A new survey reveals that two-thirds of UK mortgage customers are calling for greater flexibility from lenders amidst the current economic climate.
The survey, commissioned by Butterfield Mortgages, surveyed 2,000 UK adults, highlighting a growing sense of concern and dissatisfaction with the current state of the mortgage market.
The research found that only 44% of mortgage holders feel they have received sufficient support and communication from their mortgage provider regarding rising interest rates since the beginning of 2022.
In light of this, half of the respondents revealed they are more likely to seek guidance from mortgage brokers to navigate their mortgage options amid interest rate hikes.
The study comes after the Bank of England announced another round of interest rate increases, with the latest change pushing the base rate up to 5%. This development adds to the financial pressure on mortgage customers, many of whom are already feeling the pinch from the ongoing economic uncertainty.
Interestingly, the survey also found that 37% of respondents are likely to explore mortgage solutions beyond traditional high-street banks and big lenders over the next year. This suggests an evolving mortgage landscape with more consumers open to alternative lending options.
Alpa Bhakta, CEO of Butterfield Mortgages, commented on the findings: “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.”
Bhakta added: “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.”
