Eight out of ten brokers say flexible lending criteria is now a bigger priority for customers since the pandemic, according to a survey from Masthaven.
The lender’s report found that 79% of advisors say this feature has jumped in importance for borrowers since the start of the health crisis last March.
Other factors that have “significantly increased” among borrower’s considerations over this period are speed at 56%, flexible product features, 54%, and customer service, 52%.
Only 26% of brokers said low rates were more important now than before the pandemic.
The survey adds that 28% of brokers expect to see more borrowers financially impacted by the health crisis over the next 12 months, “including customers who took mortgage payment holidays, have been furloughed or have been put on the government jobs support scheme”.
The report says: “Indeed, as government support schemes begin to wind up over the coming months, it’s likely these types of borrowers will require more personalised and flexible lending solutions.”
A further 19% of brokers say they expect to see more business from borrowers with an impaired credit history.
Masthaven director of intermediaries Rob Barnard says: “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.”
Masthaven surveyed 186 brokers who work in the specialist lending industry.
