Three quarters of UK mortgage brokers (78%) support the FCA Mortgage Rule Review.

This is according to a survey of 500 UK mortgage brokers from Nottingham Building Society which suggests most brokers support the reforms aimed at creating a more flexible and inclusive mortgage market.

The research also found that more than six in ten brokers (61%) want lenders to introduce new products designed to support a wider variety of borrower circumstances, while over half (52%) think lenders are too slow to respond to evolving customer needs.

The research highlights the importance brokers place on more flexible lending, tailored support for complex or vulnerable borrowers, and the adoption of technology to speed up mortgage applications.

The survey says these measures are critical to modernising the sector and delivering better outcomes for all borrowers in an increasingly complex mortgage market.

Commenting on the findings Nottingham Building Society chief lending officer Aaron Shinwell said: “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.

He added: “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.”