Higher-for-longer and complex clients: Michelle Niziol’s roadmap for brokers

The post-pandemic era of ultra-low mortgage rates is over – and that, argues Oxfordshire-based property investor and broker Michelle Niziol, is forcing the market to grow up. A former Apprentice candidate and founder of IMS Property Group, Niziol has built a multi‑million‑pound portfolio and seven businesses spanning property, finance and wealth strategy, giving her a front-row view of how borrowers and lenders are adapting.“For over a decade we operated in historically low-rate conditions,” she said. “A 4–5% mortgage rate isn’t extreme in historical terms; it’s a reset.”

For buyers and remortgagers, that means one thing above all: sustainability.

“The focus shifts to sustainability. It’s about structuring mortgages that work not just for the next two years, but for the long term. That’s healthy,” she explained. “It encourages better planning and more resilient homeownership.”

Landlords, too, are being pushed to professionalise.

“For landlords, it’s about professionalism,” she said. “The investors who stay in the market and adapt – reviewing yields, managing debt carefully, understanding legislation – are building stronger, more sustainable portfolios. The sector is maturing, and serious operators will continue to thrive.”

Confidence, the Budget and a more measured market

In her response to the latest Budget, Niziol argued that “we can’t tax our way to growth” and warned that confidence for young people, families and entrepreneurs is being tested.

On the front line, that is showing up in hesitation rather than collapse.

“We’ve definitely seen confidence dip, particularly among the self-employed and young families navigating tighter lending criteria and higher borrowing costs,” she said. “When policy feels uncertain, people pause – especially those making big, life-changing decisions.”

Yet she pushes back against the more dramatic narratives.

“The market is far more resilient than the headlines suggest,” she argued. “Buyers and investors are adjusting to the new environment. As expectations recalibrate and affordability stabilises, activity returns. We’re already seeing more considered, better-planned moves rather than impulsive ones.”

In her view, the current period is “separating short-term sentiment from long-term fundamentals”.

“The demand for good homes hasn’t disappeared. Ambition hasn’t disappeared. It’s simply become more measured,” she said. “The opportunity is absolutely still there – but confidence grows when policy supports stability and long-term investment rather than creating uncertainty. And confidence unlocks the market.”

Why this is a broker’s market

For brokers, Niziol sees the higher-for-longer environment as an inflection point.

“For brokers, this is actually an opportunity,” she said. “Stress-testing upfront, educating clients clearly and helping them understand the broader economic picture builds enormous trust. In a market like this, advice matters more. The brokers who lean into that role will strengthen relationships and grow their businesses.”

She believes the advisory role is particularly critical with vulnerable or stretched clients coming off low fixed rates.

“If someone is overstretching, explain why,” she said. “A broker who protects a client today earns loyalty for life.”

Self-employed and complex income: systems stuck in the past

One area where she believes brokers can add particular value is the fast-growing self-employed and complex income segment – a group she says is poorly served by legacy underwriting.

“The reality is that the mortgage system hasn’t fully caught up with how people actually work in 2026,” she said. “More people are self-employed, running multiple income streams or operating through limited companies, yet underwriting still leans heavily towards traditional salaried structures.”

As a result, “self-employed income is often treated with greater caution, even when it’s stable and well evidenced”.

“Lenders typically want two or three years of accounts, they average income, and even a temporary dip can affect affordability calculations,” she explained.

The answer, in her view, lies in broker expertise and presentation.

“That doesn’t mean these clients are unlendable, far from it. It simply means they need brokers who understand how to position their cases properly,” she said. “Brokers need to know which lenders are genuinely comfortable with complex income, build those relationships, and present a full picture – context matters. Explaining how a business operates, why income fluctuates and what the trajectory looks like can materially change an outcome.”

Preparation is just as important.

“It’s also about managing expectations early and helping clients prepare,” she added. “When self-employed borrowers understand what lenders need to see, they can plan accordingly. The self-employed aren’t riskier borrowers – they’re just assessed differently. Brokers who understand that nuance will build long-term loyalty in a segment that’s growing every year.”

High-net-worth and portfolio clients: quality over quantity

At the other end of the spectrum, Niziol is seeing high-net-worth and portfolio clients rethink how they structure and grow their holdings in response to rising taxes and tighter borrowing rules.

“Higher-net-worth and portfolio clients are becoming far more strategic. It’s much more about quality over quantity now,” she said.

“Rising taxes and tighter borrowing conditions have prompted many to review their portfolios carefully – paying down debt where appropriate, restructuring into limited companies for tax efficiency and focusing heavily on yield and cashflow,” she explained. “If a property isn’t performing strongly, it’s reassessed quickly. These investors are thinking like business owners, not hobby landlords.”

For brokers, she believes this demands a shift in positioning.

“For brokers, that means stepping into a more strategic advisory role,” she said. “Proactivity is key – regular portfolio reviews, strong relationships with specialist lenders and absolute discretion. This segment values expertise, speed and trust. Brokers who provide that become long-term partners rather than transactional intermediaries.”

What needs to change – and where the opportunity lies

Looking ahead, Niziol sees scope for reform that could unlock responsible lending without fuelling excess.

“Modernising mortgage stress testing so it better reflects the current rate environment would allow responsible borrowing without artificially restricting access,” she said. “It’s about balance – protecting the system while recognising market realities.”

She also calls for more consistency in how self-employed income is assessed.

“Standardising how lenders assess self-employed income would also create fairness and clarity. Two years of stable, well-documented self-employed income should be treated consistently across the market,” she argued.

Another big theme for her is the potential of longer fixed-rate products.

“I’d also welcome greater encouragement for longer fixed-rate mortgages,” she said. “Across much of Europe, 10–20 year fixes provide genuine stability. That protects borrowers from payment shocks and builds confidence. Buyers don’t just need access to property – they need resilience within it.”

For brokers willing to adapt, Niziol believes the current climate could be defining.

“In a market like this, advice matters more,” she said. “If brokers can combine technical expertise with genuine care for client outcomes – especially for self-employed, complex income and portfolio clients – they won’t just weather this cycle, they’ll come out of it with deeper relationships and stronger businesses.”