We Must Talk About Affordability

In today’s mortgage market, one thing is clear: mortgage affordability needs to be front and centre of our client conversations.

As brokers, we’ve long dealt with clients arriving with assumptions from price comparison sites, financial influencers and, more recently, AI tools like ChatGPT. While these sources can provide broad (and sometimes inaccurate) insights, they lack the nuance, context, and accuracy that only a mortgage professional can deliver. Key Takeaways

Clients are asking the usual questions

There are answers on ChatGPT

There are answers in the press

Brokers are the real experts

Without talking proactively leads to wasted time

It is a fast moving market

Talk about affordability more

Affordability: Why You Can't Afford NOT To Talk About It

The Usual Questions

We’ve all heard them:

• How much can I borrow?

• How much will it cost?

They’re not just asked in our offices—they’re also some of the most searched mortgage queries online.

We even asked ChatGPT the classic: "How much can I borrow?" Here's what it said:

“It depends on your income, debts, deposit size, and credit profile… Most borrowers can expect to borrow 4 to 4.5 times their gross annual income, potentially more for high earners.”

It also mentioned other factors like:

·        Monthly expenses (e.g., childcare, travel)

·        Loan term

·        Interest rate stress testing

Whilst that’s helpful to a point, it’s general information, not always accurate and definitely not advice.

Why Clients Still Need Real Expertise

As brokers, we know that affordability is not a fixed equation. It varies by lender, by product, by client profile—and it evolves.

We’re the ones monitoring affordability updates from major lenders. We’re analysing how shifts in rates and policy affect what our clients can achieve. We bring a perspective that comparison tools and AI can’t match.

If clients want a clear and confident answer to “What can I afford?”, it needs to come from their mortgage broker.

What the Headlines Don’t Say

Affordability is making headlines—and understandably so:

• The Independent: “First-time buyers and retirees set to gain from possible mortgage rule changes”

• Evening Standard: “Relaxed stress testing means some home buyers could borrow £1,000s more on mortgages from today”

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But headlines aren’t advice. And while media coverage increases public awareness, it also increases the risk of clients making assumptions based on incomplete information.

The Risk of Not Speaking Up

When brokers don’t proactively discuss affordability with their clients, there’s a real opportunity cost.

• Time spent correcting misinformation

• Risk of clients bypassing the conversation altogether

• Losing trust when a client says, “Why didn’t I hear this from my broker?”

Affordability is too important a topic to leave to chance—or search engines.

What We’re Seeing at Alexander Hall

Affordability is moving—and in many ways, in the right direction:

• Best buy rates at 95% LTV have dropped below 5%, offering improved options for first-time buyers.

• Product availability at 90% and 95% LTV is at its highest level since March 2008 (Moneyfacts data).

• Major lenders have remodelled affordability calculators, improving borrowing potential for a wider group of applicants.

  
  

These are the kinds of developments we should be talking about with our clients—because they make a difference.

Be the First to Tell Them

As brokers, we have the opportunity to be the first, most trusted source of insight. Whether it’s through an email, a social post, a video update or a quick call, we can keep our clients informed with clarity and confidence.

Affordability will continue to evolve. And we need to ensure clients know: if something has changed, we’ll be the ones to tell them.

Because now more than ever, we can’t afford not to talk about it.