Mortgage brokers have backed the Financial Conduct Authority’s (FCA’s) Mortgage Rule Review and called for lenders to bring out new products for a wider range of borrowers.
Research from Nottingham Building Society found 78% of brokers supported the review, with most saying it was a good chance to make the mortgage market more flexible for people with non-standard jobs, complex incomes or less typical households.
The society said brokers should stay at the centre of the mortgage market, and that broker advice is still essential.
More than six in 10 brokers (61%) wanted lenders to launch new products for borrowers with different circumstances, while more than half (52%) said lenders were too slow to keep up with changing customer needs.
Brokers said the market needs more flexible lending, better support for vulnerable or complex borrowers, and improved technology to speed up applications.
They added that brokers play a key role in helping clients in a more complicated market.
Aaron Shinwell, chief lending officer at Nottingham Building Society, said: “Homeownership shouldn’t be limited by the complexity of a customer’s background.
“In recent years, we’ve made it a priority to better understand those whose circumstances fall outside the mainstream.
“Our Foreign National mortgage range is just one example of how we’re putting that philosophy into action.
“As a mutual founded over 175 years ago, our purpose has always been to serve our members – and that means adapting to meet real needs.”
Shinwell added: “Borrowers’ lives, incomes and household structures are more complex than ever, yet mortgage products have not always kept pace.
“Our research shows brokers are calling for practical innovation and regulatory reform so lenders can responsibly serve a broader set of customers.
“The FCA’s consultation gives the sector an important opportunity to act.”
He said: “By enabling more flexible and inclusive products, the consultation can address the innovation gap highlighted by brokers while maintaining the integrity of professional advice and protecting consumers.
“We are a 100% intermediary-led business and strongly believe that brokers must remain central to the mortgage market.
“We oppose any regulatory changes that could fragment relationships, confuse roles or remove vital consumer protections.”
He added: “As a mutual committed to customer trust, we will continue to invest in innovation, partner with brokers, and shape solutions that balance flexibility with responsibility, ensuring that advice, access and confidence remain cornerstones of a healthy mortgage market.”
