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Borrowers demanding more flexibility on loans

Research conducted among 1400 intermediaries has revealed increasing demand for mortgages with flexible features.

The research by specialist lender UCB Home Loans found that 69 per cent of advisers reported an increase in the number of applicants requesting flexible features on their tracker mortgages last year.

The research also revealed that 84 per cent of respondents said 2-year tracker mortgages were the most popular choice for borrowers while 76 per cent believed that applicants were choosing tracker mortgages because they were not expecting the Bank of England base rate to increase significantly in the next few years.

UCB Home Loans managing director Keith Astill says: “Flexibility is another filter that intermediaries could consider when sourcing a mortgage product for their client.”

“With seven out if 10 intermediaries reporting that the number of mortgage applicants requesting flexibility is increasing, I think this is an indication of the way in which the market is developing.”

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