Survey shows public reliance on brokers as mortgage woe continues

A new survey of 2,000 UK adults has revealed that 66 per cent of mortgage holders believe greater flexibility is needed from lenders in the current economic climate.

Just 44 per cent feel they have received adequate support and communication from their mortgage provider regarding rising interest rates and 50 per cent are more likely to turn to brokers for help with their mortgage options amid rising interest rates.

The research comes from Butterfield Mortgages. 

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

Alpa Bhakta, Butterfield’s chief executive, says:  “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.”