Research from Nottingham Building Society, which surveyed around 500 mortgage brokers, said brokers were supportive of the reforms as they would modernise the market and improve access to homeownership for non-standard borrowers, including those with different employment structures, complex income and atypical household structures.
The report also found that 61% of brokers want lenders to introduce new products designed to support a wider variety of borrower circumstances and over half of lenders are too slow to respond to changing customer needs.
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.
“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,” he said.
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Shinwell said the FCA consultation “gives the sector an important opportunity to act”.
“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.
“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,” he added.
