reform of stamp duty to support first-time buyers (FTBs) in the UK property market. This recommendation comes amid declining home ownership rates over the past two decades, highlighting the need for a more equitable approach to property taxation.

    TL;DR: The HCLG Committee urges a stamp duty reform consultation by the end of 2026 to assist first-time buyers; this could reshape the mortgage market and improve affordability for new homeowners.

    Why is Stamp Duty Reform Necessary?

    According to the HCLG Committee, the current stamp duty system poses challenges for first-time buyers, contributing to the decline in home ownership in England. The committee’s report emphasizes the importance of examining alternatives to the existing tax structure, which they argue can distort the housing market and exacerbate affordability issues. The proposed consultation aims to explore options that could provide long-term benefits rather than temporary fixes.

    Who Would Benefit from the Proposed Changes?

    The primary beneficiaries of the proposed stamp duty reform would be first-time buyers, who often face significant financial barriers when entering the property market. By reassessing stamp duty, the government could potentially lower the upfront costs associated with purchasing a home, making it more accessible for those looking to buy for the first time. Additionally, this reform could stimulate the overall housing market by encouraging more transactions and increasing the supply of available properties.

    What Alternatives to Stamp Duty are Being Considered?

    The HCLG Committee has not specified exact alternatives to stamp duty but has indicated that the government should consider options that do not merely serve as short-term solutions. This includes the possibility of replacing the Lifetime ISA with a more flexible savings product that could better assist first-time buyers in accumulating the necessary funds for a deposit. The aim is to create a system that supports long-term home ownership and addresses the underlying affordability crisis.

    What This Means for the Mortgage Market

    If the government acts on the committee’s recommendations, it could lead to significant changes in the mortgage market. Lenders may need to adapt their products and services to align with new regulations or tax structures. For brokers, this could mean a shift in the types of mortgage products being offered, particularly those tailored for first-time buyers. Additionally, a more favourable stamp duty regime could enhance buyer confidence, potentially leading to increased demand for mortgages and a more dynamic housing market.

    Frequently Asked Questions

    How will stamp duty reform affect first-time buyers?

    Stamp duty reform could lower the upfront costs for first-time buyers, making it easier for them to enter the property market and secure mortgages.

    What are the potential alternatives to stamp duty?

    While specific alternatives have not been detailed, the HCLG Committee suggests exploring options that provide long-term benefits, such as replacing the Lifetime ISA with a more flexible savings product.

  • FCA Proposes Changes to Enhance Mortgage Market Access

    FCA Proposes Changes to Enhance Mortgage Market Access

    The Financial Conduct Authority (FCA) has unveiled proposals aimed at improving access to the mortgage market for first-time buyers, older borrowers, and the self-employed. These changes are part of the FCA’s broader initiative to reform the mortgage sector, ensuring it better aligns with the diverse financial situations of contemporary consumers.

    TL;DR: The FCA’s proposed changes aim to widen mortgage access for first-time buyers, older borrowers, and the self-employed; the consultation period for feedback runs until later this year.

    What are the Proposed Changes in the Mortgage Market?

    The FCA’s proposals focus on enhancing affordability assessments and repayment flexibility, particularly for individuals with complex income structures, such as the self-employed. This initiative follows earlier plans to reform the mortgage market, addressing the needs of a wider range of consumers who have struggled to secure financing.

    Why Do These Changes Matter for the Mortgage Market?

    The changes are significant because they aim to alleviate the barriers that many potential borrowers face when seeking mortgages. Current rigid criteria can exclude those with non-traditional income sources or financial situations. By allowing lenders to consider a broader scope of an applicant’s financial circumstances, the FCA seeks to create a more inclusive mortgage market. This evolution is expected to enhance consumer protection while promoting innovation in mortgage offerings.

    Who Will Be Affected by These Changes in the Mortgage Market?

    The proposed reforms will primarily benefit first-time buyers, older borrowers, and self-employed individuals who have historically faced challenges in obtaining mortgages. Many in these groups have been underserved by the current mortgage market, which often relies on outdated assessment methods that do not reflect modern work and income patterns. The FCA’s proposals are designed to ensure that these potential borrowers have better access to competitively priced mortgage options.

    What This Means for Borrowers and Lenders in the Mortgage Market

    For borrowers, these changes could translate into increased opportunities to secure mortgages that align with their financial realities. The flexibility in assessing affordability may lead to more tailored mortgage products that cater to individual circumstances. For lenders, the proposals represent a shift towards a more nuanced understanding of borrower profiles, allowing them to expand their customer base without compromising on consumer protection.

    Frequently asked questions

    How can I participate in the FCA’s consultation?

    Interested parties, including consumers and firms, can provide their feedback on the FCA’s proposals until later this year. This is an opportunity to voice concerns or support for the changes being proposed.

    What should I watch for next in the mortgage market?

    Keep an eye on the outcomes of the FCA’s consultation and any subsequent announcements regarding the implementation of these proposals. Changes in the mortgage market could lead to new products and lending criteria that may benefit a wider range of borrowers.

