Research shows more borrowers considering advisor help

July 30, 2023 by Brendan O'Neill

Surveys and Statistics

The latest UK mortgage market research has found that roughly half of all current borrowers around the country feel that talking to mortgage advisors about what available products there are would be helpful to them.

This research was conducted by Butterfield Mortgages. It discovered that just 44% of people in the UK who currently have a mortgage are happy with the communication and general support that their lender is providing over interest rate rises. 50% of them told the survey that they are seriously considering getting the guidance of a mortgage advisor to help them better understand what their options are.

Furthermore, 37% said that they are thinking about turning to a specialist lender instead of the big high street mortgage providers during the next year, in search of a better deal. 66% of the respondents – which amounts to two thirds of them – told Butterfield Mortgages that they believe lenders should have a more flexible attitude given how difficult the economic circumstances are for many borrowers.

Butterfield Mortgages CEO Alpa Bhakta told Financial Reporter that borrowers had been forced to cope with several rate rises in a row during the last 12 months, before going on to add that:

“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.”

Advisors who have done the CeMAP course will be encouraging any borrowers who contact them to look at the specialist mortgage lending market as an affordable alternative.