Mortgage affordability is set to become a more pressing issue by 2027, Phoebus Software has revealed.
At the Future of Mortgage Servicing conference, hosted by Phoebus, Target Group and the Financial Services Forum, leaders from the mortgage industry were asked if they thought affordability will become a more pressing issue by 2027.
Of the 100 mortgage professionals at the event, 77% agreed that affordability was set to become a more pressing issue. Almost half (47%) believed that it will become worse, while 30% thought it would be significantly worse.
Furthermore, 17% said that mortgage affordability wouldn’t change, while 7% said they thought it would improve.
Chief executive officer at Phoebus Software, Adam Oldfield, said that despite a resilient housing market and lower rates compared to 12 months previous, the tax increases announced in the Budget, along with higher unemployment, could affect mortgage affordability.
He added: "Whether or not these concerns become reality, as a service provider, we believe it’s critical that mortgage lenders are set up to identify and support customers who may fall into financial difficulty."
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