  • Stamp Duty Reform: What It Means for the Mortgage Market

    Stamp Duty Reform: What It Means for the Mortgage Market

    The Housing, Communities and Local Government (HCLG) Committee has called for urgent reform of stamp duty in the UK, highlighting its impact on first-time buyers and the overall housing market. The committee’s report underscores the need for a comprehensive consultation by the end of 2026 to explore alternatives to the current stamp duty system, which has been cited as a barrier to home ownership.

    TL;DR: The HCLG Committee urges a review of stamp duty, which affects first-time buyers and could reshape the mortgage market; a consultation is recommended by the end of 2026.

    Why is Stamp Duty Being Targeted for Reform?

    The HCLG Committee’s report reveals that home ownership rates in England have declined over the past two decades. This decline has raised concerns about housing affordability and accessibility for first-time buyers. The committee argues that while stamp duty is a significant revenue source for the government, it may also distort the housing market and exacerbate affordability issues. By calling for a consultation on alternatives, the committee aims to identify solutions that could provide long-term benefits rather than temporary fixes.

    What Alternatives to Stamp Duty Are Being Considered?

    The report does not specify which alternatives might be proposed but emphasizes the importance of exploring options that could ease the financial burden on first-time buyers. Potential alternatives could include adjustments to the tax structure or the introduction of new financial products that better support home ownership. The committee’s chair, Florence Eshalomi, has stressed the need for a thoughtful approach that prioritizes sustainable solutions over short-term measures.

    What This Means for First-Time Buyers

    For first-time buyers, the proposed stamp duty reform could lead to significant changes in the mortgage market. If the government acts on the committee’s recommendations, it could result in lower upfront costs for purchasing a home, making it easier for new buyers to enter the market. This shift could stimulate demand and potentially lead to a more balanced housing market. Borrowers should keep an eye on the government’s response to the committee’s report and any forthcoming consultations, as these developments could directly impact their purchasing power and mortgage options.

    How Will This Impact the Wider Mortgage Market?

    The potential reform of stamp duty could have ripple effects throughout the mortgage market. Lenders may need to adjust their products and offerings based on changes in buyer behaviour and demand. If first-time buyers find it easier to purchase homes, this could lead to increased competition among lenders, potentially resulting in more favourable mortgage rates and terms. Investors and landlords should also consider how these changes might affect property values and rental markets in the long term.

    Frequently Asked Questions

    What is stamp duty and why is it important?

    Stamp duty is a tax levied on property transactions in the UK. It is important because it represents a significant cost for home buyers, particularly first-time buyers, and can influence their ability to purchase property.

    When will the consultation on stamp duty alternatives take place?

    The HCLG Committee has recommended that the government launch a consultation on alternatives to stamp duty by the end of 2026, aiming to explore options that could better support home ownership.

  • FCA Proposes Changes to the Mortgage Market for Wider Access

    FCA Proposes Changes to the Mortgage Market for Wider Access

    The Financial Conduct Authority (FCA) has announced proposed changes aimed at improving access to the mortgage market for first-time buyers, older borrowers, and self-employed individuals. These reforms are part of the FCA’s ongoing efforts to adapt the mortgage market to better serve the diverse needs of consumers, particularly those who have historically faced challenges in securing financing.

    TL;DR: The FCA’s proposals seek to enhance mortgage access for first-time buyers, older borrowers, and the self-employed; stakeholders can provide feedback until 28 July 2026.

    What Changes Are Being Proposed by the FCA in the Mortgage Market?

    The FCA’s proposals focus on allowing lenders greater flexibility in assessing an applicant’s financial situation. This includes considering more complex income sources, particularly for self-employed individuals, who often struggle to meet traditional lending criteria. The regulator’s goal is to create a more inclusive mortgage market that reflects modern working patterns and lifestyles.

    Why Do These Changes Matter for the Mortgage Market?

    The mortgage market has not kept pace with the evolving needs of borrowers. By broadening the criteria for mortgage assessments, the FCA aims to address the barriers faced by many potential homeowners. Experts believe that these changes could lead to more innovative mortgage products and a more competitive market, ultimately benefiting consumers who have been underserved.

    Who Will Be Affected by the Proposed Changes in the Mortgage Market?

    The proposed changes will primarily benefit first-time buyers, older borrowers, and self-employed individuals. These groups have often found it difficult to access competitive mortgage rates due to rigid lending criteria that do not account for their unique financial situations. By encouraging lenders to consider a broader range of financial circumstances, the FCA hopes to facilitate a smoother path to homeownership for these demographics.

    What This Means for Borrowers and Lenders in the Mortgage Market

    For borrowers, particularly those who have faced challenges securing mortgages, these proposals could open new doors. Greater flexibility in assessing affordability means that more individuals may qualify for loans that were previously out of reach. For lenders, this could mean an expanded customer base and the opportunity to innovate in product offerings. The FCA has invited feedback from consumers and industry stakeholders until 28 July 2026, making it essential for interested parties to engage in the consultation process.

    Frequently Asked Questions

    What is the deadline for providing feedback on the FCA’s proposals?

    The deadline for consumers, firms, and interested parties to respond to the FCA’s consultation is 28 July 2026.

    How will these changes impact self-employed borrowers?

    Self-employed borrowers may benefit from the proposed changes as lenders will have more flexibility to assess their income, which can often be complex and variable, making it easier for them to secure mortgages.