That’s according to Butterfield Mortgages, which surveyed 300 mortgage brokers to find out where they placed their clients.
The research 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.
It also found that securing products for non-UK residents was cited by more than half as a challenge (56%), while 51% said it was difficult to place clients who are buying unique properties that are more difficult to value.
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, 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.
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“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.”
