The majority (96%) of specialist mortgage customers are likely to use the products again despite 91% of brokers stating that they take a lot more time to complete compared to mainstream criteria, United Trust Bank (UTB) research has found.

UTB said the reason that clients are more likely to return is due to the "care and attention" provided by the brokers.

The survey revealed that 49% of brokers who took part in the research said they were spending between 10-30% more time on specialist cases, with a further 31% spending more than 30% extra time than they would on average spend on a mainstream case.

Over a third (38%) of brokers said that more than half of the cases they had completed in the last 12 months were specialist, with 21% in that figure stating that all their cases had been specialist.

UTB found that although 82% of brokers still prefer to submit their cases direct to lenders, 43% said they may use referral partners in the future.

Director of mortgages at UTB, Buster Tolfree, said: "The specialist mortgage market is continuing to grow and undoubtedly offers excellent opportunities for brokers. Many are now devoting their whole business to customers who are not served by the mainstream mortgage market whilst others continue to complete smaller volumes.

"It’s no surprise that customers who don’t meet mainstream criteria can take a bit more time to source mortgages for. However, the end result is customers who will come back to the broker time and again when they refinance or move home.

"For those brokers who feel they lack the market knowledge or time to take on specialist cases, packagers and referral partners are an excellent way of keeping new business opportunities. Building trusted partnerships is key to the health and continued growth and success of the mortgage industry as a whole and it’s great to see more brokers embracing collaboration as a means of growing their business and looking after more customers who may struggle to find the mortgage they need on the high street."

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