Masthaven, the UK bridging loans and development finance bank, has published more results from its latest research. These show that flexible lending criteria is now a bigger customer priority than it was pre-pandemic, according to 79% of the brokers surveyed.
More importance is also now placed on speed, said 56% of brokers. 54% said flexible product features are more important now, and 52% said customer service. Just 26% felt that low rates had increased in importance.
The financial impact of the pandemic will still impact borrowers over the next year, according to more than a quarter of respondents. This includes those borrowers who were furloughed, on the Jobs Support Scheme and who took mortgage payment holidays.
Rob Barnard, director of intermediaries at Masthaven, said: “Today’s findings show that borrowers no longer just want low rates from their lenders.
“They want flexibility, efficiency and good customer service and there’s no doubt that the pandemic has been a major driver behind this shift in priorities.
“With so many borrowers financially impacted by COVID-19, many of these individuals are now looking for lenders who have a personal and flexible approach to lending to help them meet their needs.
“While lockdown restrictions may have come to an end, the future still looks uncertain and the full extent of the impact of the pandemic is yet to be felt.
“However, the housing market has proved itself to be resilient, and by working together, lenders and brokers can ensure borrowers have access to the flexible products they want and need.”
Original article featured here…
Masthaven recently shared data which shows 92% of brokers are feeling positive about their prospects over the next year.