Over three quarters of brokers (78%) are in support of the Financial Conduct Authority’s (FCA’s) mortgage rule review, new research by Nottingham Building Society has shown.

According to the society, the review is a “timely opportunity” to modernise the market and could improve access to sustainable homeownership for borrowers.

Nottingham’s research, based on a survey of 500 UK mortgage brokers, revealed that 61% want lenders to introduce new products designed to support a wider variety of borrower circumstances, while over half (52%) said lenders are too slow to respond to evolving customer needs.

The society said its findings had also highlighted the importance that brokers place on more flexible lending, tailored support for complex or vulnerable borrowers, and the adoption of technology to streamline mortgage applications.

Chief lending officer at Nottingham Building Society, Aaron Shinwell, commented that 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,” Shinwell said.

He added: “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.”

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