Two thirds of UK mortgage customers (66%) believe greater flexibility is needed from lenders in the current economic climate, new research from Butterfield Mortgages has revealed.
Butterfield commissioned an independent survey among 2,000 UK adults. Of those with a mortgage (667), the study found that less than half (44%) are satisfied with the level of support and communication they received from their mortgage provider regarding rising interest rate since the start of 2022.
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, half of mortgage customers (50%) 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.
Butterfield Mortgages chief executive Alpa Bhakta comments: “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”.
Bhaktu adds: “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.”