Survey reveals strong intermediary support for reforms to improve market flexibility
More than three in four mortgage brokers are in favour of the Financial Conduct Authority’s (FCA) mortgage rule review, with a significant proportion supporting changes aimed at broadening access to home loans.
Nottingham Building Society’s recent survey of 500 mortgage brokers revealed that 78% endorse the FCA’s review. The study suggests that brokers see the review as an opportunity to update the market, particularly to improve access for borrowers with non-standard employment, complex income profiles, or unconventional household arrangements.
Despite the appetite for reform, the mutual lender emphasised the importance of brokers within the mortgage sector, stating that advice provided by intermediaries should remain a core component of the UK’s mortgage landscape.
The survey also showed that 61% of brokers would like lenders to develop new products to address a wider range of borrower needs. In addition, 52% believe that lenders are not adapting quickly enough to changing customer requirements.
Brokers highlighted the need for more adaptable lending criteria, targeted support for borrowers with complex or vulnerable circumstances, and greater use of technology to simplify the mortgage application process. These steps were identified as essential for modernising the sector and improving outcomes for all borrowers, while reinforcing the broker’s role in navigating a more intricate mortgage environment.
“Homeownership shouldn’t be limited by the complexity of a customer’s background,” said Aaron Shinwell (pictured right), chief lending officer at Nottingham Building Society. “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. The FCA’s 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.”
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