Butterfield Mortgages carried out a survey of 300 brokers and found that 61% relied on specialist lenders to find the right products for their clients, particularly when mainstream lenders are unable to help.
Finding solutions for non-UK residents was named as a challenge by 56% of brokers, while 51% said there were difficulties securing products for people buying unique properties.
Further, 51% said sourcing property finance for HNW and ultra-HNW individuals was a struggle, while 17% described it as “extremely challenging”.
Alpa Bhakta, CEO of Butterfield Mortgages, 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 [that] 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.”
Going digital
Sponsored by Halifax Intermediaries
