61% of brokers are turning to specialist lenders for complex cases, research from Butterfield Mortgages has revealed.
The study highlighted that these specialist options are useful for high-net-worth individuals (HNWIs), non-UK residents, and buyers of unusual properties.
The survey found that securing products for non-UK residents posed a significant challenge for 56% of brokers, while 51% found valuing unique properties difficult.
Moreover, 51% of brokers struggled to find suitable financial products for HNWIs, with 17% finding it “extremely challenging”.
Alpa Bhakta (pictured), CEO of Butterfield Mortgages Limited, said: “It’s clear that brokers are confronted with a number of challenges at present.
“Finding mortgage products for more complex clients is one of them, largely due to mainstream lenders’ rigid lending criteria.
“Specialist lenders are ready and appropriately placed to fill this gap – something which is reflected in the increasing number of brokers (61%) using alternative options to high-street banks.”
Bhakta added: “With activity levels expected to rise in the coming months, it’s important that brokers continue to seek out lenders who can provide tailored solutions to ensure all of their clients can access the mortgage finance they need to invest in UK real estate with confidence.”
