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Half of UK mortgage customers (50%) are now more likely to seek guidance from their brokers to understand the products available as a result of rising interest rates and financial institutions’ withdrawal of products, new research has been released. butterfield mortgage clarified.
A major London mortgage provider commissioned an independent survey of 2,000 UK adults. Less than half (44%) of those with mortgages (667) were satisfied with the level of support and communication they received from their mortgage provider regarding interest rate increases from early 2022 onwards.
Two-thirds (66%) believe the current economic climate requires more flexibility from lenders.
The Butterfield Mortgages inquiry comes as the Bank of England continues to raise rates, with its latest move raising the base rate to 5%.
The survey also found that as a result of higher interest rates, 37% of mortgage customers are more likely to look beyond big banks and traditional lenders for their mortgage needs over the next 12 months.
Arpa Bhakta, CEO of Butterfield Mortgages, said, “Over the past year, mortgage customers have had to contend with a series of successive rate hikes that have clearly presented challenges for many.
“With interest rates trending upward again, it is becoming increasingly important that our mortgage customers feel supported by their lenders, and as an industry we are doing everything we can to provide the right level of guidance, communication and flexibility amid the ongoing economic challenges.”