61% of UK brokers relying on specialist lenders
Majority of brokers regularly use specialist lenders to place complex cases
A new survey of 300 UK mortgage brokers has found:
· 61% rely on specialist lenders to find the right product for their clients
· 51% said that finding financial products for HNWIs and ultra-HNWIs is challenging
· 56% find it challenging to secure financial products for non-UK residents
New research from Butterfield Mortgages in the UK has found the majority of brokers turn to specialist lenders to place more complex cases including high-net-worth individuals (HNWIs), non-UK residents and those purchasing unusual properties.
The prime London mortgage provider commissioned an independent survey of 300 UK mortgage brokers. It revealed that 61% of brokers rely on specialist lenders to provide the finance their clients need, especially in cases where standard lending options may not be available.
The research also found that securing products for non-UK residents (56% cited this as a challenge) and those buying unique properties that are hard to value (51%) are among the most common challenges brokers face. Additionally, finding suitable financial products for HNWIs and ultra-HNWIs remains a significant hurdle according to 51% of brokers, with 17% saying it was ‘extremely challenging’.
Alpa Bhakta, 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.
“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.”
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