Majority of UK mortgage customers want more flexibility from lenders

Greater flexibility is needed from lenders in the current economic climate according to the findings of a new survey commissioned by Butterfield Mortgages.

Related topics:  Finance,  mortgages,  Brokers
Property | Reporter
24th July 2023
alpa bhakta
"With interest rates once again on the rise, it is increasingly important that mortgage customers feel supported by their lenders"

66% of the 2,000 UK adults surveyed by Butterfield Mortgages said that, due to tough economic conditions, lenders need to be more flexible, with just 44% revealing that they are satisfied with the level of support and communication they received from their mortgage provider.

Butterfield Mortgages' study comes after the Bank of England has continued its run of interest rate hikes, with the latest move pushing the base rate up to 5%.

When asked about how their mortgage needs have been impacted, 50% of mortgage customers said they are more likely to turn to mortgage brokers for guidance in understanding which mortgage products are available.

The research revealed a further 37% are more inclined to look beyond big banks and traditional high-street lenders for their mortgage needs over the next 12 months.

Alpa Bhakta, CEO of Butterfield Mortgages, (pictured) said: "Over the past year, mortgage customers have had to grapple with a string of consecutive interest rate hikes, which is evidently creating challenges for many.

"Our timely research provides insight into how their mortgage needs have been impacted with two-thirds of mortgage customers in need of greater flexibility from their lenders.

"With interest rates once again on the rise, it is increasingly important that mortgage customers feel supported by their lenders and that we, as an industry, are doing everything we can to provide the right levels of guidance, communication and flexibility amid the ongoing economic challenges."

More like this
Latest from Financial Reporter
Latest from Protection Reporter
CLOSE
Subscribe
to our newsletter

Join a community of over 20,000 landlords and property specialists and keep up-to-date with industry news and upcoming events via our newsletter.